BYJU’S insolvency resolution professional (IRP), Pankaj Srivastava, has removed Glas Trust Co, a consortium of US-based lenders, from the committee of creditors (CoC) overseeing the troubled edtech startup’s bankruptcy proceedings. This decision came after Srivastava determined that Glas Trust did not meet the minimum 51% threshold of lenders required in the $1.2 billion Term Loan B (TLB)…
OfBusiness, the B2B marketplace unicorn, is preparing for a significant initial public offering (IPO) valued between $750 million and $1 billion. The company aims to launch the IPO in the second half of 2025 and is in the process of finalizing investment bankers to manage the public issue.
IPO Details and Investment Bankers
OfBusiness CFO Bhavesh Keswani revealed to Reuters that the startup is…
Bengaluru-based Stoa, renowned for offering alternative MBA courses, is making a significant shift with the launch of its new AI-based enterprise agent platform, Zeus. This pivot from educational services to technology reflects Stoa’s ambition to redefine how organizations manage and align their teams.
Zeus: An AI Revolution for Enterprise Efficiency
Zeus is positioned as an organizational…
Germany-based travel-tech firm FlixBus is making a significant leap into South India, marking its entry into the region with an exciting new service. Beginning on September 10, FlixBus will offer routes from Bengaluru to key South Indian cities, including Chennai and Hyderabad, with plans to extend services to Coimbatore, Madurai, Tirupati, Vijayawada, and Belagavi.
The announcement was made on…
Arief Mohamad, the seasoned executive who recently led Flipkart’s fashion vertical, is poised to take on a new role as Chief Business Officer (CBO) at Angel One. Mohamad has formally resigned from his position at Flipkart, where he has been a significant contributor for over nine years, including his recent tenure as Vice President and Head of Fashion since November 2023.
Mohamad’s departure…
Zerodha-backed Rainmatter has recently made headlines with its latest investments, contributing INR 10 Crores each to two innovative startups: Boson Whitewater and TruNativ. The Bengaluru-based venture firm, renowned for its focus on early-stage investments in fintech, clean energy, climate tech, and healthtech, continues to expand its portfolio with these strategic funding moves.
Boson Whitewater…
Auto ancillary firm Hindustan Composites has acquired a minority stake in the online food delivery giant Swiggy. This move comes shortly after Amitabh Bachchan’s family office also purchased a minority stake in the Bengaluru-based company.
Hindustan Composites has reached an agreement to buy 150,000 equity shares of Swiggy, amounting to an investment of ₹5.17 crore, as disclosed through the…
Mygate Enters Consumer Electronics with Smart Door Locks
Mygate, a leader in residential security solutions, has announced its foray into the consumer electronics market with the launch of Mygate Locks—a new range of smart door locks designed to offer enhanced home security with digital convenience. The product lineup includes three variants: Lock SE, Lock Plus, and Lock Pro, all of which enable…
Mumbai-based rural credit startup Sarvagram is in advanced discussions to raise over $50 million from new and existing investors, potentially doubling its valuation to $170-200 million. Leading venture capitalists Peak XV, Apis Partners, and Beams Fintech Fund, alongside global impact investor Creation Investments Capital Management LLC, are among the top contenders for this funding round. The…
As the Indian startup ecosystem transitions from a challenging funding winter to a promising funding spring, the ET Soonicorns Summit 2024, scheduled for September 20 in Bengaluru, offers a critical opportunity for entrepreneurs and investors alike to gain valuable insights into the evolving venture capital (VC) landscape. This year’s summit, themed “From Resilience to Resurgence,” will…
