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'Did Not Run Away, Will Return to India' - Says Byju's Founder
- The co-founder of Byju's, Byju Raveendran, expressed regret over investor withdrawal amid financial issues.
- Raveendran is willing to repay all dues to lenders if they cooperate, warning that insolvency proceedings will leave lenders empty-handed.
- Byju's is entwined in insolvency proceedings, with unresolved disputes and opposition from US lenders.
- Despite the current situation, Raveendran stated his intention to return to India, fill stadiums, and complete his mission.
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Yourstory
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Internet Archive breach: 31 million users' data exposed
- The Internet Archive, a digital library, suffered a cyberattack, leading to the exposure of personal data of 31 million users.
- The attack was executed through their JavaScript (JS) library, exposing sensitive user data such as email addresses, usernames, and passwords.
- The breach raises concerns about data security in the digital world and highlights the need for robust cybersecurity measures.
- Internet Archive has taken measures to improve security, but the incident emphasizes the importance of protecting user data in the digital age.
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VIE Stories
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Rapido Joins the Unicorn Club With WestBridge Capital’s $120 Million Investment
- Rapido, a mobility firm, has secured $120 million in Series E funding from WestBridge Capital and other investors.
- The funding round values Rapido as a unicorn, with a total valuation of over $1 billion.
- WestBridge Capital is Rapido's major backer with a 26% stake in the company.
- Rapido claims to have surpassed Ola and become the second-largest ride-hailing company, behind Uber.
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Inc42
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Wow! Momo Eyes INR 650 Cr Revenue In FY25
- Kolkata-based fast food chain Wow! Momo aims to achieve INR 650 Cr revenue in FY25.
- Wow! Momo witnessed a 14% YoY growth in revenue, reaching INR 475 Cr in FY24.
- The company plans to add 350 outlets and expand its frozen food business.
- Wow! Momo is also eyeing an IPO in 2027, conditional on achieving INR 1,000 Cr revenue target.
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Yourstory
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Ashneer Grover withdraws plea accusing BharatPe of oppression and mismanagement
- Ashneer Grover, Co-founder and former Managing Director of BharatPe, withdrew his plea from the NCLT where he had alleged oppressive conduct and mismanagement by the board of the fintech firm.
- The plea withdrawal came after Grover reached a settlement with the company on September 30, 2024.
- According to the settlement, Grover will neither be associated with the company in any capacity nor be a part of its shareholding.
- Certain shares owned by Grover will be transferred to the Resilient Growth Trust for the benefit of the company and his remaining shares will be managed by his family trust.
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Yourstory
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PolicyBazaar CEO Yashish Dahiya steps down from audit committee in board reshuffle
- Yashish Dahiya, CEO of PolicyBazaar, has stepped down from the audit committee as part of a board reshuffle.
- Non-executive independent directors Nilesh Bhaskar Sathe and Kitty Agarwal have been appointed as new members of the audit committee.
- Dhruv Shringi, another non-executive independent director, has been added as a member of the risk management committee.
- Alok Bansal, Executive Vice Chairman and Whole-Time Director, has been included as a new member of the corporate social responsibility committee.
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Yourstory
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Jio Financial Services sees over 120% QoQ profit growth in Q2
- Jio Financial Services Limited (JFSL) witnessed over 120% QoQ profit growth in Q2.
- Total revenue from operations surged by 65.98% QoQ to Rs 693.50 crore.
- Profit for the period more than doubled, reaching Rs 689.07 crore, including contributions from associates and joint ventures.
- JFSL launched the JioFinance app, offering a wide range of financial services, including loans, payments, and insurance plans.
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Inc42
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OfBusiness Undertakes INR 100 Cr ESOP Liquidation Programme
- IPO-bound OfBusiness has undertaken an ESOP liquidation programme worth INR 100 Cr since the beginning of the year.
- Over 100 employees have benefitted from the ESOP liquidation programme.
- Majority of the liquidation worth over INR 70 Cr took place in the last three months.
- OfBusiness is planning another secondary round before filing its IPO for partial exits and further ESOP liquidation.
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ISN
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'When students of my age were partying, I had sleepless nights working:' Delhi founder who earns $500K annually
- A 23-year-old Delhi-based entrepreneur named Kushal Arora recently shared his journey towards success on social media.
- Arora reflects on sacrificing his social life and working tirelessly while his peers were partying and enjoying themselves.
- His post received praise from some for inspiring his generation, but also faced criticism for creating pressure on young people to achieve similar success.
- Arora clarified that he runs a legitimate marketing company and encouraged those not interested to mute his content.
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Inc42
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iD Fresh Food Turns Profitable In FY24, Posts INR 1.8 Cr PAT
- iD Fresh Food turned profitable in FY24, reporting a net profit of INR 1.84 Cr.
- The company's operating revenue increased by 16% to INR 395.76 Cr in FY24.
- iD Fresh Food sells packaged ready-to-cook and frozen food products.
- The startup's expenses grew at a slower pace than its revenue, with a total expenditure of INR 398.75 Cr in FY24.
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ISN
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Mumbai-based Qure.ai's revenue rises by 83% to Rs 141 crore in FY24, losses decline by 39%
- Qure.ai, a Mumbai-based startup specializing in AI for medical diagnostics, reported an 83% increase in revenue in FY24.
- The company's revenue grew to Rs 141 crore, driven by AI solutions assisting in diagnosing tuberculosis, lung cancer, and stroke.
- AI solutions accounted for 87.23% of Qure.ai's revenue, totaling Rs 123 crore.
- Despite increased costs, the company reduced losses by 38.5% to Rs 48 crore, attributed to effective scaling and cost controls.
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ISN
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4.4k
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Early-stage VC firm 8i Ventures exits M2P Fintech with massive 12x returns
- Early-stage venture capital firm 8i Ventures has fully exited its investment in M2P Fintech, achieving a remarkable 12x return on its initial capital.
- The firm invested Rs 9.7 crore in M2P Fintech in January 2020 and realized a total return of Rs 115.9 crore.
- The exit was part of M2P Fintech's recent $100 million capital raise, which included primary and secondary transactions.
- 8i Ventures' decision to invest in M2P Fintech was based on the company's vision to create a global Banking-as-a-Service platform.
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ISN
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Google engineer rejected for being 'too good' for a job role at a startup; shares rejection letter
- A Google software engineer named Anu Sharma shared a rejection letter from a startup where she applied for a job.
- The reason for her rejection was that she was deemed 'too good' for the role.
- Anu's post quickly gained traction on social media, sparking a conversation with netizens engaging in light-hearted banter.
- Some users shared their own experiences of being rejected for being overqualified or from higher ranking colleges.
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Inc42
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PayU Defers IPO Plans, Eyes Public Listing In FY26 Now
- PayU India, owned by Prosus, has delayed its plans for public listing.
- The company is now aiming to go public in the financial year 2025-26 (FY26).
- PayU has chosen Goldman Sachs as one of the lead bankers for the IPO.
- PayU India has a merchant base of over 5 lakh and generates over $60 billion in total payments volume (TPV).
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ISN
4w
8.4k
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Women-focused fashion tech startup Anny raises funding led by FAAD Capital, others
- Anny, a women-focused fashion tech startup, has raised an undisclosed amount in a seed funding round led by Faad Capital.
- With the funding, Anny plans to accelerate its expansion by focusing on AI technology, supply chain improvements, and talent acquisition.
- The startup aims to introduce over 500 new products each month and plans to launch a mobile app and physical store.
- Anny aims to offer women a fashion-forward and accessible wardrobe, leveraging technology to stay on top of trends and ensure quality.
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