₹29 lakhs for 1 Biscuit
In a case that is being touted as ‘₹1 lakh for one biscuit’, a Chennai-based consumer forum directed ITC Ltd to cough up ₹1 lakh in penalty for packing one biscuit less in its FMCG offering – Sun Feast Marie Light. The complainant, a Chennai resident, had bought the biscuits to feed the local dogs when he found one biscuit missing; in his complaint, the man said that ITC often cheated the public over ₹29 lakh each day, with a biscuit lesser than the number mentioned on the packaging.
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Google's Extended Pilot Program Eases GST Pressure on Indian Game Developers
Google extended its Google Play Pilot Program for daily fantasy sports and rummy apps in India until January 15, 2024, providing relief to skill-based game developers facing a 28% GST tax burden. This program increased app visibility on Google Play and reduced marketing costs. However, no new apps will be accepted after the pilot program ends. Real-money gaming apps account for 77% of India's gaming industry revenue, and the GST mandate has created significant financial pressure. In 2022, the gaming sector generated Rs 13,500 crore in revenue. Google had initially prohibited real-money games on its Play Store in India, and the tax heightened developers' focus on profitability due to increased costs per user.
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Abbott India Recalls Digene Gel
Abbott India has voluntarily recalled batches of Digene Gel antacid syrup following an advisory from the Drug Controller General of India (DCGI) due to safety concerns. The product, manufactured in Goa, was reported to have a bitter taste and bad smell. Doctors were advised not to prescribe it and to inform patients of potential adverse effects. This recall follows increased scrutiny of Indian pharmaceuticals, prompted by a 2023 investigation in the USA linking an Indian cough syrup to child deaths in Gambia. The Indian government has also banned 14 fixed-dose combination medicines and identified substandard drugs in a March 2023 inspection.
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Haldiram's takeover by Tata Group
Tata Group's consumer unit is in talks to acquire a majority stake (at least 51%) in Haldiram's, a popular Indian snack food maker, but is uncomfortable with the $10 billion valuation. Haldiram's is considering selling a 10% stake to private equity firms. Tata Consumer Products, seeking the deal, owns Tetley in the UK and has a partnership with Starbucks in India. Haldiram's holds a 13% share of India's $6.2 billion savory snack market, operates internationally, and has diversified into the restaurant business. As of March 2022, Haldiram's had a revenue of approximately $981 million.
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Soonicorn Ventures Secures SEBI Approval
Gurugram's Soonicorn Ventures gains SEBI approval for a ₹250 crore angel fund, expandable to ₹500 crore, adopting a sector-agnostic investment approach in startups. Previous investments span drone tech, B2B SaaS, EVs, fintech, and logistics. Their portfolio includes Zypp, Zingbus, Samosa Party, SupplyNote, and AutoNxt. Co-founded by CA Vijay Singh Rathore, the firm aims to build a 30-startup portfolio this year, emphasizing flexibility for investors and simplified entry for startups.
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Manastu Space Raises $3M for Spacetech Innovations
In 2023, Manastu Space, a spacetech startup, secured $3 million in a pre-series A funding round, with leading investors like Capital 2B, BIG Capital, and E2MC, alongside other notable backers. The funds will fuel the development of Manastu's green propulsion and debris collision avoidance technology for satellites, addressing the pressing issue of space debris, numbering over 160 million pieces. Additionally, the company is working on autonomous collision avoidance and in-space satellite refueling. Originating from an IIT Bombay student satellite lab, Manastu Space has also inked contracts with the Indian defense ministry, partnered with French startup Latitude, and collaborated with India's iDEX program, highlighting its growing influence in the spacetech sector.
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