BUSINESS
Swiggy's losses jump 2X to Rs 3,629 cr in FY22, layoffs coming
Total expenses went up 131 per cent to Rs 9,574.5 crore in FY22. According to its annual financial statement with the Registrar of Companies (RoC), during the last quarter of FY22, Swiggy turned "decacorn" (with a valuation of $10 billion and above) after raising a $700 million round led by Invesco.
Indian banking will maintain its growth momentum: South Indian Bank MD & CEO
"Set up in 1929, South Indian Bank has a network of 928 branches and 1,156 ATMs. The bank's advances stood at Rs 67,963 crore as on September 30, 2022 with retail, small and medium enterprises, and agricultural advances accounting for 70 per cent of the book," Murali Ramakrishnan, MD and CEO, told IANS in an interview.
CarDekho logs Rs 1,600 cr in revenue in FY22, narrows losses by 28%
A $1.2 billion unicorn, the company said it narrowed its losses by 28 per cent, to Rs 246 crore in FY22 from Rs 341 crore in FY21. The company informed that it has Rs 1,000 crore in net cash and has a clear path to achieve profitability by FY24. "The stellar business growth is a testament to the trust reposed in CarDekho Group by over 50 million visitors, over 5,000 used car loan agent partners, more than 50,000 insurance partners in over 1,300 cities and more than 3,500 used car dealers as at March 2022," said Amit Jain, Co-founder and CEO, CarDekho Group.
International regulation needed for crypto activities, says RBI
n it's financial stability report, which released on December 29, 2022, the central bank has said that "the turmoil in crypto assets market highlights their intrinsic volatility and structural vulnerabilities, whereas their interconnectedness with the traditional financial system is increasing". The central bank has suggested that there should be consistency at the international level on regulatory and supervisory approaches.
With prospects of slowdown, central banks may unwind the rates: SBI
According to the report, policymakers have to control inflation without harming the economy and financial markets. Higher cost of capital and thereby lower operating margins impacts the growth as well as competitive landscape favouring established market players than the new entrants, the report said. Financial markets in 2022 have remained volatile and edgy with the central banks globally in unison in a rate hike cycle. "In fact, this is in complete contrast to post global financial crisis in 2008 when all central banks had cut rates in unison, but central banks in respective countries decided to take an exit from easy monetary policy separately, India included," the SBI said.
LML to showcase EV Star at AutoExpo
"We are ecstatic to present this engineering marvel to the world and at this auto expo we envision a future where Star is embraced by consumers as a stylish and intelligent mode of commuting around the globe. Paving our way to the e-mobility solutions we are also looking forward to sharing our insights on our global company strategy," Dr. Yogesh Bhatia, MD & CEO, LML said.
Supreme Court affirms Centre's 2016 decision to demonetise currency notes of Rs 1000, Rs 500
A five-judge constitution bench headed by Justice S.A. Nazeer and comprising Justices B.R. Gavai, A.S. Bopanna, V. Ramasubramanian, and B.V. Nagarathna pronounced the judgment on a clutch of petitions challenging the Centre's 2016 decision to demonetise currency notes of Rs 1,000 and Rs 500 denominations.
Elon Musk 1st person in world to lose $200 bn in net worth: Report
According to a Bloomberg report, Musk has now seen his wealth drop to $137 billion following a recent drop in Tesla shares. The shares of his electric car company are down nearly 65 per cent. In January 2021, Musk became the richest person in the world for the first time, with a net worth of more than $185 billion. Musk saw his fortune peak in November 2021, hitting $340 billion, before a massive drop. Last month, he was replaced by Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH, as the world's richest man.
India's internet industry to reach $5 trillion valuation by 2030
Home to 780 million internet users, India is home to the second largest internet user base in the world. "As digital will continue to play a significant role, India's internet GMV (not valuation) will grow to about $1 trillion by 2030, equivalent to $5 trillion in public and private market cap,a according to data by market intelligence firm Redseer Strategy Consultants. An average Indian spends around 7.3 hours per day on their smartphone, one of the highest in the world. "The time spent is across online messaging, social media, YouTube streaming, OTT content and short-form video.
PE-VC investments in India fell by 29% in 2022
India minted a total of 21 unicorn companies (VC-funded startups valued at $1 billion or more) in 2022, 18 of them during the first six months of 2022 and less than half the 44 Unicorns minted in 2021. In fact, the final quarter of 2022 did not see any new unicorns being created. SaaS companies accounted for 29 per cent of all the new unicorns in 2022, followed by Fintech companies with 19 per cent. Overall, unicorn startups in India attracted $9.8 billion worth of investments in 2022, down by 61 per cent compared to the previous year (which saw $25 billion invested in unicorn startups).
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