Vivo to invest ₹1100 Cr🏭, Delivery workers strike🚫, Wagering barred in all form: MoS IT🎮
Vivo to expand India manufacturing capacity, Strike shuts more than 100 Blinkit stores, Be it game of skill or chance: MoS IT, Funding Deals and more.
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Today, we are covering:
Vivo to invest ₹1100 crore in 2023 to expand India manufacturing capacity
Delivery workers strike shuts more than 100 Blinkit dark stores in Delhi NCR
Wagering barred in all forms, be it game of skill or chance: MoS IT Rajeev Chandrasekhar
Funding Deals
Vivo to invest ₹1100 crore in 2023 to expand India manufacturing capacity🏭
Chinese smartphone maker Vivo will invest ₹1,100 crores in a new 169-acre manufacturing unit in Greater Noida this year, which is likely to be operational by 2024.
The investment is part of ₹7,500 crores committed by the company, which will be used to double its manufacturing capacity to 120 million units a year.
Vivo would export over 1 million smartphones on a large scale in 2023.
“Our manufacturing standards in India meet global standards and we have the capability to meet the demands from any part of the world. We are present in 60+ countries and regions and will be able to export devices wherever there is demand," Vivo's India brand strategy head said.
Delivery workers strike shuts more than 100 Blinkit dark stores in Delhi NCR🏪
More than half of the 200 dark businesses run by Blinkit, a quick-commerce platform owned by Zomato, have been closed for the past three days in Delhi, Gurgaon, Faridabad, Ghaziabad, Noida, and Greater Noida.
In the following days, more stores are likely to fall offline as a result of the ongoing delivery worker strikes.
Delivery partners will now only be paid a minimum of Rs 15 for each delivery, as opposed to the previous Rs 25, under a new payout system Blinkit implemented in some stores.
Wagering barred in all forms, be it game of skill or chance: MoS IT Rajeev Chandrasekhar🎮
The minister of state for electronics and information technology Rajeev Chandrasekhar said wagering on the outcome of a game is barred under all circumstances, irrespective of the game being labelled a game of skill or chance.
“There is no need in this framework to get into "nuances" of chance or skill because the harm of wagering is directly being prohibited - regardless of nature of the game,” Chandrasekhar tweeted.
Clarifying that the term “wager” was a well-defined expression in contract laws and that several court decisions have clearly defined what wagering meant, he said that although real money games were permitted, those that involved wagering on the outcome of the game were not.
Funding Deals💰
Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop (PPSU), has raised an investment of $14 million in Series C funding co-led by ValueQuest S C A L E Fund, Singularity Growth Opportunities Fund I, ValPro, and Masaba Gupta.
Delhi-based Proost Beer has picked up an investment of Rs 8.5 crore in equity and debt which was spearheaded by Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finnvolve and others.
Barcelona, a fashion and apparel brand for men, has raised Rs 5 crore equity-free capital from GetVantage, a non-dilutive funding marketplace and growth platform.
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