Flipkart Ventures Invests in Five Tech Startups Through FLA Accelerator Program
Flipkart Ventures, the investing arm of e-commerce giant Flipkart, is investing in five early-stage tech startups as part of its accelerator program, Flipkart Leap Ahead (FLA). These startups, including Algomage, Castler, FlexifyMe, NimbleBox.ai, and ReCircle, will receive mentorship and equity-based investments ranging from $250,000 (₹2 Crores) to $500,000 (₹4 Crores). The FLA program, in its second year, supports startups in domains like generative AI, machine learning, digital escrow banking, and circular economy. Flipkart Ventures has a $100 million (₹650 Crores) fund for Indian startups and has previously backed 15 companies. The initiative aims to prepare selected startups for accelerated growth and expansion.
Flipkart Big Billion Day Sale
Burman Family's Religare Stake Bid
The Burman family, holding a controlling stake in Dabur, has announced an open offer for a 26% stake in Religare Enterprises, a Non-Banking Financial Company (NBFC), worth up to ₹2,116 crore. This move aims to secure control of Religare. Other entities participating in the offer include M B Finmart, Puran Associates, VIC Enterprises, and Milky Investment & Trading Company. The offer seeks to acquire 90,042,541 equity shares at ₹235 per share, a 17% discount from the previous day's closing price. The Burmans will gain the right to appoint directors and influence management changes in Religare.
Order from Domino's Pizza
Ather Energy Reports Widening Losses Despite Revenue Growth
Despite reporting a net loss of Rs 864.5 crore in FY23, up from Rs 344.1 crore in FY22, the electric vehicle (EV) startup backed by Hero MotoCorp saw its share price drop only 1.63% on Monday. The startup's revenue grew significantly, reaching Rs 1,784 crore YoY. Total expenses also tripled to Rs 2,670.6 crore. New funds will be used to expand the product portfolio, charging infrastructure, and retail network. Ather Energy, the startup, remains confident in two-wheelers leading India's EV transition and raised Rs 900 crore from investors, extending its expansion runway. It currently operates 200 retail touchpoints and 1,500 charging grids.
Get your Bike Insurance dine with Acko starting from Rs.548
Trifecta Capital Closes Oversubscribed Third Venture Debt Fund at ₹1,777 Crore
Trifecta Capital has successfully closed its third venture debt fund at ₹1,777 crore ($213 million), surpassing its initial target of ₹1,500 crore. The fund, established in 2021, has already allocated ₹1,500 crore to 51 companies and boasts a capital recycling provision, potentially reaching ₹4,440 crore ($535 million) for investments. Trifecta Capital, founded in 2015, has invested in 21 unicorns and over 12 "Soonicorns" including Big Basket, PharmEasy, Cars24, ShareChat, and more. The firm anticipates exceeding ₹6,000 crore in cumulative debt capital investments in the current fiscal year.
Order Medicines online and get delivered within 2 hours from Apollo Pharmacy
Delta Corp Shares Plunge on Government Notice Demanding ₹11,140 Crore in GST
Delta Corp, a casino operator, saw its shares drop nearly 20% to a 52-week low of ₹140 on the NSE after receiving a government notice demanding ₹11,140 crore in Goods and Service Tax (GST) for the period from July 2017 to March 2022, along with interest and penalties. This amount surpasses Delta Corp's current market capitalization of ₹4,228.10 crore. The GST is calculated based on the gross bet value from the casinos. Failure to pay may lead to a show-cause notice. Additionally, the company faces challenges from the recent decision to impose a 28% indirect tax on gaming company revenues.
Get your SBI Credit Card now!
Post a Comment