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.
BUSINESS
Meet Debashis Chatterjee, Chief of LTI-Mindtree: A firm exterior and a soft people-oriented interior
"An egoless person, he hired his own boss and started what turned out to be a big centre for Cognizant in Kolkata," former Cognizant vice-chairman and CEO Lakshmi Narayanan said on Debashis Chatterjee.
BUSINESS
MC Exclusive | You can build a good company in India, regardless of your background or education: Fairfax's Prem Watsa
Indian-Canadian billionaire Watsa's Fairfax Financial Holdings has investments in a number of Indian companies including general insurance startup Digit which is currently valued at $3.5 billion.
BUSINESS
India will be the place to come to put money in: Fairfax founder Prem Watsa
"We say, jokingly, that our strategic plan is to wait for that telephone to ring," says Prem Watsa in interview
BUSINESS
MC Interview | Good companies find a way to go public at any time, whatever market says: Delhivery’s Sahil Barua
Delhivery’s IPO response could potentially determine the outcome for startups such as Oyo, Snapdeal and Pharmeasy, who have filed draft papers with Sebi but have delayed their listing plans due to uncertainty in the market. Delhivery, too, had delayed its listing plans after it received Sebi’s nod in January.
BUSINESS
EXCLUSIVE: Ola Cars CEO Arun Sirdeshmukh and Ola group strategy head Amit Anchal to exit
An Ola spokesperson confirmed Siredeshmukh's exit in response to queries from Moneycontrol, but she firmly denied Anchal was leaving and said he was still part of the company.
BUSINESS
User retention is flat post 40 minutes, 95% of Indian grocery basket can be covered in 10 minutes: Zepto founder and CEO Aadit Palicha
Zepto's strong operating and execution chops soon saw investor interest and steep valuations amid the funding boom in Indian startups.
BUSINESS
Byju Raveendran floats Byjus Investments to route funds into Byju’s
Byjus Investments Pvt Ltd will serve as the vehicle to route the $400 million that Raveendran said he will invest in Byju’s, as part of a larger $800-million financing round
BUSINESS
Zepto, a 10 -minute grocery delivery app, raises $200 million at a valuation of $900 million
The startup was in fact looking to raise at a $1 billion valuation, which would have given it the unicorn status, but this didn't come through.
BUSINESS
As long as the market is hot, there's going to be high attrition: Wipro CEO Thierry Delaporte
But, according to Delaporte, the company is better positioned to attract talent now than it was two or three years ago. With the demand continuing to be on the rise, Delaporte spoke to Moneycontrol about the sustainability of this growth, its acquisition spree and more.
BUSINESS
Acquisitions will continue to be key growth driver for market share gain: Wipro CEO Thierry Delaporte
However, the buys will have to make sense from a strategy point of view, said Delaporte, while adding that there is perfect alignment with him and Chairman Rishad Premji on this matter
BUSINESS
IPO is not an endgame, it’s the start of business: Nithin Kamath on why Zerodha will not go public
The founder narrates the story of how a conversation in a gym led to the setting up of India’s largest stock broker for retail investors – without any business experience and without outside funding
BUSINESS
Exclusive | Mu Sigma founder Dhiraj Rajaram buys out investors Sequoia and General Atlantic, regains full ownership
Both funds invested in Mu Sigma in 2011 and were among its largest shareholders, together holding nearly 38 percent.
