BUSINESS
Media tech unicorn Amagi aims to IPO in India: Co-founder Baskar Subramanian
Profitability is an addictive phenomenon. Once you become profitable, you want to be profitable, says Amagi co-founder Baskar Subramanian.
BUSINESS
Byju’s’ FY21 results may take few more weeks, Deloitte yet to sign off on them
The delay in filing comes at a time when the company has been firing people, with reports saying that India’s biggest education company is struggling with funds
BUSINESS
Intuit to stop offering QuickBooks Online products in India from January 2023
The firm, however, said this will not impact Intuit’s presence in India, where it has over 1,300 employees.
BUSINESS
School-based startups defying larger edtech trends; opportunity to double down on growth: LEAD co-founder Sumeet Mehta
Mehta said targeting schools is the best way to improve the learning outcomes of children. The company plans to stay away from tuition and test prep.
BUSINESS
25-40% unicorns won’t survive due to foolish models, negative unit economics: InMobi CEO Naveen Tewari
“I am excited about the first phase of creating 100 unicorns by our country, of the big exuberance and the big ambition that we hold. But I think the downturn, in reality, makes it clear who is going to survive, who is going to thrive,” said Tewari.
BUSINESS
InMobi's Glance aims to cross one billion users in 2-3 years, says CEO Naveen Tewari
Naveen Tewari also said the company plans to expand its creator-led live commerce platform Roposo and its gaming platform globally.
BUSINESS
Zilingo's shareholders await board's decision as meeting ends inconclusive
The Board did not conduct any voting today on any of the proposals, and the directors said that the Board will meet again after considering the management buyout offer and liquidation of the company.
BUSINESS
New ideas, products happen on whiteboard not behind Zoom. Here's why InMobi founder Naveen Tewari wants employees at office
“If you are working on creating cutting-edge, new products or ideas, it doesn't happen sitting behind Zoom or Teams calls. You have to be in front of each other, on a whiteboard exchanging ideas,” said Tewari in a recent episode of Bits to Billions.
BUSINESS
Zilingo founders join hands, make buyout offer as B2B startup teeters on edge of liquidation
According to the letter, the new investor will be infusing $8 million in equity in tranches. The offer further stated that pursuant to Singapore's Insolvency, Restructuring, and Dissolution Act, Zilingo will be transferred to the ownership of a newly incorporated entity.
BUSINESS
Exclusive: Zomato postpones Board meeting on Blinkit acquisition by a week
Food delivery firm wants to take large shareholders into confidence regarding the acquisition of the quick commerce company, say sources.
BUSINESS
The Shah pulls back: Kunal Shah is a more cautious angel investor after last year’s frenzy
Shah’s investments have dropped sharply in 2022 with the overall funding to India’s startup ecosystem, which is currently the world’s third-largest, slowing amid a correction in global financial markets. According to data shared by data analytics firm Tracxn Technologies, Shah has closed only 26 rounds so far this year.
BUSINESS
For PhonePe founders, hustle culture is overrated, weekends are only for family
According to Nigam, the fintech sector doesn't allow overworking and requires a stable approach.
BUSINESS
Exclusive | Zomato board to sign off Blinkit acquisition on June 17
The share swap deal does not need competition watchdog CCI’s approval as it falls under the 'de-minimis' exemption, Moneycontrol reported earlier
BUSINESS
PhonePe is made in India and will list in India, says CEO Sameer Nigam
Nigam said that the Walmart and Flipkart-owned startup will go public once its core businesses turn profitable and its new-age initiatives achieve good scale.
BUSINESS
ByteDance exits Josh parent at 56% discount ahead of re-entry into India market
ByteDance received $102.67 million for its entire investment. Considering VerSe Innovation’s $805-million primary fundraise in April, which it raised at a valuation of $5 billion, ByteDance should have received about $232 million for its investment.
BUSINESS
Sequoia ends ties with legal firm founded by its ex-general counsel, cites concerning incidents
Sequoia Capital further requested the select portfolio companies to inform legal firm AZB & Partners or its INSEA team if any of its companies is a client of or has had dealings with Algo Legal or its related entities including Themis, Quant LegalTech India, OneDelta Technology Solutions and OneDelta Synergies Singapore.
BUSINESS
Exclusive: Curefoods closes its $50-million Series C funding round
The Bengaluru-based startup competes with Rebel Foods, Biryani by Kilo, and EatClub (formerly known as Box8), which are at the forefront of this industry, and are building house of food brands.
BUSINESS
Exclusive: Byju’s COO Mrinal Mohit likely to head India operations as Raveendran focuses on global business
Mrinal Mohit, Byju's COO, who has been heading the Byju’s’ offline forays, has also been looking after India operations for almost two months will now get elevated to a much ‘larger role,’ said the people, requesting anonymity. Discussions are still on and Mohit’s designation is yet to be finalised, the people added.
BUSINESS
Exclusive: Startup slowdown was imminent, but disciplined startups won't feel the pressure, says PhonePe's Sameer Nigam
Unaffected by the slowdown, PhonePe will cross its target of doubling its headcount by Decemeber, Nigam said.
BUSINESS
Infosys CEO Salil Parekh gets 88% pay hike, salary jumps from Rs 42 crore to Rs 79 crore per annum
Parekh will earn 872 times more than the median employee pay, inclusive of stock-based compensation
STARTUP
Layoffs, shutdowns, funding crunch: The Great Indian Startup Party is over
Startups have also resorted to shutting down non-core verticals, rationalising marketing and advertising spends and have gone on a hiring freeze, as they enter a bleak period, after a blockbuster funding party that lasted for nearly two years
BUSINESS
Infosys reappoints turnaround artist Salil Parekh as boss, showers stock options on top execs
Parekh has been chief executive and managing director of Infosys since January 2018
AUTOMOBILE
Ola Electric CMO Varun Dubey latest to quit, days after CTO exit
An Ola spokesperson confirmed that Dubey was leaving due to personal reasons.
BUSINESS
Swiggy shuts down Supr Daily operations in five cities citing losses
The move will impact employees operating in the five cities – Delhi-NCR, Mumbai, Pune, Hyderabad and Chennai -- as well as some corporate employees. Also, Swiggy has halted the pick-and-drop service, Genie, in multiple cities due to surge in demand.
