BUSINESS
Uber sells $400 mn stake in UAE's Careem super app biz
Careem will spin out its super app business into a new venture backed with $400 million from the telco giant Emirates Telecommunications (known as e&). Careem will be broken into two companies, Careem Rides and Careem Technologies, according to Mudassir Sheikha, CEO and Co-founder of Careem.
Lightspeed invests $6 mn in workspace interior platform OfficeBanao
Founded in 2022 by Tushar Mittal, and co-founded by Akshya Kumar and Divyanshu Sharma, the startup is a platform for designers, architects, contractors, office furniture, and material suppliers providing an entire array of commercial interiors. "The sector is unorganised, opaque and so under-served, that we believe only a tech-led approach can help deliver delightful experience to workspace owners," said Mittal.
India's e-commerce logistics industry to cross 10 bn shipments by FY28
India's e-commerce logistics space is on track to comfortably exceed 10 billion shipments by FY28 at a minimum compound annual growth rate (CAGR) of 20 per cent, according to the latest report by Redseer Strategy Consultants. Despite intensifying competition threats, Delhivery remains the largest player in the e-logistics space by a comfortable margin.
73% of workers want to know about internal growth opportunities: Report
According to the 2023 global research report focused on talent mobility trends by Cornerstone, about 51 per cent of employees say that the best way their company can support their skill development is by giving them opportunities to pivot, stretch, and grow.
Funding in Indian startups plunges 75% in Q1 2023, no new unicorn in 3 months
There were no new unicorns created in the January-March period, compared with 14 unicorns in Q1 2022, according to the report by Tracxn, a leading global market intelligence platform. The funding volumes contracted due to the reduction in late-stage funding, which declined by 79 per cent in the first quarter ($1.8 billion) compared to Q1 2022.
Global PC market shrinks 29% in Q1 over poor demand, global meltdown
Lenovo led the global PC market with 22.4 per cent market share, followed by HP Inc at 21.1 per cent and Dell Technologies at 16.7 per cent. Shipment volume in the Q1 2023 was noticeably lower than the 59.2 million units shipped in Q1 2019 and 60.6 million in Q1 2018, according to the preliminary results from the International Data Corporation (IDC).
SC sets aside SAT's order in Marsh India vs Atkins Special Risks
The apex court, in its order, said it could not find any documentary evidence on which the SAT had come to the conclusion that the reinsurance business of Jagson International Ltd was obtained by Marsh India by illegal means as alleged by its rival, the London-based reinsurance broker Atkins Special Risks Ltd.
Investors worried over downturn in $ 20 tn US commercial real estate market
Just as lenders to the sector grapple with turmoil triggered by rapidly rising interest rates, the value of buildings such as offices is crashing. That could add to pain for banks and raise concerns about damaging ripple effects. Although this is not yet a systemic problem for the banking sector, there are legitimate concerns about contagion.
Adani Group issues clarification on inaccurate media reporting
Adani Group said in the letter that the article titled "Indian data reveals Adani empire's reliance on offshore funding" is a "mendacious, deliberate effort to attempt to paint the Adani family and the Adani Group in the worst possible light". In doing so, it reveals a willingness to be selective in using publicly available facts.
Bangladesh's forex reserves fall to around 6-year low
Bangladesh Bank (BB) data showed the country's foreign exchange reserves stood at $31,142.72 million in March from $32,333.71 million in February, Xinhua news agency reported. This is the lowest level of forex reserves Bangladesh has held since December 2016 when the country's foreign exchange reserves crossed the $32 billion mark for the first time, an official of the bank's Forex Reserve and Treasury Management Department said on condition of anonymity.
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