Business briefs

Bajaj Auto Ltd on Tuesday said its board has deferred a decision on its proposed share buyback.

The board of directors of the company, at its meeting held on Tuesday, has decided that ''further deliberations are required in order to take a decision on the proposal of buyback, and accordingly deferred the matter'', Bajaj Auto said in a regulatory filing.

On June 9, the company had informed stock exchanges that its board would consider a proposal for buyback of fully paid-up equity shares at a meeting to be held on Tuesday.

*** PhonePe sells over 1 million two-wheeler insurance policies * Fintech platform PhonePe on Tuesday said it has sold over 1 million (10 lakh) two-wheeler insurance policies on its insurance broking platform since the launch of the product.

Over 75 per cent of overall insurance purchases came from Tier 2 and 3 cities showcasing wide-adoption of its offerings in non-metros cities and towns, PhonePe said.

This milestone is a key marker in PhonePe's vision of making insurance products accessible to all. The company aims to help reduce the number of uninsured vehicles on road with wide selection on policy types, affordable prices and a paperless 2-minute instant process, it said.

The company said that over 80 per cent of two-wheeler insurance was bought by users with expired covers. This indicates that these offerings on the PhonePe platform are serving previously underserved segments, who did not have enough awareness and a convenient avenue to renew their insurance.

*** Alco-bev startup Indian Standard Time raises Rs 3 crore * Alcoholic beverages startup Indian Standard Time (IST) on Tuesday said it has raised Rs 3 crore in a seed funding round led by Indian Angel Network (IAN).

The company aims to use the funds for increasing its workforce and strengthening marketing efforts, the company said in a statement.

''With the help of IAN's investment, we now look forward to expanding our footprint further, creating a new counter-culture, and bringing IST to more cities across the country,'' IST Founder Krupa Shah said.

After the launch of its hard seltzer in Goa, IST said it will focus on Daman and Bengaluru as the next markets, and also plans to expand to Delhi, Maharashtra and Telangana.