PAI PLATFORMS
Purplle closes Rs 1,000 crore funding deal led by Abu Dhabi Investment Authority
Purplle has also announced a Employee Stock Ownership Plan (Esop) liquidity programme and will offer liquidity of Rs 50 crore to its employees. Company cofounder and CEO said they will constantly innovate their technology to provide the best for their customer. Purplle is one of the fastest-growing retailers in the beauty and personal care (BPC) segment, having grown its GMV by four times over the last three years.
KITES Senior Care and Columbia Pacific Communites set to merge for one of India's largest senior living firms
Columbia Pacific Communites is set to merge with Kites Senior Care, forming one of India's largest senior living firms. The merger is expected to benefit Columbia Pacific Communities, which has a net worth of over Rs 25 crore. The merger is expected to boost the company's bed capacity to over 1,000 within the next six quarters. Kites Senior Care, a leading provider of out-of-hospital geriatric care services, secured an investment of Rs 45 crore from Ranjan Pai's MEMG Family Office Fund in March 2024.
Paytm app launches auto-rickshaw booking feature via ONDC
Paytm introduces auto-rickshaw booking on its app through ONDC and Namma Yatri for users in NCR, Bengaluru, and Chennai. ONDC tab includes food, groceries, and rides. Pai Platforms facilitates the service with significant mobility transactions.
Unicorn sightings become rare as VCs shun that leap of faith
Investors are going back to the same list of startups they have already backed to write bigger cheques leading to new unicorn sightings becoming rare. Only Perfios and Ola founder Bhavish Aggarwal’s Krutrim AI have become unicorns so far in 2024, and the number was the same for the whole of 2023.
Premji Invest eyes Nainital Bank stake; Ranjan Pai may back Rupeek
Happy Friday! Azim Premji’s family office is eyeing a majority stake in Bank of Baroda-owned Nainital Bank. This and more in today’s packed edition of ETtech Morning Dispatch.
Dr Ranjan Pai joins JSW One Platforms as independent director on its Board
JSW One Platforms, a division of JSW Group, has appointed Dr. Ranjan Pai as an independent director on its Board. Dr. Pai, known for his expertise in education, healthcare, entrepreneurship, and investment, aligns with the company's focus on driving innovation and value creation.
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Raghuram Rajan labelled 'parachute economist' over India making a big 'mistake' comments
Raghuram Rajan's recent remarks sparked controversy on social media. The former RBI chief cautioned against India's economic growth being overshadowed by underlying structural issues. He emphasized the need for the government to focus on improving education and workforce skills post-elections to harness the country's potential fully.
Elderly care startup Kites Senior Care raises Rs 45 crore in funding from Ranjan Pai
The funds will be used to deepen its presence in cities like Bengaluru, Hyderabad, Chennai, while also facilitating expansion into three additional cities across Southern India, the company said.
ONDC apps flag Pai Platforms’ Bitsila acquisition
Pai Platforms, which was earlier Paytm E-commerce, is already one of the largest buyer apps on ONDC, and Bitsila's acquisition will give it a significant presence on the seller apps side as well. ONDC and sources at Pai Platforms, however, said there was no reason for the concerns raised by the seller network participants.
Pulsar Capital-owned TruDoc buys Mumbai's Wellthy Therapeutics
Wellthy Therapeutics is backed by Ranjan Pai, GrowX and BeeNext. TruDoc Healthcare, the leading telehealth and virtual care provider in the GCC, has acquired Wellthy Therapeutics, a Mumbai-based platform specializing in chronic disease management. Wellthy, a digital therapeutics company, focuses on developing and deploying digital therapeutic solutions across various medical fields, including cardiology, nephrology, and diabetes.
Time for a reset: Paytm’s opportunity to get back to basics; and other top stories this week
The stringent action by the Reserve Bank of India (RBI) against Paytm Payments Bank could have a positive fallout. It can actually push One 97 Communications, which runs Paytm, to focus on what it does best — build distribution. It can also focus on technology and product development like it did with Soundbox — a desi way of reducing fraud and confirming merchant payments.
Paytm E-commerce renamed as Pai Platforms, acquires ONDC seller firm Bitsila
Paytm E-commerce has changed its name to Pai Platforms and has acquired Bitsila, a seller platform on ONDC, gaining share in the online retail business.
Meesho’s fintech bet; Byju’s valuation crashes 99%
Ecommerce firm Meesho is diversifying revenue streams via two new business lines. Details of this and more in today’s ETtech Morning Dispatch. Multiple people aware of the developments told ET that Meesho wants to restart grocery delivery in a couple of cities, beginning from the next financial year.
Ranjan Pai’s big Aakash stake; Meesho, Pine Labs fair value cut
Manipal group head Ranjan Pai will soon become the largest shareholder in Aakash—one of the few remaining valuable assets of troubled edtech Byju’s. This and more in today’s ETtech Morning Dispatch.
SoftBank Vision Fund sells more of its FirstCry stake ahead of IPO
Family offices of Indian cricketer Sachin Tendulkar, Ravi Modi of ethnic wear brand Manyavar, Infosys cofounder Kris Gopalakrishnan, and TVS group family are among those buying into the company.
Inside Ranjan Pai’s plan for his family office; the state of Silicon Valley amid AI frenzy
Manipal Group’s Ranjan Pai, who has been in the news for bailing out troubled startups such as Byju's and PharmEasy, is putting together a team to capitalise on attractive valuations. This and more in today’s ETtech Morning Dispatch.
Ranjan Pai cuts Rs 1,400 crore cheque for Davidson Kempner debt, books Aakash seats
In May, Byju’s had signed a Rs 2,000-crore ($240 million) structured credit deal with Davidson Kempner against the cash flows of Aakash Institute.
Ranjan Pai rides to Byju’s rescue; Ten IT firms to secure PLI nod soon
Manipal Group boss Ranjan Pai has pumped Rs 1,400 crore into Bjyu’s subsidiary Aakash Institute, enabling the embattled edtech major to clear its debt to Davidson Kempner. This and more in today's ETtech Top 5.
Ranjan Pai invests in beauty etailer Purplle; Skyroot gets Temasek boost
Ranjan Pai's investment spree continues as the chairman of the Manipal Education and Medical Group has now invested in omnichannel beauty retailer Purplle. Details on this and other major startup deals in today's ETtech Top 5.
Sustainable solutions platform Smarter Dharma raises funding from Rainmatter, Gruhas, others
The Bengaluru-based startup works towards reducing the carbon footprint of companies in the real estate sector. The company’s sustainability platform and services use a data-science engine to bring tangibility to sustainability right from the concept stage of real estate products.
Ranjan Pai closes in on $300 million Aakash deal; tech firms face Israel crisis
In what could be a shot in the arm for Byju’s, Manipal Education and Medical Group chairman Ranjan Pai may invest as much as $250-300 million in Aakash Institute, a subsidiary of the troubled edtech firm. This and more in today’s ETtech Morning Dispatch.
The Pai-and-Kamath way to startup investing; and other top tech stories this week
Bluestone is only the latest in the list of investments by Pai and Kamath, but this marks the growing pace at which they are signing new cheques at a time mid-to-large scale startups are finding it hard to score new funding.
WhiteHat Jr CEO Ananya Tripathi leaves in another top-level exit at Byju’s
Tripathi was one of at least five business vertical heads who reported to Mrinal Mohit, Byju’s India business head. Four of them, including Tripathi, have quit the firm since June.
Former SBI chairman Rajnish Kumar, ex-Infosys CFO Mohandas Pai join Byju’s advisory council
These appointments come after Byju’s three key investors–Peak XV Partners, Prosus and Chan Zuckerberg Initiative–resigned from the board leaving only Raveendran, cofounder Divya Gokulnath and Riju Ravindran on the board.
Rajnish Kumar, Mohandas Pai join Byju’s advisory council; Wipro net profit up in double digits
Troubled edtech major Byju’s said it has appointed Rajnish Kumar, former SBI chief, and ex-Infosys CFO Mohandas Pai to its Board Advisory Committee. This and more in today’s ETtech Top 5.
Aster Healthcare's promoters in talks with private equity groups, look to sell India business
Aster DM Healthcare’s founder Azad Moopen is in talks to sell a controlling stake in the India-listed hospital company to private equity firms including Blackstone and KKR. The company operates 32 hospitals in West Asia and India, as well as clinics, pharmacies, laboratories and patient experience centres. The discussions are preliminary and focus on a reverse merger with Care Hospitals, though both funds reportedly want a controlling stake or agreed path to control.
Gaurav Trehan elevated, to head KKR Asia PE biz
Trehan, a die-hard Liverpool football fan and tennis enthusiast, joined KKR to head its India private equity business in 2020, after a 16 year stint at TPG.
Private equity vital for faster growth of healthcare: Ranjan Pai
"Private healthcare in India needs a lot of capital. It will come in the form of either large conglomerates' investments or from the private equity funds. In that sense, private equity money is a vital ingredient for the faster growth of the industry, Pai said.
TV Mohandas Pai’s advice for young techies: Work 12-14 hours, keep learning and save
“In the first 10 years of life you have to work 12-14 hours a day to make an impact. Work life balance is fine but understand, work is life. HR will come and tell you about work-life balance, events, etc, but when they get laid off, what happens to you? You get laid off unless you are productive. If you compete with everybody and do better than everybody, then your job is much more secure.”
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