Byju's, MPL wants to exit🏏; Foxconn’s India unit gets Rs 357 Cr📱; Next fin crisis coz of crypto: RBI governor😬
Byju's, MPL wants to exit sponsorship, Foxconn’s India unit gets Rs 357 Crore boost, Next financial crisis will come from crypto: RBI Gov, Funding Deals and more.
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Byju's, MPL wants to exit sponsorship deal with BCCI🏏
Two Indian cricket team's main sponsors, edtech major Byju's and MPL sports, want to exit from their sponsorship agreements with the BCCI.
In June, Byju's extended its jersey sponsorship agreement with the Board until November 2023 for an estimated USD 35 million. Byju's now wants to terminate its agreement with the BCCI which has asked the company to continue at least until March 2023.
Team kit and merchandise sponsor had conveyed the BCCI for the complete assignment of its rights to Kewal Kiran Clothing Limit (KKCL). The existing contract is valid until December 31, 2023. MPL replaced Nike back in November 2020.
Earlier this year Paytm transferred its title sponsorship rights for Indian cricket's home season to Mastercard.
Foxconn’s India unit gets Rs 357 Crore incentive boost📱
The India unit of Foxconn, the world's-largest electronic tech manufacturer, is set to become the first global firm to receive sops under India's production-linked incentive (PLI) scheme for mobile manufacturing.
The empowered committee headed by NITI Aayog CEO Parameswaran Iyer approved incentives worth Rs 357.17 crore.
The PLI scheme for large-scale electronics manufacturing – aimed at weaning away electronics manufacturers from China – has attracted an investment of Rs 4,784 crore till September 2022, and led to a total production of Rs 2,03,952 crore, which includes exports worth Rs 80,769 crore, according to the government statement.
Hot Shorts⚡
Eggoz, an egg-focused consumer brand, has raised Series B funding of $8.8 million led by Mumbai-based IvyCap Ventures Pvt Ltd.
Gurugram-based college admissions and higher education services platform CollegeDekho has raised Rs 73.3 crore (about $9 million) from Janeville Limited.
Beco an eco-friendly home and personal care D2C startup has raised $3 million in a Series A funding round led by Rukam Capital. Climate Angels, Dia Mirza along with other investors.
Keto, protein-based food brand Bajo Foods has raised $2 million in a new funding round led by Mount Judi Ventures along with participation from Mr S Ramadoral and KP Balaraj.
Employee experience platform Bigyellowfish has raised $1.1 million in its seed round led by Powerhouse Ventures with participation from Anicut Capital and Innoport.
Next financial crisis will come from crypto, says RBI governor😬
The next financial crisis will come from private cryptocurrencies if they are allowed to grow unchecked, RBI governor Shaktikanta Das said on Wednesday.
Speaking at the BFSI Insight Summit 2022 hosted by Business Standard, Das said he still holds the view that cryptocurrencies should be banned as they have no underlying value and pose risks for macroeconomic and financial stability.
The RBI has long held its view that private cryptocurrencies are a threat to stability and has been against legitimizing their use. To combat them, the central bank recently launched pilots of its own digital currency, the digital rupee.
Crypto funds have seen net inflows of $498 million in 2022, versus $9.1 billion in 2021, according to data from digital asset manager CoinShares.
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- Nelson Mandela
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