BUSINESS
SoftBank-backed OfBusiness in talks for a secondary funding round at valuation of $8-9 billion ahead of IPO
OfBusiness is raising $50-$100 million from a slew of family offices, who will buy shares from some of the business-to-business (B2B) commerce and lending platform's investors
BUSINESS
Rohan Murty’s venture Soroco wants to make white collar work more effective
Founded in 2014 by Infosys founder NR Narayana Murthy’s son Rohan Murty, Arjun Narayan and George Nychis, Soroco has built a product called Scout that generates a work graph, which maps how teams experience digital work
BUSINESS
Dailyhunt and Josh parent VerSe lays off 150 staff, announces company-wide pay cuts
These measures were unveiled In a town hall meeting, addressed by the company’s co-founders Virendra Gupta and Umang Bedi.
BUSINESS
Tiger Global’s Scott Shleifer 'very bullish' on India amid global tech rout
Tiger Global, though bullish, is not comfortable writing late-stage cheques just yet. It will continue to play in the early stage phase and India is expected to be among the biggest beneficiaries of Tiger Global’s new fund
BUSINESS
Zomato begins layoffs across functions; plans to shrink workforce by 4%
At least 100 employees have been already impacted across functions such as product, tech, catalogue and marketing. The company plans to layoff atleast 4 percent of its total workforce.
BUSINESS
White Venture Capital to back executives, former founders to build startups
White Venture’s ‘Call to Adventure’ programme will fund executives to build startups and pay salaries to entrepreneurs while they are at it
BUSINESS
Infosys may race past Cognizant again as revenue gap narrows between IT majors
Infosys coming close to Cognizant’s level of growth reflects the latter’s troubles as it faced execution challenges and underperformed as compared to its peers, despite the pandemic leading to significantly increased demand.
BUSINESS
Corporate Crossings: Sequoia India hires Mohit Abraham as legal head from Travis Kalanick’s startup
Abraham's appointment as Sequoia Capital India's chief legal officer comes at a time when the company is embroiled in a legal tussle with its former general counsel, Sandeep Kapoor.
BUSINESS
Byju’s gears up for $1-billion listing of subsidiary Aakash in India next fiscal
The size of the IPO could be in the range of a billion dollars, valuing Aakash at $3.5-$4 Billion. While it expects to file papers with the market regulator in January next year, it plans to list by June 2024, or the first half of FY24.
TRENDS
Confident he will do his best for UK: Infosys founder Narayana Murthy reacts to son-in-law Rishi Sunak becoming UK PM
“Congratulations to Rishi. We are proud of him and we wish him success. We are confident he will do his best for the people of the United Kingdom," Murthy said in an email statement to Moneycontrol.
BUSINESS
Unacademy’s losses nearly double to Rs 2,848 crore in FY22 on higher ESOP costs
Unacademy, however, reported an over 80 percent rise in operating revenue to Rs 719 crore from Rs 398 crore a year earlier. Its total income surged to Rs 845 crore in FY22 from Rs 464 crore a year earlier, thanks to a 2X rise in its other income to Rs 125 crore
BUSINESS
CCI order against Google a win for Indian app developers, battle still goes on: Indus OS' Rakesh Deshmukh
"The CCI order gives a window of opportunity for Indian app developers. But Google has still not provided a level playing field to players like us. We will continue fighting this battle," says Deshmukh.
BUSINESS
Walmart-backed PhonePe taps General Atlantic for funding at a valuation of $12 billion
If PhonePe’s massive round goes through, it will make the startup India’s most valued fintech, amid a rout in startup funding
BUSINESS
Infosys allows employees to take up external gigs with prior consent of manager
The email nowhere mentions the term 'moonlighting', as the term technically implies dual employment, which continues to be prohibited
BUSINESS
LTI-Mindtree merger plan ready, hope to complete integration in one or two quarters: Mindtree CEO Debashis Chatterjee
Mindtree’s results for the second quarter may be the last time the company reports earnings as a standalone entity.
BUSINESS
Bitter battle ahead? BillDesk shareholders prepare to sue Prosus for walking away from $4.7 billion deal
Prosus announced the termination of the deal yesterday. The news came after the acquisition received a go-ahead from the Competition Commission of India on September 5.
BUSINESS
CRED launches UPI scan and pay, move may help increase in-app transaction volumes
CRED said that users will be allowed to create an alias UPI ID, helping them mask personal details like mobile numbers, ensuring enhanced privacy during payments. It is also offering 2x rewards for payments made to partner merchants.
BUSINESS
Indian startups stare at two years of funding winter even as investors sit on a $9 billion dry powder
Rising inflation, geopolitical situation and looming recession in the US and Europe deter investors. However, early-stage deals would rebound faster and niche and emerging sectors would gain prominence over the next 12-18 months.
BUSINESS
SoftBank-backed Unacademy cuts monthly burn down to a fourth, eyes breakeven by January
Unacademy has slashed its monthly burn to Rs 50-60 crore from more than Rs 200 crore previously, sources said requesting anonymity. This has come on the back of various measures that it undertook as funding slowed down and investors turned cautious.
BUSINESS
‘If this didn’t break us, nothing will’: Byju Raveendran opens up about troubles of last six months
Byju’s has been embroiled in controversies regarding delays in filing financials, sales practices, layoffs and funding troubles. The founder and CEO of the edtech firm talks about it all in an interview with Moneycontrol
BUSINESS
EXCLUSIVE | Ola Electric rejigs roles to unify operations across roles; YS Kim gets larger role
Industry veteran YS Kim will now take on an expanded role of leading sales, D2C and charging network charter for Ola Electric; Vinay Bhopatkar moves on from the company
BUSINESS
MC Exclusive | A new SaaS war: Accel-backed BrowserStack Vs Sequoia-backed LambdaTest face off
In the heat and dust of competition, LambdaTest faces charges of trying to gain unethical access to BrowserStack’s IPR and sensitive client data
BUSINESS
Inflated salaries, falling margins, slowing demand: Why Indian IT companies are cutting variable pay
High levels of attrition, increasing travel costs, and fears of a recession that’s affecting demand for IT services are putting pressure on margins of tech companies.
BUSINESS
Financial services are a basic need like roti, kapda, makaan, says Groww founder Lalit Keshre
In an episode of Bits to Billions, Keshre revealed that his beginnings were humble and that he hails from Lepa, a small village in Madhya Pradesh’s Khargone district.
