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India's fastest unicorn Mensa Brands fires 200 employees: Report
short by Hiral Goyal / on 30 May 2023,Tuesday
Former Myntra CEO Ananth Narayanan-founded Mensa Brands has fired at least 200 employees across divisions, Moneycontrol reported. The India Lifestyle Network division, which includes MensXP, iDiva, and Hypp, has been most impacted by the layoffs. Founded in 2021, Mensa Brands became India's fastest unicorn after it achieved a valuation of over $1 billion six months after launching its business.
short by Hiral Goyal / 03:47 pm on 30 May
Food ingredient made from air, water & electricity makes debut
short by Hiral Goyal / on 27 May 2023,Saturday
Finnish startup Solar Foods has produced a food ingredient from air, water, electricity and microbes, which had its first official tasting in Singapore on Thursday. Called 'solein', the yellow-coloured powder contains 65-70% protein, 5-8% fat, 10-15% dietary fibres and 3-5% mineral nutrients. The ingredient can be used to make several food items, including bread, pasta, noodles and ice cream.
short by Hiral Goyal / 11:54 am on 27 May
OYO Founder-CEO Ritesh Agarwal said he worked as hotel staff whenever needed during the company's early days. He recently recalled an incident when he went to clean a customer's room and they scolded him for being late, assuming he was part of the hotel's cleaning staff. However, Agarwal said he cleaned the customer's room thoroughly and got ₹20 as tip.
short by Hiral Goyal / 11:53 am on 29 May
The Income Tax Department has reportedly sent notices to several startups, including those with unicorn valuations ($1 billion or above). The notices have sought an explanation on the nature and source of some unaccounted investments made between FY19 and FY21. Reportedly, investments of ₹100 crore and above are being questioned by the Income Tax Department.
short by Hiral Goyal / 10:46 am on 30 May
Theranos Founder Elizabeth Holmes begins 11-year jail term in US
short by Pragya Swastik / on 30 May 2023,Tuesday
American former biotechnology entrepreneur Elizabeth Holmes began her 11-year prison sentence in the US on Tuesday for defrauding investors through her now-defunct blood-testing startup Theranos. The former billionaire was sentenced to over 11 years in prison and ordered to pay $452 million to investors. The 39-year-old Stanford dropout will reportedly be lodged in an all-female prison in Texas.
short by Pragya Swastik / 11:24 pm on 30 May
ONDC revises incentive programme, cuts discounting schemes
short by Srishty Choudhury / on 30 May 2023,Tuesday
The government-backed Open Network For Digital Commerce (ONDC) announced a revamped incentive programme ending the first phase of its discounting schemes. The revised incentives will come into effect from June 1, 2023 and succeed the programme rolled out first on January 30, 2023. The current phase of the programme will be live until June 28, 2023.
short by Srishty Choudhury / 10:14 pm on 30 May
Ashneer Grover has shared an email he sent to BharatPe in 2018 after he mistakenly used the company card for a personal expense. "Kindly ensure you cut this amount from my salary/reimbursement account," Grover wrote in the email. He tweeted that people ask him if he ever gets scared. “Bilkul bhi nahi (not at all)...I find it comical,” he added.
short by Hiral Goyal / 11:53 am on 28 May
BYJU'S valuation cut by 62% to $8.4 billion by BlackRock
short by Mansi Agarwal / on 30 May 2023,Tuesday
US-based investment management firm BlackRock has slashed the fair value of BYJU'S by about 62%, effectively valuing the edtech startup at roughly $8.4 billion, as per regulatory filings. This comes nearly two months after BlackRock reportedly halved the valuation of BYJU'S from $22 billion to $11.5 billion. BlackRock holds less than 1% equity in the startup.
short by Mansi Agarwal / 06:10 pm on 30 May
Deny FTX ex-CEO's request to dismiss charges: Prosecutors to judge
short by Aishwarya Awasthi / on 30 May 2023,Tuesday
The prosecutors have asked a US federal court judge to deny the request by former FTX CEO Sam Bankman-Fried to dismiss the criminal charges against him. Earlier this month, Bankman-Fried urged Judge Lewis Kaplan to dismiss most of the counts he is facing. The prosecutors have described the motions to dismiss the charges as "meritless".
short by Aishwarya Awasthi / 03:31 pm on 30 May
Elon Musk meets China's Foreign Minister Qin Gang
short by Mansi Agarwal / on 30 May 2023,Tuesday
Tesla CEO Elon Musk on Tuesday met China's Foreign Minister Qin Gang during his first trip to the country in three years. According to a government statement, Musk said he's willing to expand Tesla's business in the country. The minister told Musk that China would create a better market-oriented business environment for companies from all countries, the statement read.
short by Mansi Agarwal / 05:35 pm on 30 May
SpaceX launches 4,500-kg Arabsat satellite after 4 days of delay
short by Ananya Goyal / on 27 May 2023,Saturday
SpaceX launched a nearly 4,500-kg telecommunications satellite to orbit on Saturday after four days of delay due to thick cloud cover. A video showed SpaceX's Falcon 9 rocket topped with the Arabsat BADR-8 satellite lifting off from Florida, with the rocket's first stage landing on a SpaceX's droneship later. The satellite will provide television broadcast and data services, among others.
short by Ananya Goyal / 01:43 pm on 27 May
File report on e-pharmacy rules discussion in 6 wks: HC to Centre
short by Ananya Goyal / on 29 May 2023,Monday
The Delhi High Court has granted six weeks' time to the Centre to inform it about the outcome of its consultations with stakeholders on draft rules to regulate e-pharmacies. It also asked the Centre to ensure that the pendency of ongoing cases doesn't prevent the latter from taking action against non-licenced digital pharmacies.
short by Ananya Goyal / 09:23 am on 29 May
US-based Private Shares Fund cuts Eruditus' valuation to $2.9 bn
short by Ananya Goyal / on 29 May 2023,Monday
US-based The Private Shares Fund, which invests in late-stage venture capital-backed startups, slashed the fair value of edtech unicorn Eruditus by 9% in the March quarter, effectively valuing the startup at $2.9 billion. Eruditus was previously valued at $3.2 billion. The Private Shares Fund has a 0.2% stake in Eruditus.
short by Ananya Goyal / 01:06 pm on 29 May
Musk's Tesla may participate in India's lithium auction: Report
short by Ashley Paul / on 30 May 2023,Tuesday
Billionaire Elon Musk's EV maker Tesla may participate in the Centre's auction of lithium reserves found in Jammu and Kashmir, ET Now reported. The auction may take place later this year. Apart from Tesla, Japan's Mitsubishi and Ola Electric are also likely to participate in the auction of lithium, which is one of the key components in EV batteries.
short by Ashley Paul / 10:17 am on 30 May
SEBI adds Zerodha, Groww CEOs to its advisory committee
short by Mansi Agarwal / on 29 May 2023,Monday
The Securities and Exchange Board of India (SEBI) has reconstituted its intermediary advisory committee to add several new members including Zerodha CEO Nithin Kamath and Groww CEO Lalit Keshre. The 21-member committee will advise SEBI on matters related to market intermediaries and market safety. It'll be chaired by SEBI's former executive director S Ravindran.
short by Mansi Agarwal / 07:00 pm on 29 May
BigBasket Co-founder's startup LaundryMate raises $6.25 million
short by Mansi Agarwal / on 29 May 2023,Monday
BigBasket Co-founder Abhinay Choudhari's laundry services startup LaundryMate has raised $6.25 million in its pre-series A round. Blume Founders Fund, several high net worth individuals and angel investors including Ola Co-founder Ankit Bhati invested in the startup. Choudhari said the company further plans to raise $10-15 million in a Series A round in the near future.
short by Mansi Agarwal / 10:50 pm on 29 May
Govt seeks advice on rules for valuing foreign funding in startups
short by Ananya Goyal / on 27 May 2023,Saturday
The Income-Tax Department has invited comments from stakeholders and general public on draft rules for valuing non-resident investment in unlisted startups. As per a tweet by the department, the comments can be sent to, latest by June 5. This comes days after the government notified 21 countries from where non-resident investment in unlisted Indian startups won't attract Angel Tax.
short by Ananya Goyal / 01:01 pm on 27 May
May Indian democracy shine like new Parliament for yrs: Paytm CEO
short by Ananya Goyal / on 28 May 2023,Sunday
Paytm Founder and CEO Vijay Shekhar Sharma took to Twitter on Sunday to share a video of the new Parliament building originally posted by PM Narendra Modi. Alongside, Sharma wrote, "New India's new Parliament...My India's pride." He added, "May Indian democracy shine like the new Parliament for years and years."
short by Ananya Goyal / 11:54 am on 28 May
Virtual events platform Airmeet lays off 30% of workforce: Report
short by Ananya Goyal / on 28 May 2023,Sunday
Bengaluru-headquartered virtual events platform Airmeet has laid off about 30% of its workforce, or at least 75 employees, Inc42 reported. The layoffs impacted multiple teams, including sales, marketing, tech and operations. Airmeet had to lay off employees as its "execution" was not yielding the desired outcomes, CEO Lalit Mangal reportedly said in an internal mail.
short by Ananya Goyal / 04:00 pm on 28 May
IIT-B alumni's home appliances startup Atomberg raises $86 million
short by Mansi Agarwal / on 29 May 2023,Monday
Home appliances startup Atomberg has secured $86 million in funding in a round led by Temasek and Steadview Capital. The round also saw participation from Trifecta Capital, Jungle Ventures and Inflexor Ventures. Founded by IIT Bombay alumni Manoj Meena and Sibabrata Das in 2012, the startup last raised $20 million in December 2021.
short by Mansi Agarwal / 05:09 pm on 29 May
Elon Musk's private jet lands in China: Reuters
short by Aishwarya Awasthi / on 30 May 2023,Tuesday
Tesla CEO Elon Musk's private jet has landed in Beijing, Reuters reported citing a witness. The jet, with its identifying tail number, was seen at Beijing Capital International Airport. On his first trip to China in three years, Musk is expected to meet senior Chinese officials. China has welcomed Musk and other business leaders looking to promote "mutually beneficial cooperation".
short by Aishwarya Awasthi / 02:56 pm on 30 May
Meesho's fair value cut by 9.7% to $4.4 bn by Fidelity: Reports
short by Mansi Agarwal / on 30 May 2023,Tuesday
Fidelity Investments has reduced Meesho's fair value by 9.7%, effectively valuing the e-commerce startup at $4.4 billion, as per reports. The US-based asset management company, which holds shares in Meesho through multiple funds, reportedly revealed the markdown in the latest filings of these funds. Meesho raised $570 million from Fidelity and other investors in 2021 at $4.9 billion valuation.
short by Mansi Agarwal / 03:10 pm on 30 May
China's H World Group sells minor stake in OYO for ₹75 cr: Reports
short by Mansi Agarwal / on 30 May 2023,Tuesday
Chinese hotel management company H World Group has sold a 0.15% stake in OYO for about ₹75 crore, PTI and The Economic Times reported. H World is now reportedly left with a stake worth ₹300 crore in OYO. The Chinese firm, which acquired a stake in OYO for $10 million in 2017, reportedly earned a 500% return on the sale.
short by Mansi Agarwal / 10:52 pm on 30 May
Govt, IIT-B hosting India's 1st Mining Start-up Summit in Mumbai
short by Ananya Goyal / on 29 May 2023,Monday
The Ministry of Mines, in collaboration with IIT Bombay, is hosting India's first-ever 'Mining Start-up Summit' on May 29 in Mumbai. As per the ministry, the event is expected to see participation from more than 150 startups and 20 major industries, and will focus on innovation and techniques that can help build autonomy in the field of mining and metallurgy.
short by Ananya Goyal / 10:48 am on 29 May
G20 members to develop common framework to define startups
short by Mansi Agarwal / on 29 May 2023,Monday
India's Startup20 Chair Chintan Vaishnav said G20 member countries are working to develop a framework to define startups. "The to come up with a....framework which is applicable across different economies," Vaishnav stated. He added that discussions will be also held on cross-border investments and supporting startups that are willing to be measured by sustainable development goals.
short by Mansi Agarwal / 11:06 pm on 29 May
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