Month: July 2021

ED probes crypto exchange Binance’s role in money laundering case: Report

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

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Binance, the world’s largest cryptocurrency exchange headquartered in Cayman Islands, is being investigated by Indian authorities in connection with a money laundering case, according to a report on July 30.

Binance executives were summoned by the Enforcement Directorate as part of its ongoing investigation into betting apps and WazirX, reported Bloomberg.

Betting apps run by Chinese operators that collected over $134 million over the past 10 months are being probed for allegedly laundering the money through WazirX, which was bought by Binance in 2019. WazirX is already under investigation by the ED over the flouting of rules related to foreign exchange.

Binance has been facing regulatory pressure from across the globe. The crypto company has been registered in the Cayman Islands, a known tax haven, without any corporate headquarters.

ED has found that Binance wasn’t collecting necessary KYC paperwork from clients for some transactions and it didn’t collect information detailed by the Financial Action Task Force (FATF) for virtual currencies, sources told Bloomberg.

The company has recently announced that it would be ending its futures and derivatives products across Europe due to regulatory pressure.

Explained: Binance, the giant crypto exchange under regulatory scrutiny

“With immediate effect, users from these countries will not be able to open new futures or derivatives products accounts. With effect from a later date to be announced in a further notice, users from these countries will have 90 days to close their open positions,” the company stated.

At the same time, Malaysia became the latest country to fully halt Binance operations within its borders. Meanwhile, Japan, Canada, Italy, the UK, and the US have either clamped down on the crypto exchange or halted its activities.

Binance CEO, Changpeng ‘CG’ Zhao, had recently said that the company was working towards becoming a fully regulated financial institution. He had said that he would be willing to step down in order to allow someone else with more regulatory experience to lead the company.

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

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

Air India Express flight makes emergency landing in Thiruvananthapuram due to windshield crack

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

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An Air India Express flight from Thiruvananthapuram to Saudi Arabia had to make an emergency landing at Thiruvananthapuram international airport on Saturday after a crack in the windshield of the aircraft was detected, an airport official said.

After taking off from Thiruvananthapuram at around 7.52 am, less than an hour into the flight, the pilots noticed the crack in the windshield of the airplane prompting them to turn back to Thiruvananthapuram for an emergency landing at around 8.50 am, the official said.

However, the plane had no passengers, due to the COVID- 19 restrictions on international travel to certain destinations, and was only carrying cargo and a crew of eight. All the crew members, including the pilots, are safe, C V Ravindran, the Director of Thiruvananthapuram Airport, told PTI.

He also said that had the crack been detected in the pre-flight check, the plane would not have taken off and therefore, it must have happened during take-off or while cruising. The flight was going to return from Damman in Saudi Arabia with Indian passengers as part of the ’Vande Bharat Mission”, he added.

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

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

Sustainable fashion – the much-needed textile transition

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

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A typical household puts a considerable amount of thought into deciding the quantity and spread of grocery purchases to be made for the month. While this is considered normal and prudent when it comes to the purchase of perishables, surprisingly, an increasing percentage of millennial consumers do not seem to apply the same levels of deliberation when purchasing clothing.

Clothes– which as a product segment are durable– have increasingly come to be treated much like perishables. They are worn for extremely short periods of time and discarded recklessly, contributing to the mounting heap of landfills every year. It is estimated that 73 percent of all our clothes end up in landfills, clearly an alarming statistic that cannot be ignored anymore.

However, irresponsible purchase behaviour is only part of the problem. To be fair, consumers have been enticed into such behavior partly because the average price of clothing (as a share of disposable income) in general has dropped significantly in the last two decades.

By adopting sourcing and manufacturing methods that significantly reduce production costs (example: off-shoring manufacturing activities to developing nations where wages are low, using cheaper chemical inputs for dyeing fabric), clothing manufacturers have been able to achieve significant economies of scale and have passed on the cost benefits to the final consumer.

Unfortunately, these methods usually do not price in the negative environmental cost associated with large-scale centralised production and global distribution. Nor do they price in the social cost of underpaid contributors to the supply chain.

In effect, suppliers and consumers have together propagated unsustainable industry practices – both from the production and consumption side. Considering how important clothing is as a commodity for humankind, it comes as no surprise today that this industry ranks the second most polluting industry on earth after oil and gas.

It was also evidenced that global CO2 emissions attributed to the apparel and footwear industry exceeded the airline and maritime industries combined. In the wake of such telling numbers, the concept of sustainable fashion has found significance.

This term is an all-encompassing concept that hopes to bring awareness both to consumers and producers about the unsustainable practices of the textile industry as a whole. Additionally, there is an effort to change existing practices and infuse an element of environmental and social consciousness going forward.
As a market response to the consumer consciousness primarily seen to be growing in the West, clothing production hubs like India are seeing positive innovations introduced across the fashion value chain. These innovations incorporate both socially and environmentally responsible elements.

The Fashion Value Chain and promising innovations

The traditional Fashion Value Chain typically starts from the procurement of raw materials and reaches an abrupt stop once the fully finished clothes reach the store (retailing). However, as far as the sustainable fashion value chain is concerned, this is not the end of the line. The chain continues post the retail stage with activities such as recycling or upcycling of used clothes.

Not to mention, the changes in production and processing incorporated within the existing value chain that reduce negative environmental and social impact are also regarded as part of the sustainable fashion initiative.

While a vast majority of these innovations are in the idea/incubation stage, there is incredible promise in what can be a textile production and retailing revolution. Here are some areas of innovation we came across during our conversations with innovators or through secondary research:

Alternate materials: The production of certain textile fabrics is known to take a relatively heavy toll on the environment either directly or indirectly. For instance, cotton production is extremely water-intensive, requiring approximately 22,500 liters of water to produce 1 kg.

Innovators are experimenting with alternate natural fibers that are more eco-friendly, naturally available in abundance (in a particular region), and offer very similar if not identical comfort and cloth ‘feel’ to a consumer. On similar lines, innovators are also experimenting by replacing chemical coloring dyes with natural dyes and coloring agents.

Transparency and accountability: Conscious consumers are increasingly interested to know the origin, quality, ethics, safety, environmental and social impact of the products they consume. In line with this growing requirement, textile producers are making additional efforts to adopt better practices and disclose the same.

Innovators, ideally with backgrounds in technology and blockchain, have stepped in as ‘product tracing’ service providers to larger textile producers and garment manufacturers. They use technologies such as RFID (radio frequency identification) and blockchain to monitor the origination of raw material and its movement along the supply chain, while capturing information on the quality and the people/companies who work on the product.

Community-based production and localised supply chains: Instead of the conventional large-scale production approach that is typically considered the norm in clothing manufacturing, some innovators have consciously decided to run ‘micro’ production units that can serve the local community in multiple ways.

These solutions involve providing livelihood to the locals (example: Women SHG members being employed to source wildly growing raw material) through involvement in the production process and re-adopting traditional local production techniques (example: handloom instead of power-loom).

Cleaner/precision production: In the garment manufacturing industry, both pre-consumer and post-consumer waste generation is a major concern and challenge. During the process of fabric cutting at the garment factory, it is estimated that nearly 10-25 percent of fabric is wasted.

Innovators have been involved in adopting and developing higher precision technology that significantly reduces fabric wastage. One such technology development is laser cutting – the use of high-precision lasers instead of conventional blades for cutting fabrics.

Upcycling/Recycling: A section of innovators are focusing on developing technologies or methods to upcycle/recycle the waste generated during different stages of the textile production process. The challenge here arises from the fact that not all waste is directly reusable in its raw form. Finding ways to efficiently and affordably segregate fabric and cloth waste depending on its quality, market price and technical use has attracted several passionate innovators.

Second-hand retail and rental solutions: A rising consciousness about the need to change the ‘single use’ approach to clothing in general, and in particular festive wear (example – wedding dresses) has given rise to innovators who provide rental and second-hand retail solutions.

Online aggregators who act as intermediaries between people looking to sell and buy used clothes and those who rent out wedding wear are gaining a lot of traction.

While such changes in existing industry practices are definitely steps in the right direction, it is equally important for consumers to consciously change their consumption habits. Conscious consumers and empathetic producers together can make a real and sustainable difference in the world.

Author Avishek Gupta is Investment Director, Nishanth Nandakumar is Associate, Impact and Srinithi Kumar is Senior Associate, Digital Excellence at Caspian Debt.

Views expressed are personal.

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

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

Kamalpreet Kaur profile: Here’s a glance into the life of India’s latest discus throw sensation

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

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A day after boxer Lovlina Borgohain assured a bronze and shuttler PV Sindhu sailed through her women’s singles quarterfinal at the Tokyo Olympics, another Indian athlete has made her way to the final. Kamalpreet Kaur, in her Olympic debut, stormed into the Women’s Discus Throw final with a spectacular throw. The finals are slated for August 2.

The 25-year-old discus thrower automatically qualified for the finals when she sent the discus to a distance of 64m in the qualification group B. Kaur achieved this feat in her third and final attempt. She had thrown the discus to a distance of 60.29m and 63.97m in her first and second attempt respectively. The other athlete to make it to the finals alongside Singh is USA’s Valarie Allman with a distance of 66.42m.

With a distance of 64m, Kaur finished ahead of two heavyweights in discus throw. Croatian athlete and defending gold medallist Sandra Perkovic came third with 63.75 m, while Cuba’s Yaime Perez, the reigning world champion finished seventh with 63.18m.

Another Indian athlete and Kaur’s idol Seema Punia failed to reserve a spot for herself in the finals. The four-time Olympian and veteran discus thrower finished 6th in Group A with 60.57m.

Kaur hails from Patiala in Punjab and has represented India for the first time. Kaur has managed to cross the 65m mark in discus throw twice this year, thus raising India’s hope for a medal in Tokyo.

Kaur’s tryst with the game began in school. Her physical education teacher had spotted her potential and persuaded her to participate in a state-level competition when she was in Class 10. She finished fourth in that game and couldn’t score a medal. But that single game was enough to ignite a spark in her. Her intense hard work and determination has brought her to the biggest stage of sports in the world.

Her father Kuldeep, a farmer in Punjab’s Sri Muktsar Sahib district, had to sell his farms to fund his daughter’s training.  While speaking to Indian Express, he said when his daughter said she wanted to pursue the game, he first checked if the Sports Authority of India would let her in. She was sent to a private training facility that charged Rs 1 lakh for which Kuldeep had to sell his land.

Kuldeep added that while other kids wore branded clothes and shoes specifically designed for the sport, he couldn’t afford them for his daughter and she trained in normal canvas shoes.

In March, she became the first Indian discus thrower to breach the 65 with her phenomenal performance in the Federation Cup. She achieved this feat with her throw of 65.06m which shattered the Indian record and carved a new now one in her name.

She raised the stakes and gave an exceedingly stellar performance in June where she broke her own record. With a throw of 66.59m in the Indian Grand Prix-4, Kaur took her own game to a whole new level. Now all of India’s hopes are pinned on Kaur as she readies her self-for the final to be held the day after tomorrow.

As Kaur prepares to give her best shot at the finals of women’s discus throw, Seema Punia got knocked out from her last Olympic appearance. Punia fouled her first throw and threw the discus to a distance of 60.57m and 58.93 m respectively in her subsequent attempts. They couldn’t help her qualify.

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

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

Will the Quad add to the brinkmanship game in Asia?

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

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The Quadrilateral Security Dialogue (the Quad) is in the news once again with the visit of high-ranking US officials to Asia this month – most particularly Secretary of state Anthony Blinken’s trip to India. An informal grouping of India, Australia, the US and Japan, the Quad had been unable to find a sine-qua-non of existence since its formation in 2004, mainly as a tsunami relief effort. However, President Biden’s election breathed a new life into the collaborative effort.

In the last few months, Biden’s officials have held strategy meetings with the members to expand Quad’s relevance beyond the obvious military counter to China. The issues pivot around China but are being navigated through a broad spectrum – Covid-19 vaccine cooperation, expanding the regional infra, improving the resilience of supply chains, handling the ‘debt trap’ diplomacy and technological collaboration.

Question marks have often been raised on how much the Quad can do given that the four-member states differ in threat perception, military capabilities, priorities and risk tolerance. For India, its land border with China is of strategic importance, which the Quad members have often overlooked. The intertwined Sino-Japanese supply chains have led Japan to soften its stance on contentious issues. US’s commitment to the region has waxed and waned in the last few years. Till recently, Australia was largely dependent on China as a critical trading partner, especially for its mineral resources. However, as China consolidates its challenge to the ‘rules based order in the Indo Pacific’ – convergences are emerging among the Quad members. As Quad members seek to coordinate action and China reacts to the perceived ‘containment,’ these developments will have immediate geopolitical repercussions.

– The US and regional allies have attempted to take a clear stand, unlike any in the last 20 years against China. In meetings, joint statements and strategy papers – they have re-enforced the need to defend the Taiwan Strait, take action in maritime disputes (e.g., under the Mutual Defense Treaty between the US and Philippines) and focus on infrastructure diplomacy to counter China’s Belt and Road Initiative. Quad members are drawing red lines for China’s conduct in the region. However, while taking action, they have been unwilling to go the entire way and China recognizes this weakness.

– On the other hand, China is starting to craft its response to the supposed encirclement. Beijing has responded through military exercises with Russia, playing the North Korean nuclear weapons card, a 25-year agreement with Iran and aggression in the Asian maritime areas and on the border with India. It is offering sweet deals to countries in the Indo-Pacific for participation in the BRI. It is also increasing what the Australian 2020 Defense Strategic Update calls ‘grey zone’ activities.

In simple terms, ‘grey zone’ activities are sequential, low escalation actions meant to check the opponent’s tipping point. So the Chinese sequence of fishing vessels – patrol vessels – oil rigs – Coast guard – People’s Liberation Army Navy (PLAN) – armed militias in disputed South China seas or repeated incursions into Japan and Taiwan’s airspace fall into this category.

The emerging result is the beginning of a dangerous brinkmanship game in an area where large amounts of energy supplies and commodities reach to and from the biggest industrial and consumer economies. For instance, one-third of the world’s shipping traffic passes through the South China Sea. Increased public belligerence on both sides will erode the room for back-channel negotiations or trust-building, increasing the chances of accidental/inadvertent escalation.

With the US and Japan signaling the intent to defend Taiwan in case of Chinese aggression, Chinese air incursions into Taiwan’s airspace have acquired a ferocity and periodicity not seen in the last 30 years. War in the Taiwan Strait is now a real possibility gamed by the US intelligence with massive supply chain impact. Plus, these maritime areas are highly militarized zones – including trained militia (e.g., China’s “Little Blue Men”) whose actions countries’ cannot control at all times.

A recent incident in the South China seas demonstrated the dangers of accidental escalation. In March, 200 Chinese naval militias entered the territorial water claimed by the Philippines (around the Whitsun reef). This prompted the military build-up by the Philippines and a Freedom of Navigation operation by the US that pitted the USS Theodore Roosevelt carrier strike force against Chinese aircraft carrier the Liaoning.

As tensions increase in the maritime waters – the repercussions are felt on land through nationalized protests, attacks on infrastructure and cyber-attacks on companies of ‘offending countries.’ Examples abound – in 2012, anti-Japan protests broke out in China after Japan purchased the contested Senkaku (known as Diayou in China) islands in the East China seas from a private owner. The Chinese people boycotted Japanese automobile products leading to a decline in sales. In 2014, there were protests and violence in Vietnam’s Binh Doung after China placed an oil rig near disputed Paracel islands. Recently, economic relations deteriorated between China and the Philippines after the Whitsun Reef incident.

In itself, the Quad is unlikely to counter China’s influence, at least in the short term, given the internal differences and the counter levers that China holds. But what the grouping is likely to do (in conjunction with other efforts) is complicate the already existing tensions in the region and internationalize the brinkmanship game. As Quad members try and expand the focus from security to technological and economic cooperation and human and labor rights, stakeholders would do well to understand the geopolitical risks, diversify supply chains and craft operational contingency measures.

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

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

ICICI bank manager killed, cashier injured at Virar branch; police arrest former staff

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

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An ICICI Bank manager was killed and a cashier grievously injured on Friday in a bank robbery at ICICI Bank’s Virar (East) branch, on the outskirts of Mumbai.

Yogita Vartak-Chowdhary, assistant manager, and Shraddha Devrukh, cashier, were winding up the bank at around 8.45 pm when the two accused rushed into the bank, according to the police.

The bank’s other staff had left by 7.30 pm.

As the men were about to escape, Vartak-Choudhary raised an alarm and they slit her throat with a razor.

As the robbers headed to their getaway vehicle, Devrukh raised an alarm and locals rushed to help and nabbed one of the robbers.

“The accused entered the bank, headed straight to the locker, and threatened the women with knives to open the safe. When they protested, the accused slashed them on the neck, chest, and shoulder with razors,” senior inspector Suresh Warade was quoted as saying in Hindustan Times report.

The arrested robber has been identified as Anil Dubey, a former manager of the same branch. Dubey reportedly works in another private bank in Naigaon. The police managed to recover some of the cash and gold and the vehicle used by the second robber.

Vartak-Choudhary was declared dead on arrival at the hospital, while Devrukh is still in a critical condition, police 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

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

Over 3.14 crore balance COVID-19 vaccine doses available with states, private hospitals: Centre

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

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More than 3.14 crore balance and unutilised COVID-19 vaccine doses are still available with the states, union territories and private hospitals to be administered, the Union Health Ministry said on Saturday.

Over 48.78 crore vaccine doses have been provided to states and UTs so far through all sources and further 68,57,590 doses are in the pipeline.

Of this, the total consumption including wastage is 45,82,60,052 doses, the ministry said. More than 3.14 crore balance and unutilised COVID-19 vaccine doses are still available with states, UTs and private hospitals to be administered.

The new phase of universalisation of COVID-19 vaccination commenced from June 21.

Follow latest updates on COVID-19 here 

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

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

Weekly wrap | IPO Corner: Paytm plans to go public by October end, Microsoft to invest in Oyo, Ola expands ESOP pool

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

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Here’s all the latest news from the IPO-bound train of Indian startups.

Microsoft to invest in IPO-bound Oyo at a valuation of $9 bn

Tech major Microsoft is set to invest in IPO-bound hospitality chain Oyo, which will give the startup a valuation of $9 billion, two sources aware of the developments said. This is slightly lower than the $10 billion decacorn mark that the company had reached in 2019 following an investment by founder Ritesh Agarwal.

The size of Microsoft’s investment is unclear, though one source told CNBC-TV18 that the company usually invests under $100 million. Oyo is also likely to sign on to Microsoft’s cloud platform Azure as part of the deal.

The investment comes as Oyo is seeing an improvement in business, especially in Europe. The company is likely to raise more funding from new investors in the next 6-7 months and is expecting a ‘public market event’ by the end of this year.

Nykaa to file DRHP for half a billion-dollar IPO in a few days: Sources

Beauty and fashion e-commerce company Nykaa is all set to file its DRHP for IPO, sources tell CNBC-TV18. This could be the first profit-making company from the internet space to hit the bourses.

Nykaa is eyeing a valuation of approximately $4-5 billion and its public offering could be around half a billion dollars.

The IPO issuance will largely be secondary with small portion of primary capital. Nykaa’s investors TPG, Steadview Capital, Fidelity and Sunil Kant Munjal are likely to exit in the IPO.

Founder Falguni Nayar and her family will own over 51 percent stake in Nykaa post listing.

Ahead of its IPO, online cosmetics retailer Nykaa has converted into a public entity now.

According to its regulatory filings, the holding company of Nykaa has been renamed FSN e-commerce Ventures Limited from FSN e-commerce Ventures Private Limited.

Ixigo in final stage talks to close pre-IPO: Report

Travel app ixigo is in the final stages of sealing a pre-IPO round of around $53 million through a combination of primary and secondary issue of shares, as per a Moneycontrol report.

The firm is nearing a deal with a set of investors led by GIC. On April 5, Moneycontrol reported that ixigo was planning to go public in 2021 and was looking to raise Rs 1,500 crores to Rs 1,800 crores via the proposed IPO.

Paytm eyes IPO by October end; to recruit over 20,000 sales executives

Digital payments firm Paytm expects to launch its IPO at around the end of October, pending regulatory approvals, sources told Reuters.

Paytm, which has filed for Rs 16,600 crore IPO that will likely be the largest ever in India, also expects to break even in 18 months, according to Reuters.

“Hopefully Paytm will be able to go out before Diwali,” the report said.

Paytm is also looking to increase its workforce significantly by adding over 20,000 sales executives. The financial services company will increase its sales team ahead of its planned IPO to compete with other payment platforms like PhonePe and GooglePay.

Droom turns unicorn; in talks with JP Morgan, I-Sec, HSBC & JM Fin for $300 M IPO

Online automobile marketplace Droom has closed the first round of its upto $200 million pre-IPO funding round. The round has valued the company at $1.2 billion, making it the latest entrant into the unicorn club.

The round was raised from existing and new investors such as 57 Stars and Seven Train Ventures.

Droom is the 18th Indian unicorn so far this year. The company will use the funds to grow its presence in the top 100 cities of India and international markets and augment its last-mile delivery service.

The company has held active discussions with investment banks JP Morgan, ICICI Securities, HSBC and JM Financial as it looks to finalise advisors and raise around $300 million through an IPO in 2022, sources told Moneycontrol.

Sandeep Aggarwal, Founder and CEO of Droom said, “Yes, we are looking at $300 million or so in the IPO and 100 percent of this will be primary and not secondary.”

Ola expands ESOP pool to Rs 3000 crore ahead of proposed IPO

Ride-hailing giant Ola has expanded its employee stock option pool to Rs 3,000 crore.
The company is also allocating an additional Rs 400 crore worth of stocks to its employees as it prepares for its IPO.

The allocation rewards Ola’s high-impact employees and will lead to long-term wealth creation for them, the company said.

Earlier this month, Ola also raised $500 million from private equity giants Warburg Pincus and Temasek.

Duolingo enters ‘major leagues’ with $6.5 Bn valuation in strong debut

Language learning app Duolingo notched a valuation of $6.5 billion after its shares surged nearly 40% in the company’s Nasdaq debut on Wednesday, Reuters reported.

Duolingo’s stock opened at $141.4 per share, blowing past the initial public offering price (IPO) of $102 per share, which crossed the top end of its target range. The stock later pared some gains to trade at $130.92 in the afternoon.

Following the IPO, the company will focus on improving its flagship app and getting more active users to switch to paying subscribers. Duolingo offers courses in 40 languages to about 40 million monthly active users.

Robinhood raises $2.1 bn in IPO

Robinhood Markets, the owner of the trading app, raised $2.1 billion in its initial public offering on Wednesday.

Robinhood’s monthly active users surged from 11.7 million at the end of December to 21.3 million as of the end of June.

The IPO valued Robinhood at $31.8 billion, making it greater as a function of its revenue than many of its traditional rivals such as Charles Schwab Corp (SCHW.N), but the offering is priced at the bottom of the company’s indicated range.

Didi Global denies report of going private after $4.4 Bn IPO

Ride-hailing company Didi Global has denied a media report that the company was considering going private to placate Chinese authorities and compensate investor losses since it listed in the United States.

The Wall Street Journal reported that the Chinese company has been mulling delisting plans as a crackdown in China widens and it has received support from cybersecurity regulators.
Didi, which listed in New York last month after raising $4.4 billion in an initial public offering (IPO), said in a statement that the WSJ report was not true.

“The company affirms that the above information is not true,” it said, in reference to the report, adding that the company is fully cooperating with the relevant government authorities in China in the cybersecurity review of the company.

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

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