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280 elected for first time to Lok Sabha, 52 per cent of total strength
Actor Arun Govil, who played the role of Lord Ram in the popular TV serial Ramayan, Dalit rights activist Chandrashekhar Azad and erstwhile royal Yaduveer Krishnadatta Chamaraja Wadiyar are among the 280 first-term members of the Lok Sabha. Former chief ministers, Rajya Sabha members, entrepreneurs and even an ex-high court judge made their maiden entry into the 543-member Lower House of Parliament in the just concluded general elections.
Lok Sabha Election Winner List 2024: Here is the full list of all 543 BJP, Congress, SP, TMC and other victorious MPs
Election Result Full Winner List 2024: The BJP faces unexpected losses in Uttar Pradesh, Haryana, and Rajasthan, with the NDA coalition projected to secure around 290 seats. The BJP alone falls short of a majority, leading in only 191 seats despite gains in Odisha, Telangana, and Kerala. The INDIA alliance leads with 234 seats. The BJP will need strong support from allies to maintain a majority.
Paytm shares rally 4% on cutting dependency on payments bank
Paytm Share Price: Shares of One 97 Communications, parent company of Paytm, rallied 4% to Rs 420 after Paytm and Paytm Payments Bank agreed to discontinue inter-company agreements. Meanwhile, SoftBank Group sold 2.2% stake amid regulatory uncertainty.
SoftBank Group sells 2% stake in Paytm parent; holding down to 2.83%
The Japanese investment firm cumulatively sold 1,37,84,787 shares in Paytm parent through the open market during the said period.
Board exits at Paytm bank; Mamaearth’s Q3 profit up 265%
Shinjini Kumar, a former Bank of America and PricewaterhouseCoopers (PwC) executive, resigned from the payments bank’s board in December, we have learnt. Manju Agarwal, former deputy managing director at State Bank of India, has also quit.
SoftBank sees new-found caution as secret weapon in AI arms race
The Vision Fund unit made just 29 new and follow-on investments in all of 2023 out of more than 300 companies it studied. The October-to-December quarter was the unit's most miserly since 2017, with SoftBank saying the funds made $100 million in new investments, a drop from the heady days of 2021, when they spent $20.9 billion in April-June alone.
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SoftBank Vision Fund sold down Paytm stake before shares plunged
SoftBank has been offloading Paytm shares regularly since at least November 2022 through last month, according to a Bloomberg analysis of company filings. The Japanese investor’s stake in Paytm was around 5% as of January, compared with a roughly 18.5% stake around the time of the payments company’s initial public offering in 2021.
RBI to meet stakeholders on Paytm; Tata Digital’s $1 billion boost
The banking regulator will meet industry bodies and other intermediaries next week to chart a course for migration of merchants and customers from Paytm. This and more in today’s ETtech Morning Dispatch.
SoftBank’s India portfolio value rises 9% to $14 billion
SoftBank swung into profits for the first time in five quarters with a net profit of over $6 billion for the three months ended December, aided by a stock rally in listed firms from Vision Fund I. The investor made a full exit from Zomato and Policybazaar during the year along with PhonePe -- which was part of the dividend payout from the Flipkart investment.
SoftBank took home $1.8-1.9 billion from four listed portfolio companies
Japanese investor SoftBank has sold stakes worth $1.8-1.9 billion during the public offerings and through post-listing sales in four Indian startups — Paytm, Zomato, PB Fintech and Delhivery — that went public in 2021 and 2022. It had invested a total of $2.3-2.4 billion in these four new-age companies.
SoftBank-backed FirstCry set to file for IPO, eyes $500-600 million raise
FirstCry will be the second Indian vertical e-commerce platform to go public after Nykaa’s IPO in 2021. The Pune-headquartered company specialises in selling products for kids and mothers across online and offline formats.
Public markets pricking the valuation bubble & other top tech, startup stories of this week
After a slowdown in technology IPOs in 2022, several tech companies including Arm, Instacart, and Klaviyo have returned to raise funds from the public market. However, the valuations of these companies have fallen significantly compared to their peak valuations. Instacart, for example, is aiming for a $10 billion valuation, which is only a quarter of its peak valuation of $39 billion. The sentiment in the market has shifted, and investors are now looking for right-sized offerings rather than inflated valuations.
Byju’s restructures biz amid exits; Banks advocate unified registry for digital fraud
Byju’s on Tuesday said it has consolidated four verticals into two, K-10 and exam preparation, as part of moves to restructure its mainstay business.
Late-stage investing is stuck as Indian companies still at 2021 valuations: SoftBank Vision Fund’s Sumer Juneja
Juneja, managing partner, India & EMEA (Europe, Middle East and Africa) at SoftBank Investment Advisers, most of the top technology companies in India are well capitalised and have cut costs over the past year, leading to their unwillingness to opt for a down round.
Namma Yatri to start charging Bengaluru auto drivers; SoftBank’s Arm set for year’s biggest IPO
Bengaluru’s Namma Yatri autodrivers won’t have a free ride anymore. The ride-hailing app, launched by a city autorickshaw union late last year to counter Uber and Ola, has announced subscription fees for drivers from September 1.
ETtech Explainer: Softbank-owned Arm Ltd set to go public in biggest IPO of the year
SoftBank decided to take Arm public after a deal to sell the company to Nvidia Corp for $40 billion collapsed last year amid objections from US and European antitrust regulators.
Three Indian family offices pick up Rs 435 crore SoftBank stake in IPO-bound FirstCry
SoftBank, which held 29% in the company, is believed to have diluted its stake by about 1.5-2% as part of the secondary share sale.
Exclusive: Manipal Group’s Ranjan Pai in talks for stake in FirstCry
Pai is expected to invest around Rs 250 crore in the ecommerce firm as part of a broader secondary share sale at FirstCry at a valuation of close to $3 billion, sources said.
Ranjan Pai in talks for stake in FirstCry; IT hardware firms may get more time for local manufacturing
Manipal Group chairman Ranjan Pai is likely to pick up a stake in FirstCry, as part of a secondary share sale. Pai’s Rs 250 crore investment could come at a valuation of about $3 billion for the Pune-based ecommerce firm looking to file its draft IPO papers before the end of this year. All this and more in today’s Morning Dispatch.
Data Protection Act: A ‘mind-what-you ask-for’ moment for startups & other top tech stories
Perhaps what could turn out to be one of the most crucial acts for Digital India was undertaken by the Indian Parliament through the passage of the Digital Personal Data Protection Bill, 2023 earlier this week. While the law will impact every entity in this country that deals in the personal data of Indian citizens, tech companies and consumer facing startups are perhaps going to be impacted the most.
Indian portfolio firms Swiggy, Lenskart, FirstCry, OfBusiness preparing to go public soon: SoftBank’s Navneet Govil
SoftBank's Vision Fund swung to a profit after six straight quarters of losses and said it will begin investing after a prolonged period of inactivity even as the Japanese group logged $3 billion in net loss.
Byju’s term loan gets more expensive; MPL lays off 350 post GST hit
Byju's quest to settle the $1.2 billion TLB feud might come at a steeper price. The embattled edtech firm might have to pony up an additional $50-60 million to service the increased interest rate it has offered to conclude the revised terms for the deal. This and more in today’s ETtech Morning Dispatch.
SoftBank back in ‘offence’ mode, begins writing cheques again
SoftBank on Tuesday reported a surprise net loss of over $3 billion in the first quarter, hit by the double whammy of a drop in share prices of major holdings as well as a weaker yen.
Google unveils Bard, Baidu announces Ernie in AI chatbot battle; Paytm up 20% as investors repose confidence
It’s been barely three months since OpenAI’s chatbot ChatGPT went live, and we already have Big Tech firms throwing their hat in the ring to get a headstart on this breakthrough artificial intelligence innovation. While Microsoft is reportedly looking to invest an additional $10-billion investment in OpenAI soon after ChatGPT went live, rival Google and China’s Baidu have also made clear their intention to launch similar chatbots. Both Google and Baidu aim to ride the wave by integrating their chatbots - Bard and Ernie, respectively — into their respective search engines to enhance the response to user queries.
SoftBank may start third Vision Fund after existing capital used
Vision Fund 2 still has $6.5 billion to spend on fresh investments, said Navneet Govil, executive managing partner at SoftBank Global Advisers, in an interview after SoftBank released its earnings report for the December quarter.
Twitter could go bankrupt, Elon Musk warns; SoftBank books heavy Vision Fund loss
Elon Musk issued a stark warning to Twitter employees earlier today, warning that the company faced the possibility of going bankrupt. The Tesla CEO, who has ruthlessly begun to clean house since taking over, has said the company was losing more than $4 million a day, largely because advertisers started fleeing once he took over. Meanwhile, three more senior Twitter executives quit on what has been a chaotic day for the company, even by its own lofty standards.
SoftBank hit as profit, and Arm deal, collapse
SoftBank Group Corp reported a 97% drop in quarterly profit and the collapse of a deal worth up to $80 billion to sell chip designer Arm on Tuesday, adding to pressure on the Japanese conglomerate to boost its sagging shares.
SoftBank dragged into red by falling Vision Fund valuations
Bright spots for the Vision Fund include its India portfolio with ride-hailer Ola and logistics firm Delhivery targeting listings.
SoftBank Vision Fund sees further upside from Policybazaar, Paytm IPOs after $2-billion profit
SoftBank Vision Fund posted a 236 billion yen ($2.14 billion) profit in the first quarter even as gains from listing portfolio companies were offset by the impact of China’s tech crackdown.
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