Edtech firm Uncademy will lay off 12 per cent or about 350 employees amid a funding crunch as it strives to make the core business profitable, a top company official said. In an internal note, Unacademy co-founder and CEO Gaurav Munjal mentioned that a decision has been taken to meet the goals in the current distressed global economic situation when funding is scarce. "We have taken every step in the right direction to make our core business profitable, yet it's not enough.
'When I crossed that point where I had the accident, I felt light and that was a very physical experience. I felt something leave me.' Shyam G Menon chronicles the voyages of that incredible Indian sailor, Abhilash Tomy.
What models do when they're not on the catwalk.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
India's largest edtech firm Byju's will fire 1,000 employees in a fresh round of layoffs across departments. With the latest round, total job cuts at the company have mounted to around 3,500. According to sources, fresh job cuts are an attempt by the company to improve its finances and work towards a path to profitability.
Global investment firm KKR will invest Rs 2,069.50 crore in Reliance Retail Ventures Ltd for a 0.25 per cent additional stake of the retailer at a valuation of about Rs 8.36 lakh crore, Reliance Industries Ltd said on Monday. After this investment, KKR's shareholding in Reliance Retail Ventures Ltd (RRVL), the holding company of the retail business of billionaire Mukesh Ambani-led RIL, will increase to 1.42 per cent from 1.17 per cent. The investment is at "a pre-money equity value of Rs 8.361 lakh crore (around $100.87 billion)", said a joint statement.
Qatar's sovereign wealth fund is in early discussions to buy a minority stake in billionaire Mukesh Ambani's rapidly expanding retail unit for about $1 billion (Rs 8,200 crore), sources said. The Qatar Investment Authority is keen on tapping the fast-growing Indian market and has entered into a discussion to buy about 1 per cent stake in Reliance Retail Ventures, sources with knowledge of the matter said. Talks, sources said, are at a preliminary stage and being led by an executive director on the board of parent Reliance Industries Ltd.
Priyanka Chopra took a quick weekend break with husband Nick Jonas at the Turks and Caicos Islands.
On Thursday, Virgin Atlantic, for instance, cancelled its morning flight between London and Delhi. And Air India rescheduled its London-Ahmedabad flight by several hours. With the Heathrow restrictions to remain in place till September 11, air traffic between India and London is likely to see slower growth over the next two months.
The INS Tarkash is on her passage to Rio de Janeiro, Brazil, to hoist the National Flag on August 15 as part of Azaadi Ka Amrit Mahotsav celebrations.
The request was made soon after the balloon was shot down on Saturday off the coast of South Carolina in the Atlantic Ocean.
Titanic Director James Cameron has reacted to the demise of five individuals, who were aboard the submersible Titan that was destroyed in a 'catastrophic implosion' during an exploration dive to the wreckage of the Titanic.
China has operated a fleet of spy balloons targeting several countries including India and Japan, a media report has said, days after the United States military shot down a Chinese surveillance craft floating over sensitive installations in the country.
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.
"I spoke from this chamber one year ago, just days after Vladimir Putin unleashed his brutal war against Ukraine. A murderous assault, evoking images of the death and destruction Europe suffered in World War II," Biden said in his address to a Joint Session of the US Congress on Tuesday night.
In its set of recommendations, the China Committee said that economic sanctions against China in case of an attack on Taiwan will be most effective if key allies such as G7, NATO, NATO+5, and Quad members join, and negotiating a joint response and broadcasting this message publicly have the added benefit of enhancing deterrence.
Indian-American business leader Ajay Banga is poised to become the next President of the World Bank after the nomination period closed and no country proposed an alternate candidate for the prestigious post. In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history." The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga.
Prime Minister Narendra D Modi's itinerary for his June 21-24 US visit could include an address to a fledgling business advocacy group, the US-India Strategic Partnership Forum.
'Adani can attract vessels at a much lower cost to Vizhinjam as he has the financial muscle to do so.'
Two missiles landed in Polish territory on Tuesday, Sputnik news agency reported citing Polish media.
The statement by John Kirby, national security council coordinator for strategic communications at the White House, came as Putin hosted the Chinese leader.
Retired from the Indian Navy, his passage in the Golden Globe Race wasn't easy. Although he kept himself in the basket of race leaders, the position revealed little of what he was actually enduring. Shyam Menon captures the drama of Abhilash Tomy's incredible solo voyage across the world.
The US military has intensified its efforts to collect the remnants of the high-altitude surveillance balloon from China that floated over the United States over several days last week from Montana to South Carolina.
Putin said work would be completed on building storage units for tactical nuclear weapons in Belarus on July 1, a move he likened to US nuclear deployments in Europe.
US President Joe Biden, who arrived in a surprise visit to Kyiv on Monday, reaffirmed America's unwavering commitment to Ukraine's democracy, sovereignty, and territorial integrity.
Byju's, India's most-valued startup, has decided to put two of its key assets -- Epic and Great Learning -- on the block to generate $800 million-$1 billion in cash, with an aim to meet the edtech firm's various commitments, including repaying the entire $1.2 billion term loan B (TLB) within six months, according to sources. The cash-strapped company has proposed repaying $300 million of the $1.2 billion loan in the next three months, depending on whether the lenders accept Byju's amendment proposal, said the people familiar with the development. "This loan repayment proposal has been submitted to the lenders and conversations are going in the right direction," said a person in the know.
The comments by MEA spokesperson Arindam Bagchi at a media briefing came following a question on a report that India Delhi held its first political dialogue with NATO in December 2019.
...or just a Covid-era practice, asks Ajit Balakrishnan.
'We hear about Chanda Mama from our childhood.' 'I am excited by the idea of seeing it with my eyes.'
A total of 125 passengers on a Milan-Amritsar charter flight were found to be COVID-positive when tested on arrival, government officials said on Thursday.
Tuesday's opening bell at the New York Stock Exchange will not only kick off a day of trade on Wall Street, it may also herald the end of an era at Manchester United, who are rumoured to be on the brink of announcing manager Alex Ferguson's retirement.
Unacademy on Monday said it has raised $440 million (about Rs 3,270.8 crore) in funding from a clutch of investors including Temasek, General Atlantic, and Softbank Vision Fund, valuing the edtech major at $3.44 billion. The investment is expected to help Unacademy expand its offerings, deepen its presence and compete more aggressively against rivals such as Byju's in the burgeoning ed-tech space in India that has been witnessing strong uptake amid the pandemic. The series H round was led by Temasek, with super pro-rata participation from General Atlantic, Tiger Global, and Softbank Vision Fund, a statement said.
After being caught in the perfect storm and conquering near death at sea four years ago, Abhilash Tomy has made seafaring history by coming second in the world's most difficult ocean race. As he sailed to the finish line to welcoming cheers, holding the Indian flag, his remarkable story tells us the amazing things human beings can do.
In a world without politics, time zones would change by an hour for a shift of 15 degrees of longitude. But, of course, political considerations apply, explains Devangshu Datta.
Scheduled international passenger flights have remained suspended since March 23, 2020 in the wake of the pandemic and they will now restart from Sunday.
49.4 per cent of India's arms imports between 2016 and 2020 were from Russia.
The United States on Sunday shot down another unidentified airborne object in its airspace, a day after it brought down a similar 'cylindrical' object over Canada.
During a regular press conference on Thursday, the Chinese foreign ministry spokesperson Mao Ning said that the unmanned Chinese civilian airship into US airspace is entirely caused by 'force majeure'.
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
The UK government made its first major commitment to support UN Security Council reforms and India's permanent membership within it as part of a refreshed defence and foreign policy review tabled in Parliament on Monday.
