ADIA leads a $100-million financing round in Mumbai-based beauty retailer Purplle at a valuation of $1.2-1.3 billion. Creaegis, a PE fund, is expected to join the funding round. MCaffeine, a caffeine-based skincare and haircare brand, is also in the middle of a fundraise process and exploring strategic investors. The funding would be in MCaffeines parent firm PepTechnologies, which houses skincare brand Hyphen, along with recent fundraise by Foxtale and Traya.
The government is holding meetings to address concerns about the draft Digital Competition Bill, which proposes obligations for big tech companies in core digital services under a new category of systemically significant digital enterprises.
Ashwini Vaishnaw took charge as the union railway minister, minister of information and broadcasting, and Union minister of electronics and information technology. Jitin Prasada is the minister of state for electronics and information technology, succeeding Rajeev Chandrasekhar after switching from Congress to BJP.
The re-appointment of Ashwini Vaishnaw as the minister of electronics and information technology has sparked hopes for continued dialogue between the industry, technology policy groups, and the government before the Digital Personal Data Protection (DPDP) Rules are enforced. The government aims to build on the policy work done so far, including drafts for the Digital India Bill and safeguards for AI.
The share of global capability centres (GCCs) in Indias GDP is expected to double to 2% by 2030, according to a note shared by ICICI Securities. These offshore units of multinational companies collectively generate about $46 billion in revenue, which is likely to touch $100 billion by FY30. The GCC sector grew by 11% between 2015 and 2023. The scaling up of GCCs in India is impacted by global headwinds affecting parent companies.