Prosus, the Amsterdam-based technology investor with net assets valued at over $200 billion spanning payments to e-commerce, has identified India as one of its most critical growth markets, and is increasing its strategic investments here.
'We serve more than 1.2 billion trips annually and have over 1.5 million active earners each month using the platform.'
'We do not need short-term measures but long-term ones. Companies seem to have given up on the infrastructure part. Long delays are fuelling more traffic crisis.'
The Karnataka government is planning to levy a fee of 1-2 per cent on aggregator platforms like Swiggy, Zomato, Flipkart, Amazon, Uber, etc., a government source said on Friday, adding that an announcement in this regard could come following a sub-committee meeting next week. "There is a sub-committee meeting scheduled in the coming week.
'Expect our food delivery business to deliver sustainable adjusted EBITDA margins of about 5 per cent in the medium term.'
'The demand for international fashion labels, particularly from tier-II cities and beyond, has seen a notable uptick.'
'The country is a good test bed for enterprise adoption, but to scale rapidly, companies will need to look outside the country for customers.'
Framing the next chapter in Swiggy's journey as a responsible corporate citizen, co-founder and chief executive officer (CEO) Sriharsha Majety unveiled the company's eagerly awaited public listing. Majety, who has largely shunned the spotlight, shared reflections on his entrepreneurial path and the strategic pivots he and his co-founders navigated in building Swiggy. "We started with code aggregation, then pivoted to logistics, and that became Swiggy.
'Binary fission will happen -- startups will lead to more startups.'
'We have reached 70 million monthly active users during this festival season, which is another great milestone for us.'
'Our business continues to roll out its strategy, the role of this GDTC continues to grow.'
'If you look at assets truly working for us, you should look at Aakash and Great Learning.'
'We want to achieve overall profitability, and then we would go for an IPO.'
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.
'E-commerce scams are not new, but what s more alarming is the covert cyber warfare the Chinese entities are launching in India on a repeated basis.'
BlackRock has again reduced the valuation of its share in edtech firm Byju's - this time to about $1 billion, TechCrunch reported on Friday, citing disclosures made by the US-based asset manager. This is 95 per cent less than its peak valuation of $22 billion in 2022. The markdown comes at a time when the company is facing a multitude of challenges, including securing fresh capital, delays in financial reporting and legal disputes with lenders.
'As part of our D33 strategy, the plan is to establish 30 unicorns in Dubai within the next 10 years.'
Upon completion, the factory will create almost 10,000 jobs and will initially have an annual capacity of 2 million units.
Netmeds is looking at using new technologies such as deep learning and data analytics to improve forecasting in terms of the demand of the products for pharma companies, reports Peerzada Abrar.
The proposals are mostly based on a report submitted by Justice B N Srikrishna in July 2018. The draft Bill has since gone through at least two updates based on inputs received from industry, report Yuvraj Malik and Peerzada Abrar.
ISRO has to select astronauts, training them to withstand the space environment, and then bring them back to earth and rehabilitate them.
At a time when services are rapidly digitising in India, enterprises are witnessing a rise in cases of sensitive data exposure risks and breaches.
'Building a whole product with the railways was challenging; we had to figure out how to load and unload a train when it stops for only about five minutes at a station.' 'We also helped them understand the revenues this would generate for them.'
A business in India wanting access to maps and geospatial data would typically have to wait months before it got what it wanted. All this is set to change with the new guidelines on geospatial data, report Neha Alawadhi and Peerzada Abrar.
'Hybrid learning is the future, and test prep is a big segment within the entire education space in India.'
'Our sensors allow the missile to locate and identify the target even if it's on the move.'
'We have gone through more than what any company will go through.'
'India has over 300 million online sports fans, of which over 60 million use fantasy sports as their primary tool for engagement with their favourite sport.'
VVirat Kohli's franchise wants to unite fans on an innovative digital community platform.
83% of the CEOS plan to hire more in the new year.
Some sectors like aviation, hospitality, travel and tourism, and automobile have witnessed zero cash flow since the lockdown began.
So Swiggy offered 35,056 varieties of biryani to its users, says Peerzada Abrar.
'The reality is no one, including some of the names that have shown up in the last few weeks, have any unilateral decision-making power in this,' Facebook India MD Ajit Mohan tells Peerzada Abrar.
Employees can take 'unlimited bereavement leave' in case of loss of a family member. All employees are encouraged to take breaks on a daily basis. This includes a mandatory 1-hour lunch break where no other meetings can be scheduled.
Ola founder and chief executive officer (CEO) Bhavish Aggarwal will step back from day-to-day operations to focus more on engineering functions, team building, and products, apart from focusing on long-term strategic projects, such as two-wheelers, cars, and innovations in quick commerce and international expansion. "I'll be spending more time with all engineering functions, team building, and on products," said Aggarwal in an internal note, adding, "I'll also be increasing my focus on our longer-term strategic projects, including new two-wheeler products, our car project, innovations in quick commerce, electrifying ride-hailing, our cell research and development (R&D), international expansion, building our Pune technology (tech) centre, and Futurefoundry UK." To drive scale, speed, and quality, Aggarwal said he is expanding Ola Group's chief financial officer (CFO) G R Arun Kumar's role to help him steer 'day-to-day operations' across the group.
Many are testing hybrid models including getting small batches to work, rotating staff every week, introducing shifts and allowing certain functions to operate from office in small numbers.
The updated election ads policy for India will require advertisers to provide a 'pre-certificate' issued by the EC or anyone authorised by the poll panel, for each ad. Further, Google will verify the identity of advertisers before their election ads run on its platforms, reports Peerzada Abrar.
There seems to be no dearth of funds to fuel this growth, report Peerzada Abrar and Shivani Shinde.
India is currently home to 52 unicorn startups and one of the fastest-growing startup ecosystems.
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