The Ministry of Electronics and Information Technology (MeitY) may likely ask the Ministry of Corporate Affairs (MCA) to exclude the ex-ante provision from the proposed draft of the Digital Competition Bill (DCB) for now.

As per an ET report,  the IT ministry’s suggestion to exclude the ex-ante framework will be a part of its overall feedback to the MCA on the draft DCB.

Additionally, the IT ministry may propose conducting further extensive consultations with the industry, startups, and other stakeholders on various aspects of the bill before finalising the draft.

“There has been a near-unanimous view across the board that the ex-ante provision needs to be re-looked at. This is perhaps not the right time for such a provision,” a senior government official told ET.

An ex-ante provision in a regulation or a law allows the government to take preventive action based on anticipated outcomes, while an ex-post framework involves legal action after an event has occurred.

Currently, the CCI operates on an ex-post framework, intervening after receiving complaints about unfair market practices. The proposed draft DCB suggests granting the competition regulator preemptive powers in addition to its existing ex-post powers.

Last month, the IT ministry convened meetings with various stakeholders to discuss aspects of the draft DCB. Representatives from the MCA and the Competition Commission of India also participated in these consultations. 

In their feedback to the ministry, several startups, industry groups and representatives from big tech companies had told the IT ministry provisions like ex-ante measures and the definitions and limitations proposed for systemically significant digital enterprises (SSDE) could potentially harm Indian companies, particularly startups.

As per the draft Bill, large digital platforms will be designated as SSDEs if they meet certain financial and user base criteria. Some of the thresholds include a turnover of not less than INR 4,000 Cr in India in the preceding three financial years or a gross merchandise value (GMV) of not less than INR 16,000 Cr in the country. 

In December 2022, a parliamentary panel recommended implementing ex-ante regulation for digital markets in India. Subsequently, in February 2023, the MCA established the Committee on Digital Competition Law, charging it with drafting the Digital Competition Bill.

The post MeitY May Advise MCA To Exclude Ex-Ante Provision From Digital Competition Bill For Now appeared first on Inc42 Media.

Update | July 15, 12:35 PM

Almost over a month after Inc42 had exclusively reported on BluSmart eyeing to raise INR 200 Cr ($24 Mn), the startup today officially announced raising the same amount from responsAbility Investments AG, Sumant Sinha, MS Dhoni Family Office, and BluSmart founders.⁠ The company aims to use the fresh capital to expand its operations and build EV charging infrastructure and assets in the mega cities of India.

Original Story | May 22, 9:16 PM

Delhi-NCR based EV cab hailing startup BluSmart is looking to raise around INR 200 Cr in a pre-Series B funding round, as per the startup’s regulatory filing. 

People aware of the development said the funding round will close in June and will see participation from major new and existing investors. The regulatory filing stated that the capital raised will be utilised for the growth of the business as it is “capital-intensive” in nature. 

Confirming the development, BluSmart cofounder Punit K Goyal told Inc42, “BluSmart is raising $25 Mn or INR 200 Cr in an equity preference round. This is a Pre-Series B round.” 

The new round comes almost four months after BluSmart raised $25 Mn from Switzerland-based impact investor responsAbility in a mezzanine structure, including partial equity dilution and debt. That round came right after BluSmart rolled out a new fare structure for different times of the day, which includes surge pricing like app cab aggregators – Ola and Uber.

Prior to this in December last year, the startup had announced raising of $24 Mn on a rights issue basis. This round saw participation and over-subscription from its existing investors, founders and leadership team.

In May 2023, the startup had raised $42 Mn in a bridge round led by existing investors BP Ventures, and Survam Ventures. This funding round also saw participation from the startup’s leadership team. 

Over the years, the company has raised funds from BP Ventures, Survam Partners, Mayfield India Fund, 9 Unicorns, JITO Angel Network, Green Frontier Capital, Stride Ventures, Alteria Capital, and BlackSoil, among others. To date, the startup has raised around $200 Mn in growth capital which comprises $122 Mn in equity and $78 Mn in debt.

Founded in 2019 by Anmol Jaggi and Punit K Goyal, BluSmart offers EV ride-hailing services and charging infrastructure across Delhi NCR, and Bengaluru. The startup currently operates over 7,300 EVs and aims to increase the fleet size to 10,000 across Delhi NCR and Bengaluru by end of this year.

The company claims to have completed more than 10 Mn rides so far, travelling more than 330 Mn zero-carbon Km in the process. At present, BluSmart competes against the likes of Uber, Ola, Rapido, InDrive, Shoffr, among others.

BluSmart claims to have touched revenue of more than INR 390 Cr in the financial year ending on March 31, 2024, a significant increase from INR 160 Cr in FY23. The startup claims to have achieved $60 Mn (INR 500 Cr) in annualised revenue run rate (ARR) in April 2024, from $29 Mn in April 2024.

However, the FY24 figures could not be verified since the startup has not yet filed its audited financial statements. 

The post [Update] Exclusive: BluSmart To Raise INR 200 Cr In Fresh Funding From New, Existing Investors appeared first on Inc42 Media.

With the new-age tech IPO season in its full bloom, after a lull of almost two years, Avanse Financial Services has emerged as the latest entity to have filed for a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).

Backed by marquee names such as Kedaara Capital, Warburg Pincus, Mubadala Investment Company and Avendus, the education loan-focussed non-banking financial company (NBFC), Avanse, is aiming to raise INR 3,500 Cr through its public listing. Its IPO would comprise a fresh issue worth INR 1,000 Cr and an offer for sale (OFS) component of shares worth INR 2,500 Cr.

With its IPO, Avanse will contribute to over INR 1 Lakh Cr of IPOs expected to happen in the country this fiscal. The draft document for its IPO, filed in June this year, is under SEBI’s review, along with the DRHPs of other new-age companies like non-banking lender Northern Arc and fintech startup Mobikwik. 

After the mainboard public listing of TBO Tek, Go Digit, Awfis, and ixigo, listings of several other new-age tech startups are also in the pipeline, including Ola Electric and FirstCry. Meanwhile, taking the confidential route, Swiggy has filed its IPO papers with SEBI.

With such major brand names in the pipeline for this year’s IPO, let us delve deeper into Avanse’s business model, competition, and books to gather some understanding about the prospects of its impending public market debut. 

Though the market is bullish on the new-age tech companies and has largely shown a positive response to the recent listings, a few trends have emerged — the market’s affinity for certain differentiating factors in the IPO-bound companies, decent valuations that match with the other market leaders, and strong fundamentals of companies planning to walk down the IPO aisle.

Avanse In The Education Loan Market

In the Indian education loan market, Avanse offers full-stack education financing options — from education loans for students to growth capital for education institutions through education infrastructure loans. 

As an education-focussed NBFC operating in India, Avanse plays in a highly competitive market and locks horns with juggernauts like State Bank of India (SBI), Bank of Baroda, ICICI Bank, as well as NBFCs like HDFC Credila, Auxilo, and InCred, among others.

Although banks continue to dominate the realm of education financing, NBFCs have started securing a notable portion of the education loan market, particularly in the overseas student loans segment, as the demand for student loans is on the rise.  

As per a CRISIL report, 88% of the NBFC portfolio comprised overseas education loans as of December 31, 2023. When compared with banks, the NBFCs comprised 37% of the total overseas education loans market in India during the same time. 

As one of the leading NBFCs in the student credits market, Avanse wants to cash in on this very opportunity, as it is expected to grow sharply over the years on the back of an expanding student pool in the country, limited prestigious university seats locally, and a rising preference among students for global exposure, the report suggests.

Now, why NBFCs are excelling in the overseas market compared to banks? 

Well, the answer to this lies in the risk-taking appetite of NBFCs when it comes to offering unsecured loans. 

Unlike NBFCs, Indian banks have a higher share of small-ticket education loans in their education loan portfolio as the central bank (RBI) does not mandate security or guarantee for loans up to INR 4 Lakh. 

Also, banks have slightly lower interest rates compared to NBFCs, making them an easier choice, especially when no collateral is needed.

In contrast, NBFCs focus more on higher-ticket sizes, above INR 10 Lakh, allowing them to corner a majority share of the overseas education loan space. 

Speaking with Inc42, Nilanjan Chattoraj, head of credit and product, education loans at InCred Finance, explained that when the education loan model started in India in the early 2000s, the only providers of those credits, the banks, asked for property collateral or a mortgage to give higher ticket loans. 

HDFC Credila, over the last 15 years or so, ushered in the biggest change in this game with high ticket-size unsecured loans, particularly enabling the students opting for higher education in foreign countries who might not be able to show property collateral given various socio-economic backgrounds, he said.

“With that being the starting point, one of the reasons that NBFCs started getting popular in the education loan space is the product fitment brought by these specialised players, which the public sector banks were not able to do,” Chattoraj added.

“Besides, the student lending product is inherently a completely different model compared to other financing products, such as a consumer loan or a home loan or a business loan… so understanding which colleges and courses are to be funded and which are to be avoided to minimise the risks of NPAs in the future is extremely important and banks being a multi-product company, it’s difficult for them. And that is exactly how NBFCs have become a popular choice in this market,” he said.

A Close Look At Avanse’s Fundamentals

According to the company’s DRHP, Avanse is the second-largest education loan-focused NBFC in India by assets under management (AUM), as of March 2023 and March 2024, following HDFC Credila. Avanse’s total AUM stood at INR 13,303 Cr as of March 2024.

However, compared to its closest competitors, Avanse has the largest average ticket size for international student loans at around INR 33 Lakh.

According to the CRISIL report, while HDFC Credila and Auxilo – the two closest competitors to Avanse in the NBFC education credits space – primarily focus on education loans, the latter (Avanse) is a multi-products educational loan NBFC. Notably, overseas student loans form 78.28% of its lending book, and the remaining comprises education institution loans and domestic education loans.

As of March 31, 2024, its overseas student loans had a total AUM of around INR 10,414 Cr while for domestic it stood at INR 361 Cr.

According to the founder and CEO of Wright Research, Sonam Srivastava, the education loans segment is booming, plus Avanse’s profitability factory is good and continues to increase. Given these factors, the company is expected to receive strong interest from the market.

“Demand for educational loans, especially for foreign schools, has grown and people’s discretionary spending is increasing. Besides, people are expecting interest rate cuts by September. If this happens, it would bring a lot more attention to banks and NBFC. So, good days are incoming for NBFCs,” Srivastava said, adding that Avanse’s tech capabilities and usage of data analytics is the bow that ties everything together for the NBFC. 

Meanwhile, it is important to note that Avanse is a profitable entity. In FY24, its PAT more than doubled to INR 342.4 Cr from INR 157.7 Cr in the previous fiscal year.

A testament to the growing market opportunity and its significant share in it, the company also has a steady revenue stream. Avanse’s operating revenue jumped 74.5% year-on-year (YoY) to almost INR 1,727 Cr in FY24.

Its interest income, which primarily comprises interest on loans to its customers and interest on its investments and deposits held with banks, surged 61.6% YoY to INR 1,443.7 Cr in the same fiscal.

If compared with the leading NBFC in this market, HDFC Credila’s PAT stood at INR 528.8 Cr in FY24 growing from INR 276 Cr a year ago. 

The gross non-performing asset (GNPA) ratio of Avanse stood at 0.43% as of FY24. The GNPA ratio highlights the asset quality of the lending companies.

However, it is also important to note that the Indian education loan market has faced significant difficulties in recent years amid a widespread crisis in the edtech sector. 

Meanwhile, GNPAs in the overall education industry are also expected to remain high due to this very reason. Also, as per sectoral experts, education loans with ticket sizes less than INR 4 Lakh have been witnessed to have higher NPAs.

What’s Ahead For Avanse?

Since its inception in 2013, Avanse has experienced significant highs and lows. It was initially established as a joint venture between the International Finance Corporation (IFC) and housing finance firm DHFL. Amid the DHFL crisis, the company sold its stake in Avanse Financial to Warburg Pincus Group.

Currently, Olive Vine Investment, an affiliate of Warburg Pincus, is the largest shareholder in Avanse with a 58.38% stake. As part of the OFS, promoter group Olive Vine Investment will offload shares worth INR 1,758 Cr. 

IFC, which holds an 11.36% stake, will sell shares worth INR 342 Cr and Kedaara Capital will offload a 13.82% stake in the company worth INR 400 Cr.

With an already strong foothold in the education loans sector, Avanse aims to use the primary capital of INR 1,000 Cr from its IPO to augment its capital base to meet our company’s future capital requirements arising on the back of business growth and growth of assets.

Overall, Avanse is well-positioned to capitalise on the rapidly expanding Indian education finance market, leveraging its strong product portfolio, extensive distribution network, and the support of its marquee investors as it prepares to walk down the IPO aisle.

The post Decoding Warburg Backed Avanse’s Stronghold In The Student Loan Market Ahead Of Its INR 3,500 Cr IPO appeared first on Inc42 Media.

Yali Capital, a venture capital firm floated by Cosmic Circuits’s cofounder Ganapathy Subramaniam and former Blackstone executive Mathew Cyriac, has launched an INR 810 Cr (around $97 Mn) early stage fund to back startups operating in the deeptech sector.

The fund will focus areas, including chip design, robotics, genomics, smart manufacturing, aerospace and AI, among others, in the deeptech space.

The VC firm has also roped in former chief executive of Cadence as an advisor.

“Yali’s limited partners consist of top tech executives from India and the US and with our collective experience, we believe we can lay a strong foundation for deep tech companies from India”, said Subramaniam.

“I see strong opportunities in homegrown deep tech companies in sectors such as aerospace, imaging, instrumentations and several other emerging areas,” Cyriac said.

Yali Capital is a SEBI-approved Category 2 AIF and its target close is INR 500 Cr, with an additional greenshoe option of INR 310 Cr.

With over 25 years of experience in the semiconductor industry, Subramaniam also serves on Ideaforge and Tonbo Imaging boards. He is also the chairman of Cirel Systems, a provider of analogue and mixed-signal ICs.

Meanwhile, Cyriac has served as senior managing director and co head of private equity in India at The Blackstone Group. He also serves as a board member at Fino Paytech, Aeries Financial Technologies and CMS IT Services. 

This development comes at the heart of investors prioritising deeptech startups with the segment witnessing several fund launches in recent times. 

For instance, VC firm 8X Ventures marked the first close of its INR 200 Cr (around $24 Mn) DeepTech fund alongside an additional greenshoe option of INR 100 Cr.

Last year, deeptech venture capital fund, Java Capital also closed its INR 50 Cr fund, with participation from founders in the Indian startup ecosystem and high net worth individuals (HNIs) located in India, the Middle East, and the US. 

Not to mention, the government has also come up with incentives and policies to bolster the segment. Earlier this year, it made a substantial investment of INR 10,372 Cr over five years for the India AI Mission, marking a boost in the AI ecosystem. 

In the interim budget of February, the finance minister Nirmala Sitharaman allocated a corpus of I lakh Cr towards research and development in the sunrise sector. The initiative intends to provide long-term financing or refinancing’ at low or nil interest rates.

The post Yali Capital Rolls Out INR 810 Cr Fund To Back Deeptech Startups appeared first on Inc42 Media.

Zomato’s cofounder and CEO Deepinder Goyal has become a billionaire following the foodtech major’s shares touching INR 230 mark during the intraday trading on Monday (July 15).

As per Zomato’s filing on the BSE, Goyal held 36.95 Cr shares in the company in the quarter ended March 2024. If no shares are offloaded after that, Goyal’s shareholding in the company is expected to be worth over INR 8,400 Cr ($1 Bn) today. 

Shares of Zomato touched a fresh all-time high at INR 232 during the early trading hours on the BSE today. Later, the shares shed a few gains and were trading at INR 227.7 by 2 PM IST on the exchange.

The stock has witnessed a significant uptrend since the beginning of this year on the back of its improving fundamentals and turning profitable in Q1 FY24. Besides, a remarkable improvement in its quick commerce business Blinkit has also played a major role in turning the company’s fortune, whose shares tanked to around INR 40 at the end of July 2022 post the acquisition of quick commerce startup. 

Since its all-time low, the stock has gained over 5X.

In a recent research note, Kotak Institutional Equities said that it expects Zomato to report healthy Q1 FY25 results, driven by 23% YoY growth in food delivery GMV and 113% YoY growth in Blinkit GMV. 

“We expect both businesses to report sequential CM (contribution margin) improvement, driven by better take rate (higher platform fee in food delivery) and advertising income (in Blinkit),” the brokerage added.

In Q1 FY24, it posted INR 2 Cr in net profit on an operating revenue of INR 2,416 Cr. In the last reported quarter – Q4 FY24 – Zomato’s profit stood at INR 175 Cr on an operating revenue of INR 3,562 Cr. 

Brokerage JM Financial also expects Zomato to post sequentially “very strong quarter” in Q1 FY25 for food delivery as well as quick commerce businesses. It has a price target of INR 230 on the stock, which implies an upside of 3.4% to its last close on BSE on Friday.

The post Deepinder Goyal Is Now A Billionaire As Zomato Skyrockets By Over 400% In Just Two Years appeared first on Inc42 Media.

Fintech unicorn Groww has reportedly doubled its active investor base, touching nearly 11 Mn users as of June 2024, as per National Stock Exchange’s data.

As per Moneycontrol’s report, the company had around 5.65 Mn users in the same period of the previous year.

Citing the NSE data, the report further said that Groww gained over 5.5 Lakh users in June, while Mumbai-based Angel One added 2.2 Lakh active investors and Zerodha added 1.5 Lakh users.

Earlier this month, the Securities and Exchange Board of India (SEBI) barred market infrastructure institutions (MIIs) from offering discounts based on trading volumes or activity of its members, which could threaten the revenue of the discount brokerage companies.

Despite discount brokers facing regulatory interventions on their trading operations, the reports highlight the sharp rise in newly opened demat accounts.

Total number of demat accounts opened has touched 160 Mn with a net addition of 4.2 Mn accounts, in June, as per the report. According to NSE data, the overall number of active investors is a little above 40 Mn.

Groww stole Zerodha’s thunder of the highest active investor base, when it recorded 6.63 Mn active investors at the end of September 2023, against Zerodha’s 6.48 Mn.

The report also revealed Angel One is also speeding up to pull in more users every month than Zerodha and is likely to surpass the latter soon.

It is noted that the user growth of traditional full-service brokers, largely backed by banks, has been shallow with the discount brokers’ upper hand over the last decade.

Despite the tough ground for traditional brokers, the report revealed, SBICAP Securities, backed by the State Bank of India, has seen its active investors rise 64% to 9.2 Lakh in June, from 5.6 Lakh users, a year ago.

The post Groww’s Active Investor Base Doubles In One Year, Touches Almost 11 Mn appeared first on Inc42 Media.

Hyderabad-based fintech startup Validus Fintech Services Pvt Ltd has secured an undisclosed capital as a part of its seed funding round from AUM Ventures and a clutch of strategic investors.

The startup plans to deploy the fresh proceeds for product development and business expansion.

Founded by Ganesh Venkatachalam and Suram Mukkavilli in 2021, Validus offers digital services for alternate investment management industry, mutual funds, pension and retirement solutions. As per its website, the startup also claims to facilitate investors and distributors with services, including digital onboarding of investors, transaction reporting and investor relations among others. 

“Our platform is crafted to revolutionise the investment landscape by fostering a banking-like ecosystem within the mutual fund and investment management industry and advancing user experience through innovative technology,” said Venkatachalam.

The development comes at a time when India’s fintech space has been seeing a lot of activities across funding and M&A.

For instance, healthcare-focused fintech startup Care.fi recently secured debt funding of $2.6 Mn (around INR 21 Cr) from Trifecta Capital and UC Inclusive Credit for business expansion and talent acquisition.

Similarly in March, fintech startup FREED raised INR 60 Cr ($7.5 Mn) in its Series A funding round led by Sorin Investments and Multiply Ventures to expand its reach and improve technology.

In December last year, Kunal Shah-backed digital banking platform, ANQ Finance acquired healthcare-focussed lending startup Kiwimoney for an undisclosed amount.

Similarly, fintech startup BharatX recently acquihired Zenifi for an undisclosed sum to foray into the healthcare lending space.

As per Inc42 report, the fintech ecosystem’s lending space stood at more than $270 Mn in FY22, making it the fastest growing segment.

The post Validus Bags Seed Funding To Offer Digital Solutions To Investors appeared first on Inc42 Media.

Udaipur-based skincare brand SkinInspired has raised INR 12.2 Cr (around $1.5 Mn) in a seed funding round led by Unilever Ventures, with participation from a host of angel investors, including Dr Vaidya’s cofounder Arjun Vaidya, among others.

The startup plans to deploy the fresh proceeds for research and development as well as brand marketing.

Founded by Piyush Jain and Prashant Agarwal in 2022, SkinInspired is a high performance skincare brand and claims to be safe and formulated with multiple proprietary active ingredients blends. 

SkinInspired has a curated range of assorted products based on skin types in four segments, including face wash, face serum, sunscreens and moisturisers.

“SkinInspired epitomises the fusion of efficacious ingredient blends, delightful textures, and functional packaging, delivering a luxurious skincare experience with global resonance. We aim to elevate onto the global stage, benchmarking our formulations against the best worldwide” said Jain.

SkinInspired competes against the likes of Minimalist, The Derma Co and Dr Sheth’s among others. 

Recently, a host of D2C skincare startups have raised funding.

For instance, last month, skincare solution startup CHOSEN by Dermatology secured a seed funding of $1.2 Mn (around INR 10 Cr) from friends and family. 

In the same month skincare startup Asaya raised $1.5 Mn in a seed funding round co led by OTP Ventures and Huddle Ventures, with participation from Eternal Capital.

According to an Inc42’s report, the market opportunity in the beauty and personal care space for the D2C market is expected to reach $5.6 Bn and the number of online shoppers is expected to cross 122 Mn by 2025. 

The post SkinInspired Nets Seed Funding To Expand Its Skincare Play appeared first on Inc42 Media.

Deeptech-focused venture studio IndusDC has set aside INR 100 Cr (~$12 Mn) for the fiscal years FY25 and FY26 to identify and help co-build tech startups across industrial and energy sectors.

The studio plans to build five startups in the next two years and more than 50 new companies globally over the next decade.

It also aims to cut down 1 gigatonne (1 GT) of carbon dioxide (CO2) emissions by 2035.

Each startup founded by IndusDC will have access to INR 20 Cr in capital as a combination of grants for tech development, equity for early revenue till profitability and debt or working capital for scaling beyond profitability, the venture studio said in a statement.

Founded by Kushant Uppal, Satya Seshadri and Kaustubh Hanmantgad in 2023, IndusDC is a venture studio that claims to catalyse the decarbonisation journey for the global industrial segment. It works to co-found new entities, focusing on sourcing advanced technologies, and bridging the gap between science and application.

IndusDC counts Helion Venture Partners’ Ashish Gupta and former Knoah Solutions’ CEO Sri Myneni as angel investors. The studio claims to have received a commitment agreement for five startups from Mirik Gogri of Spectrum Impact, who leads the family office of Aarti Industries Ltd’s promoters.

“The energy transition journey will create $40 Tn of new business opportunity, globally. At IndusDC, we are building platforms to address each stage of the startup as they scale from lab to market,” said Uppal.

He added, “Our team is deeply committed to establishing the benchmarks for an IP-focused decarbonisation venture studio and making it an attractive asset class for investors. We are delighted to welcome our investment partners who share our vision of building a sustainable future.”

The studio will be signing additional commitment agreements with strategic investors for grants, equity and debt over the course of FY25.

The post IndusDC Sets Aside INR 100 Cr For Startups Across Industrial And Energy Sectors appeared first on Inc42 Media.

Marking an expansion to its offerings, union-backed ride-hailing service Namma Yatri has reportedly kicked off its auto and cab rentals to take on counterparts like Ola and Uber. 

So far, the service has been piloted for Android users at Bengaluru and Chennai only. Besides this, the ride-hailing service aims to test this service at Delhi- NCR in the next fortnight, Moneycontrol reported.

It is pertinent to note that with this development Namma Yatri will probably become the first ride-hailing service to pilot auto rentals in the country. However, the likes of Ola and Uber have been offering rental services around cabs for quite some time now, the report added. 

While the charges for an hour of rental service auto costs INR 190 for 10 Km, the rates of renting a non AC mini cabs, AC mini cabs, sedans and XL cabs are INR 250, 285, 320 and 390, respectively. 

Above 10 Km of distance, it will charge an additional distance fare between INR 10 to INR 21 depending on the type of vehicle. Alongside this, a flat usage fare of INR 3 and a pickup charge between INR 20 to INR 30 will also be levied. 

The development comes almost three months after Namma Yatri debuted its cab-hailing services in its home city Bengaluru. Besides, Bengaluru, Namma Yatri also offers cab aggregator services in Kochi, Kolkata, Hyderabad and Chennai. 

Not to mention that the ride-hailing app entered the Chennai and Delhi markets to offer auto rides to customers in January this year. 

The Namma Yatri’s expansion spree is accompanied by the launch of several other similar ride-hailing apps across the nation.

For instance, a transport union in Bengaluru was reported to roll out an auto rickshaw ride booking app, ‘Nagara Metered Auto’, in partnership with Agnibhu Technologies. 

Developed by fintech startup Juspay and backed by Nandan Nilekani’s Beckn Foundation, the Namma Yatri app facilitates direct rides between users and drivers, thereby cutting out aggregators such as Ola and Uber, which charge commissions as high as 30%.

Not to mention, Namma Yatri joined hands with Google Maps and ONDC intending to enhance the public transport service in India. 

In recent times ONDC has witnessed a fall in mobility transactions which reflects the moderate growth in the number of trips recorded via Namma Yatri. Notably, the ride-hailing segment on ONDC saw moderate growth as the platform recorded 38 Lakh trips in May as against 36 Lakh transactions in April. 

Overall, the Namma Yatri family of apps constitute over 2.1 lakh drivers, 50 lakh customers. It claims to be among the prominent players in several cities namely Bengaluru, Mysuru, Hyderabad and Kolkata. 

The post Namma Yatri Expands Offerings With Auto And Cab Rentals appeared first on Inc42 Media.

Gaurav Munjal-led Unacademy is undergoing a major overhaul. Weeks after its cofounder Hemesh Singh stepped away from the edtech giant, Inc42 has now learnt that the startup’s chief operating officer (COO) for offline centres, Jagnoor Singh, is moving out. 

Singh will be serving his notice period and will be in a transition phase for the next six months, sources said. The edtech unicorn is unlikely to hire a replacement for Singh, and cofounder Gaurav Munjal and newly-elevated cofounder Sumit Jain will oversee the offline business.

“The founders are taking control of the business to attain the company’s goals. The company intends to go public and the business needs to be run more efficiently. Afterall, Unacademy intends to have a sustainable growth and achieve profitability,” one of the sources said. 

Inc42 has learnt that Singh, during his tenure at Unacademy, reported to either Munjal or Jain.

Queries sent to Unacademy remained unanswered till the time of publishing this story.

The development comes a little over a month after Unacademy cofounder and chief technology officer Hemesh Singh announced his decision to take a back seat after being with the startup for more than eight years. 

Unacademy’s partner Sumit Jain replaced Hemesh Singh as the cofounder and also has a seat on the startup’s board. Last year, Jain, who was then the CEO of Graphy, was elevated to a partner role. Munjal had then said that the cofounder role and a partner role are almost similar. 

Hemesh Singh, along with Munjal and Roman Saini, founded Unacademy in 2015. The Bengaluru-based company claims to have a network of 91K registered educators (teachers) and over 99 Mn learners.

Unacademy is in the midst of an aggressive cost-cutting exercise currently to turn profitable. Earlier this month, Inc42 reported that the startup fired 250 employees in a fresh restructuring exercise. While 150 employees were from the sales department, who were fired for not being able to meet their “sales targets”, the remaining 100 employees were from various other departments, sources told Inc42 then. 

Earlier in May, Inc42 exclusively reported that the startup’s medical entrance test preparation platform PrepLadder undertook a layoff exercise amid a shift in its sales strategy. The NEET preparation platform laid off around 145 employees, which was almost 25% of its workforce. It was PrepLadder’s third round of layoffs in the past three years.

Besides, K-12 Techno Services has also held talks with Unacademy to acquire the latter. However, the talks are currently in initial stages. 

Peak XV Partners-backed Unacademy narrowed its consolidated net loss by almost 40% to INR 1,678.1 Cr in the financial year 2022-23 (FY23) from INR 2,847.9 Cr in the previous year, on the back of a sharp reduction in costs.

Unacademy Group has raised about $800 Mn in funding till date. Last valued at $3 Bn, the startup counts Tiger Global, Elevation Capital, General Atlantic, and Meta among its backers.

The post Exclusive: Unacademy COO Jagnoor Singh Quits, Gaurav Munjal & Sumit Jain To Take Charge appeared first on Inc42 Media.

IPO-bound foodtech major Swiggy has initiated its fifth employee stock option plan (ESOP) liquidity programme worth $65 Mn (about INR 543.5 Cr). 

In a statement, the startup said that the programme will allow employees at all levels and functions to get liquidity on their ESOPs.

This is among the biggest ESOP liquidity programmes announced by the startup. To date, the company has facilitated over INR 1,000 Cr in ESOP liquidity via five such programmes, benefiting more than 3,200 employees.

Commenting on the development, Girish Menon, head of HR at Swiggy, said, “Employees owning shares  of their company creates alignment of incentives and a sharp focus on collaborative excellence, which is a virtuous cycle that we believe in and espouse.”

Swiggy launched the first ESOP programme in June 2018. Following this, it announced two ESOP liquidity programmes worth $35-$40 Mn in 2021. The two tranches under this were completed in 2022 and 2023.

According to a Moneycontrol report, Swiggy cofounders Sriharsha Majety and Nandan Reddy will also sell some shares in the ESOP liquidity programme. Swiggy declined to comment on Inc42’s queries on the issue.

Earlier today, Inc42 reported that Swiggy and its rival Zomato have increased their platform fee to INR 6 per order in key markets like Delhi and Bengaluru.

The latest development comes at a time when Swiggy is gearing up for its public listing. The foodtech major filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) via confidential route in April. The startup is looking to raise over INR 10K Cr via the IPO, which will likely include a fresh issue of shares worth INR 3,750.1 Cr and an OFS component of up to INR 6,664 Cr.

Unlike listed peer Zomato, Swiggy continues to be a loss-making entity and is aggressively chasing profitability. Earlier, Inc42 reported that it was poised to achieve nearly INR 10K Cr in revenue in FY24 on the back of the rising number of Instamart orders, increased platform fees in food delivery, and a growing momentum in its dining out business.

Swiggy’s net loss crossed the INR 4,000 Cr mark in FY23, rising 15% to INR 4,179.3 Cr from INR 3,628.9 Cr in FY22. Operating revenue surged over 40% to INR 8,264.4 Cr in the fiscal year from INR 5,704.9 Cr in FY22, driven by significant expansion in the quick commerce vertical.

The post IPO-Bound Swiggy Initiates Fifth ESOP Liquidity Programme Worth $65 Mn appeared first on Inc42 Media.

Apple Inc’s annual sales in India have jumped to a record high of nearly $8 Bn as the iPhone maker is rapidly expanding its market where it now makes more devices and has rolled out two flagship stores.

As per Bloomberg’s report, citing sources, revenue in India surged by approximately 33% over the 12 months ending in March, up from $6 Bn the previous year.

The report further said that iPhones accounted for more than half of the sales.

This signals positive for the company to expand the country further, given the strong market opportunity and having established its two operational flagship outlets in India.

In April, Apple’s two India-based company-owned outlets each reported revenue of INR 190-210 Cr in the fiscal year ended March 31, 2024 (FY24), emerging as the top-performing retail outlets of the iPhone maker globally.

In January last year, Union Minister Piyush Goyal said the tech giant was aiming to increase the share of its production in India to 25% of its total production from 5%-7% then.

The company manufactured iPhones worth INR 1 Lakh Cr in India in 2023. In terms of its total output, ‘Made in India’ iPhones worth INR 65,000 Cr were reportedly exported in the twelve month period between January and December 2023.

The Cupertino-based tech giant shipped more than 10 Mn iPhones last year, clinching the top smartphone brand by revenue in India, surpassing its Korean rival Samsung, according to a report by market research firm Counterpoint.

Apple accounted for 23% of smartphone revenue share in 2023, despite capturing just around 6.5% market share by volume – its highest ever – as compared to Samsung which had 18% volume share and 21% revenue share, followed by Vivo with 13% revenue share.

Meanwhile, the Competition Commission of India (CCI) has reportedly found the iPhone maker guilty of abusing its dominant position in the app store market, earlier this month.

Citing a confidential report of the CCI’s investigation unit, Reuters said it found that Apple influences how digital businesses reach end consumers through its iOS platform and App Store. 

The post Apple’s India Sales Touch Nearly $8 Bn Mark As iPhones Demand Soar appeared first on Inc42 Media.

In the run up to its annual Prime Day sale, ecommerce major Amazon India plans to launch two new cheaper annual membership plans.

Abhinav Agarwal, director and head of Amazon India Prime, told Inc42 that the company will be launching the new subscription plans – Prime Lite and Prime Shopping Edition –  across all pin codes in India during the upcoming Prime Day on July 20.

Prime Day is the ecommerce giant’s annual event for its Prime members under which it provides various deals and discounts. The event will be held on July 20-21 this year.

Priced at INR 799 per annum, Prime Lite will allow subscribers to have access to the shipping and shopping experience of the INR 1,499 per annum Amazon Prime subscription, but with some limitations pertaining to content access on its OTT platform Amazon Prime Video. The new subscription will allow users ad-free access to Prime Video on one device, compared to access on five devices offered on regular subscription.

Meanwhile, Prime Shopping Edition is priced at INR 399 per year. Under this subscription, customers will get only the shipping and shopping benefits that come with regular Prime membership. 

Agarwal said that the ecommerce major had been testing the two plans over the last 6-12 months at a beta level for select prime customers, seeking both qualitative and quantitative feedback. 

“In India, consumer needs vary widely. Some may not prioritise or have the means to pay for video or audio services. For those primarily interested in shopping, the shopping focused subscription acts as a gateway to enter the Prime ecosystem. We have seen some members transition from this subscription to our flagship Prime model, a decision influenced by the introduction of new content,” he added. 

Besides the introduction of the new plans, Prime Day will see Amazon launch new deals and discounts. The company claims to be launching “thousands” of new products from over 450 brands, including Intel, Samsung, OnePlus, Honor, iQOO, and Bajaj. 

Besides, Prime Video will announce a line-up of 14 original series and movies across five Indian languages. Prime members can also avail up to 50% discount when purchasing select add-on subscriptions from popular video streaming services available on Prime Video Channels.

The development comes at a time when the competition in the Indian ecommerce space is heating up. While Amazon competes with the likes of Flipkart and Meesho in the ecommerce segment, the entry of quick commerce players like Zepto, Zomato-owned Blinkit, and Swiggy Instamart in various new categories has pitched them in direct competition with ecommerce giants.

Consequently, Amazon India’s US parent, Amazon, is pumping in more funds in the company. Amazon India raised a total of INR 2,490 Cr (about $298 Mn) in the first five months of 2024 from its parent. 

In May, Amazon’s US-based arm Amazon Seller Services invested INR 1,660 Cr in its Indian subsidiary Amazon India Seller Marketplace. Earlier in February, the company raised INR 830 Cr from its parent company.

At the heart of this is the burgeoning Indian ecommerce market, which is expected to become a $400 Bn market opportunity by 2030.

The post Amazon India To Launch Two Cheaper Variants Of Prime Membership appeared first on Inc42 Media.

Several app-based ride-hailing services, including Uber, have approached the Union Finance Ministry, the Goods and Services Tax (GST) Council, and the Authority for Advance Rulings (AAR) to clarify their tax obligations.

This move follows a recent decision by the Karnataka AAR, which ruled that Bengaluru-based direct-to-driver app Namma Yatri is exempt from paying GST, ET reported.

In the case involving Juspay Technologies, the company behind the Namma Yatri mobility platform, the AAR relied on the dictionary definition of the word “through.” It concluded that merely linking service providers with customers via a digital platform does not constitute a supply of service and is thus not subject to tax.

The same Karnataka authority had previously issued an opposite ruling in the case of Opta Cabs Pvt Ltd. Additionally, the Tamil Nadu Advance Ruling Authority, in a recent decision regarding Balat Enterprises Pvt Ltd, held that the company, which provides a platform for small business owners to connect with customers, is liable to discharge tax under Section 9(5) of the CGST law for specified services.

Consequently, other players in the industry are now seeking clarity on the interpretation of the word “through” under Section 9(5) of the CGST law and the corresponding tax implications for their services.

Uber has filed an application for an advance ruling in Karnataka, seeking clarity on the GST law, the report said.

“Contrary advance rulings have created uncertainty in the industry. We are seeking clarity on the tax position to ensure there is a level playing field and consistent tax application across all industry players,” the spokesperson said.

Earlier this year, the Karnataka transport department fixed uniform fares for all taxis plying in the state, including metre-based taxis.

Under the new regime, the app-based cab aggregators will not be able to levy surge charges to customers during peak hours.

The app-based aggregators have also been under the radar of various other state governments, including Delhi and Maharashtra, for different reasons.

The post Uber, Other Cab Aggregators Seek Tax Clarity from Finance Ministry, GST Council & AAR appeared first on Inc42 Media.

Fintech company Jio Financial Services (JFS) posted a consolidated net profit of INR 313 Cr in the April-June quarter (Q1) of the financial year 2024-25 (FY25), a decline of 5.7% from INR 332 Cr in the year-ago quarter.

On a quarter-on-quarter basis, net profit rose marginally from INR 311 Cr.

Operating revenue rose marginally to INR 418 Cr during the quarter under review from INR 414 Cr in Q1 of FY24. However, it was almost flat sequentially.

Total expenses shot up to INR 79 Cr in the first quarter of FY25 from INR 54 Cr in Q1 FY24.

JFS was carved out from Reliance Industries Ltd (RIL) and listed on the stock exchanges in August last year. The company offers a gamut of financial services like UPI payments, loans, insurance, among others.

Commenting on the progress in various areas, JFS CFO Abhishek Pathak said in a post-earnings call, “Over the last three full quarters of Jio Financial Services as a listed company, we’ve been working on multiple fronts… importantly, setting the governance and policy framework in line with the highest regulatory standards, hiring and integrating the right talent at all levels across all our operating entities and setting a modern fit for purpose, cost effective technology and data architecture to enable product launches at pace and distribution at scale… ”

In an investor presentation, the company said that it launched loans against mutual funds and auto and two-wheeler digital insurance services in July 2024.

Highlighting the progress of the JioFinance app, which was launched in beta phase in May this year, JFS said that the app has garnered 5 Lakh downloads. The consumer app complements the merchant app, which was launched in December 2023. With both apps now in place, the company believes it has established a vital digital channel to reach its target customers.

On the lending business, the company said that besides loan against mutual funds, vendor financing and enterprise solutions for device financing have gone live. JFS also beta launched home loans in the current month and plans to make it available to all the customers soon.

On its leasing business, the company said that it commenced leasing AirFiber devices last month. JFS also said that it leased the first ship leased under Reliance International Leasing IFSC Limited (RILIL), which is a joint venture (JV) between JFS’ subsidiary Jio Leasing Services and RIl subsidiary Reliance Strategic Business Ventures Limited. JFS also plans to enter the solar panels and IT equipment sector for the leasing business.

Last week, JFS also received the RBI’s approval to convert itself into a core investment company (CIC) from a non-banking financial company. 

It is pertinent to note that the company has also formed JVs with BlackRock to set up an asset management company and foray into wealth management and broking space. On these JVs, the company said that it has identified the key leadership and infrastructure and tech platforms are in advanced phases of development. It added that the GTM strategy and the building blocks of the JVs are in advanced stages.

The post Jio Financial Services Q1: Net Profit Declines 5.7% YoY To INR 313 Cr appeared first on Inc42 Media.

Beauty and fashion ecommerce major Nykaa has allotted 1.73 Lakh equity shares to its employees under its employee stock option plan (ESOP) schemes.

“We wish to inform you that the Nomination and Remuneration Committee of FSN E-Commerce Ventures Limited (‘Company’) on July 15, 2024 has allotted 173,800 equity shares,” Nykaa said in an exchange filing. 

The company said that the equity shares were allotted pursuant to the exercise of vested stock options under ESOP schemes. 

As per the stock’s last closing, the newly-allotted shares have a cumulative value of INR 3.13 Cr.

The development comes nearly a month after Nykaa allocated more than 4.73 Lakh equity shares under the ESOP scheme. Prior to that, it granted 4.05 Lakh stock options under its ESOP scheme in May this year.

According to Inc42’s Indian Startup Founder Survey 2023, about 55% of founders are banking on ESOPs to attract the Indian workforce back to the startup ecosystem in 2024. This strategy has led many companies to allocate stock options to their employees. 

For instance, logistics unicorn Delhivery announced the allotment of 75,000 stock options under its ESOP 2012 just last week. A number of other startups, including Paytm, CarTrade, PocketFM, Spinny, and Cred, also granted shares to their employees in the past couple of months.

Meanwhile, Nykaa has projected a strong revenue growth of around 22-23% year-on-year for the first quarter of FY25. The company anticipates its gross merchandise value (GMV) to rise in the mid-twenties percentage range year-over-year.

As part of its Middle East push, Nykaa’s step-down subsidiary Nessa International Holdings recently incorporated a wholly-owned subsidiary in Qatar – Nysaa Cosmetics Trading.

Nykaa’s consolidated net profit rose 80% year-on-year to INR 69 Cr in FY24, while operating revenue grew 24% to INR 6,385.6 Cr.

Shares of Nykaa ended almost flat today at INR 180.45 on the BSE.

The post Nykaa Allots 1.73 Lakh Equity Shares Under ESOP Plan appeared first on Inc42 Media.

At a time when quick commerce has gained immense popularity in the country, ecommerce major Amazon India is looking to increase its focus on its same-day delivery proposition. 

Speaking with Inc42, Amazon India director and head of Prime Abhinav Agarwal said that Prime membership plan now offers customers same-day deliveries on 1 Mn products, including toys, electronics, and home entertainment categories. 

Saying that same-day delivery for Prime members have doubled because of the company’s investment in strengthening its delivery network, Agarwal added that the company is looking to double down its focus on same-deliveries going ahead. 

Additionally, Amazon India has expanded its capabilities to deliver 4 Mn products on the next day of ordering. Half of the orders placed by users on the platform via Prime are being delivered on the same day or the next day across all pin codes, he said. 

“Delivery speed remains a focal point of our ongoing efforts. Fast, reliable deliveries are a key benefit of Prime subscriptions and are a cornerstone of our customer proposition. Our goal is to combine speed with reliability, ensuring that customers receive their orders swiftly… ” he said. 

At the heart this push is India’s burgeoning ecommerce market, which is expected to become an $400 Bn opportunity by 2030. However, Amazon India continues to be a loss-making entity. In FY23, Amazon Seller Services’ saw its standalone net loss widen 33% to INR 4,854.1 Cr from 3,649.2 Cr in the prior year. Operating revenue increased merely 3.4% to INR 22,198 Cr during the year under review from INR 21,462 Cr in FY22.

While Amazon competes with the likes of Flipkart and Meesho in the ecommerce segment, the entry of quick commerce players like Zepto, Zomato-owned Blinkit, and Swiggy Instamart in new categories has increased the competition for the ecommerce giant. 

This competition is expected to increase further as JioMart and Flipkart are also all set to enter the quick commerce space. 

However, Amazon India seems to be unperturbed by this. Agarwal declined to comment on the intensifying competition in the quick commerce space, and said that Amazon India will continue to focus on same-day deliveries for now.

However, the company is bullish on expanding its grocery vertical, Amazon Fresh, which claims to deliver groceries in 2 hours. Amazon Fresh delivers groceries, including fruits, vegetables, chilled products, beauty, baby, personal care, and pet products. It recently expanded the service to 130 cities, including Ambala, Aurangabad, Hoshiarpur, Dharwad, Una, Suri, among others. 

Amazon is currently gearing up for its annual Prime Day sale on July 20-21. This year’s edition will see the ecommerce major launch “thousands” of new products from over 450 brands, including Intel, Samsung, OnePlus, Honor, iQOO, and Bajaj. 

Besides, Prime Video will announce a line-up of 14 original series and movies across five Indian languages. 

The post Amid Quick Commerce Rush, Amazon India To Double Down On Same-Day Deliveries appeared first on Inc42 Media.

Spacetech startup Dhruva Space has received authorisation from the Indian National Space Promotion and Authorisation Center (IN-SPACe) to offer ground stations as a service (GSaaS). 

In a statement, Dhruva said that the approval will enable it to commercially support a wide range of space missions, offer critical ground support, and enable real-time satellite communication and control. 

The startup said that the nod will also allow it to reduce operational costs, offer its clients access to ground station facilities, and accelerate research and development (R&D). 

Commenting on the development, Dhruva founder and CEO Sanjay Nekkanti said, “… Dhruva Space is excited to receive authorisation from IN-SPACe for our ground station as a service initiative across India. This milestone not only underscores our commitment to advancing space technology but also reinforces our role in supporting the growing number of space startups aiming to validate their spacecraft in orbit…”

Under the new GSaaS offering, Dhruva said it will offer “cost effective” ground station infrastructure to satellite operators. 

Dhruva could also be looking to tap into spacetech startups looking to launch their satellites from India as the country’s strategic geographical location offers extended satellite visibility, reduced latency, and enhanced signal reliability due to minimal atmospheric interference. 

The startup also said that its new offering will look to address issues such as difficulties in scaling up ground station capabilities based on a given mission needs with its “flexible” GSaaS model. It added that the new product will provide direct delivery of mission-critical data to designated platforms.

Founded in 2012 by Nekkanti, Dhruva is a Hyderabad-based full-stack spacetech startup that offers integrated solutions such as launch services as well as access to owning and operating space-based assets. 

The startup launched an independently constructed satellite deployment system that is compatible with the PSLV (Polar Satellite Launch Vehicle) launch vehicle in 2023. It has completed four space missions in the past two years.

The approval comes two months after the spacetech startup marked the final close of its Series A funding round at INR 123 Cr. The round saw participation from Indian Angel Network Alpha Fund, Blue Ashva Capital, Silverneedle Ventures, IvyCap Ventures, Blume Founders Fund, among others.

The spacetech startup recently claimed that it clocked INR 15 Cr in total revenue in the financial year 2023-24 (FY24). 

The development comes at a time when Indian spacetech space is witnessing healthy investor traction despite the ongoing funding winter. 

The cost-effective and quality solutions have seen a slew of companies lining up to use the services of these homegrown players. As a result, a host of spacetech startups have emerged out of the country, including Agnikul Cosmos, Bellatrix Aerospace, and Skyroot Aerospace. 

As per an Inc42 report, the Indian spacetech sector is projected to reach a market size of $77 Bn by 2030. 

The post Dhruva Space Gets In-SPACe Authorisation To Offer Ground Station Services appeared first on Inc42 Media.

Edtech major BYJU’S has reportedly settled its insolvency case with Gurugram-based IT services firm Surfer Technologies.

As per Livemint, the IT firm last week informed the National Company Law Tribunal (NCLT) that it has reached an amicable settlement with BYJU’S and hinted that it would withdraw its insolvency application against the edtech firm. 

Eventually on Monday (July 15), the tribunal asked both parties to file a formal application in this regard as the NCLAT had previously reserved an order in connection with the insolvency petition filed by Surfer Technologies.

BYJU’S declined to comment on Inc42’s queries on the matter.

In February 2024, Surfer Technologies filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 to initiate insolvency proceedings against BYJU’S. Surfer Technologies, which offered IT-related services to the edtech major’s customer care and sales teams in India, argued before the NCLT that BYJU’S owed it INR 2.3 Cr.

“We were the digital marketing vendors. We would send them leads and only after they confirm a lead, we would raise an invoice. They remained unpaid to date,” Surfer Technologies’ counsel reportedly argued before the tribunal.

Later, the NCLT issued a notice to BYJU’S in February seeking its response in connection with the insolvency plea. In April, the tribunal reportedly fined the troubled startup INR 20,000 for delays in replying to Surfer Technologies’ petition. 

Two months later, the two parties have agreed to settle the case.  

It is pertinent to note that the latest development comes weeks after BYJU’S informed the NCLT that it had reached a settlement with France-based Teleperformance Business Services in connection with another insolvency petition involving dues to the tune of INR 5 Cr. 

Teleperformance last month withdrew the petition after settling the case with the edtech startup. 

BYJU’S is also grappling with other insolvency pleas filed by investors General Atlantic and MIH Edtech over alleged oppression and mismanagement at the edtech platform. Additionally, there are other legal cases also filed by investors and creditors against BYJU’S that are currently pending before various courts. 

The settlement is expected to offer some relief to the troubled edtech juggernaut, which is currently dousing fires on multiple fronts, including a severe funding crunch, a looming debt crisis, mass layoffs, mounting losses, top-level attrition, and delays in filing audited financial statements.

BYJU’S saw its consolidated net loss surge 81% to INR 8,245.2 Cr in the fiscal year 2021-22 (FY22) from INR 4,564.3 Cr in the previous year. Meanwhile, operating revenue jumped over 120% year-on-year (YoY) to INR 5,014.6 Cr in the fiscal year ended March 2022. It is yet to file its financial statements for FY23. 

The post After Teleperformance, BYJU’S Settles Insolvency Case With Surfer Technologies appeared first on Inc42 Media.