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Indian cricketer Deepak Chahar criticised Zomato after he didn't receive his order. "New fraud in India...Ordered food from Zomato...and the app shows delivered but I didn't receive anything. After calling customer service they...said...I am lying," he wrote on X. Responding to the post, Zomato said, "We take such issues seriously and are urgently looking into the matter."
short by Shalini ojha / 03:41 pm on 25 Feb
Byju Raveendran, the CEO and Founder of the edtech company, in a letter to employees said rumours of him getting fired from BYJU'S are greatly exaggerated. "Only 35 out of 170 shareholders...voted in favour of...the resolution," he wrote. "Whatever was decided in that meeting doesn't count...because it didn't stick to...established rules," he added, stating that he continues to remain CEO.
short by Daisy Mowke / 07:53 pm on 24 Feb
A host of blue chip investors, including Prosus, Peak XV, General Atlantic and Sofina, voted to oust BYJU'S Founder and CEO Byju Raveendran, Moneycontrol reported. Shareholders of about 60% stake in BYJU'S voted in favour of the resolutions passed during the EGM. The resolutions include request for resolution of outstanding governance and financial mismanagement and compliance issues at BYJU'S.
short by Ashley Paul / 10:28 am on 24 Feb
Byju's Dilemma: Shareholders Vote to Oust Raveendran
short by Entrepreneur India Editor / on 24 Feb 2024,Saturday
On Friday, Byju's shareholders voted to oust its founder Byju Raveendran as chief executive officer, and reconstitute its board of directors over "mismanagement". Meanwhile, Byju contested the decision and said the resolutions taken at the shareholders' meeting were invalid since its founders were absent.
short by Entrepreneur India Editor / 02:19 pm on 24 Feb
‘I continue to remain CEO’, says Byju Raveendran
short by Megha / on 24 Feb 2024,Saturday
Byju Raveendra, the CEO of edtech company BYJU's, has issued a statement via email to his employees affirming his position as the chief executive officer (CEO) of the company. This comes a day after the extraordinary general meeting (EGM) of BYJU'S shareholders, which passed resolutions for the removal of Byju Raveendran from his CEO position.
short by Megha / 08:15 pm on 24 Feb
Bezos, OpenAI invest in humanoid robot startup Figure AI: Report
short by Mansi Agarwal / on 24 Feb 2024,Saturday
Amazon Founder Jeff Bezos, OpenAI, Microsoft and NVIDIA are among the firms that are investing in a $675 million round of humanoid robot startup Figure AI, Bloomberg reported. While Bezos' Explore Investments has reportedly committed $100 million, Microsoft is investing $95 million. NVIDIA and OpenAI are investing $50 million and $5 million, respectively.
short by Mansi Agarwal / 02:58 pm on 24 Feb
KushoAI, a startup building AI agents to supercharge software reliability, has raised $600,000 in pre-seed funding led by Antler India. The round also saw participation from Blume Founders Fund, UpSparks Capital, and angels such as Mohit Kumar and Vatsal Singhal (co-founders, Ultrahuman), and Ashok Hariharan (CEO, IDfy), among others.
short by Vivek / 03:51 pm on 24 Feb
All the resolutions passed by investors at BYJU'S EGM
short by Pratham Nagpal / on 24 Feb 2024,Saturday
Prosus’ representative Gunjan Shukla chaired the EGM. Sources close to the development claimed that 30 investors were present at the EGM. The validity of the EGM and the resolutions passed will now be decided by the NCLT and Karnataka High Court. Inc42 has access to a copy of the resolutions passed at the EGM on February 23, 2024.
short by Pratham Nagpal / 12:31 pm on 24 Feb
Finance Ministry to meet fintech firms, Paytm not invited: Report
short by Mansi Agarwal / on 23 Feb 2024,Friday
Ministry of Finance has invited 25-30 fintech companies for a meeting on Monday, CNBC-TV18 reported. While Zerodha, Amazon Pay, PhonePe, CRED and Google Pay are reportedly among the players that will attend the meeting, Paytm has not been invited to it. The meeting will reiterate regulatory procedures that need necessary compliance, the report added.
short by Mansi Agarwal / 10:58 pm on 23 Feb
Chinese hackers stole over 95 GB of Indian immigration data
short by Pratham Nagpal / on 24 Feb 2024,Saturday
Chinese hackers have conducted extensive cyber intrusions against foreign governments and companies, including India. The Washington Post reported that Chinese intelligence and cyber-surveillance accessed 95.2 GB of Indian immigration data. Other targeted countries include Malaysia, Taiwan, South Korea, Hong Kong, Thailand, the United Kingdom, Nepal, Mongolia, and Kazakhstan.
short by Pratham Nagpal / 03:45 pm on 24 Feb
Business as usual at BYJU'S: CEO Raveendran to staff after EGM
short by Mansi Agarwal / on 24 Feb 2024,Saturday
BYJU'S CEO Byju Raveendran, in a letter to employees, said it's "business as usual" at the edtech startup. "I continue to remain CEO, the management remains unchanged and the board remains the same," he stated. His letter comes after the extraordinary general meeting (EGM) on Friday passed resolutions to remove Raveendran and change the leadership.
short by Mansi Agarwal / 09:39 pm on 24 Feb
Fintech giant Razorpay CEO Harshil Mathur said the company is focused on achieving profitability across all its business lines within the next two years, after which it plans to consider listing on the Indian bourses. Additionally, It is shifting its domicile back to India, a move expected to be completed before the end of FY25.
short by Vivek / 09:57 pm on 23 Feb
SIDBI, Bihar Govt Ink Pact To Boost Startup Ecosystem in Bihar
short by Entrepreneur India Editor / on 24 Feb 2024,Saturday
With an aim to transform Bihar into a startup hub, Small Industries Development Bank of India (SIDBI) and Bihar Startup Fund Trust have collaborated to administer the INR 50 crore Bihar Startup Scale-up Financing Fund (BSSFF). The fund shall contribute to the corpus of SEBI registered Alternative Investment Funds, which in turn shall invest in startups.
short by Entrepreneur India Editor / 03:32 pm on 24 Feb
How much did Ola Cabs and Swiggy founders earn in 2023?
short by Pratham Nagpal / on 24 Feb 2024,Saturday
The ongoing funding winter has resulted in layoffs and pay cuts for startup employees, giving rise to the question if startup founders have also seen a decline in their salaries. To answer this question and keep you up to date with the remunerations earned by the founders, Inc42 has launched the ‘Founder Salaries FY23 Tracker’.
short by Pratham Nagpal / 05:21 pm on 24 Feb
Thought how long Uber would survive: Mahindra on 1st meet with CEO Dara
short by Mansi Agarwal / on 24 Feb 2024,Saturday
Mahindra Group Chairman Anand Mahindra on Saturday met Uber CEO Dara Khosrowshahi, who is currently in India. "I first met Dara...in Davos shortly after he had taken the helm at Uber," Mahindra recalled. "I must confess that I wondered how long he would stay at the company and indeed, how long Uber would survive," he added.
short by Mansi Agarwal / 08:43 pm on 24 Feb
Exclusive: Swiggy changes its registered name ahead of IPO
short by Pratham Nagpal / on 24 Feb 2024,Saturday
IPO-bound Swiggy is changing its registered name from Bundl Technologies Private Limited to Swiggy Private Limited, as per a resolution passed earlier this month by the shareholders of the food delivery giant. Swiggy is gearing up for its IPO later this year. The issue is expected to have a size of $1 Bn.
short by Pratham Nagpal / 04:24 pm on 24 Feb
Razorpay to shift domicile to India in 6-12 months: CEO Mathur
short by Mansi Agarwal / on 24 Feb 2024,Saturday
Razorpay CEO Harshil Mathur said the process of shifting its parent entity's domicile from the US to India will take 6-12 months to complete. "We have accounted for the cost and everything," he stated. The company plans to go public in the next two years, Mathur said, adding, "We want to make everything profitable before going for an IPO."
short by Mansi Agarwal / 05:46 pm on 24 Feb
Gautam Adani meets Uber CEO Dara, hints at future collaborations
short by Mansi Agarwal / on 24 Feb 2024,Saturday
Adani Group Chairman Gautam Adani met Uber CEO Dara Khosrowshahi and said he is "excited for future collaborations" with him. Speaking about the meeting, Dara said, "An absolutely terrific conversation with Gautam Adani over delicious breakfast about India's phenomenal growth and rising entrepreneurship." "Looking forward to taking our partnership to the next level," he added.
short by Mansi Agarwal / 05:57 pm on 24 Feb
How two MBA friends built a millet muesli business
short by Rashmi / on 25 Feb 2024,Sunday
When Poojitha Turumalla and Keerthi Kabra were completing their graduation in Agriculture and Rural Development, little did they know that they would one day set up a millet breakfast enterprise with global buyers. Millet Mantra, their bootstrapped startup, sells millet-based muesli in multiple flavours in India and abroad and is set to cross Rs1 crore in revenues.
short by Rashmi / 02:23 pm on 25 Feb
Mother said wrong companions made me entrepreneur: OYO CEO Agarwal
short by Ashley Paul / on 24 Feb 2024,Saturday
OYO CEO Ritesh Agarwal recalled during a Think School interview that his mother said he became an entrepreneur because he had "wrong companions". "Parents...think that their child is...correct and everybody around them has influenced them," Agarwal said. "First time she watched [Centre's] Startup India on TV...in 2016...that's the first time she told me, 'You must be doing something right'."
short by Ashley Paul / 10:54 am on 24 Feb
Switzerland-based Zurich Insurance is set to acquire a 70% stake in India's Kotak General Insurance for Rs 5,560 crore in a single transaction. Kotak said the completion of this acquisition is contingent upon receiving approvals from regulatory bodies in India, including the RBI and IRDAI. Notably, the Competition Commission of India (CCI) has already approved this acquisition.
short by Vivek / 09:51 pm on 24 Feb
Whatever not written in regulation, means no: NPCI CEO to fintechs
short by Mansi Agarwal / on 24 Feb 2024,Saturday
Dilip Asbe, the CEO of the National Payments Corporation of India (NPCI), said fintech founders should remember that there is "no grey area" when it comes to regulations. "Whatever is not written in regulation, means no," he stated. He added that fintech founders should do responsible innovation as they are in the business of managing other people's money.
short by Mansi Agarwal / 10:18 pm on 24 Feb
Indian startups raised $110 Mn this week across 15 deals
short by Pratham Nagpal / on 24 Feb 2024,Saturday
Investment activity continues to remain subdued in the Indian startup ecosystem as funding plunged further in the third week of the ongoing month. Between February 19 and 24, startups collectively raised $110.4 Mn across 15 deals, a 12% dip from $125 Mn secured across 18 deals in the previous week.
short by Pratham Nagpal / 03:40 pm on 24 Feb
Bengaluru-based B2B supply chain fintech startup QuiD has raised Rs 5 crore in a pre-seed funding round led by Mint Cap Enterprises and Stone Park Capital. The startup provides solutions for tech-driven financial float strategies, working capital financing discovery, accelerated collections through decision science systems, and analytics-driven retailer discovery and profiling.
short by Vivek / 05:09 pm on 24 Feb
Business as usual at BYJU’s, comeback inevitable now: Byju
short by Pratham Nagpal / on 24 Feb 2024,Saturday
A day after the investors of BYJU’S held an extraordinary general meeting (EGM), the beleaguered edtech giant’s founder and CEO Byju Raveendran told employees that it is business as usual at the company. In an email sent to the employees, Raveendran said he continues to be the CEO of BYJU’S and its management and board remain unchanged.
short by Pratham Nagpal / 08:54 pm on 24 Feb
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