Glenmark Pharmaceuticals will pay $25 million to settle a case with the US Department of Justice related to generic drug pricing. The settlement, announced late Wednesday, will be paid by Glenmark Pharmaceuticals Inc, USA, a subsidiary of the Mumbai-based company, in six installments over five years. The settlement amount will accrue interest at 4.25% per annum starting from May 28, 2024.
This…
Ride-sharing platform Rapido has announced it has successfully raised approximately $200 million in its Series E funding round, spearheaded by WestBridge Capital. The round also included contributions from existing investor Nexus as well as new participants Think Investments and Invus Opportunities. This latest investment has propelled Rapido’s post-money valuation to $1.1 billion.
The new…
Pune-based sportstech startup Spolto has successfully raised $1 million in a seed funding round, marking a significant milestone in its mission to enhance sports access and development across urban India. The funds will be utilized to broaden the startup’s services and increase its reach within urban communities, aligning with its vision to make sports an integral part of everyday life for…
Indian cryptocurrency exchange CoinDCX has announced the appointment of Prashant Verma as the Chief Growth and Marketing Officer (CGMO) of the DCX Group. This strategic move is set to bolster the company’s efforts in user acquisition, revenue growth, and brand enhancement across India, as well as strengthen its international presence.
Prashant Verma’s New Role
In his new role at CoinDCX, Verma…
Bengaluru-based direct-to-consumer (D2C) startup BoldFit, backed by Indian cricketer KL Rahul, is reportedly in advanced negotiations to secure $12-15 million (approximately INR 100-120 crore) in its largest institutional funding round to date. Sources familiar with the discussions have revealed that Bessemer Venture Partners, a prominent venture capital firm with a track record of investing in…
In the latest development in India’s bustling IPO market, coworking space provider IndiQube is gearing up for a significant public listing. The Bengaluru-based startup is in advanced talks with merchant bankers to finalize its IPO plans, aiming to file its draft red herring prospectus (DRHP) within the next three months. The company plans to raise between INR 1,000 Cr and INR 1,500 Cr…
On September 4, 2024, India’s Ministry of Electronics and Information Technology (MeitY) unveiled Vishvasya, a groundbreaking national blockchain technology stack designed to enhance transparency, security, and efficiency across various sectors. The new tech stack, which aims to provide blockchain-as-a-service (BaaS), represents a significant step forward in the country’s efforts to leverage…
Rapido, the Indian ride-hailing startup known for its bike taxi services, has officially entered the unicorn club following a significant $200 million Series E funding round. This latest round, which values the company at $1.1 billion, was spearheaded by existing investor WestBridge Capital and saw participation from Nexus Venture Partners, Think Investments, and New York-based Invus…
Amazon Web Services (AWS), the cloud computing arm of e-commerce giant Amazon, is set to significantly boost its investment in Telangana, India. Reports indicate that AWS is in advanced discussions to inject an additional $2 billion into the state to expand its data center capabilities. This strategic move aims to further establish Telangana as a major hub for data operations and enhance its…
Mumbai-based cleantech startup ReCircle has raised an undisclosed amount of investment in a bridge funding round co-led by Mumbai Angels, Venture Catalysts, and several high-net-worth individuals (HNIs). This funding round follows a previous pre-Series A investment from notable investors including Flipkart Ventures, 3i Partners, and Acumen Fund Inc.
Founded in 2016 by Nainani and Gurashish Singh…
