Start-Ups

Carlyle and Fosun, both existing investors in the e-commerce business, also participated in the latest funding round.

The move follows the $275 million that the pair invested in Singapore-based ride-hailing firm Grab last year.

Info Edge, an online services firm, will own a 26.38 per cent stake in Zomato after the deal closes.

Sachin Bansal left Flipkart last year after US retail giant Walmart picked up a 77 per cent stake in the Indian e-retailer for $16 billion.

The exemption will apply to all start-ups with total investment not exceeding Rs 25 crore, Union Minister Suresh Prabhu said.

Swiggy has tied up with stores to deliver fruits and vegetables, baby care items and health products, it said in a statement.

The DPIIT will work with the CBDT to grant exemption from the angel tax to all DPIIT-registered Level-I start-ups, in what has been the long-standing demand of the start-up and angel network to the government.

Binny Bansal, who departed after Flipkart's new owner Walmart Inc. investigated alleged personal misconduct, is now focused on xto10x Technologies, a startup he co-founded with former colleague Saikiran Krishnamurthy.

Angel tax is levied on the difference between the amount received by a closely held company in lieu of its shares and the fair market value of the shares.

Byju's Buys Osmo: Osmo, a developer of learning games, will continue as a standalone brand once the deal is completed.

The notification specifies a list of documents that start-ups will have to submit to the DIPP while seeking approval.

The central government decision came after a number of representations were made to Commerce and Industry Minister Suresh Prabhu by start-ups.

The purpose of the angel tax was ostensibly to weed out money launderers who could use undisclosed income to invest in start-ups.

The investment in the native start-ups rose by a phenomenal 108 per cent annually to $4.2 billion in nine months (January-September) from $2 billion in the same period of 2017.

Formed in 2013, Oyo Rooms is already worth an estimated $5 billion after receiving funding from international venture capitalists. The app-based company, Oyo Rooms, has quickly become India's largest hotel firm by number of rooms and one of the biggest in China as it pursues an aggressive expansion abroad.