5 Minutes Read

Karkhana.io raises $6.3 million in a Series A funding round

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The startup focuses on fortifying India’s MSME ecosystem and aims to redefine the Indian manufacturing industry. Founded in 2018, Karkhana.io collaborates with OEMs in various sectors, boasting a supplier network of over 400 MSMEs and says it is targeting 3,000 suppliers in the next three years.

Business-to-business (B2B) custom manufacturing platform Karkhana.io has raised $6.3 million in a Series A funding round led by Arkam Ventures and Susquehanna Asia Venture. The funding round also witnessed participation from existing investor Vertex Ventures Southeast Asia and India.

According to the startup, the fresh funds will be used to fuel the expansion of its supplier base, establish a robust electronics supply chain, and drive scaling efforts in the US and Europe.

“This funding extends beyond growing our platform; it’s a dedication to fortifying India’s MSME (medium, micro, and small enterprise) ecosystem. We want to create a significant impact in sectors with expansive growth potential, addressing surging demand and propelling Karkhana.io to redefining the landscape of the Indian manufacturing industry,” said Sonam Motwani, Founder and CEO, Karkhana.io.

Founded in 2018, Karkhana provides sourcing and contract manufacturing solutions to original equipment. manufacturers (OEMs) and tech companies through its manufacturing MSME network.

Also read: How Indian markets value new-age tech companies is no longer a puzzle: RTP Global’s Nishit Garg

It works with OEMs across product categories like electric vehicles, medical equipment, consumer electronics and aerospace among others. The platform claims to have a supplier network of over 400 MSMEs and is looking to tap 3,000 suppliers in the next three years.

As per Karkhana, India’s manufacturing sector is expected to be worth $1 trillion by 2025-26, and contributions from MSMEs will be pivotal in achieving this lofty goal. Factors such as competitive pricing, extensive labour pools, rising domestic demand and geopolitical considerations such as the China Plus Pne strategy place India as a manufacturing destination for the world. If equipped with the right resources, India’s 63 million-strong MSME ecosystem has the potential to become an integral part of the manufacturing supply chain for global businesses, the firm added.

“India’s manufacturing MSMEs account for 45% of industrial output and 40% of all exports. While there is a surge in domestic and international demand from OEMs, most small suppliers are poorly equipped to tap into new order flows, market their capabilities and find ways to maximize their capacity utilization. We were attracted to a strong Karkhana.io team that provides a differentiated technology platform addressing these challenges while enabling a much-needed layer of trust, efficiency, and quality,” said Bala Srinivasa, Managing Director, Arkam Ventures.

Also read: Startup founders have learnt to prioritise fundamentals over growth, says Good Capital’s Rohan Malhotra

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Swiggy’s food delivery business up 17% to $1.43 billion

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Swiggy’s H1 FY24 core food-delivery business grew 17%, achieving a $1.43 billion GMV. Prosus, holding a 32.7% stake, reported an 89% reduction in EBITDA losses to $208 million. Instamart contributed to a 63% GMV growth, focusing on scale and profitability in 25 cities, with H1 losses decreasing by 75%. Invesco recently valued Swiggy at $7.85 billion, up from $5.5 billion in May.

Online food delivery platform Swiggy’s core food-delivery business grew 17% and delivered gross merchandise value (GMV) of $1.43 billion in the first half of FY24, investor Prosus stated in its financial filing. According to the tech investor, this was led by a rise in active users, which drove order growth and inflation in average order value (AOV).

“Core food-delivery EBITDA losses in 1H24 (the first half of the 2024 fiscal) shrunk 89%, led by improvements in contributing margin and operating leverage. Combined, these reflect customers’ willingness to pay for convenience, and restaurants’ willingness to advertise for growth,” Prosus said.

Prosus, which holds a 32.7% stake in the food-tech giant, revealed that the losses reduced to $208 million compared to $321 million in the previous year.

Prosus added that Swiggy’s quick-commerce business made rapid strides as customer adoption drove order growth. Basket sizes grew well ahead of inflation. Instamart’s store count ended the period 19% higher in June, contributing to its GMV growth of 63%.

“With the platform focused on gaining scale and moving towards profitability in the 25 cities where it operates, Instamart’s first-half contribution losses fell by around 75%. Broader product selection, densification of the store network and faster delivery times have continued to aid customer acquisition and retention,” Prosus added.

Last month, US-based investment company Invesco marked up Swiggy’s valuation to about $7.85 billion. Earlier in May, Invesco slashed Swiggy’s valuation to about $5.5 billion.

Also read: Byju’s valued at less than $3 billion now by its investor Prosus

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Meesho employees to get nine days’ ‘Reset and Recharge Break’ for the third consecutive year

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Meesho introduced an annual “Reset and Recharge” in 2021 for employees to unplug from work and prioritise mental well-being. This year the company has its break beginning from November 11 to 19.

Employees at e-commerce marketplace Meesho will get the third consecutive annual “Reset and Recharge” break from November 11 to 19, which the firm says is a nine-day hiatus to unplug from work, immerse in festivities, and prioritise mental well-being.

The ‘Reset and Recharge’ break is an integral component of the firm’s comprehensive wellness programme MeeCARE.

“Over the past couple of years, we have been impressed by the intangible yet profoundly positive influence that the Reset and Recharge break has exerted on our employees’ mental well-being. Notably, after their return to work from the break, we have observed a palpable sense of joy and renewed vigor in our team. This, perhaps, is one of the factors that helps Meeshoites bring their utmost potential to the workplace,” Ashish Kumar Singh, Chief Human Resources Officer, Meesho said.

Earlier in 2021, the company had also announced its gender neutral parental leave policy and that was revamped recently. This includes financial aid, an extended 30-week leave for the primary caregiver, surpassing the industry’s standard of 26 weeks, extra leave provisions for unforeseen circumstances and health issues, assurances of equitable performance evaluations, and reintegration process into the workforce.

Also Read: Meesho’s visionary goal of empowering 10 million small businesses by 2027

Separately, during its flagship Mega Blockbuster Sale from October 6 to 15, the e-commerce platform saw 1.2 billion customer visits in top categories like home and kitchen, fashion, beauty and personal care, etc. These categories garnered as many as 72 orders per second, Meesho said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Legacy music label Saregama picks up majority stake in digital entertainment startup Pocket Aces

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Saregama’s deal with Pocket Aces comes as the legacy music label firm ramps up its efforts to broaden its video catalogue.

Saregama has acquired a 51.82 percent stake in digital entertainment startup Pocket Aces for Rs 174 crore in an all-cash deal. The company plans to invest an additional Rs 15 crore into the firm, it disclosed in a stock exchange filing.

The music label plans to acquire an additional 41 percent stake in Pocket Aces within the next 15 months at pre-agreed multiples. Saregama has deferred the future pricing to completion of certain metrics, it added.

Saregama’s deal with Pocket Aces comes as it plans to strengthen its position in new music across all Indian languages. It is even looking to ramp up its efforts to broaden its video catalogue.

“Acquiring Pocket Aces will add on a whole new dimension of IP and a distribution network of over 95 million followers, which Saregama will leverage to further popularise its music library among audiences in the 18-35 year age range. This will also create synergies across the artiste and influencer management and long-format video creation businesses of the two companies,” Saregama said.

Pocket Aces produces short-form video content aimed at young Indians, creating over 30 new items each day. The startup, which manages over 100 digital talents, has also licensed IPs like the show “Little Things” to Netflix and shared other content with platforms like Jio, MX Player, Vistara, and Qatar Airways.

“This acquisition signifies the confluence of tradition and innovation. While we have always been leaders in the realm of music and media, this partnership with Pocket Aces will add new dimensions to our business as we tap into the burgeoning young digital audiences,” said Avarna Jain, Vice Chairperson, Saregama.

Pocket Aces has raised nearly $20 million over the years and counts Peak XV Partners and 3one4 Capital as its early investors. The startup has claimed that its revenues have grown at a CAGR of 34 percent over the last 4 years. Pocket Aces’ revenues from operations stood at Rs 104 crore in FY23 and are expected to grow even faster in the future.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

CRED forays into vehicle management space with ‘CRED Garage’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

CRED’s new feature ‘CRED Garage’ offers concierge services, parking services, document management, insights on spending and more, Kunal-Shah led unicorn said in a statement.

Fintech unicorn CRED is foraying into the vehicle management space with ‘CRED Garage’ starting September 28. The feature within the CRED App offers concierge services, parking services, document management, insights on spending and more, the company said.

CRED App and will be rolled out to all its members starting September 28, the firm said in a statement. Users can register their vehicles on CRED Garage by adding the vehicle’s number.

CRED has also integrated DigiLocker into its app, which means members will be able to access essential documents like driving license, vehicle registration certificates, and insurance documents whenever needed.

“Members who opt into CRED Garage will enjoy a dedicated 24*7 concierge to help them with any of their queries around maintenance, servicing, and claims. The concierge will also help them get roadside assistance in case of a breakdown, whether in the city or on a road trip across the country,” the firm explained in a statement.

The Kunal Shah-led unicorn has also tied in a few financial products within its new platform. Users can recharge their FASTag directly on CRED Garage, and it will also offer garage users the option to buy motor insurance.

Also Read: CRED wants to be a lifestyle-first company, not just a fintech app, says founder Kunal Shah

The app also features automated reminders for critical tasks like pollution checks, emission tests, and insurance renewals, to ensure that members’ vehicles remain in excellent condition.

In the past few months, CRED has launched four new products – CRED escapes (luxury travel platform), CRED Flash (BNPL product) and tap-to-pay offering for retail payments and Scan and Pay for UPI payments.

In the financial year 2021-23, CRED recorded a net loss of Rs 1,279 crore, even though its revenue jumped by almost 340 percent to Rs 422 crore from Rs 95 crore in the previous fiscal. The company’s losses have more than doubled from the 2020-21 fiscal to Rs 524 crore.

Also Read: Loss-making companies enabled India’s fintech growth, says CRED founder Kunal Shah

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

BYJU’S to cut 3500 jobs to get out of trouble; may finally release much awaited financial numbers in October

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

BYJU’S will file earnings for the 2021-22 and 2022-23 fiscals by this weekend or early October, sources have told CNBC-TV18. The edtech is also likely to hand pink slips to 3,500 employees in a fresh round of layoffs.

Edtech giant BYJU’S will file earnings for the 2021-22 and 2022-23 fiscals by this weekend or early October, sources told CNBC-TV18 on September 27.

Earlier in June, BYJU’S, which has delayed its financial statements, had told investors that it would file its audited earnings for FY22 by September and the following financial year’s results by December.

The beleaguered firm, which lost its auditor and three board members within a week in June, is in the middle of a massive restructuring process under the leadership of new India CEO Arjun Mohan.

According to sources, the company is likely to hand pink slips to 3,500 employees in a fresh round of layoffs. The job cuts will impact staffers at manager, mid manager and vertical leaders levels.

“We are in the final stages of a business restructuring exercise to simplify operating structures, reduce the cost base, and better cash flow management. BYJU’S new India CEO, Arjun Mohan, will be completing this process in the next few weeks and will steer a revamped and sustainable operation ahead,” a Byju’s spokesperson told CNBC-TV18.

BYJU’S has previously taken a number of cost-cutting initiatives, particularly on the employee front. Since late 2022, the edtech giant has let go of more than 2,500 employees. The most recent job cuts came in June this year when it laid off 500-1000 employees. The company’s headcount has come down from 50,000 in December 2022 to 37,000 at present.

Sources say that with the fresh round of layoffs, the company is looking to consolidate and tighten teams in online as well as offline functions. “Felt there were a lot of redundancies in the system, the company is tightening teams across sales, regional teams and also contract staff,” they said.

The sources added that the move will only affect Byju’s India team and that there will be no impact on Aakash, Epic, Great Learning and other subsidiaries of BYJU’s as they operate as separate entities.

On September 20, BYJU’S announced Arjun Mohan as its India CEO who replaces Mrinal Mohit, founding partner and the outgoing head of India business. Mohit left the firm after a decade’s stint to pursue personal aspirations, the company said in a statement.

“Arjun’s return is a testament to his belief in our mission and the unparalleled opportunities that lie ahead. His expertise will undoubtedly help our turnaround efforts and strengthen our position in the global EdTech landscape,” BYJU’S co-founder Raveendran said.

Mohan, who previously served as BYJU’S’ chief business officer for over 11 years, had joined upGrad in April 2020, during the first wave of the pandemic. He quit the rival firm in December last year to explore other opportunities. In July 2023, BYJU’S roped in Mohan as the CEO of its international business, several reports suggest.

The move comes as BYJU’S is looking to strengthen its senior leadership and streamline operations while grappling with financial and operational issues. “While challenges are aplenty, I am ready to play my role in helping BYJU’S empower our current and future generations to thrive in a rapidly changing world,” Mohan had said.

The edtech major is also reorganising its businesses abroad. Sources had earlier told CNBC-TV18 that BYJU’S is considering the sale of Epic and Great Learning for $800 million to $1 billion. The sale would be part of the plan to become debt-free and bring the business back on track.

BYJU’S had bought Epic for $500 million and Great Learning for $600 million in 2021. If the proposal is accepted, it should bring some cheer to the beleaguered startup.

The edtech major has also submitted a repayment proposal to lenders, in which it has offered to pay back its entire $1.2 billion term loan in less than six months. It has offered to repay $300 million of the distressed debt within three months if the amendment proposal is accepted and the remaining amount in the subsequent three months.

CNBC-TV18 has learnt that the lenders are reviewing the proposal and have sought more details about how the repayment would be funded.

Separately, CNBC-TV18 had earlier reported that BYJU’S has been in talks to raise $1 billion in funding since the start of the year. However, it has not managed to close the round amid ongoing challenges on the domestic as well international fronts.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Vertex Ventures raises $541 million to back Indian startups and SEA — focus on women-led firms

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Vertex Ventures Southeast Asia and India (VVSEAI) has raised $541 million in its fifth round of funding. The fund corpus includes a dedicated co-investment envelope of $50 million for partnering with the parent fund in women-led startups.

Temasek-backed venture capital firm Vertex Ventures Southeast Asia and India (VVSEAI) has raised $541 million in its fifth round of funding. The VC firm has exceeded the target size of $450 million for the latest fund round, which is 80 percent larger than the $305 million fourth fund it raised in 2019.

The VC firm’s existing limited partners (LPs) including sovereign wealth funds, financial institutions, corporates and family offices across Asia and Europe along with new LPs such as Japan Investment Corporation (JIC), International Finance Corporation (IFC) and DEG (German Development Finance Institution) have backed the fund.

The new fund has come on the heels of strong cash-on-cash returns from its portfolio. Vertex’s exits include Grab, FirstCry, XpressBees, and Recko, among several others, according to the firm’s statement.

“Our earlier funds have had superior cash-on-cash returns and are outperforming benchmarks. This track record led most of our investors from VVSEAI Fund IV to return as investors in VVSEAI Fund V and increase their allocation. In addition, we expanded our total investor base significantly and are happy to welcome all our Limited Partners,” said Ben Mathias, Managing Partner of Vertex Ventures Southeast Asia and India.

Also Read: Byju’s makes a surprise $1.2 billion repayment proposal to lenders

The fund corpus includes a dedicated co-investment envelope of $50 million for partnering with the parent fund in women-led startups. Vertex Ventures said that the strategic move is in line with its commitment to fostering more opportunities for women entrepreneurs, as over 35 percent of the startups in its Fund IV portfolio already have at least one female founder.

“This fundraise is a testament to the quality of opportunities in the India and Southeast Asian markets. The macro opportunity is palpable, but what excites us more is the continuing maturity of the ecosystem and the quality of founders we are working with in building category-defining companies. Especially in India, we are working with founders tackling very interesting problems across socioeconomic strata in India and building great products for the world,” said Piyush Kharbanda, General Partner of Vertex Ventures Southeast Asia and India.

VVSEAI invests in high-growth startups seeking their early round of institutional venture capital funding in Southeast Asia and India, with a primary focus on Singapore, India, Indonesia, Thailand, Vietnam, Malaysia and other emerging hubs across the region.

Vertex has made more than 80 investments and will continue its strategy of investing in early-stage technology and technology-enabled companies in sectors such as enterprise technology, financial technology, consumer internet, digital health, sustainability, mobility and others.

Vertex Ventures Southeast Asia and India is one of the six major funds in Vertex’s global network of venture capital funds, with a total of 22 investing staff across its offices in Singapore, Bangalore, Jakarta, Bangkok, Ho Chi Minh and Gurgaon. The firm’s portfolio includes Licious, KukuFM, Kissht, Ace, Kapiva, BeepKart, Certa, Signzy and Ayu Health.

Vertex Ventures’ new fund comes at a time when a number of VCs, especially early-stage investors have raised large sums of money in the recent past. Since 2022, VCs like Peak XV, 3One4 Capital, Accel, Elevation Partners, Nexus Venture Partners, and Matrix Partners, among others, have either raised or launched India-dedicated funds.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

MPL cuts workforce by half after 28% GST on online gaming

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

In the email accessed by CNBC-TV18, Srinivas told the employees, “The new rules will increase our tax burden by as much as 350 percent-400 percent. As a business, one can prepare for a 50 percent or even a 100 percent increase, but adjusting to a sudden increase of magnitude means we need to make some very tough decisions.”

Online gaming and fantasy sports unicorn Mobile Premier League is laying off 350 employees in a bid to survive 28 percent GST on online real-money games, Sai Srinivas, founder and CEO told employees in an internal note. The move will impact the Peak XV Partner-backed startup’s 50 percent of India workforce.

In the email accessed by CNBC-TV18, Srinivas told the employees, “The new rules will increase our tax burden by as much as 350 percent-400 percent. As a business, one can prepare for a 50 percent or even a 100 percent increase, but adjusting to a sudden increase of magnitude means we need to make some very tough decisions.”

“As a digital company, our variable costs predominantly involve people, server and office infrastructure. Therefore, we must take steps to bring these expenses down in order to survive and to ensure that the business remains viable,” the CEO added.

“However, despite this, we will still have to reduce our people related costs. Regrettably, we will have to let go of around 350 of you.”

This is the second round of layoffs at startup in about a year. MPL had handed pink slips to more than 100 people and exited the Indonesian market in May 2022.

The GST Council has decided to continue with the 28 percent GST on online games, casinos and horse racing but this would be on the initial amount paid on the game and not on the total value of each bet placed. GST would not be applicable on the winnings which could be used to place further bets. Last week, Finance Minister Nirmala Sitharaman said the decision will be reviewed after 6 months of its implementation or April 2024 by the GST Council to see if any change in rule is required.

Calling the 28 percent GST on full value of online gaming a “killer blow”, gaming industry experts have said that the GST council’s decision was a retrograde step that will hurt the thriving sector and lead to job losses.

E Gaming Federation (EGF) and Federation of Indian Fantasy Sports (FIFS) have stated that the 350 percent increase in GST would drag back the gaming industry.

Read the full email:

Dear Leaguers,

Last month has been extremely challenging and uncertain for all of us. We want to thank each and every one of you for the strength and courage you have shown. Last week, it was confirmed that a 28% GST will be levied on the full deposit value rather than on Gross Gaming Revenue. The new rules will increase our tax burden by as much as 350- 400%. As a business, one can prepare for a 50% or even a 100% increase, but adjusting to a sudden increase of this magnitude means we need to make some very tough decisions.

As a digital company, our variable costs predominantly involve people, server and office infrastructure. Therefore, we must take steps to bring these expenses down in order to survive and to ensure that the business remains viable. We have already initiated work on revisiting our server and office infrastructure costs.

However, despite this, we will still have to reduce our people related costs. Regrettably, we will have to let go of around 350 of you. This has been a heart wrenching process because it impacts a lot of our friends and colleagues. In a short span of four years, we have achieved a lot. MPL India was on track to continue the amazing business performance we have seen since December when we turned EBITDA positive. In fact, we recorded our best ever month in terms of business performance in June and we beat that in July. If anything, this makes this decision all the more difficult to come to terms with.

What we have collectively done shows how phenomenal this team truly is, and we can’t thank you enough for that. Your resilience, resolve and unwavering dedication is what has brought us where we are today. We know how demotivating this may be to all of you after all the hard work you have put in over the years. Personally, this is the toughest decision we have ever had to make. It’s as if we aced our class and now find ourselves needing to repeat a school year. But I guess that’s how life is, sometimes you get good fortune and sometimes you don’t.

You have our promise that we will proceed with the utmost respect, compassion, and empathy. To everyone who is leaving us, while nothing can truly be enough, we are committed to providing you the best possible support during this transition. We recognize that these changes will also affect your personal life, and the company is here to offer any assistance you may need during this period. We will also do everything in our capacity to help you find new opportunities.

We have spent a lot of time evaluating and re-evaluating this decision; asking ourselves if we should wait or not. Eventually, we came to this conclusion because we believe that in uncertain times the sooner we are able to deliver certainty to everyone, the better. As we get through this, we want all of you to know that you can count on both of us to answer any questions you have and to support you through any difficult situations you may face now or in the future.

As for the future of MPL, we are very confident we are going to get through this, together as a team, and we will rebuild our business stronger than ever.

With the Utmost sincerity,

Sai and Shubh

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Myntra to cut 50 jobs as part of restructuring as it shifts focus on private labels strategy

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Myntra has initiated a restructuring exercise in which approximately 50 of its employees are expected to be laid off, a spokesperson told CNBC-TV18, adding that the number is likely to be less than 50.

Ecommerce fashion major Myntra has initiated a restructuring exercise in which approximately 50 of its employees are expected to be laid off. A few of the affected employees may get another job offer within the Flipkart Group as the reshuffle is still underway. As a result, the number is expected to be less than 50, a Myntra spokesperson told CNBC-TV18 on July 26.

The layoff round will impact roles across verticals. However, staff in the in-house brands vertical would be most affected, sources said.

The move comes as a result of Myntra’s shift in focus on a few private labels instead of scaling its in-house brands in the apparel segment.

“In our endeavor to cater to the ever-evolving needs of our customers, new developments, and technology innovations, we recalibrate our business priorities and review our organizational structure from time to time. As part of this business-as-usual recalibration, wherever a small number of roles may be impacted, we offer our employees an opportunity to alternate positions, where available, within the organization as well as Group companies,” the Myntra spokesperson said.

According to a report by the Economic Times, the brands on the radar include Roadster, HRX and Mast and Harbour – the top selling brands on the marketplace. Over the past few years, Myntra has launched more than 20 master brands, including Invictus, Ether and Sangria.

It’s important to note that in April, Manohar Kamath, chief of private label business at Myntra, had quit the firm. The company has been increasing its play in the fashion and beauty space over the past one year, to take on competition from the likes of Reliance’s Ajio and Tata Cliq.

The Flipkart-owned platform launched FWD, a GenZ-focused fashion experience portal in May, and aims to attract 10 million Gen-Z users over the next two years. The company even launched MyFashionGPT to help users discover outfits through conversations.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Swiggy initiates ESOP buyback for the second consecutive year — $50 million pool for 2,000 employees

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Swiggy has announced that it will buy back shares worth $50 million from more than 2,000 employees as part of its second tranche of employee stock ownership plan (ESOP) liquidity programme.

Food delivery platform Swiggy on July 24 announced that it will buy back shares worth $50 million from more than 2,000 employees as part of its second tranche of employee stock ownership plan (ESOP) liquidity programme. The firm had announced the programme in 2021 and said that employees would be rewarded for their performance in 2022 and 2023.

The beneficiaries of the ESOP buyback will also include eligible employees from Dineout, which Swiggy acquired last year, the company said in a statement. The foodtech giant bought Dineout from Times Internet in a $120 million all-stock deal in May 2022 and integrated it to strengthen its position in Q-commerce with Instamart.
​​
The first tranche of the ESOP liquidity programme was initiated in June last year when the food delivery platform allowed its employees to receive liquidity of up to $23 million against their ESOPs. Since 2018, Swiggy said it has bought back ESOPs four times with the size increasing each year.

“Two years ago, Swiggy announced a one-of-its-kind ESOP program to enable consistent wealth creation for employees through two distinct liquidity events in 2022 and 2023,” said Girish Menon, Head of HR at Swiggy.

“Our team is Swiggy’s most valuable asset and we are happy that macroeconomic conditions notwithstanding, we’re able to keep our commitment of sharing Swiggy’s success and growth through these wealth creation opportunities,” Menon added.

Swiggy’s losses rose by 80 percent in the 2022-23 financial year, according to an annual report released by Prosus. The losses were up from approximately $300 million in FY22 to a staggering $545 million in FY23. Swiggy, however, mentioned that the peak of its investments in Instamart was now largely behind the company.

Also Read: What the LYNK deal means for Swiggy

The rise in Swiggy’s losses also comes at a time when CEO Sriharsha Majety has said that the company’s core business, food delivery, had been profitable in March 2023, excluding ESOP costs and that the firm was on a path to turning profitable.

The SoftBank-backed food and grocery delivery giant, has also suffered a series of valuation markdowns over the past three to four months. Invesco and Baron Capital, both investors in the Bengaluru-based company, have marked down the firm’s valuation two times, effectively bringing it down to $6.5 billion.

Also Read | ESOPs: The one problem with employee stock options

Swiggy joins a growing list of companies this year that have been able to exercise ESOP liquidity programmes despite tough macroeconomic conditions. Earlier this month, CNBC-TV18 reported that Flipkart, a leading Indian e-commerce company, began rolling out cash payout worth $700 million to more than 18,000 former and current employees on July 14, as confirmed by an internal email to staff from the company CEO Kalyan Krishnamurthy. This move comes as a means to compensate current and former employees for the loss of share value following the separation of PhonePe, Flipkart’s digital payments subsidiary.

Also Read: Can’t figure out what to eat? Swiggy’s new AI feature could help you decide

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?