Hyperlocal delivery platform magicpin experienced an overwhelming surge in demand at 9 am on Monday, causing its app to crash, leaving users temporarily unable to access the platform. The increased traffic came after the firm announced its "tomatoes @ Rs70" initiative last week in partnership with National Cooperative Consumers Federation of India (NCCF) and Open Network for Digital Commerce (ONDC). This led to magicpin's tomato stocks depleting within the first 10 minutes, leaving many buyers struggling to order.
Catamaran, the family office of Infosys founder Narayana Murthy, is targeting 15 per cent returns on its portfolio investments per annum as it shifts focus from early-stage investments to growth and late-stage bets. This would double the firm's assets under management (AUM) from the current $1 billion to $2 billion over the next five years. "For direct investments, we are focusing on growth-stage investments and very selectively on early stage," Deepak Padaki, president, Catamaran, told Business Standard. "(This is) primarily because the early-stage space in India, in the last three-four years, has completely changed. "There has been a huge influx of capital in the last two years. It has become a very crowded space for early-stage investment," he said.
Similar discounts compared to online led to a spike in demand for offline, where customers can get a more personal and hands-on product experience.
E-sports experts say the burgeoning sector will not be affected by the Goods and Services Tax (GST) Council's recent decision to levy a blanket 28 per cent tax on online gaming, which is being viewed by the industry as a death blow to gaming companies.
'As long as ASUS continues to introduce new products into the market, we still have a chance to grow our business in India.'
India may get its first unicorn this year as Zepto, which promises 10-minute deliveries, is in talks to get fresh funding that would take the start-up's valuation past $1 billion. The quick-delivery firm is looking to raise $150 million in a series E round, which will take its valuation to $1.3 billion. The round will be led by StepStone Group, a limited partner (LP) of Zepto's existing investor, Nexus Venture Partners, said media reports.
E-commerce major Amazon will host Prime Day - its annual sale event - in India on July 15-16. The company will launch over 45,000 products from over 400 Indian and global brands. The announcement of the Prime Day event in India comes at a time when 900 workers at Amazon UK plan to strike for three days (July 11-13).
India appears poised to sustain its growth in a more durable way than before with the economy carrying the momentum from FY23 into the current fiscal year, the Annual Economic Review for 2022-23 released by the finance ministry on Thursday said. However, the report cautioned that escalation of geopolitical stress, enhanced volatility in global financial systems, sharp price correction in global stock markets, a high magnitude of El-Nino impact, and modest trade activity and FDI inflows, are factors that could constrain the pace of growth. "Should these developments deepen and dampen growth in the subsequent quarters, the external sector may challenge India's growth outlook for FY24," the finance ministry said.
Finance Minister Nirmala Sitharaman on Tuesday met top officials of the finance and corporate affairs ministries to review the implementation of various announcements of the Union Budget FY24. "The finance minister underlined the importance of continuous assessment of progress to ensure that various announcements are implemented in a time-bound manner," the finance ministry said in a tweet. Sitharaman also discussed in detail various issues on the digital competition laws with Rajeev Chandrashekhar, the minister of state for entrepreneurship, skill development, electronics and technology.
'Global coordination, convergence, market complexities and dynamics and cross-border enforcement compound the existing challenges we face.'
Indian Institute of Technology Madras (IIT Madras) said on Monday that it had raised the highest-ever corpus of annual funds for the institution, garnering Rs 231 crore from alumni, industry and individual donors for 2022-23 (FY23). Its funding increased 76 per cent year-on-year (YoY) compared to Rs 131 crore in FY22, according to data shared by the institute. The number of donors contributing more than Rs 1 crore increased 64 per cent YoY.
Larger firms feel that the smaller players have muddied the waters for the IBC process, leading to excessive regulation of resolution Professionals.
The reason? Price of open cell panels has gone up 15%. One of the main components in the manufacturing of TV sets, open cells contribute to 60%-65% of the manufacturing cost.
Venture Capital giant Sequoia India & Southeast Asia has rebranded itself to Peak VX Partners. The VC firm will now manage its assets under management (AUM) in the region of over $9.2 billion across 13 funds independently. The rebranding exercise followed Sequoia Capital's break-up into three independent entities across the globe. Besides Sequoia India & Southeast Asia, Sequoia China business has adopted the name HongShan in English (it will
Foreign investment in India's start-ups has plummeted 72 per cent to $4.58 billion so far, from $16.2 billion during the same period last year.
The investor education and protection fund authority (IEPFA) has reached out to top hundred companies to reduce the documentation required for individuals trying to claim their shares, according to a senior government official. Recently, the Supreme Court-appointed expert panel on the Adani-Hindenburg case had raised issues such as capacity constraints faced by IEPFA in clearing these claims which are over Rs 5,000 crore. "Our immediate priority is to ensure that claims of those investors whose application was approved a year ago but the transfer has not gone through yet are settled first.
Meet Nilima Kalra, 79, Manju Roy, 80, Sumita Maan, 79, and Gurpreet Kaur, 75.
Both Jet Airways and Go First have met with a similar fate of landing up in insolvency, albeit for different reasons. Whether Go First will be able to avoid the sharp erosion in value like in the case of Jet, experts say, will depend on how quickly it is able to restart operations and retain its slots at airports. Go First, owned by the Wadia group, filed for voluntary corporate insolvency resolution on May 2 due to inadequate capacity utilisation that led to a cash crunch.
'In real estate project insolvency, no one size can fit all.'
The Appointments Committee of Cabinet has named Ravneet Kaur, a Punjab cadre IAS officer of 1988 batch, as chairperson of the Competition Commission of India (CCI). Kaur will hold the post for five years or until attaining the age of 65. She is the second woman to serve in an 'economic regulator' role after Madhabi Puri Buch, who was appointed chairperson of the Securities and Exchange Board of India last year and the first woman to head the country's chief national competition regulator.
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