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ETtech Exclusive: Medtech firm Medikabazaar rejigs top deck; PwC audit spots issues
Medikabazaar undergoes management reshuffle with CEO stepping down amid financial discrepancies. Investors demand audits and CEO transitions become a trend in B2B startups. Scrutiny reveals wrong accounting practices in the industry.
CG Power appoints Amar Kaul as managing director & CEO
Amar Kaul joined CG Power on July 9, 2024 initially as Managing Director & CEO – designate and will take over as the managing director & CEO effective July 25, 2024. He was in the executive leadership position leading EMEIA (Europe, Middle East, India and Africa) region for compression systems & services in Ingersoll Rand.
Del Monte Foods announces Abhinav Kapoor as new CEO
Abhinav Kapoor was previously vice president, sales at VIP Industries, where he was overseeing P&L, multiple channels and sales, the company said in a statement, adding that Kapoor has over two decades of experience in sales and distribution within consumer businesses. He has previously held leadership positions at Cavinkare, Britannia Industries, Mondelez and Marico, the statement said.
Revenue automation startup MeetRecord raises $2.7 million funding from SWC Global, others
MeetRecord, based in Bengaluru, offers AI-powered analysis of conversation data from emails and calls to improve sales conversions. Prior to this pre-series A funding round, the company had raised $310,000 in 2021 from All In Capital and Powerhouse Ventures.
HUL elevates Arun Neelakantan to the role of exec director, customer development
Hindustan Unilever Limited (HUL) has appointed Arun Neelakantan as the new executive director, customer development, effective July 1st, 2024. Neelakantan, who started his career in 2006 as Key Account Manager in Modern Trade, has a strong track record in customer development and marketing. He has led large teams and changed agendas across various trades and channels.
Businesswoman Halla Tomasdottir elected as Iceland's next President
At her campaign celebration in the morning, Tomasdottir said, "I think people want to discuss our society and take part in it," Iceland Review reported. She said, "I feel the energy of the people who have joined me on this journey." Voter turnout in this election was 78.83 per cent and has not been higher in a presidential election since 1996, RUV reported.
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Bharti names Sharat Sinha CEO of Airtel Business
Bharti Airtel appoints Sharat Sinha as CEO of Airtel Business, effective June 3, 2024. Sinha, with extensive global experience from Checkpoint Software Technologies Ltd and other tech giants, aims to bolster Airtel's portfolio in connectivity and adjacent sectors. Both Sinha and Airtel's management express confidence in enhancing customer value and technological innovations.
B2B fintech startup Vegapay raises $5.5 million from Elevation Capital
Vegapay had raised $1.1 million in its first institutional funding round in 2023 led by Eximius. According to the company, the newly raised fund will be used to enhance Vegapay’s product suite, focusing on product development and regulatory compliance.
With the inauguration of a state-of-the-art kitchen facility in Hyderabad, we aim to be one of the biggest pure food services players in the country, shares Rohit Sawhney, CEO, Elior India
Elior Group, led by CEO Daniel Derichebourg and Elior India CEO Rohit Sawhney, inaugurates a new kitchen facility in Hyderabad, focusing on growth and innovation in the Indian market.
Hiring surge in travel and tourism: What it means for mid-career and senior roles
India's travel and tourism sector has rebounded post-pandemic, contributing Rs 16.5 trillion to the economy and creating 39 million jobs by 2020. The sector is also witnessing a spike in demand for AI specialists and data operations in the hospitality industry.
Ankush Aggarwal returns to Ola Cabs; declining H-1B visas for IT staff
Happy Tuesday! Ola Cabs founder Bhavish Aggarwal’s brother Ankush is back at the ride-hailing business. More on this in today’s ETtech Morning Dispatch.
Girish Mathrubootham steps down as CEO of Nasdaq-listed Freshworks, stock plunges over 25%
Girish Mathrubootham has stepped down from the position of Freshworks Inc's chief executive officer (CEO) and the company has appointed Dennis Woodside as the new CEO & President, effective from May 1.
B Capital announces two senior hires to expand climate investments
Rich Lesser, global chair and former CEO of Boston Consulting Group (BCG), has joined as vice chair, climate & sustainability and senior advisor. The firm also announced Jeff Johnson as a new general partner to head their expanding climate investment team.
Sachin Bansal’s Navi eyes $2B valuation; Byju’s seeks arbitration in investor battle
Sachin Bansal-promoted Navi Technologies is in the market to secure external funding at a valuation of around $2 billion. Details of this and more in today’s ETtech Top 5.
AI company Databricks finds India on a different trajectory, invests more
Databricks, under CEO Ali Ghodsi, prioritizes India for investments to support startups with data solutions. The Mumbai infrastructure serves major clients, contributing to the company's $43 billion valuation.
Engrail Therapeutics raises $157 million in funding from F-Prime Capital, others
The proceeds of the fund raise will help to support advancement of Engrail’s pipeline for neuropsychiatric and neurodevelopmental disorders
B Capital closes $750 million fund; Startup Mahakumbh Day 2
Multi-stage global investment fund B Capital has closed its second Opportunities fund at $750 million. Details on this and more in today's ETtech Top 5.
Cabin pressure: Are corporate leaders trying to be all-round performers?
CEOs face pressure to prove superhero status beyond the office, managing personal brand and productivity. Balancing fitness routines and social media presence is crucial. Finding time for rest and recovery is essential for overall well-being. Many entrepreneurs do feel the need to constantly stay productive, even during their downtime.
Healthtech firm HiLabs raises $39 million from Eight Roads Ventures, others
HiLabs, a health data analysis firm, secured $39M in Series B led by Eight Roads Ventures. Co-founded in 2014, the US-based company employs 150+ people with R&D hubs in Pune and Bangalore, focusing on enhancing healthcare data.
ProcMart brings on board Sachin Jain to head finance, strategy
ProcMart appoints Sachin Jain as CFO and CSO to drive growth in B2B marketplace. Jain's expertise in finance, tax, IT operations adds value. Anish Popli, founder and CEO, highlights Jain's role in enhancing financial frameworks, maximizing shareholder value. Startup raised $10M in series A funding led by Sixth Sense Ventures, backed by IndiaMART.
Moglix plans to recruit 500 new professionals in 18 months
The B2B ecommerce platform ramps up hiring efforts across key business verticals as part of its expansion strategy
Buzz in travel sector leading to more hiring in senior leadership level
The surge in travel post-pandemic has led to a rise in travel employment, with a 37% increase in travel sales and a 179% increase in outbound tourism from India. This has resulted in a demand for senior leadership roles in the travel sector, particularly CEOs and CXOs. The industry is expected to contribute $250 billion to India's GDP by 2030 and create employment for 137 million individuals.
Paytm CEO meets RBI officials; Nykaa doubles Q3 profit
In an attempt to address regulatory concerns, Paytm founder and CEO Vijay Shekhar Sharma, along with the firm's executives, met officials of the Reserve Bank of India (RBI) on Monday. This and more in today’s ETtech Top 5.
Vikaash Khdloya joins Property Share as the newest member of the Advisory Board
Property Share, a tech platform for commercial real estate, has appointed Vikaash Khdloya, founder of Boundless Capital, as a senior advisor. Khdloya brings over 17 years of experience in real estate investment and management, previously working at The Blackstone Group and as CEO of Embassy Office Parks REIT. Property Share aims to leverage his extensive industry experience and scale its platform. Established in 2016, PropShare is India's first and largest tech-driven real estate investment platform with institutional investors like Westbridge capital and LightSpeed Venture Partners.
Byju's at war — with investors, bankruptcy
Byju's, in a letter, said the investors have “no voting rights to change (its) chief executive”. Byju’s top management said certain investors are “conspiring” against it and have “artificially induced” a cash crisis that has forced the troubled company to delay January salaries.
ChrysCapital acquires 75% stake in ProHance, enters SaaS segment
Following the acquisition, ProHance aims to build on its success and plans to strategically expand into important markets such as the Philippines, Australia and South America.
Speciality chemicals platform Scimplifi secures $3.6 million from 3one4 Capital, Beenext
Scimplifi said it aims to export 60% of its output within the next year and is planning to expand its reach to 20 countries and four new chemical categories. In addition, the company aims to add labs in three more categories to support research.
Huge potential for growth in Europe: Royal Enfield CEO
The Chennai-headquartered firm, a part of Eicher Motors, currently sells bikes all across the continent and has a market share of around 8.5 per cent in the middle-weight motorcycle segment. In an interaction on the sidelines of the annual EICMA motor show here, Royal Enfield CEO B Govindarajan said the company believes in replicating the success it enjoys in the Indian market in the middleweight segment in international markets as well.
B30 cities contributing almost 17% of SBI MF's AUM: Joint CEO
“There is a perception that there is no need to differentiate the professional young women by gender because they are already as empowered, as knowledgeable as anybody else. Their risk appetite or behaviour is as good or as bad as any other investor will have. The mutual fund products are the most democratized products representing anybody who has been putting Rs 500 crore or somebody who is doing an SIP of Rs 500 ”
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