The legal battle between Byju's and lenders in the US on the edtech firm's $1.2-billion term loan B (TLB), along with the company skipping an interest payment of $40 million on the loan, has made the other investor Davidson Kempner Capital Management, "extremely concerned", according to the people familiar with the matter. They said Byju's has closed a Rs 2,000-crore ($250 million) round from the US-based investment firm and it may stop or consider slowing down the flow of various tranches of that capital to the company. It may also decide not to provide any new funding or participate in any such round in the future, the sources said.
India is sceptical that Tesla might import into the country cars made in China. Tesla executives were in India last month and appear to have proposed a factory in the country. But do not be surprised if that does not happen in a hurry.
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
Food delivery firm Zomato Ltd said on Wednesday most stores of its grocery unit Blinkit had resumed operations after being shut following protests by delivery partners. "Over the last few days we have made changes in the delivery partner payout structure with respect to the Blinkit business to address the needs of delivery partners, improve customer experience and reduce cancellation/ order rejection frauds by few delivery partners in the system. "Such changes are done from time to time, as needed," said the company in a letter to the BSE.
'We want to achieve overall profitability, and then we would go for an IPO.'
Allowing 12-hour shifts for all and night-time work for women was meant to benefit software firms, but is said to have clinched Foxconn's Rs 80 billion investment.
Walmart-owned digital payments firm PhonePe has decided to halt its proposed acquisition of Goldman Sachs- and Xiaomi-backed ZestMoney, a Bengaluru-based buy now, pay later (BNPL) platform. The deal, which was poised to fetch anywhere between $150-200 million and $300 million, has hit a snag over lapses in due diligence, disagreements over valuation, sustainability of the business, and shareholding structure of ZestMoney, according to people familiar with the matter. The collapse of the deal is also being attributed to a slowdown in the financial technology (fintech) sector in the midst of a funding winter, difficult regulatory environment, and macroeconomic uncertainty, informed other sources.
Indian start-ups raised issues, such as blockages in international wire transfers, disruptions due to threshold limits on withdrawals, lack of communication from US agencies, and the need for preferential access to credit, in a meeting with the government over the fallout of Silicon Valley Bank's collapse. Rajeev Chandrasekhar, minister of state for electronics and information technology, held a virtual meeting with over 450 members from start-ups, venture capitalists, and investors who have been directly affected by the closure of SVB. He assured them that the IT ministry would put together a list of suggestions and give it to the finance minister on behalf of start-ups.
Indian start-ups breathed a sigh of relief after the UK government facilitated the acquisition of the now-defunct Silicon Valley Bank's (SVB's) British arm by HSBC. In a bid to allay fears, the US Federal Deposit Insurance Corporation (FIDC) announced recently that it had transferred all deposits of start-up-focused SVB to a newly created bridge bank and all depositors would have access to their money. President Joe Biden also sought to reassure jittery depositors that they can have confidence that the US banking system is "safe".
As promised, Domino's 20-minute delivery started across 170 stores in Bengaluru on Tuesday. But, as the day progressed, some teething issues came to the fore. If delivery partners' accounts are anything to go by, these are unlikely to go away anytime soon.
Rebel Foods, the world's largest internet restaurant company, has entered into a deal with American burger giant Wendy's to run its restaurants in India. The partnership includes committing to the development of traditional restaurants and building on their existing development agreement for cloud kitchens. In this expanded, new franchise commitment, Rebel will help the brand grow its restaurant model in India with digital expertise in delivery, automation, and innovation.
Tata Motors, India's largest electric passenger vehicle manufacturer, has signed an agreement with ride-hailing company Uber to supply 25,000 electric vehicles (EVs), the company said. The agreement is the largest EV commitment between an automotive manufacturer and a ride-sharing platform in India. Under the agreement, Uber will deploy Tata Motors' XPRES-T EVs by partnering fleet operators in Delhi National Capital Region, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad.
Tata Motors, India's largest electric passenger vehicle manufacturer, has signed an agreement with ride-hailing company Uber to supply 25,000 electric vehicles (EVs), the company said. The agreement is the largest EV commitment between an automotive manufacturer and a ride-sharing platform in India. Under the agreement, Uber will deploy Tata Motors' XPRES-T EVs by partnering fleet operators in Delhi National Capital Region, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad.
The Supreme Court on Monday directed Uber to apply for a licence within three weeks to operate in Maharashtra, stressing that cab aggregators cannot function without one. A bench led by Chief Justice of India (CJI) D Y Chandrachud said that an earlier interim order by the Supreme Court that had allowed Uber to operate in the state would not provide legal cover, since an aggregator cannot operate without a licence. It ordered Uber to apply for a licence by March 6, said a report by Bar and Bench.
Ola Electric on Thursday teased five new electric motorcycles that the SoftBank-backed company is working on, announcing the range after selling electric scooters. The products are labelled cafe racer, an adventure tourer, a scrambler and a naked motorcycle. The motorcycles are expected to be launched next year and would include premium and mass-market versions, said sources.
PhonePe said on Tuesday it has launched a service that will allow the fintech firm's Indian users traveling abroad to pay foreign merchants using Unified Payments Interface (UPI). 'UPI international' supports merchant outlets in UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR (quick response) code. Users will be able to make direct payments in a foreign currency from their Indian bank, like they do with international debit cards.
The turmoil, if you read the headlines, is about the so-called funding winter. Deep down, though, the question is one of the common direction in which founders and investors need to pull, points out Suveen Sinha.
Edtech unicorn Vedantu has laid off 385 employees, nearly 11.6 per cent of the company workforce, according to sources. This move is being seen as part of a drive in the edtech sector towards profitability via cost-savings and consolidation, as funds dry up, they said. The Bengaluru-based firm has laid off over 1,100 employees (both full-time and contractual), so far, this year.
Amazon India has decided to shut down 'Amazon Distribution', according to sources. This follows its recent decision to shut its food delivery and edtech offerings. The moves are part of the annual operating planning review process amid global macroeconomic uncertainty. The e-commerce giant is looking to focus on its core businesses, sources said.
At a time when there is a growing number of edtech companies laying off employees in a bid to conserve cash and focus on profitability amid a funding winter, Ronnie Screwvala-led upGrad is expanding its facilities and hiring talent. The company plans to hire over 1400 team members between November 2022 and March 2023 in India and at offices outside the country. upGrad has also signed new leases in the past few months for 335,000 sq ft of space across four cities -- Mumbai, Bengaluru, Pune and Noida.
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