BUSINESS
Over 25% unicorns in India founded by serial entrepreneurs: Report
This expertise is what helped India become the third nation to have 100 unicorns, including the 24 unicorns that emerged in 2022, according to the report by Orios Venture Partners, a leading early-stage venture capital fund. Today, one unicorn out of every 13 globally is being born in India .India remains a global hotspot in technology company value creation with 22 unicorns last year.
Adani Enterprises Q3 net at Rs 820 crore
According to the company, it had earned a total income of Rs 26,950.83 crore for the quarter ended December 31, 2022 (Q3FY21 Rs 18,963.40 crore) and a net profit of Rs 820.06 crore (net loss of Rs 11.63 crore). For the nine month period Adani Enterprises' total income stood at Rs 106,458.72 crore (Rs 70,432.69 crore) and a net profit of Rs 1,750.46 crore (Rs 776.56 crore).
Super apps to help conversational commerce market reach $135 bn by 2027
In 2027, 47 per cent of spend will be attributable to OTT-based channels, including WhatsApp and WeChat. "Specifically, as superapps increasingly provide multiple services within a single interface, including payments, commerce and messaging, greater engaging commerce interactions will be orchestrated," according to Juniper Research.The Asia-Pacific region.
PhonePe raises extra $100 mn at $12 bn valuation
"We are privileged to have a great set of leading global investors, both existing and new, who believe in our mission of building massive technology platforms to bring at-scale financial and digital inclusion in India," Sameer Nigam, CEO and Founder of PhonePe.
Adani Group share crash: Govt agrees to SC proposal for expert panel to study regulatory mechanisms for stock market
The Centre also wanted to provide details such as names and the scope of the panel’s mandate in a “sealed cover”. The Securities and Exchange Board of India (SEBI) also informed the Supreme Court that it was already conducting an investigation into the Hindenburg report and related market activities. SEBI submitted a 25-page note to a bench led by Chief Justice of India Dhananjaya Y Chandrachud, stating that it did not object to the formation of a committee, as proposed by the court on February 10.
Wholesale inflation falls to 4.73% in January
The fall in wholesale price inflation was owing to a decline in the rate of mineral oils, chemicals and chemical products, textiles, crude petroleum and natural gas, textiles and food products. The wholesale inflation had fallen to 4.95 per cent in December 2022 against 6.12 per cent, which was recorded in November 2022. The fall in WPI inflation in December 2022 too.
Lentra forays into Southeast Asia, aims $100 mn in ARR by 2024
With this expansion, Lentra aims to reach $100 million in annual recurring revenue (ARR) by March 2024. The move follows the company's latest fundraise of $60 million in a Series B round led by Bessemer Venture Partners, Susquehanna International Group (SIG), and Citi Ventures. Lentra said it will build a stronger market presence and increase credit disbursal.
Adani Group hires US accountancy firm for independent audit of its companies: Report
The appointment follows a report by Hindenburg Research on January 24th which accused Adani Group of using offshore tax havens and stock manipulation. Adani Group has denied the allegations, but its stocks and bonds have taken a hit, with its listed subsidiaries collectively losing $120 billion in market value in the last three weeks. Last week, Adani Group had stated.
InsuranceDekho raises $150 mn, largest-ever Series A funding in India
Touted as the largest-ever series A round by an Indian insurtech company, the fresh funding, a mix of equity and debt, also saw participation from Investcorp, Avataar Ventures and LeapFrog Investments. "The fundraising will enable us to deploy scalable Insurtech solutions in the areas of data analytics, artificial intelligence, last mile servicing and claims management.
Retail inflation at 6.5% in January, worrisome, shocker: Economists
The workers' remittances recorded an inflow of 1.894 billion US dollars in January, as compared to the previous month's figure of 2.102 billion dollars, and marked a decrease of 13.1 percent year-on-year, showed the bank's newly released data on Monday, Xinhua News Agency reported. With a cumulative inflow of 16 billion dollars during the first seven months of the ongoing 2022-2023 fiscal year (from July 2022 to June 2023), the remittances decreased by 11 per cent as compared to the same period last year, the figures showed.
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