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From slums to billionaire, Dubai’s real estate tycoon shares story
short by System User / on 17 Jul 2024,Wednesday
Recently, on The Humans of Bombay podcast, Dubai's real estate tycoon Rizwan Sajan was seen talking about his journey from the slums of Mumbai to becoming one of the top 7 entrepreneurs in the UAE. From global trends in real estate to tips for entrepreneurs, he shared useful tips for aspiring entrepreneurs.
short by System User / 07:25 pm on 17 Jul
Ola Electric likely to set $4.5 billion valuation for IPO: Report
short by Mansi Agarwal / on 16 Jul 2024,Tuesday
Ola Electric could value the company at around $4.5 billion in its upcoming IPO, Reuters reported. The electric scooter maker was last valued at $5.4 billion in a funding round in September 2023. The IPO is expected to have a fresh issue worth around ₹5,500 crore and an offer for sale of up to 9.52 crore shares.
short by Mansi Agarwal / 08:23 pm on 16 Jul
GoMechanic claims EBITDA profitability in Q1 FY25
short by System User / on 17 Jul 2024,Wednesday
Car servicing startup Gomechanic claimed that it turned earnings before interest, tax, depreciation, and amortisation (EBITDA)-positive in the first quarter of the fiscal year 2024-25 (FY25). In a statement, the startup said it clocked a revenue of ₹85 crore in the first quarter of the ongoing fiscal year.
short by System User / 11:56 am on 17 Jul
How Trucknetic is organising India's $300 billion logistics sector
short by System User / on 17 Jul 2024,Wednesday
India's logistics market, set to reach $591 billion by FY27, has just 5.5-6% of organized players. Arham Pratap Jain saw it as an opportunity and founded Trucknetic, an Uber-like app for trucks. Inspired by his time at Ernst & Young, he organised the truck driver community, highlighting driver welfare. Trucknetic handles 2000 trips monthly, generating $2-2.5 million annually.
short by System User / 03:06 pm on 17 Jul
Former Zomato executive’s startup Ninecamp bags $2 mn
short by System User / on 17 Jul 2024,Wednesday
Ninecamp Ventures, a house of premium food and beverage brands floated by former Zomato executive Chaitanya Mathur, has raised $2 million (about ₹16.7 crore) in its seed funding round from a clutch of angel and non-institutional investors. The startup said it will use the capital to expand its brand portfolio and team size.
short by System User / 12:02 pm on 17 Jul
Justdial Q1 FY25: Profit surges 69% YoY to ₹141.2 cr
short by System User / on 17 Jul 2024,Wednesday
Reliance Retail-owned hyperlocal search engine Justdial’s net profit surged 69% to ₹141.22 crore in the quarter ended June 30, 2024 (Q1 FY25) from ₹83.4 crore in the year-ago quarter. On a sequential level, Justdial’s profit grew 22% from ₹115.65 crore in Q4 FY24. Including other income, total revenue for the quarter stood at ₹367.44 crore.
short by System User / 11:59 am on 17 Jul
Ola ordered to pay ₹1.94 lakh to B'luru man over defective e-scooter
short by Nidhi Sinha / on 17 Jul 2024,Wednesday
A redressal commission has ordered Ola Electric to pay ₹1.94 lakh to a Bengaluru man for delivering a defective e-scooter and not resolving the issue despite complaints. Durgesh Nishad, who purchased the e-scooter for ₹1.47 lakh (after deductions), had noticed that its rear upper panel was damaged and horn was non-functional. He'll get ₹20,000 for mental suffering and hardship.
short by Nidhi Sinha / 10:56 am on 17 Jul
Ola & Uber rival, Namma Yatri, raises ₹92 cr from Google & others
short by System User / on 16 Jul 2024,Tuesday
Google invested $11 million in Moving Tech, Namma Yatri's parent company. Namma Yatri, an Indian ride-sharing app, uses a no-commission model, challenging Uber and Ola. Other investors include Blume Ventures and Antler. Google CEO Sundar Pichai previously pledged $10 billion to India. The startup operates on India's ONDC, connecting users with drivers and charging a small monthly fee.
short by System User / 08:40 pm on 16 Jul
Ola Electric IPO: Valuation likely to be set at $4.5 Bn
short by System User / on 16 Jul 2024,Tuesday
Electric vehicle (EV) maker Ola Electric is reportedly likely to be valued at around $4.5 Bn for its upcoming IPO, a decline of 16-20% from its last funding round. In its last funding round of $384 Mn in October last year, led by Singapore’s investment firm Temasek, Ola Electric was valued at around $5.4 Bn.
short by System User / 06:53 pm on 16 Jul
Zen Technologies launches quadruped AI robot for CI operations
short by System User / on 16 Jul 2024,Tuesday
Hyderabad's Zen Technologies, with its subsidiary AI Turing Technologies, created Prahasta, a four-legged armed AI robot for defense, named after a Ramayana warrior. Prahasta uses LIDAR and reinforcement learning for 3D terrain mapping. A viral video shows Prahasta navigating stairs with an assault rifle. Prahasta signifies advancements in autonomous defense operations.
short by System User / 08:37 pm on 16 Jul
Hyderabad startup lets you co-own a property, makes ₹30 cr revenue
short by System User / on 17 Jul 2024,Wednesday
35-year-old Unnath Reddy left a ₹1 lakh/month sales head job to launch Fracspace, a Hyderabad-based prop-tech startup, in 2022. Fracspace offers co-owned real estate investments, making property ownership affordable for middle-class families. Starting with just ₹60,000, Unnath grew Fracspace to a ₹30 crore company, managing 23 properties and serving 200 customers globally.
short by System User / 02:40 pm on 17 Jul
Dharana Capital infuses over ₹400 crore into Urban Company
short by System User / on 17 Jul 2024,Wednesday
VC firm Dharana Capital has invested over ₹400 crore ($50 million) in hyperlocal services startup Urban Company through a secondary transaction. The investor said that it bought shares from employees and other shareholders of Urban Company, making it the largest ESOP liquidity in the startup’s history.
short by System User / 04:44 pm on 17 Jul
Altern Capital floats ₹250 cr maiden real estate fund
short by System User / on 17 Jul 2024,Wednesday
Real estate investment management firm Altern Capital has launched its maiden fund, targeting a total of ₹250 crore. The Securities and Exchange Board of India-approved category II alternative investment fund is named Jiraaf Au India Real Estate Fund – I. It will have an additional greenshoe option of ₹100 crore, the company said.
short by System User / 12:09 pm on 17 Jul
A man posted a picture comparing Zomato bill with offline order bill from the same restaurant. The picture showed that the same food items were nearly ₹184 cheaper when ordered directly from the restaurant. Responding to the picture, Zomato wrote, "We can understand your concern and would like to get this checked. Could you please DM us your...registered contact details?"
short by Ankush Verma / 03:35 pm on 17 Jul
Paytm partners with FlixBus to expand its intercity bus services
short by System User / on 16 Jul 2024,Tuesday
Paytm has teamed up with online travel agency FlixBus to expand its intercity bus travel services offerings in India. The partnership will allow users to book FlixBus tickets directly from the Paytm app. The collaboration will allow FlixBus to tap into Paytm’s huge customer base and technological expertise, enabling it to expand its distribution network.
short by System User / 06:01 pm on 16 Jul
Paytm expands ESOP pool with additional stock options
short by System User / on 17 Jul 2024,Wednesday
Paytm has expanded its ESOP pool by allocating 6,000 shares to the employees. “We wish to inform you that the Nomination and Remuneration Committee of the Board of the Company (“Committee”), at its meeting held today i.e., July 16, 2024, has approved the grant of 6,000 stock options to the eligible employees," Paytm said in an exchange filing.
short by System User / 12:05 pm on 17 Jul
What happens to BYJU'S now after entering bankruptcy process?
short by Debaroti Adhikary / on 17 Jul 2024,Wednesday
After being admitted to insolvency process, BYJU'S will now no longer be run by Byju Raveendran-led management, but initially by interim resolution professional Pankaj Srivastava till a Committee of Creditors (CoC) is formed. The CoC will have to come up with plan to revive the company or sell it to an entity that will run it and return their dues.
short by Debaroti Adhikary / 04:27 pm on 17 Jul
Microsoft under UK probe for hiring ex-employees of Inflection AI
short by Mansi Agarwal / on 16 Jul 2024,Tuesday
The UK's Competition and Markets Authority (CMA) has started investigating Microsoft for hiring certain former employees of Inflection AI and its partnership with the startup. In March, Microsoft hired several Inflection employees including its co-founders Mustafa Suleyman and Karén Simonyan. Microsoft reportedly also agreed to pay Inflection about $650 million as part of the deal.
short by Mansi Agarwal / 10:50 pm on 16 Jul
Ex-OpenAI engineer Karpathy launches AI edtech startup Eureka Labs
short by Debaroti Adhikary / on 17 Jul 2024,Wednesday
Former OpenAI founding member and Tesla senior engineer Andrej Karpathy on Tuesday announced the launch of his new "AI native" education platform Eureka Labs. The startup aims to create AI teaching assistants that can guide students. "Eureka Labs is the culmination of my passion in both AI and education over about 2 decades," Karpathy said in the post on X.
short by Debaroti Adhikary / 09:25 am on 17 Jul
Adani JV to buy 77.5% of Coredge parent for ₹20,000 per share
short by Mansi Agarwal / on 16 Jul 2024,Tuesday
Sirius Digitech, a joint venture between Adani Global and an International Holding Company unit, will buy a 77.5% stake in AI startup Coredge.io's parent ParserLabs India. The shares will be acquired at ₹20,000 per equity share having a face value of ₹1 each. The deal is expected to be closed by the end of September.
short by Mansi Agarwal / 06:20 pm on 16 Jul
OpenAI shares video of Sora's 'Alternate Past' showing animals
short by Debaroti Adhikary / on 17 Jul 2024,Wednesday
OpenAI on Tuesday shared a video generated by its AI model Sora showing "animals in unexpected roles" in "early 20th-century film aesthetics". In the black-and-white video, a gorilla can be seen skateboarding, a bear cycling and more. "The visuals were generated solely with Sora without any VFX, but artists added sound and edited using traditional filmmaking software," OpenAI added.
short by Debaroti Adhikary / 12:59 pm on 17 Jul
Sam Altman would make a good Marvel villain: Scarlett Johansson
short by Mansi Agarwal / on 17 Jul 2024,Wednesday
'Black Widow' actress Scarlett Johansson was asked whether OpenAI CEO Sam Altman would make a good Marvel villain, to which she replied, "I guess he would, maybe with a robotic arm." OpenAI was recently criticised for using a voice similar to Scarlett's for ChatGPT's 'Sky' voice. Scarlett said she had declined OpenAI's offer to voice the AI chatbot.
short by Mansi Agarwal / 06:43 pm on 17 Jul
Namma Yatri parent raises ₹91 crore from Google, Antler, others
short by Mansi Agarwal / on 16 Jul 2024,Tuesday
Moving Tech Innovations, the parent firm of ride-hailing app Namma Yatri, has raised $11 million (around ₹91 crore) in a pre-Series A funding round. Blume Ventures, Antler and Google were among the investors that participated in the round. Payments firm Juspay spun off its mobility business into a new entity Moving Tech Innovations earlier this year.
short by Mansi Agarwal / 04:53 pm on 16 Jul
Zomato shares worth ₹645 crore sold by Motilal Oswal Mutual Fund
short by Mansi Agarwal / on 16 Jul 2024,Tuesday
Motilal Oswal Mutual Fund on Tuesday sold a 0.32% stake in Zomato for ₹645 crore through an open market transaction, as per NSE data. The fund sold 2.84 crore shares of Zomato at ₹226.85 per share. This comes a day after Zomato's market capitalisation touched ₹2 lakh crore mark as shares hit a record high of ₹232.
short by Mansi Agarwal / 10:19 pm on 16 Jul
Entrepreneur Bhavish Aggarwal said AI and new energy can transform India into a $50 trillion economy by 2047. "In 1947, we won our political freedom. In 2047, we must achieve our technological freedom," he stated. "We can transform India into the world's AI powerhouse, just as China revolutionised global manufacturing," he added.
short by Mansi Agarwal / 11:05 pm on 17 Jul
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