PROSUS GROUP
Ecom Express targets $170 million via rights issue
Ecom Express plans a $170 million rights issue with existing investors. Revenue grew 20% in FY23 despite widening losses. The company postponed a public listing like Delhivery and Xpressbees. Serving Meesho, Ecom Express ventures into quick-commerce sector.
Prosus writes off Byju's stake; Swiggy, PayU India report card
Dutch investment major Prosus said its investment in Byju’s is worth zero. This and more in today’s ETtech Top 5.
Prosus writes off investment in Byju's marking $493 million loss
Prosus writes off 9.6% stake in Byju's worth $493 million due to value decrease as per HSBC note. Also marks investment in Primrose Hill (ZestMoney) to zero against $38 million FY22.
HSBC estimates Prosus stake in ecommerce unicorn Elastic Run at $200 million
HSBC, in a research note dated May 21, nearly halved the valuation estimate for B2B company Elastic Run, pushing its valuation below the $1-billion 'unicorn' mark. The startup, backed by SoftBank and Prosus, was last valued at $1.5 billion in 2022.
Prosus stake in Byju’s worth zero: HSBC
This comes at the time of Byju's controversial $200 million right issue at 99% discount to its peak valuation of $22 billion, meaning any investor not investing in the rights issue will see its holding wiped off.
NCLAT dismisses appeal by investors against Byju’s
The National Company Law Appellate Tribunal has rejected an appeal filed by a group of investors of Byju’s seeking intervention in the case between the two parties in the National Company Law Tribunal (NCLT). These investors had requested an order to halt the ongoing proceedings at the NCLT’s Bengaluru bench.
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Byju's processes employees' May salaries from business collections
BYJU'S processed employees' May salaries from business collections. Salaries paid from company's collections, highlighting financial health and debt-raising challenges. Company raised debts, implemented strategic initiatives. Investors, including Prosus, General Atlantic, Sofina, Peak XV, Tiger, Owl Ventures, approached NCLT Bengaluru.
US court says Riju Ravindran’s testimony “lacks credibility”, imposes penalty: Byju’s lender group
An Indian tech firm, Think & Learn Pvt, faces penalties for concealing $533 million from lenders. Riju Ravindran, a director, failed to locate the funds, prompting US Bankruptcy Judge Dorsey to call his testimony dishonest. Despite no extradition treaty, fines loom. The dispute centers on creditors versus Think & Learn, embroiled in US courts.
Delhivery slides back to losses; Prosus names new CEO
Logistics startup Delhivery fell back into the red for the March quarter but managed to narrow its losses on a year-on-year basis. This and more in today’s ETtech Top 5.
Swiggy, Meesho investor Prosus and parent Naspers name Fabricio Bloisi as CEO
Fabricio Bloisi appointed chief executive of Prosus and Naspers, succeeding Bob van Dijk. Bloisi, current CEO of iFood, a food delivery business in Latin America, will start on July 1. Interim CEO Ervin Tu has been appointed president and chief investment officer. Outgoing CEO Dijk oversaw Prosus's 2019 IPO and the stock's upbeat performance during the pandemic.
Swiggy IPO: Food-delivery major secures shareholder nod for potential $1.25 billion public offering
Swiggy IPO: Swiggy plans to raise up to Rs 3,750 crore ($450 million) in fresh capital, in addition to an offer-for-sale (OFS) component of up to Rs 6,664 crore ($800 million). The food-delivery major is also looking to raise about Rs 750 crore from anchor investors in the pre-IPO round.
Investor group accuses Byju’s of violating NCLT order
A group of Byju’s investors led by Dutch investor Prosus is seeking to block a $200 million rights issue and the removal of founder Byju Raveendran as CEO of the edtech firm.
Content-to-commerce platform The Good Glamm Group lays off 150 employees
The Good Glam Group said it is working with a new organisational framework to rejig its operations, which led to the layoffs over the past 15 months. As a part of this restructuring, the Mumbai-based firm has also made certain elevations, including appointment of Manan Jain as group COO, Kartik Rao as group chief people's officer, and Ashish Jadhav as group head of product.
Byju's investors file SC caveats on rights issue
The four investors - Prosus, Sofina SA, Peak XV Partners Investments, and General Atlantic Singapore TL Pte Ltd - have filed separate caveats in the SC on Monday.
GenAI startup Ema secures $25 million in funding led by Accel, Prosus
Ema was founded in March 2023 by former Google employees Souvik Sen and Surojit Chatterjee and stands for Enterprise Machine Assistant. It allows enterprises to build generative AI personas and applications internally to bring about automation and increase efficiency and productivity.
Read the full text of Byju Raveendran's letter to employees after EGM by investors
On Friday, a group of investors unanimously voted to oust Raveendran as the CEO of Byju's and revamp the board, which includes wife and cofounder Divya Gokulnath and brother Riju Ravindran.
Investors move NCLT against Byju’s; file oppression, mismanagement lawsuit
A group of four investors of Byju's – led by Prosus – has sought the present management to be declared as unfit to run the company and appoint a new chief executive and change the board.
Ranjan Pai may put $50-60 million more to grow Byju’s Aakash
Manipal chief Ranjan Pai will invest the new tranche of capital sooner in Aakash ahead of key student enrolment season, people aware of the discussions said. Sources at Aakash also said the coaching unit will require additional investment from Pai for it to be able to run operations and scale the business during the next few months when students enroll in these centre.
Promoter tag for Prosus in Swiggy IPO; SaaS play for revenue-linked financiers
Swiggy's largest investor Prosus is likely to be tagged a promoter in the company as plans for trimming stake ahead of an IPO haven’t materialised. Details of this and more in today's ETtech Morning Dispatch.
Good Glamm, Shoppers Stop ink collaboration for omni-channel retail
Sukhleen Aneja, chief executive officer at Good Brands Co, owned by Good Glamm Group, said: “We look forward to expanding this collaboration subsequently to other products to tap into a broad consumer base.”She added the collaboration, once expanded, is expected to bridge the gap between online and offline retail and bring digital shopping experiences into physical stores.
Startups’ annus horribilis; and other top tech stories this week
Indian startups are closing 2023 with a cloud of uncertainty looming large over them.
Tata Tech’s blockbuster market debut; Elon Musk attacks advertisers for boycotting X
Tata Technologies made a blockbuster debut on the stock markets today, listing at an impressive premium of 140% over its IPO price of Rs 500 per share. This and more in today’s ETtech Top 5.
Working to improve edtech returns: Ervin Tu, interim CEO of Byju’s investor Prosus
The comments come after Ervin Tu said on Wednesday that Prosus had marked down the valuation of embattled edtech Byju’s below $3 billion. In March, Prosus had valued Byju’s at about $5.1 billion. The tech investor holds a stake of nearly 10% in the troubled edtech company.
Byju’s valuation below $3 billion; company facing challenges: Prosus interim CEO
Late last year, Prosus said it had ceased equity accounting of Byju’s as it had lost “significant influence” over the firm after its holding slipped below 10%.
PayU India H1 FY24 payments income rises to $211 million; fintech shutters LazyCard business
The growth in revenues largely came from its existing merchants and payment processing stack Wibmo, as new merchant signups continued to be paused for the Indian entity after an order from RBI.
Expect PayU India to be IPO-ready by H2 2024: Prosus interim CEO
“We are growing very well not only on payments but on the credit side too,” Ervin Tu said. In his view, the public markets in India are very healthy.
Prosus reports $2 billion in core earnings, sees ecommerce profitability earlier
Core headline earnings for the six months ended September 30 were $2 billion, from $1.1 billion in the same period a year earlier, in line with a November 20 trading statement.
Bob van Dijk abruptly steps down as CEO of Prosus, parent Naspers
Prosus has invested over $10 billion in India with a portfolio of startups such as Swiggy, Flipkart, Urban Company, Byju’s, Meesho and others. Prosus’ fintech arm, PayU, is one of the biggest online payment processors in the country.
Online marketplace OLX Group lays off 800 employees globally
According to publication TechCrunch, the move comes as the company begins to phase out activities of its automotive business arm Olx Autos in several areas after a lengthy search for potential buyers and investors.
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