This week’s featured stories
India can build and export next-generation AI software, says Nvidia CEO Jensen Huang: India has all the ingredients to collect databuild AI intelligence and export it to the rest of the world, Nvidia founding CEO Jensen Huang said at the Nvidia Artificial Intelligence (AI) Summit on Thursday.
Huang’s visit to India is getting multiple partnerships with the country’s largest technology companies and corporations, including Reliance Industries’ Jio, Tata Group, Infosys and group companies Larsen and Toubro (L&T), among others.
Nvidia offers to jointly develop chips with India: NVIDIA has proposed developing a chip jointly with India, people familiar with the matter said, as the company seeks to tap into India’s strong semiconductor design talent and also tap into this growing market.
Diligence of the deal
Varun Dua, CEO, Acko General Insurance
Acko in talks to close $120 million secondary deal; Catamaran, others may sell participation: Acko General Insurance is closing a secondary deal of 100 to 120 million dollars This will see some of its early backers, including Infosys founder Narayana Murthy’s venture capital firm Catamaran Ventures and Chrys Capital private equity fund founder Ashish Dhawan, sell stakes in the new-age insurer .
Udaan sees $100 million from UK M&G, others with fixed valuation: British savings and investment company M&G Prudential is in talks to lead a new round of financing of $80-100 million for Bengaluru-based business-to-business (B2B) e-commerce company Udaan, several people aware of the development told ET.
Logistics company Shadowfax expects $50 million, doubling its value to $700 million: Shadowfax, the Flipkart-backed hyperlocal logistics startup is in the advanced stages of closing a financing round 350-400 crore ($45-50 million), which will likely double its valuation to 5,500-6,000 crore ($700 million).
Fast trading action
Zomato CEO Deepinder Goyal at the ET Startup Awards 2024 in Bengaluru
Zomato to raise Rs 8,500 crore through QIP to fight fast commerce competition: Zomato Food and Grocery Platform Dashboard has approved its plan to raise Rs 8,500 crore through qualified institutional placement (QIP), a move aimed at strengthening the company’s balance sheet at a time when its rivals in the fast-trading segment are rapidly raising capital.
Despite a huge year-on-year rise in Zomato’s net profit, the company reported a sequential decline of Rs 253 crore in the previous quarter. This was mainly due to a tax payment of Rs 76 crore incurred by the company during the quarter.
Ranjan Pai, Cipla family stake in Zepto; startup moves NCLT to change address: Family offices of Manipal group boss Ranjan Pai, Mankind Pharma brothers Ramesh Juneja and Rajeev Juneja, and Cipla likely to join Zepto funding round as the fast-trading company looks to shore up its domestic share with “well-known and credible” names, sources said.
We had reported that Zepto has held talks to raise another $100-150 million from a group of national family offices and wealthy individuals with a pre-investment valuation of $4.6 billion.
Fast trade is taking away demand from neighborhood stores: Falguni Nayar of Nykaa | Falguni Nayar, founder and CEO of beauty and fashion retailer Nykaa, said Fast commerce has impacted offline channels. such as general and modern trade within the personal care category, and that the Mumbai-based company would not enter multiple fast trade categories “just for” ultra-fast delivery.
Fast commerce companies roll up their sleeves to get a big slice of the festival season pie: Fast trading platforms They seek to obtain a larger portion of the pie this festive season, especially in the context of Zomato’s billion-dollar fundraising plan, implementing aggressive customer acquisition and retention tactics.
Profit corner
Lalit Keshre, CEO of Groww
Groww pays tax bill of Rs 1,340 million for change of address, resulting in losses of Rs 805 million: Groww operating profit rose to Rs 535 crore from Rs 458 crore in FY23according to the company. It relocated its domicile to India earlier this year, joining the wave of Indian startups engaging in “reverse investing” to capitalize on the country’s evolving startup ecosystem.
Paytm gets NPCI nod for on-boarders on UPI, stock surges 11%: Shares of One 97 Communications rose more than 12% intraday on Wednesday, after the Paytm’s parent company said it has received clearance from the National Payments Corporation of India (NPCI). to restart the incorporation of new clients for the Unified Payments Interface service.
PhonePe FY24 operating income increased 74% to Rs 5,064 crore and loss decreased 29%: Sharing the details in its annual report for FY24, the Walmart-backed company said it reported an adjustment Net profit of Rs 197 crore in last financial yearexcluding employee share ownership costs, showing that its core operating business has started to turn a profit.
Go Digit posts 3x increase in second quarter net profit; Gross premium collected of Rs 2,368 crore: Go Digit General Insurance published a net profit of 89.4 million rupees for the July-September quarter, up 222% from Rs 27.7 crore a year earlier.
Online travel aggregator Ixigo posts 51% decline in net profit to Rs 14 crore in Q2: Ixigo’s parent company, Le Travenues Technology, recorded total expenses will rise to Rs 191 crore in the September quarter from Rs 169 crore year-on-year. It said profits fell due to an increase in the cost of deferred taxes and the share of losses incurred by an associate.
Rare Rabbit posts 69% rise in FY24 revenue to Rs 637 crore: Bengaluru-based Radhamani Textiles, owner of men’s fashion brand Rare Rabbit and women’s brand Rareism, closed FY24 with Rs 637 crore in operating income – a year-on-year jump of 69%.
Zomato-backed Shiprocket posts 21% rise in FY24 operating income: Shiprocket was operational profitable on a cash basis in the first two quarters of the current financial year, Goel said, adding that he expects full profitability by the end of FY25.
Education technology and fintech news
Ronnie Screwvala, Founder, Upgrad
Upgrad raises $60 million from Temasek at $2.25 billion valuation: Singapore Sovereign Fund Temasek has invested an additional $60 million in higher education and upskilling at startup Upgrad with a fixed valuation of $2.25 billion, people directly briefed on the matter said.
NPCI Curbs Unauthorized Use of UPI IDs by FinTech Companies: The National Payments Corporation of India (NPCI) is cracking down on all forms of “unauthorized” use of virtual IDs that are generated for Unified Payments Interface (UPI) transactions, beyond payments and settlements.
IT news and technology policy
IT companies optimistic about BFSI discretionary spending taking off: India’s IT industry appears to be recovering from a deep slowdown, driven by increased discretionary spendingparticularly in the financial services vertical and the North American market.
Apple supplier Jabil plans two more units in India with an investment of $275 million: Jabil is looking for expand operations in India and invest an additional $250 to $275 million (Rs 2,102-Rs 2,312 crore) in the country to set up at least two more manufacturing units over the next three-four years, sources told ET.
Apple tests Aequs in latest push to India supply chain: Aequs Group is currently in a trial period to be officially recognized as an Apple supplier. The company has the potential to become the second Indian company to join Apple’s supplier list.
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