Ixigo Refiles DRHP For IPO, Slashes Fresh Issue Size To INR 120 Cr

"SUMMARY The company's initial public offering (IPO) includes a fresh issue of INR 120 Cr and an equity portion of 6.66 Cr The fresh proceeds will be used to fund the startup's working capital needs, technology development and support inorganic growth through acquisitions..On Wednesday, February 14, the parent company of online travel aggregator (OTA) ixigo, Le Travenues Technology Ltd, re-filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The startup's initial public offering (IPO) will include an offer for sale (OFS) component of 6.66 Cr equity shares and a new issue of INR 120 Cr, according the DRHP.  Among the investors who will sell shares via OFS are cofounders Aloke Bajpai and Rajnish Kumar, SAIF Partners India, Peak XV Partners, and Micromax Informatics. The IPO revenues of INR 45 Cr would be used by the firm to meet its working capital needs.  The remaining INR 26 Cr will be used to expand investments in data science, artificial intelligence, and stacking the tech stack investments, among other things, in artificial intelligence and data science. Additionally, the money collected from the IPO will be put towards general business needs and acquisitions to support inorganic development. Ixigo is a travel technology platform that was founded in 2007 by Bajpai and Kumar. It generates income through the selling of different travel-related services, such as bus, rail, and airline tickets. By providing advertising services on its platform, it also makes money. Over the last 15 years, the firm has garnered around $88 million in capital from a variety of investors, including Peak XV Partners, Singapore's GIC, InfoEdge, Elevation Capital, and Fosun RZ. At the height of the funding boom in 2021, it last raised $53 million. Its rivals include Cleartrip, MakeMyTrip, EaseMyTrip, and Yatra. Ixigo's initial public offering (IPO) coincides with a series of cost-cutting initiatives the traveltech business has implemented over the last year to improve financial performance. Cofounder Bajpai discussed ixigo's frugal plan and mentioned that the company's zero-dollar marketing strategy had greatly benefited profitability in an interview with Inc42 last year. In the fiscal year 2022–2023 (FY23), the company surpassed the INR 500 Cr operational revenue revenue mark, up 32% year over year (YoY), thanks to post-pandemic growth and its thrifty attitude. In addition to this, the OTA recorded a net profit in FY23 of INR 23.4 Cr as opposed to a deficit in FY22 of INR 21.1 Cr. In the nine months that concluded in December 2023, Ixigo generated operational revenue of INR 491 Cr, according to the DRHP. During this time, its profit was INR 65.7 Cr, compared to INR 18.7 Cr the previous year. The company is making its second effort at going public. In 2021, it first submitted a DRHP for an INR 1,600 Cr IPO. Ixigo, however, decided against going public because of the unfavourable macroeconomic climate, which saw funding freezes and market volatility hit new-age tech firms. "

Cricket, elections to help TV AdEx grow 8% in 2024

Today in Mumbai, prominent figures from the marketing and advertising fields as well as leaders in the industry launched the Pitch Madison Advertising Report (PMAR). The study makes projections about media and advertising sector ad spending that will enable companies to completely transform their approach to marketing. The Pitch Madison Advertising Report predicts that linear TV will rise this year as big, established marketers still have faith in TV's ability to establish brands. "In 2024, we anticipate that TV will add an additional Rs 2,700 crore and grow by 8%, reaching a total of Rs 35,575 crore." TV will, however, lose 1% of the market share with this growth and end up at 32%, according to the research. The report further revealed that TV AdEx is under pressure as there is a growing perception that the very large lower middle class is under severe financial pressure and is being forced to buy and spend less. The report added that the reluctance of start-ups to finance expensive large-format shows, which are very profitable for broadcasters, is putting enormous pressure on TV ADEX. On the other hand, consumption of FMCG televisions is expected to increase year-on-year to drive volume growth. Positive factors that can drive the growth of TV AdEx are belief in the branding power of television, cricket tournaments IPL and ICC Men's T. 20 Cricket World Cup and general elections e.g.. The PMAR provides insights and forecasts for the future by analysing the amount and usage of advertising funds over the previous year. It seeks to comprehend the difficulties and possibilities that face marketers and the print, broadcast, radio, out-of-home, online, and film industries. PMAR's comprehensive data and insights allow advertisers, media planners/buyers, and brands to evaluate the previous year and make informed plans for the upcoming one. For information on current market trends and significant advancements across a range of media, media owners, marketers, and specialists in media buying and planning should consult this report.

Narendra Modi UAE Visit Highlights UPI payment to begin in UAE soon, announces PM

Highlights of Prime Minister Narendra Modi's UAE visit: At the 'Ahlan Modi' event in Abu Dhabi, Modi spoke to the Indian diaspora. Highlights of Narendra Modi's UAE visit: On Tuesday, Prime Minister Narendra Modi began a two-day visit to the United Arab Emirates (UAE). President Mohamed bin Zayed Al Nahyan met Modi at the airport in a cordial manner. The two chiefs gave each other hugs. Later on, he received a guard of honour. The two leaders also had extensive discussions in which they went over the strategic partnership, talked about potential new areas of collaboration, and saw a number of agreements, including a bilateral investment pact, signed. The temple is located in Abu Mureikhah near Al Rahba on the Dubai-Abu Dhabi Sheikh Zayed Highway. It has reached about 27 hectares of land in Abu Dhabi and construction work is ongoing since 2019. The land for the temple was donated by the United Arab Emirates government. During Modiand#039's meeting with UAE President Mohamed bin Zayed Al Nahyan, the leaders witnessed the exchange of eight agreements, including a bilateral investment treaty, a memorandum of understanding on cooperation in electricity connectivity and trade, and an intergovernmental framework agreement between India and India . . . UAE in the India-Middle East Economic Corridor. Modi also congratulated the UAE President on the launch of JAYWAN, the country's domestic card based on RuPay's digital credit and debit card. Both the drivers saw the transaction that was made with JAYWAN's card. Modi will also attend the World Government Summit 2024 in Dubai as the guest of honor during his visit, where he will deliver the keynote address. Modiandi's visit to the UAE is his seventh since 2015 and the third in the last eight months, highlighting the strong ties between the Indian and UAE leadership. Here are some highlights of PM Modiand visit #039 to UAE. ."UPI payment to begin in UAE soon," said PM Narendra Modi during his live visit to the country. At the 'Ahlan Modi' event, the Prime Minister addressed the Indian diaspora and announced that UPI payments will soon start in the United Arab Emirates. "It will make seamless payments between India and UAE accounts possible," he states. UPI (Unified Payment Interface) services were launched in Abu Dhabi on Tuesday by Prime Minister Narendra Modi and President Sheikh Mohammed Bin Zayed Al Nahyan of the United Arab Emirates. The Indian Prime Minister is scheduled to dedicate the country's first Hindu stone temple during his two-day visit to the Gulf state. During a bilateral encounter, the president of the UAE and Modi exchanged multiple Memoranda of Understandings (MoUs). "First and first, Brother, let me sincerely thank you for your cordial welcome. It is quite uncommon for us to have met five times in the past seven months. I've also had the chance to visit this place seven times; the manner we've advanced in all areas remarkable..  

Dubai Hosted PMFAIs International Crop Science Conference & Exhibition

The JW Marriott Marquis Hotel in Dubai, United Arab Emirates hosted the 18th edition of PMFAI's International Crop Science Conference & Exhibition (ICSCE 2024 Dubai) on February 8–9, 2024.The two-day celebration got off to a lucky start on February 8, 2024, when PMFAI President Pradip Dave gave a heartfelt welcome speech. In his inaugural speech, Dave emphasized the significance of the occasion, emphasizing how far it has come since PMFAI's first event in Mumbai in 1997.  ICSCE serves as an international trade platform for the agrochemical, agri-biological, and related product industries. It helps these industries stay up to date on market developments and build strategic and sourcing partnerships with foreign businesses. Additionally, PMFAI organizes the annual International Conference on Biological Sciences and Agriculture (ICSCE) to promote the health of the Generic Pesticide Industry and to bring together agricultural researchers, pesticide producers, agrochemical merchants, agricultural biological industries, and related businesses.ICSCE has gone a long way to become known as the top Agri Inputs event that connects the agrochemical, agri-biological, and agriculture sectors since its inaugural event was held in Mumbai, India, in 1997. Agrochemical exports from India were valued at Rs. 270 crores (US $32.5 million) in 1997, the year the PMFAI hosted the first ICSCE. Today, that figure has risen to Rs. 45,000 crores ($5.4 billion) and beyond. Through joint ventures, bilateral commerce, subcontracting, contract manufacturing, contract distribution, and networking possibilities, ICSCE offered businesses the chance to grow and benefit from each other's advantages.  There was a great response at ICSCE 2024 Dubai, with delegates actively participating from all around the world. At the conclusion of the first session, Deepak Shah, Vice President-PMFAI and Chairman of the Crop Care Federation of India, expressed gratitude to all of the speakers, exhibitors, sponsors, and attendees for their enthusiastic involvement and support of the occasion.For two days, ICSCE 2024 Dubai featured the product portfolios of ninety-one top firms. The event proved to be a big success, drawing in over 2,500 attendees and more than 1,200 registered delegates.Participating in the event were delegates from Argentina, Australia, Afghanistan, Brazil, Bangladesh, Belgium, China, Egypt, Ethiopia, France, Germany, Guinea, Ghana, Georgia, Iran, Iraq, Indonesia, Ireland, Italy, Jordan, Kenya, Lebanon, Lithuania, Malaysia, Malwai, Morocco, Myanmar, Nigeria, Netherlands, Oman, Poland, Pakistan, Russia, Saudi Arabia, Scotland, Singapore, Sri Lanka, Somalia, Sudan, Syria, Turkiye, Tanzania, Tunisia, USA, UAE, Uganda, Ukraine, United Kingdom, Uruguay, and Zambia.Renowned scientists studying pesticides, specialists in biological products, and business professionals were in attendance for the two days of the event. They presented on a range of significant subjects, a summary of which is provided below:  

Indias Plans to Transform Their Stealth Subs into Powerful War Machines

Heavy-weight torpedoes will make India's Kalvari class submarines more capable, effective, and deadly, according to a veteran of the Indian Navy.Captain DK Sharma, a former Indian Navy spokesperson, made these remarks in response to media reports indicating that the nation's blue water force was planning to purchase torpedoes from both international and indigenous companies.Strengthening the Kalvari Class Subs in India Six contemporary stealth submarines are now in the fleet of the Indian Navy, and three more are scheduled to join it in the next years. In this regard, Sharma emphasized that the submarine's strength lies in its secrecy, and that when fully armed, it may destroy a danger with great power. Therefore, having longer-range torpedoes will only improve the Indian Navy's submarines' capabilities.He said that makes the enemy extremely, very unsure about whether to use that region or leave the harbor.According to Sharma, the enemy wouldn't be troubled by a toothless submarine. Heavy-weight torpedoes will make India's Kalvari class submarines more capable, effective, and deadly, according to a veteran of the Indian Navy.The words of Captain DK Sharma, a former spokesperson of the Indian Navy, came in the aftermath of media reports that stated that the country's blue.He said that although India had not previously produced defense equipment, it was now doing so and that this was because the nation possessed a wide range of testing and trial laboratories as well as the knowledge and skills necessary to produce military hardware.  

IMPACT OF SHARK TANK INDIA ON THE GROWING STARTUP MINDSET IN INDIA

Examine how Shark Tank's existence changes the way Indian startups approach their business, stimulating creativity and investor interest in the vibrant ecosystem of entrepreneurship.shark tank India, which was modeled off the same-titled American TV series, has had a significant influence on the country's startup landscape since its December 2021 premiere. In the show, aspiring business owners present their concepts to a group of investors known as "Sharks" in the hopes of receiving capital and advice.Aspiring business owners approach the stage, pitching their ground-breaking concepts to a group of seasoned investors known as "Sharks" with nothing more than their vision and resolve.More than 100 million people have watched Shark Tank India, which has sparked a national entrepreneurial fervor. An increasing number of startup applications and inquiries to incubators and accelerators are indicative of this spike, which suggests that Indians are becoming more interested in becoming entrepreneurs.Our connection with television has altered recently as a result of the digital age, which allows us to consume content anywhere, anytime, and across a variety of media. This changed when Shark Tank India began to stream on Sony TV at a peak time of 9 PM. The US broadcast of Shark Tank's inaugural season took place in 2009. It made its way to India in 2021 after 13 seasons of great success, and in just two months, it drastically and urgently altered Indian society.People's perceptions of the startup culture have been altered by this reality show. This show is based on the actual ideas of the average person, where each idea is unique, as opposed to the typical reality shows that are a competition for a trophy and prize. Not only are compelling pitches and financial backing important, but viewers are also interested in the sharks' reactions to specific ideas and their recommendations, which is another aspect of the show. In other words, this show is essentially a blend of educating and entertainment that keeps viewers interested and encourages them to dive into the many fascinating tales of entrepreneurs. Indians now understand that issues they once dismissed as unreal could actually becomeThe Sharks have said in a few interviews that after the first season, pitching will be much better in the following seasons because pitchers will understand how it works and will feel much more comfortable talking about their creative business ideas on national television.With 500 million people between the ages of 15 and 44, this show has the potential to spur widespread entrepreneurship. The majority of children in India are brought up with a traditional mindset, which advises them to select a safe job over starting their own business. Shark Tank India's contribution to the expansion and development of the startup ecosystem is expected to bring about a profound cultural and mental transformation in the nation. In addition, the program has offered viewers a genuine understanding of today's real heroes. Sharks are those who, through their innovative ideas, have successfully filled a void in the market, provided the finest returns on their investments, and are well-liked throughout the nation. What's more, these sharks make investments  

OpenAI to invest in Indian developers, hold summits

ChatGPT maker OpenAI will continue investing in the developer community in India and hold several developer summits in the country this year, the company’s chief strategy officer, Jason Kwon said on Saturday.“India has the key ingredients of being one of the world's leaders in AI. It has the largest developer community in the world, with some of the most impressive talent in the field, a track record of developing extraordinary technology businesses and a relentless focus on competing on the world stage,” said Kwon at the ET Now Global Business Summit in New Delhi.The company plans to meet with Indian developers to work alongside OpenAI product leaders on some of the most difficult challenges in AI. OpenAI's vice president of engineering, Srinivas Narayanan, had met developers in Bengaluru on January 5.“Our hope is that this collaboration between Silicon Valley developers and Indian developers will put us on a path for building the tools that define our future” Kwon added.Kwon also talked about the need to focus on safety while exploring the potential of AI. He said OpenAI tools can be made safer through technology, partnerships, and collaboration with governments. Product management is a multifaceted discipline that plays a critical role in bringing successful products to market. Whether it's developing a new software application, launching a consumer product, or managing a service, effective product management is vital for meeting customer needs and achieving business goals.    

OnePlus Buds 3 review in 5 points

The new OnePlus 12 smartphones from OnePlus seem to be the best of the lot that the company has launched yet. In our review, we liked the new flagship OnePlus 12 and its younger sibling, the OnePlus 12R, which we even tagged as the flagship killer. At the same time, even more than the phones, it is the newly-launched OnePlus Buds 3 earbuds that has caught our attention. OnePlus has managed to offer users a good pair of earbuds that perform almost like their Buds Pro lineup but cost almost half of the Buds Pro 2.Priced at Rs 5,499, the OnePlus Buds 3 offers incredible value and impressive features, including dual dynamic drivers, support for Hi-Res Audio via LHDC 5, 94ms low latency, touch volume control, up to 49dB active noise cancellation, IP55 rating for water and dust protection, and up to 44 hours of playback time with the accompanying charging case. While the specs look good on paper, in our detailed review of OnePlus Buds 3, we found out that these new earbuds excel in performance and are almost close to the Pro series. Though there are some areas where they could have been better.Featuring a premium design, the OnePlus Buds 3 borrows cues from the Buds Pro 2 and Apple AirPods Pro. Its short-stemmed style earbuds are pair with a revamped pebble-shaped charging case which echoes the design aesthetic of the Buds Pro 2. Available in Splendid Blue and Metallic Gray, these earbuds look premium and the blue variant, which I reviewed, offers the vibrant pop of colour. Now, while the design is similar, the OnePlus Buds 3 are lighter than the Buds Pro 2. They offer a comfortable, snug fit without feeling cheap or flimsy. While I personally prefer a bit of weight which the premium earbuds offer, the Buds 3 do not disappoint in terms of build quality.During my week of using the Buds 3 for an average of 6-7 hours daily, I found little to complain about these earbuds, especially considering the price. I used earbuds to listen to a range of music albums across genres. Whether it was melodic Bollywood tunes or energetic K-Pop tracks, the Buds 3 consistently impressed me with clear vocals, immersive backgrounds, and decent bass. While the Buds 3 obviously don't match the performance of the Buds Pro 2 (which is expected considering the price difference), they serve as a strong reminder that specs aren't everything.      

Google Renames Bard to Gemini, Launches Gemini Advanced

Google has officially launched Gemini Advanced. After multiple reports and Google CEO Sundar Pichai's statements during the company's quarterly earnings call confirming its arrival, the subscription tier of the tech giant's most powerful AI model is now live. Alongside Bard, the free version of the generative AI chatbot, which now runs on the Gemini Pro model, has also been renamed Gemini. As a promotional offering, Gemini Advanced is currently being offered for no charge for two months.Pichai announced the launch of the subscription tier of the AI in its newsroom and said, “The version with Ultra will be called Gemini Advanced, a new experience far more capable at reasoning, following instructions, coding, and creative collaboration.” He also revealed that the Gemini Advanced subscription will be called the Google One AI Premium plan and will be bundled with Google One. As a result, users who subscribe to it will also get all the other benefits of Google One and 2TB of cloud storage space.Highlighting its features, a separate post mentioned that Gemini Ultra could " create step-by-step instructions, sample quizzes or back-and-forth discussions” and become a personal tutor for a user seeking guidance for academic purposes or looking to upskill. The Ultra model is proficient in advanced coding and can help users in generating, analysing, editing, as well as debugging complex coding tasks. Further, digital creators can benefit from Google Advanced subscription as it can generate content, analyse recent trends, and offer ideas and inspiration for engagement and audience growth. The free version of Gemini (which is trained on Gemini Pro) and Gemini Advanced will be available on the website, and an Android app. iOS users can try out the AI assistant through the Google app. The monthly subscription price for Google Advanced has been set at Rs. 1,950 a month. However, the tech giant is currently running a promotional offer where users can try it out for two months without a charge. Alongside the launch of the subscription tier, Google also officially renamed Bard to Gemini. “Bard has been the best way for people to directly experience our most capable models. To reflect the advanced tech at its core, Bard will now simply be called Gemini,” added Pichai.  

What's Trending Globally

Asia

News 2315

Australia/New-Zealand

News 39

Canada

News 15

China

News 44

Europe

News 35

Gulf

News 11

India

News 3189

Pakistan

News 16

Russia

News 20

United Kingdom

News 44

United States

News 119

World

News 93

Banks await RBI nod on KYC challenges at Paytm before moving business

Digital payments player Paytm is awaiting the Reserve Bank of India’s (RBI) approval to start moving its settlements business from Paytm Payments Bank to other lenders. But issues around KYC (Know Your Customer) of the accounts could be a major hiccup holding up the process. Two senior bankers in the know told ET that given Paytm was involved in issues around KYC of its user base in the past, bankers are looking for directions from the RBI before taking on the business. KYC is a process that requires a potential customer to submit original identity documents to a bank before being able to access its services. The central bank allows digital KYC through video verification. “We have to be careful about who we are doing business with. In this case, we need to be sure of the KYC of the merchants as well as the customers, so the central bank will need to take a call on that,” one of the bankers said. This will take time, and the banking regulator will only take the call after detailed consideration and thorough scrutiny of its own. The actual number of proper KYC-ed users of Paytm will be scrutinised too, the bankers added. The RBI did not respond to emailed queries from ET. On January 31, the RBI asked Paytm Payments Bank to stop offering basic banking services from February 29. It has effectively asked its customers to move all their funds from the payments bank or use up their available balance.The language and the directive from the banking regulator came as a shock to the banking and fintech industry. Several industry insiders said that coming back from this situation might be a huge challenge for the bank promoted by Paytm founder Vijay Shekhar Sharma.In 2020, a similar incident occurred when Yes Bank was put under an embargo by the regulator and PhonePe, a major digital payments player already by then, was left with no settlement system. Almost overnight, PhonePe moved its banking business to ICICI Bank -- with the regulator’s blessings. Another banker that ET spoke to pointed out that unlike the case of PhonePe — where the transfer was primarily UPI handles — in this case, it is about accounts of merchants and customers, making the process more time-consuming.   

Tata Sons to invest $1 billion more in digital arm

Tata Sons is poised to invest about $1 billion in Tata Digital, over the next few years, people familiar with the matter said. This comes as the parent of the diversified Tata group puts a pause on external fundraising for the ecommerce entity, which houses the superapp, Tata Neu as it reviews its digital strategy with the appointment of a new chief executive officer this week, the people said. Tata Digital will only tap external investors after the new CEO sets down to focus on execution and scale, one of the persons said. Earlier this week, Tata Digital appointed Naveen Tahilyani, the former managing director of Tata AIA Life Insurance, as its CEO & MD. Tahilyani replaced Pratik Pal who had been holding the charge since the company’s inception in 2019.Tata Sons has invested more than $2 billion in Neu so far and has board approvals for further capital infusion over a five-year period, the people said.  A spokesperson for Tata Sons did not respond to ET’s queries. Multiple people aware of the management changes said Tata Sons chairman N Chandrasekaran wanted a senior hand with consumer background to steer the next stage of expansion for Neu. “The top brass wants Tata Digital to work on making its operational structure more efficient and agile and scale up the business,” a person said.   

Apple unveils AI image tool that lets you make edits by just describing them

The researchers highlighted the model's ability to derive explicit visual-aware intentions, leading to meaningful image enhancements. Apple researchers have introduced an AI model enabling users to write desired changes to a photograph using simple language, eliminating the need for traditional photo editing software. The groundbreaking model, named MGIE (MLLM-Guided Image Editing), is the result of a collaboration between Apple and the University of California, Santa Barbara. Capable of executing various editing tasks including cropping, resizing, flipping, and applying filters solely through text prompts, MGIE represents a significant advancement in image editing technology. This innovation can handle both straightforward and intricate editing requests, such as altering specific objects within a photo or enhancing brightness levels. MGIE harnesses the power of multimodal language models, first deciphering user prompts and then generating corresponding edits. For instance, a request for a "bluer sky" translates to adjusting the brightness of the sky portion of an image. This approach ensures precise interpretation and execution of editing instructions. For example, a prompt to "make it more healthy" when editing an image of a pepperoni pizza results in the addition of vegetable toppings. Similarly, instructing the model to "add more contrast to simulate more light" enhances the brightness of a dark image, such as tigers in the Sahara.  

The University of Wollongong in India is now accepting applications for its fintech and computer programs.

The prerequisites for admission are identical to those of UOW's campuses in Australia: an undergraduate degree, professional experience, and an English language proficiency test.The University of Wollongong India (UOW India) GIFT City campus is now accepting applications from students.The University of Wollongong India (UOW India) has released a press release stating that it has announced two new programs for students this year: a Graduate Certificate in Financial Technology and a Master of Financial Technology. Final approval is a must for both programs.The university had previously declared that its Graduate Certificate in Computing and Master of Computing (Data Analytics) programs would begin offering to students in July."We are thrilled to announce the opening of applications for UOW India and are eager to see our first student cohort arrive at our GIFT City campus. According to Patricia M. Davidson, president and vice chancellor of UOW, "this is a fantastic opportunity for students to get a world-class education and experience in the field of computing and financial technology. "The University of Wollongong India (UOW India) has the same entrance requirements for these programs as its Australian campuses, which include an undergraduate degree, job experience, and an English language proficiency test, according to the press release."With a well-deserved reputation for quality, UOW is listed among the top 250 universities in the world for accounting and finance courses. Professor Colin Picker, Executive Dean of the Faculty of Business and Law, stated, "Our cutting-edge FinTech courses will give students the abilities, information, and experience needed for success in finance and the growing field of Financial Technology."  

Orios Venture Partners sells nearly 3% stake in Country Delight for Rs 225 crore

Orios Venture Partners has made a partial exit from direct-to-consumer (D2C) fresh food brand Country Delight for around Rs 225 crore. People familiar with the matter said the early-stage venture capital firm has sold about a 3% stake in Country Delight to Temasek-backed asset management group Seviora. Orios had invested Rs 15 crore in Country Delight from its Fund-I, of which the first cheque of Rs 3 crore was infused in 2017. The firm had subsequently invested additional sums in Country Delight through its later funds.Across all its investments in the D2C company, Orios held 21-22% stake in Country Delight prior to the partial exit.On January 5, ET reported that the Gurugram-based company raised around $20 million (around Rs 164 crore) in a funding round led by one of its existing investors, Singapore’s sovereign fund Temasek. Another existing backer, Venturi Partners, also participated, in addition to Seviora, which invested through its agriculture and food-focused investment vehicle Seviora T3F Fund. The round valued Country Delight at around $820 million. Orios launched Fund-I in 2014, with a final close of Rs 300 crore in 2015. In January, the Mumbai-based investment firm announced that it had returned the initial corpus to its limited partners, or sponsors of the fund. Among the various sectors, Fund-I allocated 27% of its corpus to ecommerce marketplaces, followed by D2C at 18%, and healthtech at 14%. Key portfolio companies that emerged from the fund include Country Delight, PharmEasy, Intelligence Node, and Zostel. Orios also counts BatterySmart, Vedantu, Ixigo, Mobikwik and CarDekho among its portfolio companies. It had also backed beleaguered car repair startup GoMechanic but had to eventually write off the investment after GoMechanic’s founders admitted to financial wrongdoing. The Rehan Yar Khan-led investment firm also saw two of its managing partners Anup Jain and Rajeev Suri depart in September 2023.    

Court relief for Byju’s in TLB lenders’ suit

Byju’s won a legal reprieve on Monday when a civil court in Bengaluru declined to grant a plea by its lenders challenging Manipal Group Chairman Ranjan Pai’s acquisition of a 40% stake in the embattled edtech firm’s subsidiary Aakash Institute, two people aware of the development said. The lenders of Byju’s $1.2 billion term loan had moved the city court last Thursday seeking an ex-parte injunction on the transaction allowing Pai to convert a loan of about $250-$300 million he had advanced to the brick-and-mortar coaching network into equity in Aakash Institute. Thursday’s legal challenge by the TLB lenders caught both Byju’s and Pai “by surprise” the sources said. The lenders were petitioning the court about Pai's conversion of debt into equity at a lower valuation of $600 million compared to the valuation of $950 million ascribed to Aakash Institute when it was acquired by Byju’s parent Think & Learn in 2021. As such, the proposed deal hurts the lenders of Think & Learn, the lenders contended. This lender group controls 80% of the term loan raised by Byju's in November 2021. According to people present at the hearing on Monday, the court did not grant the injunction to block the deal as per the lenders' plea while also adding that the jurisdiction for the case was not correct. The lenders had cited the credit agreement which they said bars Byju’s parent Think & Learn from selling any asset without prior approval from the lenders, the sources said. Byju’s made its arguments over the weekend at the city civil court, they added.  

Banks await RBI nod on KYC challenges at Paytm before moving business

Digital payments player Paytm is awaiting the Reserve Bank of India’s (RBI) approval to start moving its settlements business from Paytm Payments Bank to other lenders. But issues around KYC (Know Your Customer) of the accounts could be a major hiccup holding up the process. Two senior bankers in the know told ET that given Paytm was involved in issues around KYC of its user base in the past, bankers are looking for directions from the RBI before taking on the business. KYC is a process that requires a potential customer to submit original identity documents to a bank before being able to access its services. The central bank allows digital KYC through video verification. “We have to be careful about who we are doing business with. In this case, we need to be sure of the KYC of the merchants as well as the customers, so the central bank will need to take a call on that,” one of the bankers said. This will take time, and the banking regulator will only take the call after detailed consideration and thorough scrutiny of its own. The actual number of proper KYC-ed users of Paytm will be scrutinised too, the bankers added. The RBI did not respond to emailed queries from ET. On January 31, the RBI asked Paytm Payments Bank to stop offering basic banking services from February 29. It has effectively asked its customers to move all their funds from the payments bank or use up their available balance.The language and the directive from the banking regulator came as a shock to the banking and fintech industry. Several industry insiders said that coming back from this situation might be a huge challenge for the bank promoted by Paytm founder Vijay Shekhar Sharma.  

Jeff Bezos plans to sell 50 million Amazon shares over next year

The disclosure came through a filing with the US Securities and Exchange Commission (SEC), where Amazon revealed Bezos' trading plan.In a move that has captured market attention, Amazon's founder Jeff Bezos is set to offload a significant portion of his company shares over the next year. Reports from various media outlets indicate Bezos' intention to divest at least 50 million shares of the e-commerce giant. The disclosure came through a filing with the US Securities and Exchange Commission (SEC), where Amazon revealed Bezos' trading plan. As the executive chair of the company, Bezos' move signals a strategic adjustment in his investment portfolio. The plan outlines the potential sale of up to 50 million shares by January 25 of the following year, subject to specific conditions. While Bezos, who recently marked his 60th birthday, retains a vast holding of nearly one billion Amazon shares, this divestment plan represents a substantial reduction in his stake. Additionally, the filing reveals that seven other top executives at Amazon have formulated similar trading plans to sell shares.Bezos' shareholding in Amazon is a cornerstone of his considerable personal wealth, currently estimated at $193.3 billion. The planned divestment underscores a deliberate repositioning of assets by one of the world's wealthiest individuals. Amazon's financial performance remains robust, with impressive figures reported for the holiday quarter ending December 31, 2023. The company saw a 14% increase in net sales, reaching $170 billion compared to $149.2 billion in the same period of the previous year. Net income also surged to $10.6 billion in Q4 2023, compared to $0.3 billion in Q4 2022. Notably, the Amazon Web Services (AWS) segment reported a 13% year-over-year increase in sales, totaling $24.2 billion. CEO Andy Jassy commented on the exceptional performance, describing the holiday season as "record-breaking." Jassy expressed optimism for the company's trajectory in 2024, highlighting ongoing efforts and forthcoming opportunities.As Bezos prepares to execute his share sale plan, the market will closely monitor its impact on both Amazon's stock value and Bezos' personal financial landscape.    

WhatsApp will add support for cross-platform messaging

Cross-platform messaging support will soon be added to Meta's messaging app, which already supports end-to-end encryption (E2EE). Third-party chat support will enable users of other messaging apps to text WhatsApp users. Meta has stated that this feature will only be available to users who voluntarily sign up, in order to avoid cross-service spamming. The organization has confirmed that it is working to make cross-platform messaging possible ahead of the EU's March 6 deadline for the Digital Markets Act (DMA).Users will be able to send messages with different kinds of attachments when WhatsApp's upcoming chat interoperability is activated, WhatsApp Engineering Director Dick Brouwer told Wired. Messages received from users on other platforms will be reported to them through a new "Third Party Chats" section at the top of their chat list, which will also distinguish between chats that are encrypted with WhatsApp's E2EE technology and those that are not.    Other chat platforms can connect to the Meta-owned chat platform in order to send and receive messages, and encrypt messages using the open source Signal Protocol. This allows them to message users of WhatsApp. According to Brouwer, WhatsApp is documenting its client-server protocol, which will enable other chat services to establish direct connections between their clients and WhatsApp's servers in order to send messages to users on different platforms. According to the report, the third party chat feature will not support regular SMS messages. Calling and group chats across chat platforms will not be possible this year, in contrast to individual chats. Furthermore, according to Brouwer, the features of WhatsApp chats will advance more slowly than those of third-party chats. In order to avoid spam and scams, users will also need to explicitly consent to receive chats from third-party platforms.