TECHNOLOGY
An MBA at IIMA could cost Rs 1 crore in 20 years, says Infosys founder Narayana Murthy on new merit scholarship
In an interview with Moneycontrol, Murthy said the whole fear that AI will take away jobs is not right and that he’s very positive about the IT industry.
BUSINESS
Meesho to pay $288 million in taxes to flip back to India ahead of IPO
Meesho’s tax bill is among the largest for a startup in recent times, after PhonePe’s hefty $1 billion outgo
BUSINESS
Meesho inches closer to IPO with NCLT approval to flip back to India
A complete flip back to India is necessary for Meesho if it wants to list on the bourses here.
BUSINESS
Hornbill, MUFG to lead Dhan's $200 million fundraise at over $1 billion valuation
Dhan has agreed on a deal with Hornbill and MUFG. Dream11's Harsh Jain is also doubling down on his bet. The company is also in discussions to pick a third investor between ChrysCap, TPG and Alpha Wave, sources said. Moneycontrol was first to report about Dhan's deal back in July 2024.
BUSINESS
Groww reports a 3x growth in profits at Rs 1,819 crore, revenue grows 31% to Rs 4056 crore
The relatively high growth and profitability come as a shot in the arm for the Bengaluru wealthtech platform ahead of its IPO plans
BUSINESS
Pine Labs Group CFO Marc Mathenz quits ahead of planned $1 billion IPO
Mathenz has quit citing personal reasons, sources told Moneycontrol. Pine Labs is yet to pick a successor and name a new CFO.
BUSINESS
Fintech Slice set to launch Rupay credit card months after merger with NESFB
At its peak, Slice had more than 2 million pre-paid cards in circulation, challenging several mid-tier private sector banks' credit-card business
ARTIFICIAL-INTELLIGENCE
The great migration: Indian SaaS founders relocate to US to capitalise on AI boom
As the AI boom redraws the SaaS playbook, Indian founders are packing their bags for the Bay Area, chasing proximity, partnerships, and the pulse of what’s next.
BUSINESS
Zomato introduces long-distance fee, rider assurance plan for restaurants to boost order margins
Zomato's parent, Eternal, has also proposed a new visibility assurance plan for brands where they can pay around Rs 6,000-6,500 each month, for each restaurant identification (RID), and boost rider availability for their business, sources told Moneycontrol.
BUSINESS
Eternal, Swiggy together add over Rs 30,000 crore in market cap this week amid headwinds at Zepto
While Eternal led the charge by adding Rs 20,217.48 crore in market capitalisation, Swiggy added another Rs 10,373.57 crore in market cap this week, NSE data showed. The two companies saw gains during a week when their key rival, Zepto, had a busy week.
BUSINESS
Zepto defers IPO to 2026, seeks private funding from overseas and domestic investors
Zepto CEO Aadit Palicha has spent a lot of time in the US in the past couple of weeks to discuss a potential fundraise. Zepto has received term sheets from Avenir Growth and General Catalyst, existing backers, for a potential $700 million round, sources told Moneycontrol.
BUSINESS
Razorpay to pay Rs 1,245 crore in taxes to flip back to India, IPO likely in 18-24 months
Moneycontrol had reported earlier on May 29 that the reverse flip was officially completed, bringing the company’s headquarters under Indian jurisdiction.
BUSINESS
Unacademy founders Gaurav Munjal, Roman Saini to step down, in talks to spin off Airlearn as new venture
Munjal, who has been contemplating stepping away since last year, is said to have formally communicated his intent to the board in March this year.
INFORMATION-TECHNOLOGY
Quess Corp's demerged digital engineering services arm Digitide aims to grow to $1 billion in 5 years
Founder Ajit Isaac's comments assume significance following the recent demerger, as the company aims to unlock value through its three entities — Quess, Digitide, and Bluspring
STARTUP
Flipkart to hire 5,000 employees this year amid quick commerce, fintech, AI push
Flipkart’s hiring plans, among the largest in recent years, are linked to the expansion of Minutes and Super.money, the management said at a townhall on May 26
BUSINESS
Iconiq to pump in $150 million in Groww in pre IPO round at $7 billion valuation
The current funding is part of the $300million Series F round where GIC has also put in $150 million
TRENDS
Food Pharmer 2.0: Revant Himatsingka launches his OWN brand, to roll out certification
After calling out big food brands for falsely claiming that their products were healthy, Himatsingka is ready for the next phase of his mission.
BUSINESS
Zepto's monthly employee costs near Rs 100 crore, reaching 80% of larger rivals Zomato and Swiggy
Zepto’s monthly wage bill of around Rs 100 crore is 80% of what Swiggy and Zomato pay for similar costs, despite having other units like food delivery, dining out, B2B and more. Zepto’s workforce is half of key rivals.
STARTUP
Swiggy Instamart doing well, happy about how they’ve grown: Prosus chief Fabricio Bloisi
Bloisi said India’s quick commerce market is still expanding with multiple players and highlighted Prosus’ support for Swiggy’s long-term growth.
TECHNOLOGY
MC Interview | India should be proud of Meesho and Rapido, see potential for $50 billion firms here: Prosus chief Fabricio Bloisi
In a freewheeling conversation with Moneycontrol, the Brazilian entrepreneur and investor said Prosus’ India portfolio can grow 5X to $50 billion in the next few years, as five of its companies gear up for IPOs this year.
BUSINESS
MC Exclusive: Prosus plans five IPOs this year; Sees India portfolio hitting $50 billion within three years: CEO Fabricio Bloisi
While Prosus stands to make gains from the IPOs, Bloisi said he wants to put more money on the table, to make India grow faster and is in no rush to sell shares.
BUSINESS
NIXI is busy: From routing to securing domains, the internet exchange has got newer mandates now
The recent conflict with Pakistan places the development of India’s HTTPS root, and an internet resilience policy to keep core services running during cyber disruptions among its core tasks
BUSINESS
Walmart-owned Flipkart sees a string of SVP, VP exits in top deck churn
Flipkart's SVP Ankit Jain is leaving to join Swiggy Instamart, replacing Sairam Krishnamurthy who was hired as SVP and COO in August 2024
BUSINESS
Zepto secondaries: Motilal Oswal and Raamdeo Agrawal both personally buy shares worth $100 million
Apart from the current round, Motilal Oswal, the firm, is also preparing to lead a secondaries round to the tune of $250 million in Zepto. Edelweiss and Hero Fincorp will participate in the round, too.
