Mumbai: Morgan Stanley’s chief executive officer for India, Narayan Ramachandran, resigned after less than two and a half years of helming local operations for the US bank and said he plans to focus on helping the nation’s poor.
Scott Gaynor, chief operating officer for Asia, will be the acting country head until Ramachandran’s successor is appointed. Ramachandran, 47, will remain a senior adviser.
Consumer demand may slow: Dabur CEO
New Delhi: The fast-moving consumer goods industry could see demand contraction in the future as buyers start to tighten their purse strings, according to a senior executive of Dabur India Ltd.
“Decrease in consumer demand for FMCG (fast-moving consumer goods) products could be a cause of concern going ahead, may be around the first quarter of the next fiscal,” the firm’s chief executive officer Sunil Duggal said.
However, there will be no raw material or margin pressure for the companies, he added.
— Vijaya Rathore
IDG Ventures invests Rs15 cr in iCreate
Bangalore: Venture capital firm IDG Ventures India has invested Rs15 crore in iCreate Software Pvt. Ltd, a Bangalore-based business intelligence company focused on banking products.
iCreate has four global customers and is currently in talks with Indian banks. It expects to generate revenues worth Rs250 crore over five years.
“It’s a three-year-old profit-making firm. As investors, we understand that start-ups need $15-20 million (around Rs70-90 crore) to fuel their growth over three-five years,” T.C. Meenakshisundaram, managing director, IDG Ventures, said after announcing the deal on Thursday, on the possibility of funding the company again.
— Deepti Chaudhary