BUSINESS
Fairfax fully committed to Bengaluru airport investment, says BIAL CEO Hari Marar
Retained earnings reinvested in airport development; dividends distributed only twice in the last 15 years, says BIAL CEO Hari Marar
BUSINESS
MC Exclusive: Bengaluru airport's Terminal 2 to handle all international flight operations from September 1
Bengaluru airport aims to be the gateway, not just for South India, but for the entire country, says BIAL CEO Hari Marar.
BUSINESS
MC Interview | Global profit-sharing agreement dissolved, will double down on India: Peak XV's Shailendra Singh
The profit pooling with Sequoia US will cease to exist post the rebranding. Peak XV will also likely enter the US to help Indian startups expand in the country, an indication that the India division will be run completely independent of Sequoia US.
BUSINESS
Ola Electric picks Stan Chart veteran Topsy Mathew as corporate finance head ahead of IPO
Mathew, who was the managing director at Standard Chartered India Bank, will oversee the EV two-wheeler firm’s finance operations as the start-up looks to launch an IPO in 2024
BUSINESS
WestBridge Capital buys majority stake in Tamil Nadu-based Kovai Pazhamudhir Nilayam
The deal values KPN at Rs 800 crore, with WestBridge picking up a nearly 70 percent stake in an all-cash deal for about Rs 550-600 crore
COMPANIES
Puneet Chandok may join Microsoft after leaving Amazon Web Services
“He (Chandok) has sounded off people internally that he is joining ‘competition.’ Talks of him joining Microsoft have been doing the rounds for the last few months,” one of the sources cited said.
BUSINESS
Affable, execution-focussed, empathetic: Meet K Krithivasan, who takes charge of TCS today
As he settles into his new role at the corner office, the new TCS chief executive will have to focus on ensuring growth in key markets such as the US and Europe, and striking the right balance between growth-focused large deal wins and small/ mid-sized deals, say analysts.
BUSINESS
Ola Electric taps Kotak, Goldman Sachs for IPO, likely to hit market in early 2024
Kotak Mahindra Capital and Goldman Sachs are currently in advanced talks to be selected as financial advisors, with Kotak closely collaborating with the startup to determine the IPO's structure
BUSINESS
Infosys unveils AI-first offering Topaz, sees huge interest from clients
Infosys’ efforts in AI come a time when technology demand is slowing down in its major markets such as the US and Europe.
BUSINESS
TCS bags Rs 15,000-crore BSNL deal to deploy 4G network across India
The TCS-led consortium which bagged the deal also include Tata Group's telecom gear maker Tejas Networks.
BUSINESS
Top VCs meet in Bengaluru, discuss investment strategies, corporate governance lapses at Indian startups
VCs engaged in conversations centred around the state of corporate governance matters within Indian startups and explored strategies for early-stage VC firms to implement effective checks that promote adherence to unquestionable business practices
BUSINESS
ZestMoney to stop insurance biz, affiliate programmes as it charts revival plan
Chapman explained how it was critical for fintech businesses to diversify and have different offerings amid rising competition in the space over the last two years. But she said that most of these companies realised that the core lending business is usually the most profitable.
BUSINESS
MC Interview: We played a good game, we have no regrets, Co-founder Lizzie Chapman after resigning as ZestMoney CEO
As part of its revival efforts, ZestMoney will shut down its insurance business and affiliate programmes and will shift majority of its focus towards its core business of lending and EMI for consumer goods.
BUSINESS
Byju’s raises $250 million from US investment firm Davidson Kempner
Moneycontrol reported earlier this week that the edtech firm was looking to raise $1 billion in a mix of equity and structured instruments via US-based asset management companies and Middle East-based sovereign funds. Of the $1 billion, about $300 million would be raised through structured instruments, with the rest coming as equity at a flat $22 billion valuation
ASSEMBLY-ELECTIONS
Betterment of both Karnatakas, urban and rural, as important as just Bengaluru: NR Narayana Murthy
NR Narayana Murthy and Sudha Murty stressed on people getting out to vote, particularly youngsters.
BUSINESS
Byju's on the boil with plans to raise $1 billion even as startups freeze in funding winter
Around $700 million of the $1 billion funding round will be raised through equity, and one of the three Middle East-based sovereign funds is in advanced talks to lead the round
BUSINESS
VCs in wait-and-watch mode as startups brace for second-order impact of ED searches at Byju’s offices
Since the ED has not filed any direct allegation against the company, shareholders may not be immediately worried. “But the fact that founder and CEO Byju Raveendran is evasive is worrying. That raises questions. Is he hiding something? This might be concerning them,” said an investor
BUSINESS
Dailyhunt and Josh parent VerSe reverses pay cuts, expands ESOP pool
The company, which also laid off about 150 employees in November, had announced salary cuts of up to 11 percent for employees earning more than Rs 10 lakh amid worsening macroeconomic headwinds.
BUSINESS
PhonePe raises another $100 million from General Atlantic, others
In January, PhonePe announced raising $1 billion in tranches at a valuation of $12 billion. Since then, the fintech unicorn has raised $350 million from General Atlantic, $100 million from Tiger Global Management, Ribbit Capital and TVS Capital, and $200 million from its largest shareholder--Walmart
TRENDS
UK First Lady Akshata Murty sits with family for Padma awards ceremony, later moved to front row
Akshata Murty was initially seated in the middle rows with her family. She was later moved to the front row and seated beside Foreign Minister S Jaishankar, as per protocol.
BUSINESS
We need to chart our own destiny: PhonePe's Sameer Nigam on ecommerce foray, competing with Flipkart
On the sidelines of the launch of Pincode, PhonePe co-founder Sameer Nigam talks about the e-commerce foray, plans with lending, why the acquisition of ZestMoney and more.
BUSINESS
PhonePe kicks off digital lending pilots, may apply for NBFC licence: Co-founder and CEO Sameer Nigam
PhonePe’s digital lending forays come on the heels of its massive $1 billion fundraise that it announced earlier this year at a $12 billion valuation, which made it India’s most-valued fintech startup
BUSINESS
PhonePe's due diligence on ZestMoney was unsatisfactory: Sameer Nigam on deal collapse
Nigam’s comments on the ZestMoney deal falling through were the first official acceptance of the acquisition deal by PhonePe, which it was evaluating since last year and was first reported in November 2022. Both PhonePe, and ZestMoney had stayed away from commenting on it officially
BUSINESS
Byju's picks up Vedanta's Ajay Goel as CFO amid delay in filing FY22 results
Byju's previous CFO PV Rao quit in December 2021 and Goel's appointment comes 16 months later, people aware of the matter told Moneycontrol. Goel was the Group Deputy CFO of Anil Agarwal's Vedanta Resources.
