Mogix, backed by business tycoon Ratan Tata, was the latest entrant to the much coveted unicorn club. The business-to-business (B2B) commerce platform raised $120 million in a new financing round led by Falcon Edge and Harvard Management Company. Moglix’s existing investors including Tiger Global, Sequoia Capital India and Venture Highway also participated in this round of funding, the company said.

Mogix was the first industrial B2B commerce platform in the manufacturing space in India to become a unicorn, the company announced. Founded in 2015 by IIT Kanpur and ISB alumnus Rahul Garg, the startup provides manufacturers with industrial goods through its e-commerce platform. The company is building an operating system for manufacturing that provides its customers with a full-stack service covering procurement, packaging, supply-chain financing and highly integrated software, it said.

Amid consistent backlash from various quarters, including the Opposition Congress, over the extreme shortage of vaccines in India at a time when the second wave of Covid-19 is ripping through lives and livelihoods, Covishield maker Serum Institute CEO Adar Poonawalla clarified that SII has “never exported vaccines at the cost of the people of India”.

Stating that in January, when Covid-19 cases in India ‘were at an all-time low’, and everyone, including health experts, believed that the country was turning the tide against the pandemic, other countries were ‘in desperate need of help’.

Reliance Jio has announced that they will be setting up the world’s largest submarine cable system which will be centered on India. Reliance Jio will be deploying two next generation cables to support the growing demand for data in India, and the company says that these high capacity and high speed systems will provide more than 200Tbps of capacity over 16,000 kilometres. Jio is working with several global players and SubCom, a world leader in undersea cable supply, for this project. The two cable projects, India-Asia-Xpress (IAX) and India-Europe-Xpress (IEX) will connect India to Singapore, and India to the Middle East and Europe, respectively. This will allow India connectivity from Mumbai and Chennai to Thailand, Malaysia and Singapore, as well as Middle East and North Africa. The two cable systems will be connected with the Reliance Jio Global Fibre Network beyond Asia Pacific and Europe. IAX is expected to be ready for service by the middle of 2023 while IEX should be in service sometime in 2024.

The Indian government is ready to defend any attempt by Cairn Energy to take over its assets including Air India, sources said on Sunday, following reports that the British firm had sued India's flagship carrier to enforce a $1.2 billion arbitration award that it won in a tax dispute.

"The government is yet to receive formal notice of any such claims and hence these reports are purely in the realm of speculation. The government is well aware of its legal rights and will defend its case in courts should such proceedings materialise," government sources said.

"It is equally confident of winning its appeal in The Hague. Cairn did not pay a single rupee tax anywhere in the world in respect of the impugned transactions. Cairn had also lost its appeal before the Income-Tax Tribunal," they added.

Budget carrier GoAir on Friday filed for Rs 3600 crore of Initial Public Offering (IPO). GoAir filed a Draft Red Herring Prospectus (DRHP) with the capital market regulator Securities and Exchange Board of India (SEBI) for its IPO. The company, which is in the process of rebranding itself as ‘Go First’, said, it will offer fresh equity shares aggregating up to Rs 3,600 crore that will be used to repay loans and clear dues.

India is currently witnessing a severe surge in coronavirus cases with over 3 lakh cases and around 4000 deaths have been reported almost every day since March. 

Through this fundraising, the airline will repay the money it had defaulted on several of its aircraft lease agreements, and it’s not been able to negotiate any deferral agreements, the company said.