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E-commerce platform Meesho clocks Rs 53 crore loss in FY24 E-commerce platform Meesho on Wednesday reported a Rs 53 crore loss for FY 2023-24, while narrowing down the figure by 97 per cent from Rs 1,569 crore in FY 2022-23.  Meesho's revenue from operations grew by 33 per cent to Rs 7,615 crore in FY 2023-24 against Rs 5,735 crore earlier. The company said its orders deliveries grew by 36 per cent in the last financial year. Reasons behind the decrease in the loss were efficiencies across multiple areas like logistics, as well as l...
E-commerce platform Meesho clocks Rs 53 crore loss in FY24
E-commerce platform Meesho clocks Rs 53 crore loss in FY24
Source: IANS
2024-10-30 04:37:13 pm
Billionaire Mukesh Ambani`s Reliance plays catch-up to ride India quick commerce wave Asia's richest man Mukesh Ambani is mimicking the strategy of popular Indian grocery startups to drastically change how his retail empire operates: from home deliveries that can take a day or two, his business is now targeting a 10-30 minute service. Quick commerce has reshaped how Indians shop as Zomato, SoftBank-backed Swiggy and Zepto now promise deliveries from their neighbourhood warehouses within 10 minutes, even beating Amazon. These multi-billion-dollar quick commerce businesse...
Billionaire Mukesh Ambani`s Reliance plays catch-up to ride India quick commerce wave
Billionaire Mukesh Ambani`s Reliance plays catch-up to ride India quick commerce wave
Source: Reuters
2024-10-30 09:15:29 am
OpenAI plans to launch new powerful AI model `Orion` by December ChatGPT maker OpenAI is reportedly planning to launch its next AI model called ‘Orion’ in December this year which is potentially up to 100 times more powerful than GPT-4.  According to a report in The Verge, unlike the release of OpenAI’s last two models — GPT-4o and o1 — Orion won’t initially be released widely through ChatGPT. The report mentioned, citing sources, that the Sam Altman-run AI company is planning to grant access to companies firs...
OpenAI plans to launch new powerful AI model `Orion` by December
OpenAI plans to launch new powerful AI model `Orion` by December
Source: IANS
2024-10-25 02:14:19 pm
29 Indian startups secure $461 million this week The Indian startup ecosystem continued its growth momentum this week with securing nearly $461 million which included 10 growth-stage deals.  At least 29 startups were part of the funding week, which saw 18 early-stage deals, as one startup kept financial details undisclosed. Global digital adoption platform (DAP) leader Whatfix secured $125 million in a Series E funding round, led by Warburg Pincus with participation from existing investor SoftBank Vision Fund 2. The investment wi...
29 Indian startups secure $461 million this week
29 Indian startups secure $461 million this week
Source: IANS
2024-09-28 05:02:16 pm
Swiggy targets $15 billion valuation in India IPO, sources say SoftBank-backed Indian food delivery giant Swiggy is targeting a valuation of around $15 billion for its upcoming stock market offering to raise $1-1.2 billion, three people familiar with the matter said. The deal would make it one of biggest Indian initial public offerings this year. Swiggy competes with Zomato in India's online restaurant and cafe food deliveries sector, and both have made major bets on the new so-called quick commerce boom where groceries and other products are b...
Swiggy targets $15 billion valuation in India IPO, sources say
Swiggy targets $15 billion valuation in India IPO, sources say
Source: Reuters
2024-08-24 09:43:24 am
India's Ola Electric surges 20% on debut on EV optimism Ola Electric Mobility's shares surged 20% on their Mumbai trading debut on Friday, valuing the company at $4.8 billion, as investors bet on increasing adoption of electric models in the world's largest market for two-wheelers. The stock had listed flat to its initial public offering (IPO) price of 76 rupees before rising to 91.20 rupees in a broader market that was up 1%. Ola Electric's $734 million IPO, India's biggest so far in 2024, drew about $1.8 billion in bids thi...
India's Ola Electric surges 20% on debut on EV optimism
India's Ola Electric surges 20% on debut on EV optimism
Source: Reuters
2024-08-09 10:26:04 am
India's Ola Electric to launch IPO next week, valuation seen at around $4.4 billion SoftBank-backed Ola Electric's IPO will open for retail subscription on Aug. 2, the Indian electric scooter maker said on Saturday, a stock offering that according to two sources will value the company between $4.2 billion to $4.4 billion. The issue, which will open for institutional investors a day earlier on Thursday, will close for retail subscriptions on Aug. 6, the final IPO prospectus filing showed. Ola founder Bhavish Aggarwal will offload 37.9 million shares in the IPO, around ...
India's Ola Electric to launch IPO next week, valuation seen at around $4.4 billion
India's Ola Electric to launch IPO next week, valuation seen at around $4.4 billion
Source: Reuters
2024-07-27 06:18:58 pm
Social commerce platform Meesho raises $275 million Social commerce platform Meesho has raised $275 million, a regulatory filing by the company with the Securities and Exchange Commission (SEC) in the US has revealed. The fundraising, part of an ongoing round, came from existing investors like SoftBank, Prosus, Elevation Capital and Peak XV Partners. The latest funding valued Meesho at $3.9 billion. Meesho may increase the ongoing round size to $500-600 million, according to reports. The SEC regulatory filing also indicated a share tr...
Social commerce platform Meesho raises $275 million
Social commerce platform Meesho raises $275 million
Source: IANS
2024-05-11 06:08:55 pm
Samsung to join alliance to lead AI-powered 6G network tech Samsung Electronics on Monday said that it participated in the US chip giant Nvidia-led alliance in a bid to lead the next-generation 6G network technologies powered by artificial intelligence (AI). The South Korean tech giant said it is a founding member of the AI-RAN Alliance, launched during this year's Mobile World Congress (MWC), along with semiconductor, telecommunications and software big names including Nvidia, Arm, SoftBank, Ericsson, Nokia and Microsoft. The MWC 2024 kicke...
Samsung to join alliance to lead AI-powered 6G network tech
Samsung to join alliance to lead AI-powered 6G network tech
Source: IANS
2024-02-26 01:52:31 pm
After Sam Altman, SoftBank founder Masayoshi Son joins AI chip race  As the generative AI race heats up, SoftBank Founder and CEO Masayoshi Son is reportedly aiming to raise about $100 billion for his AI venture, in a bid to take on graphics chip giant Nvidia. SoftBank may infuse $30 billion and can raise $70 billion from investment firms in the Middle East, reports Bloomberg, citing sources. The AI venture would complement the business of UK chip designer Arm, in which SoftBank has a 90 per cent stake after its IPO. Arm’s shares went up t...
After Sam Altman, SoftBank founder Masayoshi Son joins AI chip race
After Sam Altman, SoftBank founder Masayoshi Son joins AI chip race
Source: IANS
2024-02-17 12:05:00 pm
India`s Eruditus plans to shift domicile to India from Singapore for IPO SoftBank-backed Indian educational technology firm Eruditus is planning to shift its domicile from Singapore to India for a stock market listing, its CEO told Reuters. Eruditus' edtech platform offers thousands of online courses from more than 80 universities including Harvard on topics such as artificial intelligence, data science and software coding, in competition with NYSE-listed Coursera. "The rich multiples of Indian stock markets, and that there's so much liquidity a...
India`s Eruditus plans to shift domicile to India from Singapore for IPO
India`s Eruditus plans to shift domicile to India from Singapore for IPO
Source: Reuters
2024-02-13 09:20:34 am
India`s Ola Electric considers bid for lithium mining rights SoftBank-backed Indian e-scooter maker Ola Electric is considering bidding for mining rights for lithium blocks being auctioned by the Indian government, sources said, in a move that could boost its EV battery manufacturing plans. As part of plans to secure supplies of minerals such as lithium - a raw material used to make electric vehicle batteries - Prime Minister Narendra Modi's government late last year launched the first part of its critical minerals auctions. Amid growing ener...
India`s Ola Electric considers bid for lithium mining rights
India`s Ola Electric considers bid for lithium mining rights
Source: Reuters
2024-02-07 03:58:17 pm
SoftBank sells another 2% stake in Paytm, offloads Rs 3,800 cr worth shares in FY24  Japanese investment giant SoftBank has sold an additional 2 per cent stake in Paytm's parent company, One97 Communications, over the last month through open market operations, a media report said on Wednesday. The investment firm has sold its shares worth Rs 3,800 crore in Paytm during the ongoing fiscal year (FY24), reports Entrackr. The firm offloaded shares worth Rs 2,840 crore across three tranches -- May, July and December 2023 -- and the fourth tranche concluded earlier ...
SoftBank sells another 2% stake in Paytm, offloads Rs 3,800 cr worth shares in FY24
SoftBank sells another 2% stake in Paytm, offloads Rs 3,800 cr worth shares in FY24
Source: IANS
2024-01-24 02:18:06 pm
IPO-bound FirstCry`s CEO offloads shares worth Rs 300 cr  Supam Maheshwari, Co-Founder and CEO of mother and child care e-commerce platform FirstCry has reportedly offloaded 6.2 million shares prior to filing for the company’s initial public offer (IPO). According to a MoneyControl report, Maheshwari's offloaded shareholding would be over Rs 300 crore. FirstCry CEO has also listed himself as a selling shareholder in the public issue, according to the company's Draft Red-Herring Prospectus (DRHP). He had 7.46 per cent sta...
IPO-bound FirstCry`s CEO offloads shares worth Rs 300 cr
IPO-bound FirstCry`s CEO offloads shares worth Rs 300 cr
Source: IANS
2024-01-08 03:29:18 pm
E-commerce SaaS platform Unicommerce files for IPO, to sell 29.8 mn shares  E-commerce enablement SaaS platform Unicommerce has filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO). The SoftBank-backed company, which is under AceVector Group which also has Snapdeal and Stellaro Brands, has filed DRHP for a secondary sale of 29.8 million shares and does not include fresh issues. AceVector Limited is selling up to 1,14,59,840 equity shares while B2 Capital Partners and SB Investm...
E-commerce SaaS platform Unicommerce files for IPO, to sell 29.8 mn shares
E-commerce SaaS platform Unicommerce files for IPO, to sell 29.8 mn shares
Source: IANS
2024-01-06 05:57:03 pm
IPO-bound FirstCry files DRHP, aims to raise Rs 1,816 cr Mother and child care e-commerce platform FirstCry on Thursday filed its draft red herring prospectus (DRHP) with the market regulator SEBI, seeking to raise Rs 1,816 crore via fresh issue of shares. FirstCry’s parent company BrainBees Solutions filed the DRHP which includes offer-for-sale (OFS) comprising 5.4 crore equity shares. Japanese investment giant SoftBank is likely to sell up to 2 crore equity shares while Premji Invest is likely to sell 86 lakh shares during the OFS, ac...
IPO-bound FirstCry files DRHP, aims to raise Rs 1,816 cr
IPO-bound FirstCry files DRHP, aims to raise Rs 1,816 cr
Source: Reuters
2023-12-28 11:47:33 am
IPO-bound FirstCry`s losses surge to Rs 486 cr in FY23, revenue at Rs 5,632 cr  Mother and child care e-commerce platform FirstCry, likely to file a draft paper for its IPO soon, reported Rs 5,632 crore revenue from operations in FY23, while its losses surged over six times to Rs 486 crore from Rs 79 crore in FY22. The SoftBank-backed unicorn registered about 2.4 times growth in revenue but losses also went up significantly. Income from sale of products accounted for 98 per cent of the total operating revenue at Rs 5,519 crore in FY23, according to its financial...
IPO-bound FirstCry`s losses surge to Rs 486 cr in FY23, revenue at Rs 5,632 cr
IPO-bound FirstCry`s losses surge to Rs 486 cr in FY23, revenue at Rs 5,632 cr
Source: IANS
2023-12-27 02:58:32 pm
SoftBank likely sells $310 mn worth shares in IPO-bound FirstCry Japanese investment giant SoftBank has likely sold its stock worth $310 million in a second round sale in mother and child care e-commerce platform FirstCry, which is likely to file a draft paper for IPO this week. According to sources, SoftBank sold shares amounting to around Rs 630 crore this time. In total, SoftBank has sold shares worth $310 million in FirstCry in two rounds. SoftBank had invested $400 million in FirstCry at a valuation of around $900 million. According to an earlie...
SoftBank likely sells $310 mn worth shares in IPO-bound FirstCry
SoftBank likely sells $310 mn worth shares in IPO-bound FirstCry
Source: IANS
2023-12-26 11:03:18 am
Ola Electric to raise $662 million in India's first EV maker IPO SoftBank-backed Indian e-scooter maker Ola Electric said on Friday it will raise 55 billion rupees ($662 million) in an initial public offering (IPO) that is tipped to be one of the country's biggest share sales next year. The offering, which is the first by an EV-maker in the country, will include an issue of fresh stock, with CEO Bhavish Aggarwal and SoftBank selling up to 47.4 million and 23.9 million shares, respectively, according to a draft prospectus filed with the Ind...
Ola Electric to raise $662 million in India's first EV maker IPO
Ola Electric to raise $662 million in India's first EV maker IPO
Source: Reuters
2023-12-23 09:32:14 am
Zomato sees Rs 1,125 cr worth shares deal, SoftBank likely seller Shares worth $135 million (nearly Rs 1,125 crore) in food delivery platform Zomato exchanged hands via a block deal on Friday, with Japanese investment giant SoftBank being the likely seller. Around 1.06 per cent stake of the company or 9.35 crore shares exchanged hands in the deal during the early session. Zomato stock was trading around Rs 121 on the stock exchange after the block deal. SoftBank’s SVF Growth was the likely seller, which offloaded another 1.06 per cent stake i...
Zomato sees Rs 1,125 cr worth shares deal, SoftBank likely seller
Zomato sees Rs 1,125 cr worth shares deal, SoftBank likely seller
Source: IANS
2023-12-08 02:00:36 pm
SoftBank seeks to offload shares worth $135 million in India's Zomato - CNBC-TV18 The logo of Indian food delivery company Zomato is seen on its app on a mobile phone displayed in front of its company website in this illustration picture taken July 14, 2021. REUTERS/Florence Lo/Illustration/File Photo PICTURE PREVIEW XML BENGALURU (Reuters) - Japan's SoftBank is seeking to sell a 1.1% stake in the Indian food delivery platform Zomato through a block deal worth 11.28 billion rupees ($135.36 million), CNBC-TV18 reported on Thursday, citing sources. The ...
SoftBank seeks to offload shares worth $135 million in India's Zomato - CNBC-TV18
SoftBank seeks to offload shares worth $135 million in India's Zomato - CNBC-TV18
Source: Reuters
2023-12-07 07:39:26 pm
SoftBank reportedly selling stake worth $150 mn in logistics firm Delhivery Japanese investment giant SoftBank is going to sell its stake worth $150 million in logistics firm Delhivery, media reported on Thursday. According to Moneycontrol, citing sources, SoftBank is likely to sell the shares which equates to a around 4 per cent stake in Delhivery, via a block deal. SoftBank and Delhivery did not immediately comment on the report. SoftBank, via its subsidiary Svf Doorbell (Cayman), has a 14.6 per cent stake in the logistics firm. "Softbank is lookin...
SoftBank reportedly selling stake worth $150 mn in logistics firm Delhivery
SoftBank reportedly selling stake worth $150 mn in logistics firm Delhivery
Source: IANS
2023-11-17 09:07:52 am
WeWork reportedly preparing to file for bankruptcy, stock plunges further Leading flexible workspace provider WeWork, once valued at $47 billion, is reportedly filing for bankruptcy as early as next week, a move that is likely to hit the co-working real estate market. According to a Wall Street Journal report, citing sources, the flexible-office-space provider is now preparing for chapter 11 protection in the state of New Jersey. The WSJ report said that WeWork, after defaulting on interest payments on October 2, is considering filing for bankruptcy. A com...
WeWork reportedly preparing to file for bankruptcy, stock plunges further
WeWork reportedly preparing to file for bankruptcy, stock plunges further
Source: IANS
2023-11-01 10:17:57 am
SoftBank to sell 1.1% stake in Zomato for Rs 1,024 crore Japanese investment giant SoftBank's venture capital fund SVF Growth is reportedly set to sell 1.1 per cent stake in food delivery platform Zomato for around Rs 1,024 crore.The sale via a bulk deal is likely to see the offer price at Rs 109.4-Rs 111.65 per share, reports CNBC TV18, citing sources.Zomato or SoftBank did not officially comment on the upcoming bulk deal.Zomato's shares on BSE closed 1.6 per cent lower at Rs 111.40 per share on Thursday.In August, SoftBank had sold a partial stak...
SoftBank to sell 1.1% stake in Zomato for Rs 1,024 crore
SoftBank to sell 1.1% stake in Zomato for Rs 1,024 crore
Source: IANS
2023-10-20 09:18:05 am
KKR-backed Avendus to tap tech investment banking deals in Southeast Asia Indian financial services firm Avendus will start offering investment banking services from Singapore to cash in on an expected technology sector dealmaking boom in the Southeast Asia region.Majority owned by U.S. private equity giant KKR, Avendus is best known in India for advising large startups such as SoftBank-backed food delivery firm Swiggy and eyewear retailer Lenskart on their fund raising.Karan Sharma, a managing director for Avendus in India said the operations from Singapore will f...
KKR-backed Avendus to tap tech investment banking deals in Southeast Asia
KKR-backed Avendus to tap tech investment banking deals in Southeast Asia
Source: Reuters
2023-10-18 11:07:14 am
India`s Oyo in talks with Apollo to refinance $660 million loan Softbank-backed India's Oyo Hotels and Homes is in talks to refinance a $660 million loan with Apollo Management Inc after a delay in its initial public offering, Bloomberg News reported on Thursday, citing people familiar with the matter.The hotel aggregator is seeking to extend the maturity of the loan to five years, compared with an existing 2026 deadline, the report said, adding that a decision could be reached as early as next month."We regularly get approached for cheaper financing opti...
India`s Oyo in talks with Apollo to refinance $660 million loan
India`s Oyo in talks with Apollo to refinance $660 million loan
Source: Reuters
2023-10-06 09:45:36 am
Indian e-scooter maker Ather readies new models and exports after subsidy cuts Indian electric scooter maker Ather Energy will accelerate new model launches at home and test export markets, its chief executive told Reuters, raising new money to boost growth after the government lowered subsidies for the vehicles.India's electric scooter market is small but growing, with e-models accounting for 5% of total scooter and motorcycle sales in the last fiscal year against a government target of 70% by 2030.But in a surprise move in May, the government, without explanation, sla...
Indian e-scooter maker Ather readies new models and exports after subsidy cuts
Indian e-scooter maker Ather readies new models and exports after subsidy cuts
Source: Reuters
2023-09-19 10:56:53am
SoftBank explores investing in OpenAI after bumper Arm IPO Japanese major SoftBank is mulling to make an investment in Sam Altman-run OpenAI after the blockbuster listing of British chip designer Arm owned by Softbank, the media reported on Saturday.Masayoshi Son, SoftBank's founder and CEO, is potentially ?looking to invest tens of billions in AI after completing Arm?s initial public offering,? reports The Financial Times.?SoftBank could also look to strike a broad strategic partnership with the ChatGPT maker,? the report noted.UK chip designing gia...
SoftBank explores investing in OpenAI after bumper Arm IPO
SoftBank explores investing in OpenAI after bumper Arm IPO
Source: IANS
2023-09-17 09:14:41am