Jack Ma’s Firms Sold 43.3% Stake in Paytm For $5.6 Million
Jack Ma’s firms, Alibaba and Ant Financial, back off from Paytm and have sold their 43.3% stake to the company for just $5.5 million (around Rs. 42 crores). In the last round of funding in 2020, the company was valued at $3 billion. From the combined 43.3% stake, Alibaba had 28.35%, and Ant Financials owned…
Himanshu
US and EU To Announce Joint Efforts For Semiconductor Supply
The United States and the European Union, on Monday, plan to announce a joint effort to identify semiconductor supply disruptions and counter Russian disinformation, officials said. The U.S officials are visiting the French scientific hub of Saclay for a Trade and Technology Council meeting, created last when China increasingly exerted its technology clout. U.S Commerce…
John David
Adani Becomes India’s Second-largest Cement Producer
Asia’s richest person, Adani, became the second-largest cement producer in the country after acquiring 63.19% of Ambuja Cements Ltd. and its subsidiary ACC in Fierce bidding with local companies. Adani acquired a controlling stake in Holcim AG’s cement business for a $10.5 billion deal, said Adani group on Sunday. With this, the Adani group became…
Vipin Kumar
Campbell Wilson Appoints As CEO & MD Of Air India
Tata Sons announced the appointment of Campbell Wilson as CEO and MD of Air India. The Mumbai-based conglomerate completed its acquisition of the state-owned national carrier in January. Since then, the position has been vacant, and the company has been searching for a person to lead the airlines. The decision comes after the appointment of…
Seetu kumar
Tiger Global Invests $2.6M In eCommerce Startup Shopflo
eCommerce startup Shopflo, on Wednesday, said it raised $ 2.6 million as part of an initial funding round led by Tiger Global. Better Capital and a Pool of Angelic in investors from the Indian Startup are two other startup ecosystems that participated in the funding round. After this funding round, Shoplfo becomes one of the…
Indian Fintech Company BharatPe To Overhaul Governance Framework
Indian payment startup BharatPe said on Tuesday that its board had recommended several measures following corporate governance issues, including the termination of several employees & vendors and filing criminal cases for misconduct. BharatPe, a Fintech and IPO-hopeful company, allows people to make payments through QR codes. It had initiated a corporate governance review in January…
Rajapaksa Quits From Prime Minister Position Amid Crisis
As per the Sri Lankan government’s spokesperson, Prime Minister Mahinda Rajapaksa resigned on Monday amid the island nation’s biggest economic crisis since independence, which has led to widespread protests in the country. “The prime minister has sent his letter of resignation to the president,” the government officials said to the news agency Reuters. Moreover, PTI…
Yash Sharma
Doodles NFT Appoints Julian Holguin as New Partner And CEO
Doodles, a leading web3 NFT, media & entertainment brand, announces the appointment of a new partner and CEO. The company named Julian Holguin for this designation, and he will be responsible for talking Doodles imagination vision to scale growth and expansions in the mainstream consumer market across music, culture and entertainment. For this role, Holguin…
Mahindra Group Likely To Split Auto Business Into Three Units
The Mahindra Group has initiated a restructuring to trifurcate which contributes 55% to the group revenue. The exercise will involve separating the electric vehicles (EV), tractors, and passage vehicles (PV) business into three independent companies via a demerger process, according to the people who know the plan. Currently, these belong to Mahindra & Mahindra as…
RBI Raised Repo Rate By 40 bps: How It Will Affect
RBI (Reserve Bank of India) on Wednesday, raised its key lending rate by 40 basis points to 4.40% with immediate effect after the emergency meeting. Along with this, the Central Bank also announced a hike in the cash reserve ratio by 50 basis points. The decision was taken by the Monetary Policy Company (MPC) in…
Abdullah Ansari