BANKER COOLING HIS HEELS
The former CEO of this private bank didn't have the luxury of a graceful exit after serving at the top despite having decades of work behind him. Suffice to say he was shown the door by powerful shareholders for reasons that aren't yet fully known to the world. After his exit, the banker tried to return and, later, got a CEO berth elsewhere but none of his efforts succeeded. So what did he do next? Well, we understand the gentleman is now visiting exotic places and posting happy messages on social platforms about the power of positivity and how one should enjoy life. Has he found his calling? Or is it just a break before the next round of high drama events? One can't be too sure about his next move. But we will keep a close eye.
TAXMAN KNOWS IT ALL
When the whole world is talking data analytics, pattern recognition, AI, and ML, can the taxman be left behind? Tax sleuths apparently use a special algorithm that helps them keep a sharp eye on new-age tech companies and startups, especially those that have raised a significant amount of foreign funding. When there are unusually high growth patterns or revenue jumps in these startups, the system triggers an alert. The tax officials then proceed to examine if there were inflated purchases, unaccounted expenditures, or undisclosed income. Startups better watch out for the tech-powered taxman!
HORRIBLE BOSS
This top fund, which deployed billions of dollars and led several startup deals in India last year, is apparently developing a bad reputation for strong-arming founders. Apparently the fund's founder, who is otherwise well-regarded in investor circles, often shouts at founders and even abuses them and tries dictating what a company should do, something most founders hate. In fact, they seem to hate his South-based colleague who runs a smaller sub-fund even more. It's unclear what the exact issues are or whether the investor is right to pull up founders, but word definitely spreads fast and reputational damage is hard to curtail.
DEAL SUPERNOVA
A private equity firm with a soft corner for the pharma and healthcare segment is targeting an exit from one of its portfolio companies which shares its name with a British rock band. We hear the deal has reached the final leg and in the race to provide a secondary exit are two other PE funds and an overseas family office. Let’s see how this one pans out folks.
BEST OF TIMES, WORST OF TIMES
It's the start of Charles Dickens' Tale of Two Cities. It is also the story of India's venture capitalists. They're all anticipating a funding downturn. Some are in fact looking forward to it because the investors who felt priced out of rounds and couldn't do any deals because valuations were very high, now find themselves relevant again! Investors are a curious lot -- very happy to see their portfolio companies generously valued but cautious of investments they themselves make. It's a confounding profession.
FUNDING WINTER
Startups and unicorns that raised multiple rounds of funding in 2021 are now facing a delay in deal closures, fielding discerning questions from investors, and coming to terms with lower valuations. "Investors are in no hurry to close due diligence and it is taking longer," one founder said. A second founder spoke about how the same investors who would happily sign off on cheques last year are now asking questions on revenue, business model, and viability. With the funding gravy train chugging at a slower pace than before, it's back to the basics for founders and investors!
DAMAGE CONTROL
This founder was anticipating a critical story from a media house. To get ahead, he told his investors that the publication is doing a "BharatPe-style" story about him. Rumour has it that he even asked one investor, a PE fund, if it would talk to all and sundry to pull the story. What he didn't expect though was that many of his investors were secretly happy that such a story is coming. "Someone needs to take him down a peg" was their consensus we hear. Corporate espionage, we tell you!
COMEBACK TRAIL
After the drubbing in Uttar Pradesh, Congress leader Priyanka Gandhi Vadra and her team are learnt to be planning to move to Himachal Pradesh, where elections for the 68-member state assembly are scheduled later this year. Her brother Rahul Gandhi may take charge of Gujarat elections to be held around the same time. Vadra is said to be keen on the hill state considering the vacuum in the state leadership especially after the death of veteran Congress leader and former chief minister Virbhadra Singh in 2021. The Karnataka assembly elections to be held in 2023 are also on the focus list. But Vadra thinks that Karnataka at least has leaders like DK Shivakumar and Siddaramaiah to reckon with.
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