Corporate Roundup: AU Small Finance Bank posts 42% jump in Q4 net profit

Jaipur-based AU Small Finance Bank has reported a 42 percent jump in its net profit at Rs 118 crore in the March quarter.

The cost of fund during FY19 was 7.9 percent.

Indiafirst new premium collection up 38% in FY19

Indiafirst Life has registered a 38 percent growth in new business premium collection in FY19 at Rs 2,073 crore.

The ten-year-old company reported a gross collection of Rs 3,213 crore, while the total business annual premium equivalent increased 23 per cent to Rs 961 crore, an official statement said Monday. It paid out Rs 362 crore in claims and the settlements ratio stood at 96 per cent.

Bajaj Allianz General, Life launch combi-product

Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance have launched a combi-product to take care of customers’ health and life goals.

The product christened ‘Bajaj Allianz Total Health Secure Goal’ will take care of both hospitalisation and life cover, an official statement said Monday.

Kotak Bank launches debit card-based e-mandate

Private sector Kotak Mahindra Bank has become the first lender to go live with both debit card and net banking- based electronic mandates on NPCI’s e-Mandate API platform.

This capability will enable customers to create electronic mandates (similar to the erstwhile eNACH with Aadhaar + OTP) via both the debit card and net banking channels, it said in a statement Monday.

Vodafone Idea partners with Sony Pictures

Vodafone Idea has partnered with Sony Pictures Networks India’s video on demand service SonyLIV, video on demand service to offer its customers content across genres in Hindi and English.

The offering includes over 1000 movies along with recently announced 14 original shows, over 100 short format shows, top rated shows from Sony Entertainment Channel and Sab TV for the customers of Vodafone Idea, it said Monday.

Bounce raises $3 m from InnoVen Capital

Bengaluru-based startup Bounce has raised USD 3 million in debt funding from InnoVen Capital. This is the second round of funding from the InnoVen, taking their total debt investment to USD 6 million. The company has so far raised over USD 22.5 million in series A and B.

Bounce currently has a fleet of 5,000 keyless bikes in Bengaluru and this funding will go towards the company plans to expand and increase its density and penetration in the city, it said in statement Monday.

Cipla appoints Raju Mistry as Global HR head

Drugmaker Cipla has appointed Raju Mistry as president and global chief people officer.

Prior to joining Cipla, she was chief human resources officer at Jubilant Life Sciences. In her role at Cipla, Raju will oversee human resources, and administration and facilities management, a company statement said Monday.