Bank of America has been hit by a whistleblower complaint that its officials in Asia had shared "non-public information" with investors "before the bank sold hundreds of millions of dollars of stock", reports the Wall Street Journal.
The cash-rich Japanese company made waves with its plans to grow outside its home base last year when it bought No. 3 US mobile carrier Sprint Corp for $21.6 billion.
The Softbank-backed company has set a price band of Rs 72 to Rs 76 per share for the maiden share sale and is expected to test the appetite for new-age loss-making companies.
SoftBank's investments in the past two years include $627 million in online-retailing marketplace Snapdeal and leading a $210 million funding round in taxi-hailing app Ola Cabs.
Nikesh Arora is indeed paid a lot, networks hard, and has made some punchy bets.
SoftBank-backed internet commerce firm Meesho has downsized its grocery vertical Meesho SuperStore (formerly Farmiso) in an attempt to drive efficiency. The Bengaluru-based firm did not reveal the number of laid-off employees. However, the company officials said that about 150 employees have been laid off.
IPOs worth Rs 50,000 crore including Hyundai, NTPC Green Energy and Swiggy are set to hit the market in late October or early November.
Experts believe more efforts would be needed in future funding rounds.
Around half the value of the mark-downs is due to the Japanese currency's appreciation against other currencies.
The news of markdowns in the value of Ola and Snapdeal comes at a time when both companies are in talks with investors to raise fresh funds to take on deep-pocketed competition.
Arora will resign less than two years since he joined the Japanese Internet conglomerate
'Saying that Snapdeal is not doing well is beyond premature. Suggesting that someone has won or lost is myopic.'
The Rs 100 crore infusion will well-capitalise the company to drive its new strategy and growth plans.
Snapdeal has been on the deal street for raising fresh funds in order to muscle up for the growing competition in e-commerce.
Edtech firm Unacademy has laid off 250 people across verticals, according to people familiar with the matter, reducing its employee strength by 50 per cent from what it was two years ago. Of those, 100 are from core functions such as marketing, business, and product, while the rest are from sales.
SoftBank will pay 17 pounds in cash for each ARM share.
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Ola competes with Uber Technologies in India.
Byju Raveendran, the founder of the beleaguered ed-tech firm Byju's, put himself on a pedestal and stopped listening to anyone, said Gaurav Munjal, the chief executive officer of edtech firm Unacademy. Munjal highlighted the importance of 'blunt feedback'. In a post on X, he alleged that Byju's founder stopped listening and failed to have people who could give him the right feedback.
Vehicles would be able to offer advice during challenging driving or parking situations, while also providing company to drivers on long, solitary trips
Arora was hired in July to run a newly created unit called SoftBank Internet and Media Inc.
Veteran industrialist and former Tata Group chairman Ratan Tata is looking to sell all 77,900 shares of Brainbees Solutions Ltd, which owns omnichannel baby and mother-care product platform FirstCry, in the upcoming IPO. Tata became an investor in the company in 2016 by infusing Rs 66 lakh initially. He was allotted preference shares of the company.
Growing the number of electric vehicles on Ola's platform is part of the terms SoftBank has put forth for the funding
Arora's appointment brings no real transfer of power, says Una Galani.
Japanese telecom major would invest $50 mn in the start-up in 'December or latest by January'.
Ecommerce firm Amazon has infused ~1,600 crore into its India entity Amazon Seller Services, according to its regulatory filings. The funding comes at a time when the company is seeing opportunities in emerging geographies, including India. The regulatory filings are dated April 15. This is the second time in five months that Amazon invested in its India arm Amazon Seller Services. Before this, Amazon had infused over ~1,000 crore into its Indian entity this year.
So far this year, bankers have earned Rs 1,226 crore for handling 45 IPOs, which together mobilised Rs 48,363 crore.
With the deal closing, SoftBank becomes an investor in two of India's largest on-demand cab service -- Uber and Ola.
Flipkart's hyper-value e-commerce platform Shopsy is intensifying efforts to tap over half of the 821 million internet users (about 442 million) in rural India. These efforts are being led by Prathyusha Agarwal, who recently joined as business head at Shopsy. The aim is to become the go-to destination for consumers seeking entry-level products across various categories.
Under Nikesh Arora's leadership, SoftBank has made several investments in India in a short span.
Commerce and Industry Minister Piyush Goyal on Wednesday questioned Amazon's announcement of $1 billion investment in India, saying the US retailer was not doing any great service to the Indian economy but filling up for the losses it had suffered in the country. He said that their huge losses in India "smells of predatory pricing", which is not good for the country as it impacts crores of small retailers.
It, however, remains to be seen how much money Softbank actually puts in, what the implied equity valuation is and if the e-commerce venture is included in the Jio entity.
On Thursday, Google announced the surprise departure of its veteran business chief Nikesh Arora, who will become Vice Chairman of SoftBank Corp.
SoftBank will hold majority stake in the joint venture.
Son's offer to supply free power after 25 years is based on the idea that the cost of running a solar plant would progressively decline while its efficiency would increase.
In March 2021, Ola Electric founder Bhavish Aggarwal was seen surveying an empty 500-acre land surrounded by shoe factories, temples, bakery shops, coconut trees and dusty roads in Pochampalli town of Krishnagiri district, Tamil Nadu. Many excavators and workers were busy at the construction site to build the Ola Futurefactory for electric vehicles.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
The Chinese financial giant, which had invested in One 97 Communications since 2015, has seen a sharp decline of 45 per cent, or Rs 2,125 crore, in its stake value since the Reserve Bank of India (RBI) took action against Paytm Payments Bank on January 31. One 97 shares closed at Rs 422.6 a share on Monday. The Chinese company, however, had sold its stake worth Rs 8,293 crore in three tranches over one year.
Swiggy is planning to file its draft red herring prospectus with the Securities and Exchange Board of India for its initial public offering (IPO) in the next two weeks, aiming for an $11 billion IPO valuation target. The Bengaluru-based firm plans to raise an estimated $1 billion (Rs 8,300 crore) through the IPO this year. The company is targeting a valuation in the range of $10-11 billion, and it currently has approximately $800 million in cash from the previous funding round, according to sources.
Food delivery major Swiggy has received approval from its shareholders for a $1.25 billion initial public offering (IPO), according to filings made with the Registrar of Companies sourced by Tofler. The Bengaluru-based firm plans to raise as much as Rs 3,750 crore (around $450 million) via a fresh issue and up to Rs 6,664 crore (around $800 million) through an offer-for-sale (OFS) component, the filings stated.
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