BUSINESS
WazirX trading volumes tank over 50% amid ED probe, ownership controversy
According to data from secondary research firm CREBACO, WazirX’s trading volume dropped from $4.3 million on August 5 to $2 million on August 9
BUSINESS
Coinswitch launches Web3 discovery fund, to invest in 100 startups
The Web3 Discovery Fund will curate portfolio startups and provide access to marquee investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital (formerly SAIF Partners), and incubation partner Buidlers Tribe
BUSINESS
Binance-WazirX spat: Opaque ownership, a hazy acquisition deal, and off-chain transactions
The ED’s investigation into forex rule violations has only led to more unanswered questions about the two cryptocurrency exchanges in an unregulated space
BUSINESS
Corporate Crossings | Tata Neu's former CTO Sauvik Banerjjee joins UK firm Rezolve as CEO
Banerjjee has earlier worked with Accenture and Infosys and also worked at Venda, one of the enterprises built by Rezolve’s Chairman and CEO, Dan Wagner, which was sold to Oracle in 2014.
BUSINESS
WazirX users left in the lurch as Binance unplugs off-chain transfers to the crypto exchange
Users are asking whether Binance will delist the WRX coin listed on WazirX.
BUSINESS
After ED probe, Binance reveals it never owned WazirX
The acquisition of WazirX by Binance was understood to be closed back in 2019 after Binance had posted a blog announcing the same.
BUSINESS
In third affidavit, Vauld names its top 20 creditors
Most of the creditors are in support of Vauld's application except around eight from the top 20 creditors, as per the affidavit.
BUSINESS
Online retail to reach $225 billion, D2C to touch $70 billion in a few years in India: Report
Electronics and fashion, which are usually the top selling categories for marketplaces, saw a slower growth compared to other categories in terms of order volume
CRYPTOCURRENCY
All transactions between WazirX and Binance were 'cloaked in mystery': Govt on ED probe
The finance ministry says WazirX has allowed the foreign users’ request to convert one crypto into another by using transfer from third-party exchanges such as FTX and Binance.
BUSINESS
Tata Neu’s CTO Sauvik Banerjjee quits, to take on global role
Prior to joining Neu in 2019, Banerjjee worked as the CTO of Tata Cliq. He joined the group in 2016 and extensively worked with TCS.
BUSINESS
Creditors take action against crypto firm Vauld
Earlier this month, the company said its group firm has assets worth $330 million and liabilities worth $400 million
BUSINESS
Heat and eat: Licious takes on restaurants and cloud kitchens with ready-to-cook non-veg dishes
This category became popular during the pandemic as people were working from home and did not have time to cook. It currently contributes 15-17% of Licious’ revenue and this is expected to increase.
BUSINESS
Government does not maintain data on crypto startups exiting India: Commerce ministry
This was an answer to Rajya Sabha member Derek’O Brien’s question on if the Government has taken note of crypto startups exiting India, its details and reasons and the impact on the economy.
BUSINESS
CoinDCX ropes in former Amazon Pay India director Gaurav Arora as senior vice president
This comes as top exchanges like CoinDCX and CoinSwitch are trying to look at additional ways to monetise their platforms as trading volumes keep declining.
BUSINESS
Big ticket-size items hit the most as e-commerce feels inflation pinch
Electronic items, along with direct-to-consumer (D2C) brands, affected the most. D2C brands also grappling with supply-chain issues as costs increase, say experts.
BUSINESS
Inside the break-up of India’s largest crypto industry body
Here’s what’s brewing inside Indian crypto firms after the Blockchain and Crypto Assets Council was dismantled by the Internet and Mobile Association of India, its parent lobby
CRYPTOCURRENCY
IAMAI to dismantle crypto exchange body, cites compliance issues
The Internet and Mobile Association of India's decision is a blow to BACC, the only council representing crypto exchanges in India
BUSINESS
Inflation forces F&B companies to cut corners, skimp on costs
Some entities in the food and beverage industry are finding that the commissions charged by food delivery platforms like Swiggy and Zomato and discounts on orders are adding to their expenses on a monthly basis, forcing them to save on costs.
BUSINESS
Vauld seeks moratorium for six months, has liabilities worth $400 million
The group company has assets worth ~$330 million and liabilities worth ~$400 million at this time, said the company.
CRYPTOCURRENCY
Are your crypto investments safe? Vauld's collapse raises many questions
This week’s move by crypto platform Vauld to suspend trading and withdrawals with immediate effect has shocked the crypto investor community.
BUSINESS
Swiggy pilots new private labels, doubles down on cloud kitchens
In 2020 after the pandemic struck, Swiggy downsized its cloud kitchens and even laid off employees citing focused on growth and profitability across our kitchens. Around 800-900 employees were then laid off and cloud kitchens were also shut.
BUSINESS
D2C brand The Baker’s Dozen raises $5 million led by Fireside Ventures
TBD clocked sales of Rs 30 crore in 2021-22, with over 3 lakh orders month on month. It has also been EBITDA positive for the last two years.
BUSINESS
Plastic ban chokes small restaurants, street vendors under sudden spike in cost
Starting July 1, India banned the manufacture, import, stocking, distribution, sale, and use of identified single-use plastic items. September last year, the Environment, Forest and Climate Change Ministry already banned polythene bags thinner than 75 microns
BUSINESS
TDS on crypto transactions comes into effect, exchanges brace for implementation hitches
Crypto exchanges were strapped for time in meeting the responsibility placed on them of managing the logistics of TDS.
