Tata Motors reported a consolidated net profit of Rs 17,483 crore (adjusted for exceptional gains and losses) for Q4FY24, surpassing TCS' consolidated net earnings of Rs 12,434 crore. For the automotive major, this marked a 213.7 per cent year-on-year increase in the bottom line, from Rs 5,573.8 crore a year ago. In contrast, India's biggest IT firm saw a more modest Y-o-Y growth of 9.1 per cent in net profit, from Rs 11,392 crore.
'The success of one or two IPOs does not dictate whether the upcoming IPOs will be successful or not, but it certainly indicates that the markets and investors are enthusiastic about startup IPOs.'
The key assets put on the block include its entire stake in Reliance General Insurance Company, the third-largest private sector insurer, and a 49 per cent stake in Reliance Nippon Life Insurance, a joint venture with Nippon Life, which is among the top five private-sector insurance companies.
The seven Indian-Americans are cybersecurity firm ZScaler CEO Jay Chaudhry, founder and chairman of Symphony Technology Group Romesh Wadhwani, cofounder and CEO of online home goods retailer Wayfair Niraj Shah, Silicon Valley venture capital firm Khosla Ventures founder Vinod Khosla, managing partner of Sherpalo Ventures Kavitark Ram Shriram, Airline veteran Rakesh Gangwal and Workday CEO and co-founder Aneel Bhusri.
Both sports and digital will drag down the healthy operating margins that entertainment television continues to make.
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.
Reddy, who was an accused in a money-laundering case linked to the alleged liquor scam in Delhi, had turned an approver in the case that is being probed by the Enforcement Directorate (ED). The CBI is yet to file a chargesheet against him.
PEs and VCs are taking a closer look at their bouquet of investments. Leading voices in the sector are categorical that cash-burn rates -- that's blowing up equity to acquire market share -- as a business model can't continue to be the polestar.
The CEOs have been discussing a collaboration for some time, according to two people with knowledge of the situation.
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.
Deepening the funding crisis that startups have been witnessing for some time, the October inflows plunged 75 per cent on-year to $3.3 billion across 75 deals, including six large deals worth $2.2 billion, according to an industry report. Exits touched half of the inflows at $1.6 billion across 15 deals in the reporting months, a significant improvement over the previous month which saw just $653 million worth of exits across 24 deals, but 69 per cent lower on-year basis, according to the numbers collated by EY for the Indian Private Equity & Venture Capital Association, the umbrella body the PEs and VCs. However, the report said, on a month-on-month basis, the inflows continued to grow, clipping at 60 per cent over the September numbers.
First, get out and engage with customers sooner than later. If you stay focused on the lab to work on your product, the market may have moved. Customer feedback is very important. Also do not underestimate competition; stay on top of it.
Ghosh, who led the ramping up of German insurer Allianz's Indian insurance ventures, has assumed charge as Reliance Capital CEO from today, the company said. He would report to Reliance Capital Vice Chairman Amitabh Jhunjhunwala. Reliance Capital has also crossed the 14 million customer-mark across all its businesses, according to industry sources.
Education topped the table with nearly $1.755 billion as against $379 million last year, followed by real estate which received $754 million.
The government is reviewing norms for investments by foreign venture capital funds in real estate, after the Reserve Bank of India coming round to the view that such funding is helping create an asset bubble in the sector.
Stories are legion about the Karatmeter's use at that time. Hundreds of people standing in queue for testing, customers breaking down after discovering the actual purity of their jewellery and then becoming irate about the jeweller who had gypped them, the local jewellery industry leaning heavily on the Tanishq franchisees to desist from using it, some jewellers even threatening violent action.
The recovering valuations, will lead to enhanced optimism among investors about funding startups.
An Extraordinary General Meeting (EGM) of Byju's shareholders got underway on Friday to vote on a resolution brought by some investors to ouster founder CEO Byju Raveendran and his family over alleged "mismanagement and failures". Raveendran and his family stayed away from the EGM, calling it "procedurally invalid."
Tourist centres have been closed in many districts, including Kottayam and Thiruvananthapuram, and a night travel ban has been imposed in the hilly areas of Idukki district.
A few gatecrashers into the Net space have created formidable revenue models for online businesses.
Over the past eight months, a team of 80 people has been diligently working to harmonise operating procedures across four airlines run by the Tata group, as part of two mergers, revealed Campbell Wilson, Air India's chief executive officer (CEO), on Friday. The Tata group is consolidating its aviation business by merging four airlines into two: Air India and Vistara are merging to form a single full-service carrier, while AIX Connect and Air India Express are combining to create a unified low-cost carrier (as a subsidiary of Air India).
Smaller Singapore- and US-based venture capital funds, retail associations and trader bodies such as the CAIT and SJM are all planning to approach the government to put pressure on the commerce ministry.
'Elections and audience interest in specific movies are often independent factors.'
The Chinese investor in the parent firm of Koo, India's answer to Twitter, is on its way out after other investors have pledged to buy out its 9 per cent stake, Koo's co-founder and CEO Aprameya Radhakrishna said.
Sriram Krishnan, an Indian-origin technology executive, is "helping out" Twitter's new owner Elon Musk as he revamps the social media giant following its acquisition by the billionaire entrepreneur.
The chip maker is putting money in his low-cost Braille printer project.
The queue for mutual fund (MF) licences has thinned down due to quick clearances by the Securities and Exchange Board of India (Sebi) alongside applications being withdrawn amid regulatory changes. There were, at the end of September, only two pending MF applications: By AngelOne and Unifi Capital. By comparison, there were 11 applications lying before the market regulator at the start of calendar year 2023.
According to the author, these ideas will change the way entrepreneurs think and succeed in their ventures.
The Indian entrepreneurship success story will soon see one more company debuting on the public markets. Ola Electric, the electric vehicle (EV) company, has become the first such firm that has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India for its initial public offering (IPO). This is a fresh issue of equity shares of up to Rs 5,500 crore and an offer for sale (OFS) of more than 95 million equity shares at a face value of Rs 10.
Austria-based manufacturer of branded circuit boards, Austria Technologie & Systemtechnik AG (AT&S) has acquired ECAD Technologies, a Bangalore-based IT company, for a total consideration of Rs 7.5 crore (Rs 75 million), it was announced on Friday.
Citigroup has made an open offer to acquire 20 per cent stake in textile company JBF Industries Ltd at a price of Rs 46.50 per share.
Focussed on growing its business in India, networking giant Cisco said it invests as much as $1.7 billion annually in its operations in the country across areas like R&D and employee training.
Foreign venture capital worth $1.5-$2 billion and another Rs 10,000 crore (Rs 100 billion) from Sidbi's SSI Fund are expected to bolster small companies in the country this year, according to industry experts.
Union Home Minister Amit Shah on Sunday accused the opposition Congress of harassing and insulting the Other Backward Classes during its rule at the Centre, and asserted that it was the Bharatiya Janata Party that gave the first OBC prime minister to the country in the form of Narendra Modi.
India has 50 startups with the potential to achieve the coveted 'unicorn' status in 2022 and by the end of the year, the list of the new-age companies valued at over $1 billion will be at least 100, a report by a consultancy firm said on Monday. In 2021, which witnessed a huge spike in company valuations in the listed and unlisted space driven by ample liquidity, according to some watchers, India added 43 startups to the list and the number of unicorns shot up to 68 by the end of the year. Over $10 billion was invested in the Indian startup ecosystem in the October-December quarter alone, according to the report by PwC India.
With $18.6 billion in investments, Bengaluru made it to the top-five leading VC funding hubs across the world in 2021 - following San Francisco Bay Area, New York, Greater Boston Region and London. However, it outstripped Beijing ($13.6 billion) and Shanghai ($13.4 billion). Global tech VC investment into start-ups hit a record level of $675 billion in 2021, doubling the previous all-time high of $340.6 billion in 2020, a report by London & Partners and dealroom.co.
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