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Karnataka High Court rejects BYJU’S plea in BCCI case
short by System User / on Saturday, 20 July, 2024
Troubled edtech firm BYJU’S has reportedly moved the Karnataka High Court challenging the National Company Law Tribunal order on the Board of Control for Cricket in India’s insolvency plea. However, the court did not admit the plea. The edtech firm plans to approach the National Company Law Appellate Tribunal (NCLAT) again on Monday (July 22), ET reported.
read more at Inc42
India's 1st unicorn InMobi planning IPO after moving base to India
short by Ashley Paul / on Saturday, 20 July, 2024
Mobile advertising firm InMobi, which became India's first startup to achieve unicorn status in 2011, is planning to launch an IPO in second half of 2025. InMobi will shift its corporate base from Singapore to India to prepare for the IPO, CEO Naveen Tewari said. InMobi is reportedly aiming for a valuation of $10 billion in the IPO.
read more at NDTV Profit
India's 80% data stored abroad, it's risky: Bhavish on Windows outage
short by Mansi Agarwal / on Friday, 19 July, 2024
Entrepreneur Bhavish Aggarwal said while the global Windows outage was not deliberate, it represents "an outcome that could also happen due to deliberate action by bad actors". "And since 80% of our data is stored outside India, we won't be able to do anything," he stated. "Government needs to recognise the risk...and bring more stringent data localisation norms," he added.
BYJU'S faces total shutdown if insolvency proceeds: CEO Raveendran
short by Hiral / on Friday, 19 July, 2024
After BYJU'S was admitted to insolvency resolution process over BCCI's plea, CEO Byju Raveendran said the company may face total shutdown as the process will likely cause vendors to declare a default. The startup's employees "shall suffer...and may be forced to leave," he told the court. He also said he's willing to pay outstanding dues to BCCI within 90 days.
read more at Reuters
Aim to deliver at least 1 profitable FY25 quarter: Paytm CEO Vijay
short by Mansi Agarwal / on Friday, 19 July, 2024
Paytm CEO Vijay Shekhar Sharma said the company aims to deliver at least one profitable quarter in the current fiscal year. "This is just the beginning of the end of I would say, the tough times," he stated. The company's net loss rose 135% YoY to ₹839 crore in Q1, driven by RBI's curbs on its payments bank unit.
read more at NDTV Profit
Snapdeal founders exit Urban Company with ₹111 crore, a 200x ROI
short by System User / on Friday, 19 July, 2024
Kunal Bahl and Rohit Bansal, Snapdeal founders, exited Urban Company with 200x return on their 2015 seed investment of ₹57 lakh, now worth ₹111 crore. Their Titan Capital, backing over 200 startups, invested in companies like Ola and RazorPay. Meanwhile, Dharana Capital acquired ₹400 crore in Urban Company shares. Snapdeal founders plan to reinvest gains in startups.
read more at Startup Pedia
Paytm gets show-cause notice from SEBI over ESOPs granted to CEO
short by Ashley Paul / on Friday, 19 July, 2024
Paytm has received a show-cause notice from market regulator SEBI over the employee stock option plans (ESOPs) granted to the startup's Founder and CEO Vijay Shekhar Sharma, Paytm said in an exchange filing. "[We believe] that the company is compliant with the relevant regulations," Paytm said. It added that it had submitted its preliminary response to SEBI's notice.
read more at Moneycontrol
CRED CEO Kunal Shah suggests using AI to analyse market data
short by System User / on Friday, 19 July, 2024
CRED CEO Kunal Shah recently took to X (formerly Twitter) to share why startup founders face difficulties raising venture capital. He noted many overlook assessing their product's market size and suggested using an AI tool to analyze market data. Shah added that many founders struggle with funding due to the small market size of the problems they're addressing.
read more at Startup Pedia
Paytm's net loss widens 135% to ₹839 crore in Q1, revenue dips 36%
short by Ashley Paul / on Friday, 19 July, 2024
Paytm saw its consolidated net loss in the April-June 2024 quarter widen by nearly 135% to ₹838.9 crore, up from ₹357 crore loss in the same quarter last year. The payments startup also saw its revenue decline by 36% to ₹1,501.6 crore and its total expenses falling nearly 12% to ₹2,476.4 crore. Paytm spent ₹952.5 crore on employee benefits.
read more at Moneycontrol
Paytm Q1 FY25: Net loss widens to ₹840.1 crore
short by System User / on Friday, 19 July, 2024
Listed fintech major Paytm’s consolidated net loss widened 134% year-on-year to ₹840.1 crore in the June quarter (Q1) of the financial year 2024-25 (FY25) as compared to ₹358.4 crore in the year ago-period. Revenue from operations declined 36% YoY in Q1 FY25 to ₹150.2 crore from ₹234.2 crore in the corresponding quarter last year.
read more at Inc42
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