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<ul><li>The investment marks <keyword id="3439370" type="General" weightage="80" keywordseo="jsw-ventures" source="Orion">JSW Ventures</keyword>’ entry into the EV space. </li><li><keyword id="11050531" type="General" weightage="100" keywordseo="moeving" source="Orion">MoEVing</keyword> operates 1,500 <keyword id="6354973" type="General" weightage="50" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword> including 2-wheelers and 3-wheelers, across 15 cities. </li><li>The funds will be used to further strengthen its electric mobility platform for driver partners across <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. </li></ul>Commercial electric mobility tech platform MoEVing raised $2.5 million from JSW Ventures, today. The investment marks the entry of venture capital firm JSW Ventures into the Electric Vehicles (EV) space. Founded in 2021, MoEVing operates 1,500 electric vehicles including 2-wheelers and 3-wheelers, across 15 cities. It has set up over 30 multi-modal charging hubs nationally. “India has the potential to become an EV first country. The push to EVs will mean a complete rethinking of the transportation ecosystem, which in many places has to be built ground-up. MoEVing is working to do that in the commercial EV space as we strongly believe that EV adoption will be driven by commercial transportation, especially in the first/last mile delivery space,” Vikash Mishra, co-founder &amp; CEO at MoEVing said. The funds raised will be primarily used to strengthen its electric mobility platform for driver partners. It will also be used for expansion across cities. With the recent round, it has raised as much as $10 million till now. “MoEVing's full stack platform approach is unique and has global relevance to support the acceleration of EV adoption across sectors. Our investment recognizes the opportunity for MoEVing to grow exponentially by capitalizing on the early EV wave as Indian businesses transition their supply chain to electric mobility,” <keyword id="1622633" type="General" weightage="50" keywordseo="sachin-tagra" source="Orion">Sachin Tagra</keyword>, Partner at JSW Ventures, said. JSW Ventures, part of the eponymous group, is pre-series A to series A+, VC firm focused on platform and SaaS investments. Private equity <a href="https://economictimes.indiatimes.com/industry/renewables/pe-funds-in-evs-may-cross-1-billion-in-2022/articleshow/95173248.cms">investment</a> in electric vehicles in India is about to reach $1 billion this year alone. The Indian government also aims to achieve the ‘Net Zero’ carbon emissions target by <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/huge-business-potential-in-india-says-maruti-suzuki-md-hisashi-takeuchi/articleshow/95180908.cms">2070</a>. India is the world’s third largest emitter, creating 2.9 gigatonnes of carbon dioxide every year, which is 4.9% of annual global emissions, according to <a href="https://www.businessinsider.in/science/environment/news/india-needs-to-invest-12-1-trillion-to-achieve-carbon-neutrality-by-2050-mckinsey/articleshow/95125243.cms">McKinsey</a> India report 2022 on ‘<keyword id="15412641" type="General" weightage="50" keywordseo="decarbonising-india" source="Orion">Decarbonising India</keyword>’. Automotives make up for a considerable chunk of these emissions. “Favourable unit economics, positively evolving regulatory framework and the deepening efforts by companies in India to meet the targeted green goals is driving stronger demand and adoption of commercial EVs,” MoEVing stated. The Gurgaon-based company aims to decrease 1,000 tonnes of carbon dioxide by the end of this financial year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/paytms-diverse-sources-of-monetisation-to-drive-profits-jp-morgan/articleshow/95252360.cms">Paytm's diverse sources of monetisation to drive profits: JP Morgan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/canada-facing-labour-shortage-what-does-it-mean-for-indian-immigrants/slidelist/95251236.cms">Canada facing labour shortage — what does it mean for Indian immigrants</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-ipo-10-important-things-you-need-to-know-before-subscribing-for-the-ipo/slidelist/95250493.cms">10 things to know about Fusion Micro Finance IPO that opens from Nov 2 to Nov 4</a>

Electric mobility platform MoEving raises $2.5 million from JSW Ventures

Timeshare resort major <keyword id="161607" type="General" weightage="20" keywordseo="mahindra-holidays-resorts-india-ltd" source="Orion">Mahindra Holidays &amp; Resorts India Ltd</keyword> closed the second quarter of FY23 with a lower net profit on a higher income. According to the company, for Q2FY23 it logged a profit of about Rs 30.90 crore (Q2FY22 profit of about Rs 40.55 crore) on an operational revenue of about Rs 283.60 crore (Rs 237.66 crore). The company's total expenditure for the period under review went up by about Rs 49.75 crore during Q2FY23 as compared to the same period the previous year. The company's Board that met on Wednesday also decided to shift the registered office from <keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> to <keyword id="13126" type="General" weightage="20" keywordseo="Maharashtra" source="Orion">Maharashtra</keyword> and the alteration to the <keyword id="251761" type="General" weightage="80" keywordseo="memorandum-of-association" source="Orion">Memorandum of Association</keyword> subject to the approval of the shareholders and the central government. The company's scrip after opening at Rs 286.15 went down and was changing hands at about Rs 279 per share. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/electric-mobility-platform-moeving-raises-2-5-million-from-jsw-ventures/articleshow/95252790.cms">Electric mobility platform MoEving raises $2.5 million from JSW Ventures</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/reliance-capital-bidders-flag-off-multiple-legal-issues-involving-rs-20000-crore-liability/articleshow/95248934.cms">Reliance Capital bidders flag off multiple legal issues involving Rs 20,000 crore liability</a>

Mahindra Holiday & Resorts books lower net in Q2 shares down

<keyword id="6379342" type="General" weightage="20" keywordseo="Social-networking" source="Orion">Social networking</keyword> site <keyword id="279713" type="General" weightage="100" keywordseo="tumblr" source="Orion">Tumblr</keyword> has updated its <keyword id="7316504" type="General" weightage="50" keywordseo="community-guidelines" source="Orion">Community Guidelines</keyword> which will allow nudity, but not sexually explicit images, on the platform. "We now welcome a broader range of expression, creativity, and art on Tumblr, including content depicting the human form (yes, that includes the naked human form)," said an official post. Recently, the platform introduced the "<keyword id="11033" type="General" weightage="50" keywordseo="community" source="Orion">Community</keyword> <keyword id="100796" type="General" weightage="50" keywordseo="labels" source="Orion">Labels</keyword>" to give users more control over their dashboard experience. With this new feature, users can adjust their feed to their preferred comfort level by setting the types of content they want to see. "So, even if your creations contain nudity, mature subject matter, or sexual themes, you can now share them on Tumblr using the appropriate Community Label so that everyone remains in control of the types of content they see on their dash," the post added. Moreover, the company mentioned that they will still don't allow hate, spam, violent threats, or anything illegal, and visual depictions of sexually explicit acts remain off-limits on Tumblr. It further stated that if any user encounters such content, they should continue to report it. In January, Tumblr rolled out a new feature "Sensitive Content toggle" for iOS users to keep the app eligible for download via the App Store. The new feature allowed users to choose whether to opt-in or opt-out of potentially sensitive content on the iOS app. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/paytms-diverse-sources-of-monetisation-to-drive-profits-jp-morgan/articleshow/95252360.cms">Paytm's diverse sources of monetisation to drive profits: JP Morgan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/electric-mobility-platform-moeving-raises-2-5-million-from-jsw-ventures/articleshow/95252790.cms">Electric mobility platform MoEving raises $2.5 million from JSW Ventures</a>

Tumblr to allow nudity but not sexually explicit images

As the deadline for the submission of binding bids approaches, the bidders of <keyword id="6360090" type="General" weightage="100" keywordseo="reliance-capital" source="Orion">Reliance Capital</keyword>, including Hinduja, Torrent, Zurich, and Piramal have flagged off various legal issues to the lenders and Administrator, involving Reliance Capital and its subsidiaries. These legal issues involve a cumulative liability of Rs 22,000 crore, and they need quick resolution for the successful closure of RCAP's resolution plan. According to sources, the bidders are likely to make a condition precedent of these issues to any payment to the lenders. The two big issues flagged off by the bidders are the impending resolution of <keyword id="3649632" type="General" weightage="50" keywordseo="reliance-home-finance-ltd" source="Orion">Reliance Home Finance Ltd</keyword> (<keyword id="1590678" type="General" weightage="50" keywordseo="rhfl" source="Orion">RHFL</keyword>) and the legal battle between the Administrator and IDBI Trusteeship for the control of <keyword id="157626" type="General" weightage="50" keywordseo="reliance-general-insurance" source="Orion">Reliance General Insurance</keyword>'s shares, which is pending in the NCLT. Authum Investment and Infrastructure Ltd had been selected as the successful bidder for RHFL in June 2021, but the resolution process has not yet been completed due to various litigation involving the debenture holders. The total debt of RHFL is Rs 11,500 crore. As far as Reliance General Insurance is concerned, the Independent actuarial <keyword id="5413795" type="General" weightage="50" keywordseo="tower-watson" source="Orion">Tower Watson</keyword> has valued this business at Rs 9,500 crore. Apart from these, the two other legal cases flagged off by the bidders are Axis Bank's claim of Rs 150 crore against Reliance Capital, which the bank has lost in the NCLT, and a case involving Administrator and IndusInd Bank, involving arbitration of Nippon Asset Management shares. The total liability in this matter is Rs 650 crore. The last date for submitting binding bids is November 28. The quick resolution of these legal matters is a challenge for the Administrator for the successful closure of the RCAP resolution plan. Reliance Capital had received 14 non-binding bids for its multiple businesses. Six companies had submitted bids for the entire company, while the rest of the bidders had submitted bids for its multiple subsidiaries. Torrent, IndusInd, Oaktree, Cosmea Financial, Authum Investment, and B Right Real Estate have submitted bids in the range of Rs 4,000 crore to Rs 4,500 crore for Reliance Capital's entire assets. For Reliance General Insurance business, Piramal Finance has bid Rs 3,600 crore, while <keyword id="1657992" type="General" weightage="50" keywordseo="zurich-insurance" source="Orion">Zurich Insurance</keyword>'s bid is Rs 3,700 crore. The third bidder, Advent, has bid Rs 7,000 crore for Reliance General Insurance. Jindal Steel and Power and <keyword id="8564251" type="General" weightage="50" keywordseo="uvarc" source="Orion">UVARC</keyword> have submitted bids for Reliance Capital's ARC business. For other assorted assets of Reliance Capital, 3 bidders -- Choice Equity, Global Fincap, and <keyword id="15413642" type="General" weightage="50" keywordseo="grand-bhawan" source="Orion">Grand Bhawan</keyword> -- have submitted the bids. RCAP's life insurance business, <keyword id="15259421" type="General" weightage="50" keywordseo="rnlic" source="Orion">RNLIC</keyword>, had not received any bid, but later on Aditya Birla Capital and Nippon Life Insurance, which is already holding 49 per cent equity in RNLIC, have evinced interest in acquiring RCAP's 51 per cent stake in this business. At the beginning of the resolution process of Reliance Capital over 54 companies had submitted Expression of Interest (EOI) for its various assets, out of which only 14 are now in the fray. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/electric-mobility-platform-moeving-raises-2-5-million-from-jsw-ventures/articleshow/95252790.cms">Electric mobility platform MoEving raises $2.5 million from JSW Ventures</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tumblr-to-allow-nudity-but-not-sexually-explicit-images/articleshow/95253755.cms">Tumblr to allow nudity but not sexually explicit images</a>

Reliance Capital bidders flag off multiple legal issues involving Rs 20,000 crore liability

<ul><li>The 2022 festival season has turned out to be a blessing for Indian automakers, with registrations of passenger vehicles, commercial vehicles and tractors in October rising between 35-66% over 2019 levels. </li><li>The struggling two-wheeler segment also witnessed signs of revival with a 5% increase in registrations when compared to the same period in 2019. </li><li>Entry-level passenger vehicles and 2W continued to struggle, while SUVs and premium 2W continue to witness strong demand. </li></ul>The festival season has turned out to be a blessing for Indian automakers, with registrations of passenger vehicles, commercial vehicles and tractors in October exceeding the 2019 levels in the range of 35-66%. On the other hand, the two-wheeler segment is also showing signs of revival with 5% higher registrations than 2019. The festival season, which began on September 26 with Navratri and ended on October 24 with Diwali, saw registrations rise by 34-44% year-on-year across passenger vehicles (PV), commercial vehicles (CV) and tractors, according to a report by Jefferies. On the other hand, the struggling 2W segment is showing signs of revival after sales fell for three consecutive years after peaking in 2018. According to Jefferies, 2W registrations were up 5% in October when compared to the same period in 2019. On a YoY basis, the growth came in at 32%. “A good festive season bodes well for India's auto demand, which is recovering from its worst slowdown in decades. We expect strong 17-19% volume CAGR for PVs, 2Ws and trucks over FY22-25,” the Jefferies report said, adding that falling metal prices could fuel double-digit earnings CAGR for most companies. <div type="image" title="Festive season auto sales demand 2022." msid="95257233" hostid="261" sizebytes="15620" caption="&amp;lt;p&amp;gt;Festive season auto sales demand in 2022&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Maruti, Tata, Mahindra report double-digit growth in sales" comment="subhead" text="Maruti, Tata, Mahindra report double-digit growth in sales">Maruti, Tata, Mahindra report double-digit growth in sales</cmsannotation> The festive cheer for car makers was visible in their October sales, with <keyword id="44883" type="General" weightage="80" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword>, Tata Motors and Mahindra &amp; Mahindra reporting double-digit YoY growth in their sales during the month. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Units </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YoY change </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MoM change </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,67,520 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.1% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">78,335 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.5% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.3% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,13,108 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">27.2% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.1% </td></tr></tbody></table> Source: Elara Securities M&amp;M’s auto division reported stronger growth of 45.8% y-o-y in sales during the month, but its overall growth was tempered by the tractor segment which grew 10.6%. However, analysts at Elara Securities state that tractor sales were above expectations. Demand in the entry-level segment remained weak with inventory piling up, according to the research firm, while customers continue to throng to SUVs despite the long wait periods. <cmsannotation type="cmsannotation" annotationid="Extended monsoon and delayed harvest keep rural demand for 2W subdued" comment="subhead" text="Extended monsoon and delayed harvest keep rural demand for 2W subdued">Extended monsoon and delayed harvest keep rural demand for 2W subdued</cmsannotation> An extended monsoon has resulted in delayed harvest, and according to analysts at Elara Securities, this has resulted in subdued demand in rural areas for 2W. Dispatches from Bajaj Auto, <keyword id="6357252" type="General" weightage="80" keywordseo="hero-motocorp" source="Orion">Hero MotoCorp</keyword>, and <keyword id="62356" type="General" weightage="80" keywordseo="tvs" source="Orion">TVS</keyword> Motors remained flat y-o-y, declining 7% sequentially, according to the research firm. In terms of price points, the entry level segment underperformed the premium segment, while motorcycle demand was weaker than that of scooters. Market leader Hero MotoCorp reported a 17% decline in its overall sales, Bajaj Auto reported a 10% decline but TVS reported a 1.5% increase y-o-y. Notably, Bajaj Auto reported a significant decline of 31% in its exports y-o-y, but grew 9% sequentially. The company said in a statement that it expects exports to now increase sequentially each month from here for FY23. <cmsannotation type="cmsannotation" annotationid="Stars aligning for good demand for tractors in coming months" comment="subhead" text="Stars aligning for good demand for tractors in coming months">Stars aligning for good demand for tractors in coming months</cmsannotation> M&amp;M, one of the leading tractor and farm equipment makers, said that the festive cheer has aided demand for tractors and farm equipment. “Festive season kept the spirits high and led to very strong momentum in demand for tractors and farm machinery,” said <keyword id="496390" type="General" weightage="80" keywordseo="hemant-sikka" source="Orion">Hemant Sikka</keyword>, president - farm equipment sector, M&amp;M, in a statement on November 1, in the company’s exchange filing. Sikka also said that the outlook for rural demand looks good in the coming months, thanks to the government announcing higher minimum support price (MSP) for Rabi crops and high reservoir levels. According to a report by Morgan Stanley, high-frequency indicators suggest that the overall economic activity in rural India has been <a href="https://www.businessinsider.in/finance/news/rural-recovery-underway-says-morgan-stanley/articleshow/94935646.cms">normalising</a> over the past three months, which is another positive sign for auto companies. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/cbdc-trial-a-landmark-moment-in-the-history-of-money-shaktikanta-das/articleshow/95250548.cms">CBDC trial a landmark moment in the history of money: Shaktikanta Das</a> <a href="https://www.businessinsider.in/stock-market/news/markets-break-4-session-winning-streak-to-open-lower-in-early-trade/articleshow/95245774.cms">Markets turn choppy ahead of US Fed monetary policy outcome</a> <a href="https://www.businessinsider.in/business/news/electric-mobility-platform-moeving-raises-2-5-million-from-jsw-ventures/articleshow/95252790.cms">Electric mobility platform MoEving raises $2.5 million from JSW Ventures</a>

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Electric mobility platform MoEving raises $2.5 million from JSW Ventures

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Mahindra Holiday & Resorts books lower net in Q2 shares down

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Reliance Capital bidders flag off multiple legal issues involving Rs 20,000 crore liability

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Indian car makers drive the festive boom, two-wheelers showing signs of revival

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