Top Trending Business News & Highlights
Nykaa Q4 Results: Net profit soars 187% YoY; GMV growth in the beauty industry reaches its greatest level in six quarters; five salient features
Results for the January-March quarter of fiscal 2023–24 (Q4FY24) were released by Nykaa's parent company, FSN E-Commerce Ventures, on Wednesday, May 22. The results showed a massive four-fold increase in the quarterly net profit attributable to shareholders, with a preference for customer retention over steep discounts. In the fourth quarter of FY24, the net profit increased by 187% to ₹6.9 crore from ₹2.4 crore during the same period the previous year. The company headed by Falguni Nayar had a 28% increase in operating revenue in the March quarter, totaling ₹1,668 crore, as opposed to ₹1,302 crore during the same period the previous year. The inclination of wealthy customers for high-end cosmetics and fragrances from names like Dior, Bobbi Brown, and Estee Lauder drove the sales.
Published 04 Jun 2024 10:34 PM
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
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Business globally are the pillars of any economy and they contribute in huge amount to take any country ahead financially and economically and boost the country grwoth.
Vodafone Idea and Team Vitality form a strategic partnership to advance the expansion of Indian esports
The State of India Gaming Report 2022 projects that by 2027, the Indian esports market will be worth $140 million. Esports as a category have been more well-known in recent years, particularly when they were first offered as legitimate medal sports on numerous international sports platforms. Vodafone Idea (Vi), one of India's top telecom providers, and Paris-based Team Vitality, a globally recognized esports organization, have announced a long-term partnership to strengthen the esports ecosystem in India in an effort to capitalize on this expanding consumer segment.The two brands hope to provide possibilities and exposes to both esports fans and gaming aficionados with this first-of-its-kind relationship. The agreement covers a wide range of activities, including gaming events, content partnerships, brand sponsorship, and one-of-a-kind experiences on an unprecedented scale. Vi clients will be able to take part in esports and get special access to some of the well-liked Teams Vitality competitions and teams as a result. Through this agreement, aspiring esports athletes from all around the nation will have access to professional players, master courses, meet-and-greets with esports talent, and a plethora of other chances. Vi is well-known for having a significant presence in the mobile gaming market and providing consumers with access to a large selection of ultra-casual games on Vi Games.Avneesh Khosla, CMO of Vi, commented on the affiliation, saying, "We have consistently worked to expand our gaming portfolio through appropriate partnerships and pertinent offerings. Gaming has always been our strategic focus area." Vi Games made sense to expand its focus in this area as esports, particularly among younger viewers, have transformed the mobile gaming landscape in recent years. We are thrilled to be working with Team Vitality, one of the top esports companies globally. Our joint goal is to promote and democratize India's esports industry. We'll be introducing some thrilling esports and other material geared toward young people in the upcoming months for our customers to enjoy. Speaking about the event Team Vitality's managing director, Randall Fernandez
Maharashtra Pink E-Rickshaw Scheme for Women to Launch Soon
Maharashtra Pink E-Rickshaw Scheme:- The Maharashtra government is about to launch a revolutionary program i.e., Maharashtra Pink E-Rickshaw Scheme to support women’s employment and safety. To address environmental concerns, the plan calls for the deployment of e-autos and the introduction of Pink Rickshaws in 10 major cities, including Mumbai city, Mumbai suburb, Thane, Panvel, Nagpur, Navi Mumbai, Pune, Pimpri-Chinchwad, Chatrapati Sambhaji Nagar, and Nashik. Read below to check the detailed information related to Maharashtra Pink E-Rickshaw Scheme 2024.Maharashtra Pink E-Rickshaw Scheme, 2024 Maharashtra Pink E-Rickshaw Scheme, led by women, will soon be available in ten Maharashtra cities, including Mumbai, Navi Mumbai, Thane, Pune, and Nagpur. The Women and Child Department presented a strategy to Deputy Chief Minister and Finance Minister Ajit Pawar.Dr. Prashant Narnaware, the commissioner of the Department of Women and Child Development, has proposed 5,000 pink rickshaws for the program's first year. Under this scheme, the government would subsidize unemployed women by 20% so they can buy rickshaws; they will pay 10% of the entire cost, with bank loans covering the other 70%.Goa, Lucknow, and Surat have already seen the introduction of similar e-rickshaws. Although the idea of women operating rickshaws is not new, the government has already created the Aboli Rickshaw program exclusively for women, with no financial support. Bank loans covered 85% of the vehicle's cost, requiring applicants to pay only 15% of the entire cost. Nonetheless, the Aboli Rickshaw program was unsuccessful, and aboli rickshaws are rare in Maharashtra today.
Zomato receives a notice of Rs 401.7 crore GST liability.
"Zomato Ltd., an online food delivery company, stated in a regulatory filing that it has received a show-cause notice regarding delivery charges totaling Rs 401.7 crore related to GST liability. On the other hand, Zomato claimed that since it collects delivery charges on behalf of delivery partners, it is not responsible for the amount. The Directorate General of GST Intelligence, Pune Zonal Unit, sent the company a Show Cause Notice (SCN) on December 26, 2023, in accordance with Section 74(1) of the Central Goods and Services Tax Act, 2017, the company stated in a regulatory filing."
Mutual Funds: Comprehending Tax Saving Funds and the Differences Between SIP and Lump Sum Routes
"In 2023, tax-saving mutual funds will play a major role in any financial plan. This is for optimizing tax liabilities in addition to financial growth. When we dig deeper into these funds, one of the most important decisions for investors to make is whether to use lumpsum or SIP (systematic investment plan). The decision between lumpsum and SIP approaches for tax-saving funds has a big impact on investors. Along with offering a wide selection of tax-saving mutual funds, the Bajaj Finserv mutual funds platform also features cutting-edge resources like the lumpsum calculator. Choosing between the lumpsum gains of investments or the disciplined approach of SIPs, Bajaj Finserv mutual funds guarantee a smooth and fruitful investment journey. Investigate your options, make use of the lump sum calculator, and set out to maximize your wealth with tax-saving mutual funds.
Following the trade agreement, India's overall exports to Australia have not changed much
The minor decline was primarily brought about by the diminished worth of petroleum product exports, which make up more than half of the total value of India's exports to Australia.Australian Minister for Trade and Tourism Don Farrell said in a statement on Wednesday, "The (Anthony) Albanese government welcomes confirmation today that the Indian Government has completed its domestic requirements to enable implementation of the Australia-India Economic Cooperation and Trade Agreement (ECTA).
Dr. Arvind Panagariya, a former NITI Aayog V-C, is named by the Center to lead the 16th Finance Commission.
"On Sunday, the Center named Dr. Arvind Panagariya, a former vice chairman of NITI Aayog, as the head of the 16th Finance Commission. According to a notification from the Department of Economic Affairs, IAS officer Ritvik Ranjanam Pandey will serve as the secretary of the Commission. The notification stated that the Chairman and the other Commission members would serve as such from the day they take office until the report is submitted, or until October 31, 2025, whichever comes first.It was also announced that Ritvik Ranjanam Pandey would be joining the Commission as secretary. Pandey, an IAS officer from 1998 batch, was appointed as an officer on special duty (OSD) for the advance cell of the 16th Finance Commission on November 6. Prior to this appointment, Pandey worked as a joint secretary in the department of revenue. Under Arvind Panagariya's direction, the 16th Finance Commission is well-positioned to influence fiscal policy, advance financial devolution, and tackle important problems like financing for disaster management. It is expected that the recommendations it makes will have a significant impact on the nation's economy."
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.
