Tech & Internet
Fintech startup Navi looks to launch new products; tap into credit opportunities around UPI
According to founder Sachin Bansal, credit on UPI can help banks offer their services to 30 crore Indian consumers and businesses. This could prove to be a “game-changer” for MSMEs, which contribute 30% to the GDP but often face a credit supply shortfall.
Early investors set to gain from new-age IPO windfall
As new-age companies FirstCry and EV maker Ola Electric are set to hit the bourses, investors who took the bets on these companies at the right time, are looking at multi-bagger returns. Those poised to cash in include SoftBank, Tiger Global, Mahindra & Mahindra and Matrix Partners India.
Zomato shares soar; m-cap briefly hits $30 billion on bumper results
On Thursday, food delivery major Zomato reported a multifold jump in consolidated net profit to Rs 253 crore for the June quarter of FY25, compared to Rs 2 crore in the year-ago period. Its quarterly revenue grew 74% to Rs 4,206 crore in the same period.
Google-parent Alphabet cut stake in Crowdstrike before July global outage
The company cut its stake to 427,895 class A shares from 855,789 shares. The change in holdings is as of June 30.
Infibeam Avenues to acquire 54% stake in Rediff
The payment firm also reported a healthy growth in net profit with its overall take rate from the business going up to 11 basis points from around 8 basis points previously.
Byju's averts insolvency proceedings as NCLAT allows settlement with BCCI
Byju's had signed a jersey sponsorship agreement with BCCI in March 2019 for three years, which was extended by a year. The company made the payments till September 2022 and the dispute is over the period from October 2022 to March 2023.
Microchip Tech expects weak revenue as customers try to clear excess inventory
Slowing demand for electric vehicles at a time when customers are trying to clear excess semiconductor inventory has hurt demand for companies such as Microchip Technology. "While the 'green shoots' we observed last quarter have continued, they have not developed as robustly as anticipated," CEO Ganesh Moorthy said in a statement.
Facing insolvency, Byju's hit with new challenge from lenders
Byju's CEO Byju Raveendran wants the insolvency quashed as his cofounder brother decided to pay the cricket board, settling the matter. Raveendran has warned that insolvency would lead to "a total shut down of services" and could trigger an employee exodus.
Turkey blocks access to Instagram platform but gives no reason
Turkey has restricted access to Instagram, citing unspecified reasons. This move came after Fahrettin Altun criticized the platform for blocking condolence posts related to Ismail Haniyeh, a key Hamas official. The situation has not received an official response from Instagram's parent company, Meta Platforms Inc., leaving users and commentators puzzled.
Zomato market cap nears $30 billion as Blinkit, Hyperpure deliver stellar growth
Zomato's market capitalisation hit $28 billion as shares rose 19% after strong quarterly results. The company reported a net profit of Rs 253 crore and a 74% increase in revenue. Contributions from Blinkit and Hyperpure played key roles in this growth. Zomato also launched a new app called District for dining and events.
