🐛 Oppo’s Arrest for Tax Fraud

PLUS: The World Bank’s love for 3-wheeler EVs

Good morning. And TGIF! Welcome to your daily sanctuary of news around Indian business, tech, and startups. Can you hear the soothing water? Or maybe that’s a siren ringing.

In this edition:

  • 🚨 Oppo finance manager arrested for tax fraud

  • 🔋 The World Bank’s love for 3-wheeler EVs

  • ✂️ Accenture’s 19k headcount cut


*Stock data as of market close. Source.

  • Markets: Nifty seems to have formed a "tweezer top" pattern, signaling potential weakness ahead. Technical analysts are keeping a close eye on the market's movements and advising caution for heavy-handed investors.


Oppo India's finance manager cuffed for tax fraud

Giphy / Oppo

🚨 In a shocking development, Mahendra Kumar Rawat, the finance manager of Oppo Mobiles India, has been arrested for allegedly committing tax fraud worth Rs. 19 crore. The incident comes as a major blow to the Chinese smartphone giant's reputation in India, one of its key markets.

Illegal deeds. The accused finance manager allegedly committed the fraud by falsely claiming non-existent input tax credit (ITC) worth a staggering Rs. 19 crore through fake invoices.

The fallout. The Oppo Mobiles India's finance manager was arrested on Wednesday by the Directorate General of Goods and Services Tax Intelligence (DGGSTI), which is investigating the case.

Naturally, the incident has raised questions about the company's internal checks and controls.


World Bank arm to invest Rs. 600 Cr in M&M’s 3-wheeler EVs


🔋 Mahindra & Mahindra's last-mile mobility venture has secured a Rs. 600 crore ($81M) investment from the International Finance Corporation (IFC), i.e. the private sector arm of the World Bank Group.

The Investment Plan

  • This is IFC's first investment in an Indian EV producer, as well as the world's first in electric three-wheelers.

  • The venture will soon spread its wings as a newly incorporated company called NewCo

  • The Rs 600 crore investment would give IFC a 9.97-13.64 percent stake in NewCo., in all its electric 3-wheeler-producing glory.

Milestones Ahead

  • The investment from IFC is significant, as it highlights the growing global interest in India's EV market, which is expected to grow at a compound annual growth rate (CAGR) of 44% between 2020 and 2027.

  • NewCo’s focus on last-mile connectivity is also crucial, as it addresses the problem of urban congestion and pollution, which is a major concern for India's cities.

🌯 To wrap. Overall, this investment is a testament to Mahindra & Mahindra's commitment to sustainable mobility and its efforts to address the challenges facing India's transportation sector.


Air India is bumping down leave privileges for its staff

Giphy / bypriyashah

✈️ Flag carrier airline Air India has revised its policies around privilege leaves, with the new change set to take effect from April 1, 2023. According to the airline, this step was taken to align with current market practices. Here’s the quick take:

The Details

  • Per an internal briefing, the new policy will allow all regular employees to either accumulate or cash out up to 60 privilege leaves annually, from the current 300.

  • Employees under fixed-term contracts however, like the all important pilots, cabin crew, and ground staff, will not have an encashment option. Accumulation still applies, that is, 150 PLs for pilots and 60 PLs for groundmen and crew.

Transitioning the new rule. The communication stated that if an employee has collected over 60 leaves as of March 31st, the full 60 will be carried over to the next fiscal and any remainder will be cashed out.


  • 💳️ KeditBee and PayU’s new fintech friendship. Fintech startup KreditBee has landed a new ally in its quest for success, by partnering with PayU to offer online checkout finance.

  • 🚀 A 3.5% stake in Hundustan Aero is up for sale. The Indian government has gone public with its latest plan to sell off a 3.5% stake in Hindustan Aeronautics through an offer for sale (OFS), giving investors a chance to soar high with one of the country's premier aerospace and defense companies.

  • 🏈 Sportskeeda parent firm now owns ¾ of Pro Football Networks. Absolute Sports, the parent company of sports news platform Sportskeeda, is scoring big with its latest acquisition of a 73.37% stake in US-based Pro Football Networks.


Catch up on the Indian funding flows from the past 24hrs:

  • Reveal HealthTech, medicare SaaS platform, is making some serious money moves with its recent $4M raise from W Health Ventures, which it will use to bolster its service suite and talent pool.

  • Alt DRX, a digital real estate exchange, has secured a sweet $3.6M in funding from several global investors, to help fuel their growth in the Indian market.

  • PhysicsWallah, the Uttar Pradesh-based edtech firm, is on a mission to raise $250M in funding, at a valuation of $3.3B.


Headline Explorer

Dribbble / Hurca

👔 LinkedIn just got snazzier. LinkedIn is giving businesses something to smile about with its latest updates to business pages, including new features like scheduled posts, audio events, automatic job posting, and more.

⌚️ Apples patents NFC watch band. Apple has been granted a patent by the US Patent and Trademark Office for an Apple Watch band with an embedded NFC module that can talk to the watch and serve a multitude of potential functions.

✂️ Accenture to cut staff by 19k. Accenture, the global consulting firm, has announced plans to lay off 19,000 workers from its ranks. The move is part of a broader restructuring effort aimed at shifting resources to high-growth areas such as cloud computing and cybersecurity.

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