This week we’ve wrapped up another interesting earnings season for listed new-age companies. Here are the highlights:
PB Fintech
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Zomato
Deepinder Goyal, CEO, Zomato
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Delhivery
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Paytm
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Also read | Aditya Birla Finance, others may have invoked Paytm’s loan guarantees
Nykaa
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Honasa Consumer
Honasa Consumer cofounders Varun Alagh (L) and Ghazal Alagh
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Top Stories This Week
Alphabet CEO Sundar Pichai; Flipkart group CEO Kalyan Krishnamurthy
Google invests $350 million in Flipkart as part of nearly $1 billion funding round: Bengaluru-based Flipkart announced Google’s investment on Friday as a “minority investor” but did not disclose the size of the deal or the company’s valuation. According to people briefed on the investment terms, Flipkart has been valued at $35-36 billion in this investment round.
Flipback Tax: Razorpay restructures to cut levy; Groww pegs tax outgo at $70 million | Razorpay, the $7.5 billion digital payments firm with its registered office in the US, has initiated a restructuring exercise whereby its half-a-dozen India units are being brought under a single local holding company, sources said.
Also read | Singapore court clears Pine Labs plea to move domicile to India
Exclusive: Tata Digital CEO sets up new team | Tata Digital’s new chief executive, Naveen Tahilyani, has revamped the executive team for the Neu super app following the recent departure of several senior executives.
Rajnish Kumar, Mohandas Pai to exit Byju’s advisory council: Former State Bank of India chief Rajnish Kumar and Manipal Global Education chairman Mohandas Pai will not be renewing their contracts to be a part of the board advisory council at Byju’s adding to the mounting troubles at the cash-strapped edtech firm.
Also read | US court says Riju Ravindran’s testimony “lacks credibility”, imposes penalty: Byju’s lender group
Nikhil Kamath, Manyavar family office may join A91 in Rare Rabbit’s Rs 500 crore funding: New-age men’s apparel and fashion brand Rare Rabbit is closing its maiden institutional funding round of Rs 500 crore led by investment fund A91 Partners, multiple people in the know said.
Offline stores are trending as new set of D2C firms emerge: Several new direct-to-consumer (D2C) companies are taking the offline route much earlier than their predecessors, as they look to deleverage from third-party platforms and access a larger consumer base quickly.
India big market for Canva; looking to build local team there: CEO | Design software startup Canva considers India as a big market. Cofounder & CEO Melanie Perkins spoke to ET in an exclusive interaction in Los Angeles about its India plans and more.
Taxi trips from Bengaluru airport via apps set to become costlier: Taxi rides from Bengaluru airport are set to cost more for passengers of app-based aggregators such as Ola, Uber and BluSmart, with a 30-40% expected increase in per ride pickup fee levied by these platforms when users book taxis from the airport.
IPO Updates
Oyo shelves IPO; private funding may cut value by 74%: SoftBank-backed hospitality company Oravel Stays, the parent company of Oyo Hotels and Homes, has withdrawn the draft prospectus filed with the Sebi for its initial public offering (IPO).
Awfis Space IPO fully subscribed on the first day: The IPO of Awfis Space Solutions sailed through on the first day of the bidding process on Wednesday as retail investors and NIIs lapped up the offer with both hands.
Go Digit makes stock market debut, gains 12% on issue price: Go Digit General Insurance made its stock market debut on Thursday, with its shares listing on the National Stock Exchange at Rs 286, a 5.15% premium on the issue price of Rs 272. On the BSE, the stock listed at a 3.35% premium.
Fintech Corner
New PoS deployment grows at slowest pace since demonetisation: RBI data | The convenience of Unified Payments Interface (UPI) platforms is increasingly winning over merchants and consumers alike, taking the sheen off debit cards for cashless transactions.
Traditional financial services catch the super app bug: Businesses like Aditya Birla Capital, Angel One and Muthoot Fincorp are building one-stop applications for all sets of financial services.
IT News
Rishad Premji, executive chairman, Wipro
Wipro’s Rishad Premji takes pay cut, ex-CEO Delaporte takes home $20 million: Wipro executive chairman Rishad Premji did not take any variable or commission pay from his annual remuneration for the second year in a row in FY24.
Wipro CEO banks on internal talent, promotes veterans: Signalling confidence in the depth of its existing senior leadership who have been with Wipro for many years, new CEO Srini Pallia has promoted at least five insiders, including three veterans, in the last one and half month.
Tech Policy
Steep H-1B fee hike to burn a big hole in IT companies pockets: Industry representatives and immigration experts have cautioned that the steep increase in the US H-1B visa fees could make doing business extremely difficult for Indian IT service providers and make a significant dent on their pockets.
Govt saying aye to laying strong AI foundation: The Union government plans to build its own version of a foundational model for artificial intelligence (AI) which will be customised for use by Indian companies, entrepreneurs, academics and researchers.
