Top Trending Business News & Highlights
Microsoft Unveils Copilot for Finance, an AI Solution to Simplify Tasks Associated with Enterprise Finance
Microsoft on Thursday unveiled Copilot for Finance, a new artificial intelligence (AI) tool designed to make everyday mundane tasks easier for financial professionals. The Copilot tool adds new features tailored to financial operations to the already-existing Copilot for Microsoft 365 stack, rather than creating a brand-new AI model. This AI tool, which focuses on enterprises, is currently in public preview. Notably, a recent update from the tech giant revealed additional features and significant enhancements for Windows 11.Microsoft presented its new AI tool in a blog post, pitching it as a means of allowing finance departments within businesses to focus on strategic tasks rather than tedious analysis and report writing. The business also cited a statistic from CFO magazine, stating that the "drudgery of data entry and review cycles" was cited by 62% of finance professionals polled as a reason they could not find time for strategic tasks. The tech giant claims that Copilot for Finance automates a number of financial tasks that would otherwise require users to put in long hours. It can accomplish a wide range of tasks, including using natural language prompts to conduct a variance analysis in Excel, reconciling data in Excel with automated data structure comparisons, giving a comprehensive summary of pertinent customer account details, transforming raw data into visuals and reports, and much more.
Published 04 Mar 2024 05:41 PM
Survey Says RBIs Paytm Action Won Affect Merchants Trust
Merchants' trust in the payment platform is unaffected by the severe limitations the Reserve Bank of India (RBI) placed on Paytm Payments Bank (PPBL), according to a survey done. According to Datum Intelligence, a Gurugram-based provider of business consulting and services, 59% of retailers still use Paytm and don't think the government crackdown will have an immediate effect on their business. The business conducted a survey with 2,000 business owners in 12 cities who accept payments through Paytm apps. According to a press release from Datum Intelligence, it was done between February 7 and February 15. Survey Says RBI's Paytm Action Won't Affect Merchants' Trust According to a Datum survey, 76% of retailers accept payments through Paytm. Merchants' trust in the payment platform is unaffected by the severe limitations the Reserve Bank of India (RBI) placed on Paytm Payments Bank (PPBL), according to a survey done. According to Datum Intelligence, a Gurugram-based provider of business consulting and services, 59% of retailers still use Paytm and don't think the government crackdown will have an immediate effect on their business. The business conducted a survey with 2,000 business owners in 12 cities who accept payments through Paytm apps. According to a press release from Datum Intelligence, it was done between February 7 and February 15. According to the survey, 21% of retailers are awaiting additional information The fact that a Paytm representative contacted them following the RBI ruling is what gives retailers their confidence. "After being contacted by a Paytm representative, 71% of merchants feel comfortable continuing to use Paytm for payments. According to the Datum Intelligence survey, only 11% of respondents are less confident about using Paytm for payments, and 14% of respondents are still looking for more information."Overall, the impact is limited on the merchant business and Paytm is engaging with merchants to reduce the damage and merchants are also waiting before deciding on alternatives," it added.
Published 28 Feb 2024 05:01 PM
India Accepts All Foreign Investment In The Space Industry
In an effort to facilitate business in the nation, the Indian government approved an amendment on Wednesday that permits 100% foreign direct investment (FDI) in the space sector. The government stated in a statement that the FDI policy reform will encourage growth in investment, income, and employment. The government stated in a statement that the FDI policy reform will encourage growth in investment, income, and employment.
Published 22 Feb 2024 01:45 AM
Thailands New Program Will Provide Up To $14,000 In Medical Coverage For Visitors
In an effort to entice travelers back after the pandemic, Thailand has launched a program to provide up to $14,000 in medical coverage in the event of an accident, the country's tourism minister announced on Thursday. Under the new plan, the government will pay up to 500,000 baht ($14,000) in expenses and up to one million baht in compensation in the event of a death. The kingdom's vital tourism industry was severely impacted by travel restrictions during the Covid-19 pandemic, and arrivals have not recovered as quickly as officials had hoped.According to AFP, the new Thailand Traveler Safety program launched on January 1 and will run through August 31. Sudawan Wangsuphakijkosol is the minister of tourism. "The campaign aims to assure foreign tourists that Thailand is safe and everyone will be under good care," she stated. For a long time, young travelers from all over the world who are looking for sun, sand, and excitement have been drawn to the kingdom. However, mishaps are not unusual, and in the past few months, there have been multiple accounts of young Europeans being left with large medical bills and insufficient insurance.The Thai government makes it clear that mishaps brought on by "negligence, intent, illegal acts" or reckless behavior are not covered by the program. Travelers can sign up for the program at tts.go.th, the website for Thailand Traveller Safety. In 2023, there were about 28 million tourists to Thailand, up from 11 million in the previous year but still far less than the 40 million that arrived in 2019, the final year before the pandemic.
Published 15 Feb 2024 04:11 PM
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Weak rural demand is anticipated to have an influence on the volume growth of FMCG companies in Q3.
Leading FMCG companies anticipate sequential improvement in consumer demand and low to mid-single-digit volume growth in the October–December quarter. Leading listed FMCG companies including Dabur, Marico, and Godrej Consumer Products stated in their quarterly reports that consumer demand from the rural market is trailing, even while the urban markets remained stable in the third quarter as demonstrated in the September quarter.Businesses anticipate a slow recovery since there are encouraging trends in volume trends and early indications of a recovery in consumption.Additionally, the producers anticipate growth in gross margins year over year, which will be aided by a moderating effect on inflation as the costs of essential inputs, including copra and edible oil, continue to be lower, and there has been some downward bias in the prices of crude derivatives. This will assist FMCG companies in allocating more funding for marketing and promotions. "Increasing advertising and promotion (A&P) spending will be the primary driver of a sizable amount of the gross margin growth. As a result, operating profit is anticipated to increase year over year and record an improvement, according to Dabur India's quarterly updates. This is somewhat faster than revenue growth.
Pre-Series A Funding of Rs 10 Crore is Secured by Settl for Co-Living Expansion
In a pre-series A investment round, investors including Gruhas, We Founder Circle, Inflection Point Ventures, and others have contributed Rs. 10 crore to the proptech startup Settl. Settl., which was founded in 2020, intends to use the money for technology advancement, staff growth, and working capital.With 60+ locations across Bengaluru, Hyderabad, Gurugram, and Chennai, Settl. is a co-living operator that offers 4000 beds, mostly for working people, for rental fees between Rs 12,500 and Rs 18,000 per bed.To date, the portal that lets users look for and rent completely furnished rooms, flats, or communal living spaces has raised a total of Rs 15 crore.Another IIT Madras initiative aims to support 100 businesses by 2024. By 2024, 100 companies from a variety of industries will be supported by the IIT Madras Incubation Cell (IITMIC), the institute's central hub for fostering, advising, and supervising diverse innovation and entrepreneurship initiatives."We at IIT Madras take tremendous satisfaction in the fact that we innovate a lot more. In 2024, we also want to launch 100 start-ups. A number of intriguing innovations are also emerging from IIT Madras-incubated start-ups, including Mindgrove Tech, AgniKul Cosmos, and Hyperloop start-up The ePlane Company. These startups will produce goods that are extremely important to the country." remarked Professor V. Kamakoti, Director of IIT Madras.
For FY23, Unacademys revenue jumps 26% to Rs 907 crore while its loss cuts
The test-prep startup Unacademy reported that, despite constant layoffs at the company, its losses in FY23 decreased by 41% to Rs 1,678 crore. In FY23, employee-related expenses decreased by 28% to Rs 1,281 crore.The test-prep startup Unacademy reported that, despite constant layoffs at the company, its losses in FY23 decreased by 41% to Rs 1,678 crore. In FY23, employee-related expenses decreased by 28% to Rs 1,281 crore.In what was a difficult year for the startup environment, many modern businesses, like Myntra, ZestMoney, and Curefoods, reported stronger revenues for FY23, but their losses also increased.Revenue at Myntra rises to Rs 4,375 crore: The apparel retailer Myntra, which is owned by Flipkart, reported a 25% increase in operating revenue to Rs 4,375 crore in FY23, despite a 31% increase in losses to Rs 782 crore. The online fashion platform's largest expense, amounting to Rs 1,758 crore, was spent on advertising and promotional activities, representing a 35% increase over the previous year.Unacademy reduces losses to Rs 1,678 crore, or 41%: Unacademy, a startup providing test preparation, reported that its losses in FY23, which included several layoffs at the company, decreased by 41% to Rs 1,678 crore. The Bengaluru-based firm saw a 26% increase in sales to Rs 907 crore during the year, while costs associated with payroll decreased by 28% to Rs 1,281 crore.ZestMoney reports a loss of Rs 412 crore. ZestMoney, a troubled startup that has been searching for a buyer, declared a net loss of Rs 412.4 crore for the fiscal year 2023. On the other hand, while total expenses increased by 21% to Rs 662.2 crore, overall revenue for the buy-now-pay-later platform increased by 72% to Rs 250 crore.
VinFast, A Rival To Tesla, Is Likely To Construct An EV Battery Plant In India
The test-prep startup Unacademy reported that, despite constant layoffs at the company, its losses in FY23 decreased by 41% to Rs 1,678 crore. In FY23, employee-related expenses decreased by 28% to Rs 1,281 crore.The test-prep startup Unacademy reported that, despite constant layoffs at the company, its losses in FY23 decreased by 41% to Rs 1,678 crore. In FY23, employee-related expenses decreased by 28% to Rs 1,281 crore.In what was a difficult year for the startup environment, many modern businesses, like Myntra, ZestMoney, and Curefoods, reported stronger revenues for FY23, but their losses also increased.Revenue at Myntra rises to Rs 4,375 crore: The apparel retailer Myntra, which is owned by Flipkart, reported a 25% increase in operating revenue to Rs 4,375 crore in FY23, despite a 31% increase in losses to Rs 782 crore. The online fashion platform's largest expense, amounting to Rs 1,758 crore, was spent on advertising and promotional activities, representing a 35% increase over the previous year.Unacademy reduces losses to Rs 1,678 crore, or 41%: Unacademy, a startup providing test preparation, reported that its losses in FY23, which included several layoffs at the company, decreased by 41% to Rs 1,678 crore. The Bengaluru-based firm saw a 26% increase in sales to Rs 907 crore during the year, while costs associated with payroll decreased by 28% to Rs 1,281 crore.ZestMoney reports a loss of Rs 412 crore. ZestMoney, a troubled startup that has been searching for a buyer, declared a net loss of Rs 412.4 crore for the fiscal year 2023. On the other hand, while total expenses increased by 21% to Rs 662.2 crore, overall revenue for the buy-now-pay-later platform increased by 72% to Rs 250 crore.
Rajat Diwakar is appointed CEO of iD Fresh Foods India.
Rajat Diwakar has been named CEO of iD Fresh Food's India division, the business announced on Friday. Diwakar worked as the Managing Director of Marico Bangladesh Limited before being hired by iD Fresh Foods. Additionally, he has over 20 years of experience leading FMCG companies.Leader of iD Fresh India, Rajat Diwakar Delhi, New: iD Fresh Food, a ready-to-cook packaged food firm, strengthened its leadership team on a national and international level on Friday by appointing industry veteran Rajat Diwaker as the India CEO and PC Musthafa as the Global CEO.Today, iD Fresh Food announced the appointment of Rajat Diwaker, a seasoned industry veteran, as the CEO for India. Rajat is a seasoned professional with more than 20 years of experience in the FMCG sector. He was the Managing Director of Marico Bangladesh Limited in his previous position. Additionally, he serves as a director on the board of Bangladesh's Foreign Investors' Chamber of Commerce and Industry (FICCI).In addition to continuing to lead the board of directors, PC Musthafa, who founded iD Fresh and served in that capacity for almost 20 years, now assumes the position of global CEO. Musthafa will be in charge of iD Fresh's worldwide market innovations, as well as international expansions, strategic acquisitions, the development of food-tech capabilities, and organizational culture inspiration.iD Fresh plans to designate specific Business Heads and CEOs for every international market as part of its expansion strategy. In actuality, the business is currently employing a US CEO. At present, more than one-third originates from sources outside of India. In 2024, the company intends to increase its presence in the current markets while branching out into new ones like Singapore and Australia.The global CEO of iD Fresh Food, PC Musthafa, commented on the most recent development, saying, "iD Fresh's journey has been incredibly rewarding so far, and we continue to make tremendous strides." I'm happy to have Rajat Diwaker join the iD Fresh team. I have no doubt that in the years to follow, we will accomplish greater things and win over more hearts under his capable and visionary leadership. And because of the unwavering support from customers that we have accumulated over the years, I am excited to lead the brand into new international markets as we set off on new experiences.
Revenues increase 67% as InCred Finance reports a net profit of Rs 121 crore for FY23.
InCred Finance, which joined the unicorn club last year, declared total revenues for the fiscal year 2023 of Rs 877.5 crore, a 67% increase over the previous fiscal year. According to data obtained from research platform Tracxn, the non-banking financial company also claimed a net profit of Rs 121 crore in FY23, a notable increase from the Rs 31 crore it reported in FY22.As the second unicorn of 2023, InCred Finance raised $60 million in December from a group of investors that included very wealthy customers, valued at $1.04 billion. The money will be utilized to expand its primary business verticals, which include lending to micro, small, and medium-sized businesses (MSME), consumers, and students.The other Indian firm to join the unicorn club in 2023 was Zepto, a quick commerce company. A privately held business valued at $1 billion or more is known as a unicorn. Experienced banker Bhupinder Singh launched InCred Finance, the lending division of InCred Group, in 2016. It offers loans in the areas of school finance, small business lending, and retail lending. It amalgamated with KKR India Financial S.A. in 2022.InCred said earlier in November that it has grown its loan portfolio to Rs 7,500 crore in six years, with over 50% compound annual growth over the previous three years. Institutional investors include the Abu Dhabi Investment Authority (ADIA), Moore Strategic Ventures, Elevar Equity, Oaks Asset Management, and the Dutch development financing corporation FMO have contributed money to InCred.
Fireside Ventures leads a 50 crore Series A fundraising round for mental health firm Amaha.
On Wednesday, Amaha, a company focused on mental health, announced that it has raised ₹50 crore in a Series A financing round led by Fireside Ventures. ₹15.6 crore more was contributed by other angel investors.Amaha, the former InnerHour, intends to expand and improve its mental health offerings with the help of this investment. Serving more than 600 Indian locations, the Mumbai-based organization provides a range of therapies and care programs for mental health issues like anxiety, depression, bipolar disorder, ADHD, OCD, schizophrenia, and addictions.The portfolio of Fireside Ventures, an investment firm that focuses mostly on consumer-focused startups, comprises businesses in the food and beverage, personal care, kids & education, lifestyle, and home products industries. It made investments in various wellness firms last year, including The Good Bug and Inito.A portion of the increased awareness and support for mental health and wellness in recent years has come from celebrities, including actors and cricket players, as well as from a number of organizations and social media platforms. Amaha was established in 2016 and offers digital services via an app that provides self-care tools and resources, in addition to operating physical centers in Delhi NCR, Bengaluru, and Mumbai. The founder and CEO of Amaha, Amit Malik, stated in an interview with Mint that "we're looking to go beyond digital at this stage because I think there is a lot of unmet need within the industry." Amaha has been aggressively investing in infrastructure, including physical clinics and technical advancements, despite growing losses in 2023 and maintaining a positiveAmaha obtained $5.2 million from Lightbox Ventures, a venture capital firm, in 2021. Additional angel investors that took part were Hitesh Oberoi, CEO & MD of Info Edge India Pvt. Ltd., Pankaj Sahni, CEO of Medanta-The Medicity Hospitals, and Capricorn Ventures & Micasa Investments (Singapore).
Melissa Niebes is named CEO of Federal Package, effective January 1, 2024.
Melissa Niebes has been named the new Chief Executive Officer of Federal Package, a turnkey contract manufacturer with its headquarters located in Chanhassen, MN. Her appointment will take effect on January 1, 2024. Niebes is Federal Package's President and Chief Commercial Officer at the moment. She will take over as CEO from Steve Dakolios, who recently declared his intention to become a Vice Chairman and Senior Advisor at Federal Package."Melissa has a strong track record as a growth-oriented leader in the consumer goods sector. She has given the business new life, direction, and energy. As the business grows, she will keep improving operational effectiveness and organizational procedures. The time is right for new leadership, and Melissa is qualified to advance our long-term plan and quicken
Ranji Trophy: Hand of Pondicherry Delhi lost by nine wickets.
The Ranji Trophy campaign for Delhi in 2023–24 got off to the worst conceivable start. It was Pondicherry's sole victory in the Ranji Trophy elite group, as they thrashed Delhi by nine wickets.On a chilly Day 4, Pondicherry's victory was a formality when Gourav Yadav and Abin Matthew dismissed Delhi's overnight batters, Harsh Tyagi and Ishant Sharma, early in their second innings, as they collapsed for 145 runs. With nine wickets remaining, Pondicherry took down the score in 13.1 overs, needing just 50 runs to win.Ranji Trophy 2024: Puducherry defeated Delhi, the defending champions, by nine wickets in their home opener. Former Madhya Pradesh fast bowler Gourav Yadav haunted Delhi in their own backyard with a match-winning tally of 10 wickets.Puducherry had one of their greatest victories in Ranji Trophy history on Monday, January 8, when they defeated Delhi, one of the league's heavyweights, by nine wickets in the opening game of Elite Group D at the Arun Jaitley Stadium in New Delhi. On a chilly morning in the capital city, Puducherry only needed to chase 51 runs to win, and they did so in style in just 13.4 overs.
On New Year's Eve, more than 4.8 lakh biryanis were ordered on Swiggy.
"During the New Year's Eve festivities, Swiggy received over 4.8 lakh orders for biryani, with a peak order of 1,244 units of the dish every minute, according to sources who work for the meal delivery service on Monday. While nearly 40% of biryani orders came from Hyderabad, Swiggy Instamart, the grocery and home essentials ordering platform, processed 1.6 times more orders per minute than the previous record set on November 19, 2023, during the Cricket World Cup final."
Resilient financial system and economy, prompt action from the RBI to stop risk accumulation: Das Shaktikanta
"The central bank is still ""alert and committed to act early and decisively to prevent any build-up of risks,"" according to RBI Governor Shaktikanta Das.According to a report by the Reserve Bank of India (RBI), the country's economy and financial system are still strong due to solid macroeconomic foundations, sound financial institution balance sheets, moderate inflation, improving external sector conditions, and ongoing fiscal consolidation. The central bank is still ""alert and committed to act early and decisively to prevent any build-up of risks,"" according to RBI Governor Shaktikanta Das. In the Financial Stability Report (FSR), Das stated, ""Our recent macroprudential measures to curb lenders' exuberance towards certain segments of retail loans underline our commitment to preserve financial stability without compromising availability of funds for productive requirements of the economy."""
RBI deputy Governor Swaminathan J. says banks should rely less on bulk deposits.
"Long-term large deposits will still need to be managed even when interest rates decline, which could result in lower margins eating up profit, according to Reserve Bank deputy governor Swaminathan J.The RBI deputy governor stated that the regulator has discovered that many banks are not even investing the full amount allocated for IT, highlighting this as a significant risk. The issue of inadequate management and governance in banks was also brought up by Swaminathan."
The RBI designates ICICI Bank, SBI, and HDFC Bank as systemically important banks
The RBI stated that SBI and HDFC Bank move to higher buckets—SBI moves from bucket 3 to bucket 4 and HDFC Bank moves from bucket 1 to bucket 2—while ICICI Bank stays in the same bucketing structure as last year. In 2015 and 2016, the Reserve Bank declared SBI and ICICI Bank to be D-SIBs. Along with SBI and ICICI Bank, HDFC Bank was also designated as a D-SIB based on information gathered from banks as of March 31, 2017. The current update is based on the data collected from banks as on March 31, 2023 and factoring in the increased systemic importance of HDFC Bank post the merger of erstwhile HDFC Ltd into HDFC Bank on July 1, 2023.
Ranji Trophy: Hand of Pondicherry Delhi lost by nine wickets.
The Ranji Trophy campaign for Delhi in 2023–24 got off to the worst conceivable start. It was Pondicherry's sole victory in the Ranji Trophy elite group, as they thrashed Delhi by nine wickets.On a chilly Day 4, Pondicherry's victory was a formality when Gourav Yadav and Abin Matthew dismissed Delhi's overnight batters, Harsh Tyagi and Ishant Sharma, early in their second innings, as they collapsed for 145 runs. With nine wickets remaining, Pondicherry took down the score in 13.1 overs, needing just 50 runs to win.Ranji Trophy 2024: Puducherry defeated Delhi, the defending champions, by nine wickets in their home opener. Former Madhya Pradesh fast bowler Gourav Yadav haunted Delhi in their own backyard with a match-winning tally of 10 wickets.Puducherry had one of their greatest victories in Ranji Trophy history on Monday, January 8, when they defeated Delhi, one of the league's heavyweights, by nine wickets in the opening game of Elite Group D at the Arun Jaitley Stadium in New Delhi. On a chilly morning in the capital city, Puducherry only needed to chase 51 runs to win, and they did so in style in just 13.4 overs.
Melissa Niebes is named CEO of Federal Package, effective January 1, 2024.
Melissa Niebes has been named the new Chief Executive Officer of Federal Package, a turnkey contract manufacturer with its headquarters located in Chanhassen, MN. Her appointment will take effect on January 1, 2024. Niebes is Federal Package's President and Chief Commercial Officer at the moment. She will take over as CEO from Steve Dakolios, who recently declared his intention to become a Vice Chairman and Senior Advisor at Federal Package."Melissa has a strong track record as a growth-oriented leader in the consumer goods sector. She has given the business new life, direction, and energy. As the business grows, she will keep improving operational effectiveness and organizational procedures. The time is right for new leadership, and Melissa is qualified to advance our long-term plan and quicken
Fireside Ventures leads a 50 crore Series A fundraising round for mental health firm Amaha.
On Wednesday, Amaha, a company focused on mental health, announced that it has raised ₹50 crore in a Series A financing round led by Fireside Ventures. ₹15.6 crore more was contributed by other angel investors.Amaha, the former InnerHour, intends to expand and improve its mental health offerings with the help of this investment. Serving more than 600 Indian locations, the Mumbai-based organization provides a range of therapies and care programs for mental health issues like anxiety, depression, bipolar disorder, ADHD, OCD, schizophrenia, and addictions.The portfolio of Fireside Ventures, an investment firm that focuses mostly on consumer-focused startups, comprises businesses in the food and beverage, personal care, kids & education, lifestyle, and home products industries. It made investments in various wellness firms last year, including The Good Bug and Inito.A portion of the increased awareness and support for mental health and wellness in recent years has come from celebrities, including actors and cricket players, as well as from a number of organizations and social media platforms. Amaha was established in 2016 and offers digital services via an app that provides self-care tools and resources, in addition to operating physical centers in Delhi NCR, Bengaluru, and Mumbai. The founder and CEO of Amaha, Amit Malik, stated in an interview with Mint that "we're looking to go beyond digital at this stage because I think there is a lot of unmet need within the industry." Amaha has been aggressively investing in infrastructure, including physical clinics and technical advancements, despite growing losses in 2023 and maintaining a positiveAmaha obtained $5.2 million from Lightbox Ventures, a venture capital firm, in 2021. Additional angel investors that took part were Hitesh Oberoi, CEO & MD of Info Edge India Pvt. Ltd., Pankaj Sahni, CEO of Medanta-The Medicity Hospitals, and Capricorn Ventures & Micasa Investments (Singapore).
Revenues increase 67% as InCred Finance reports a net profit of Rs 121 crore for FY23.
InCred Finance, which joined the unicorn club last year, declared total revenues for the fiscal year 2023 of Rs 877.5 crore, a 67% increase over the previous fiscal year. According to data obtained from research platform Tracxn, the non-banking financial company also claimed a net profit of Rs 121 crore in FY23, a notable increase from the Rs 31 crore it reported in FY22.As the second unicorn of 2023, InCred Finance raised $60 million in December from a group of investors that included very wealthy customers, valued at $1.04 billion. The money will be utilized to expand its primary business verticals, which include lending to micro, small, and medium-sized businesses (MSME), consumers, and students.The other Indian firm to join the unicorn club in 2023 was Zepto, a quick commerce company. A privately held business valued at $1 billion or more is known as a unicorn. Experienced banker Bhupinder Singh launched InCred Finance, the lending division of InCred Group, in 2016. It offers loans in the areas of school finance, small business lending, and retail lending. It amalgamated with KKR India Financial S.A. in 2022.InCred said earlier in November that it has grown its loan portfolio to Rs 7,500 crore in six years, with over 50% compound annual growth over the previous three years. Institutional investors include the Abu Dhabi Investment Authority (ADIA), Moore Strategic Ventures, Elevar Equity, Oaks Asset Management, and the Dutch development financing corporation FMO have contributed money to InCred.
Rajat Diwakar is appointed CEO of iD Fresh Foods India.
Rajat Diwakar has been named CEO of iD Fresh Food's India division, the business announced on Friday. Diwakar worked as the Managing Director of Marico Bangladesh Limited before being hired by iD Fresh Foods. Additionally, he has over 20 years of experience leading FMCG companies.Leader of iD Fresh India, Rajat Diwakar Delhi, New: iD Fresh Food, a ready-to-cook packaged food firm, strengthened its leadership team on a national and international level on Friday by appointing industry veteran Rajat Diwaker as the India CEO and PC Musthafa as the Global CEO.Today, iD Fresh Food announced the appointment of Rajat Diwaker, a seasoned industry veteran, as the CEO for India. Rajat is a seasoned professional with more than 20 years of experience in the FMCG sector. He was the Managing Director of Marico Bangladesh Limited in his previous position. Additionally, he serves as a director on the board of Bangladesh's Foreign Investors' Chamber of Commerce and Industry (FICCI).In addition to continuing to lead the board of directors, PC Musthafa, who founded iD Fresh and served in that capacity for almost 20 years, now assumes the position of global CEO. Musthafa will be in charge of iD Fresh's worldwide market innovations, as well as international expansions, strategic acquisitions, the development of food-tech capabilities, and organizational culture inspiration.iD Fresh plans to designate specific Business Heads and CEOs for every international market as part of its expansion strategy. In actuality, the business is currently employing a US CEO. At present, more than one-third originates from sources outside of India. In 2024, the company intends to increase its presence in the current markets while branching out into new ones like Singapore and Australia.The global CEO of iD Fresh Food, PC Musthafa, commented on the most recent development, saying, "iD Fresh's journey has been incredibly rewarding so far, and we continue to make tremendous strides." I'm happy to have Rajat Diwaker join the iD Fresh team. I have no doubt that in the years to follow, we will accomplish greater things and win over more hearts under his capable and visionary leadership. And because of the unwavering support from customers that we have accumulated over the years, I am excited to lead the brand into new international markets as we set off on new experiences.
VinFast, A Rival To Tesla, Is Likely To Construct An EV Battery Plant In India
The test-prep startup Unacademy reported that, despite constant layoffs at the company, its losses in FY23 decreased by 41% to Rs 1,678 crore. In FY23, employee-related expenses decreased by 28% to Rs 1,281 crore.The test-prep startup Unacademy reported that, despite constant layoffs at the company, its losses in FY23 decreased by 41% to Rs 1,678 crore. In FY23, employee-related expenses decreased by 28% to Rs 1,281 crore.In what was a difficult year for the startup environment, many modern businesses, like Myntra, ZestMoney, and Curefoods, reported stronger revenues for FY23, but their losses also increased.Revenue at Myntra rises to Rs 4,375 crore: The apparel retailer Myntra, which is owned by Flipkart, reported a 25% increase in operating revenue to Rs 4,375 crore in FY23, despite a 31% increase in losses to Rs 782 crore. The online fashion platform's largest expense, amounting to Rs 1,758 crore, was spent on advertising and promotional activities, representing a 35% increase over the previous year.Unacademy reduces losses to Rs 1,678 crore, or 41%: Unacademy, a startup providing test preparation, reported that its losses in FY23, which included several layoffs at the company, decreased by 41% to Rs 1,678 crore. The Bengaluru-based firm saw a 26% increase in sales to Rs 907 crore during the year, while costs associated with payroll decreased by 28% to Rs 1,281 crore.ZestMoney reports a loss of Rs 412 crore. ZestMoney, a troubled startup that has been searching for a buyer, declared a net loss of Rs 412.4 crore for the fiscal year 2023. On the other hand, while total expenses increased by 21% to Rs 662.2 crore, overall revenue for the buy-now-pay-later platform increased by 72% to Rs 250 crore.
For FY23, Unacademys revenue jumps 26% to Rs 907 crore while its loss cuts
The test-prep startup Unacademy reported that, despite constant layoffs at the company, its losses in FY23 decreased by 41% to Rs 1,678 crore. In FY23, employee-related expenses decreased by 28% to Rs 1,281 crore.The test-prep startup Unacademy reported that, despite constant layoffs at the company, its losses in FY23 decreased by 41% to Rs 1,678 crore. In FY23, employee-related expenses decreased by 28% to Rs 1,281 crore.In what was a difficult year for the startup environment, many modern businesses, like Myntra, ZestMoney, and Curefoods, reported stronger revenues for FY23, but their losses also increased.Revenue at Myntra rises to Rs 4,375 crore: The apparel retailer Myntra, which is owned by Flipkart, reported a 25% increase in operating revenue to Rs 4,375 crore in FY23, despite a 31% increase in losses to Rs 782 crore. The online fashion platform's largest expense, amounting to Rs 1,758 crore, was spent on advertising and promotional activities, representing a 35% increase over the previous year.Unacademy reduces losses to Rs 1,678 crore, or 41%: Unacademy, a startup providing test preparation, reported that its losses in FY23, which included several layoffs at the company, decreased by 41% to Rs 1,678 crore. The Bengaluru-based firm saw a 26% increase in sales to Rs 907 crore during the year, while costs associated with payroll decreased by 28% to Rs 1,281 crore.ZestMoney reports a loss of Rs 412 crore. ZestMoney, a troubled startup that has been searching for a buyer, declared a net loss of Rs 412.4 crore for the fiscal year 2023. On the other hand, while total expenses increased by 21% to Rs 662.2 crore, overall revenue for the buy-now-pay-later platform increased by 72% to Rs 250 crore.
Pre-Series A Funding of Rs 10 Crore is Secured by Settl for Co-Living Expansion
In a pre-series A investment round, investors including Gruhas, We Founder Circle, Inflection Point Ventures, and others have contributed Rs. 10 crore to the proptech startup Settl. Settl., which was founded in 2020, intends to use the money for technology advancement, staff growth, and working capital.With 60+ locations across Bengaluru, Hyderabad, Gurugram, and Chennai, Settl. is a co-living operator that offers 4000 beds, mostly for working people, for rental fees between Rs 12,500 and Rs 18,000 per bed.To date, the portal that lets users look for and rent completely furnished rooms, flats, or communal living spaces has raised a total of Rs 15 crore.Another IIT Madras initiative aims to support 100 businesses by 2024. By 2024, 100 companies from a variety of industries will be supported by the IIT Madras Incubation Cell (IITMIC), the institute's central hub for fostering, advising, and supervising diverse innovation and entrepreneurship initiatives."We at IIT Madras take tremendous satisfaction in the fact that we innovate a lot more. In 2024, we also want to launch 100 start-ups. A number of intriguing innovations are also emerging from IIT Madras-incubated start-ups, including Mindgrove Tech, AgniKul Cosmos, and Hyperloop start-up The ePlane Company. These startups will produce goods that are extremely important to the country." remarked Professor V. Kamakoti, Director of IIT Madras.
