TECHNOLOGY
Byju's launches rights issue to raise $200 million from existing investors at $225 million valuation
Rights issues are typically valued much lower than the fair market valuation of a company to attract existing investors to double down on their bet
TECHNOLOGY
In new season of Shark Tank, investors demand a pound of flesh with royalty clause
At a time when angel investments have plunged, Sharks are seeking deal terms like Bollywood celebs do. Startup industry insiders call it ‘entrepreneurial Roadies’ and ‘circus’
TECHNOLOGY
Using Aakash money is not a big deal: Byju’s India CFO Nitin Golani
NBFCs are not giving loans to Byju’s customers because of audit delays, reveals top executive in a wide-ranging conversation with Moneycontrol on fundraising, valuation, revenue recognition, acquisitions and more
TECHNOLOGY
Byju’s India CFO asserts confidence in rights issue, expects strong interest at lucrative price
“I've got the who's who of the PE-VC world on the cap table. If I am able to continue to get their support, I'm very confident that we will be able to get this company back on track,” says Byju’s India CFO Nitin Golani
TECHNOLOGY
Byju’s in 'directional agreement' with BCCI to settle dues over next 6 to 8 months
Last year, the cricket body initiated legal action against Byju’s by taking the matter to the National Company Law Tribunal under insolvency and bankruptcy regulations. The dispute revolves around unpaid dues amounting to Rs 158 crore.
TECHNOLOGY
Byju's posts FY22 result after 22-month delay, net loss balloons to Rs 8,245 crore
Byju's' consolidated revenue jumped 118 percent from Rs 2,428 crore in FY21 to Rs 5,298 crore in FY22
TRENDS
BCCI’s biggest World Cup payments made to marketing firms, airlines and hotels
Sports marketing and management company Twenty First Century Media bagged the highest amount of Rs 39 crore as World Cup payment from BCCI
TECHNOLOGY
ONDC's daily retail transactions top 1 lakh for sixth day running
The government-backed platform aims to achieve a monthly run rate of up to 8 million transactions across mobility and retail categories by the end of FY24
TECHNOLOGY
Namma Yatri goes live in Delhi via ONDC; says per trip cost has dropped 96%
A Namma Yatri ride used to cost the company Rs 219.5 in January 2023 which fell to Rs 8.6 by December
TECHNOLOGY
Domino's goes live on ONDC in Delhi-NCR, visible on PhonePe's Pincode app
Joining ONDC can help Jubilant FoodWorks, the master franchise of Domino’s Pizza in India, to shore up profit margins and de-risk its online sales from the food aggregation duopoly of Zomato and Swiggy
BUSINESS
I was cautioned that Byju’s would swallow us: Coursera CEO Jeff Maggioncalda
As the sector struggles amid the funding winter, Maggioncalda says Indian edtechs spread themselves too thin across the value chain, compared to Coursera that remained focussed on its core value proposition
TECHNOLOGY
Coursera to teach in Indian languages like Hindi as AI drives down translation cost by 500X
Translating a course used to cost $10,000 earlier, which is now $20 with AI, says Coursera CEO Jeff Maggioncalda
TECHNOLOGY
Everyone is fully back at office, except global tech companies: WeWork India chief
Movement of employees back to their workplaces is expected to drive up the co-working company’s revenue by up to 30 percent in FY24 to around Rs 1,800 crore
TECHNOLOGY
FirstCry CEO Supam Maheshwari offloaded shares worth Rs 300 crore before IPO filing
Maheswhari offloaded over 6 million shares in FirstCry in the 10 days prior to filing DRHP and a total of 9 million shares in the preceding six months
TECHNOLOGY
The startup honchos who made India's most expensive real estate purchases in 2023
While 12 of India’s most expensive realty purchases in 2022 were by top startup executives, the number halved to 6 in 2023, according to data from Zapkey
TECHNOLOGY
ONDC crosses 5 million transactions in a month for the first time in December
Retail e-commerce purchases on ONDC have surged by more than 1,700 times within a year, driven by growing demand in categories such as fashion, cosmetics, and electronics.
TECHNOLOGY
ESOP cashout events drop by 62% in 2023 as funding winter bites
Apart from the mega $700 million ESOP cash out of Flipkart-PhonePe, the total value of ESOP liquidity events in 2023 fell to $112 million, when compared to $292 million of 2022 and $423 million of 2021
BUSINESS
Startup funding may face the heat after RBI crackdown on evergreening loans to AIFs
India’s top venture capital investors are holding meetings with the Reserve Bank of India’s deputy governor and other officials to discuss and submit recommendations on the unintended consequences of the move.
TECHNOLOGY
Meta is concerned that Indian govt could regulate internet apps with proposed telecom law
Meta’s India policy head Shivnath Thukral writes in an internal email, ‘Govt could have sufficient discretion to designate OTTs as a telecommunications service’ under the Telecommunications Bill, 2023
TECHNOLOGY
We won't allow untrusted AI models to scrape Indian internet: Rajeev Chandrasekhar
The Union minister says that government might amend IT rules to tackle deepfakes, if social media intermediaries do not comply with advisories. He says any effort to regulate AI has to be global or near-global. Having a good AI in India doesn't mean there cannot be a bad AI somewhere else, he adds
BUSINESS
With $20 bn of dry powder for India, AI is number one thing VCs going after: Peak XV's Rajan Anandan
India to have $50 billion companies over next two decades, who will use AI to solve problems of world's biggest enterprises, says the VC investor
TECHNOLOGY
ONDC sees retail purchases diversify beyond food as fashion, electronics orders surge
ONDC’s monthly e-commerce purchases top 1.5 million in November as dominance of food as a category wanes to about a third of orders
TECHNOLOGY
Govt directs social media platforms to 'actively assist' in identifying and prosecuting against deepfakes
Today in AI: Govt flags six areas where social media intermediaries are yet to fully comply with IT Rules 2021
TECHNOLOGY
Paytm will bring 10 million merchants to ONDC by end of 2025: Vijay Shekhar Sharma
In a move signaling Paytm's renewed focus on e-commerce, the fintech giant has been testing a feature that prominently positions shopping via the ONDC option on its homepage.
