Oizom, an Ahmedabad- based company has developed a smart fever detection system, Fevo to fight the rising cases of Covid-19 while India is gradually opening its economy after the nationwide lockdown. Fevo measures body temperature with 99.5% accuracy in no time (0.5 sec). The product works seamlessly on smartphone, tablet and also as a stationary detector. Fevo product range comprises Fevo+ and FevoBot designed for both manual and automated fever screening. Since fever is a common symptom in 98.33% of the Covid-19 cases, Fevo can come in handy to identify the potential carriers. Prime Minister Narendra Modi's Atmanirbhar Bharat campaign motivated the company to develop 100% Make in India solution. Fevo was developed within 4 months and it has been receiving a tremendous demand from across the globe, says Ankit Vyas, CEO of Oizom.
SoftBank eyes TikTok in India
SoftBank Group is exploring assembling a group of bidders for TikTok’s India assets and has been actively looking for local partners, according to people familiar with the matter. Over the past month, the Japanese conglomerate, which owns a stake in TikTok’s Chinese parent ByteDance, has held talks with the heads of Reliance Jio Infocomm and Bharti Airtel, the people said. While discussions have fizzled since, Soft-Bank is still exploring options, according to the people. Representatives for SoftBank, Reliance and Bharti Airtel declined to comment. A spokesperson for ByteDance didn’t respond to requests. TikTok is considering selling its operations in several countries after local governments shut out the app, citing fears that sensitive user data was passing into the hands of the Chinese state. India has taken a particularly tough stance, banning several of China’s largest internet services in July, including TikTok. India was one of TikTok’s largest markets, with more than 200 million users. In the US, President Donald Trump threatened to ban TikTok and then ordered ByteDance to sell its assets in the country because of national security concerns.
Norway’s Orkla buys Eastern Condiments
In further consolidation in India’s spice market, Norwegian food major Orkla is picking up a 68% stake in Kerala’s Eastern Condiments at a valuation of £200 million, according to a statement by the company. Orkla will acquire 42% from the company’s promoters, the Meeran family, and another 26% from US-based McCormick, which picked up the stake in 2010 for £16.2 million. The valuation pegs the cash component of the deal at about £136 million, said a source. The transaction comes at a time when there is increased activity in the segment, as both - large consumer goods players like ITC and Tata Consumer Products besides investors - look to capture a slice of the increasing consumer preference for branded players. The total spice market in India has been growing at an annually compounded rate of over 13%, doubling from £1.05 billion in 2013 to £ 2.15 billion in 2019, according to Neilsen. Orkla is routing the deal through MTR Foods, which it acquired in 2007, as it looks to further diversify its product portfolio in India. After the deal is completed, which is still awaiting an approval from the Competition Commission of India (CCI), Eastern will merge with MTR, giving the Meeran family a 10% stake in the combined entity.
