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- Liminal Cleared Of Wrongdoing, Acko Steps Into Life Insurance, CCI Approves NIIF’s Increased Stake In Ather and more
Liminal Cleared Of Wrongdoing, Acko Steps Into Life Insurance, CCI Approves NIIF’s Increased Stake In Ather and more
Plus - updates about Acko, Cleartrip, InCred, iValuesolutions, Fitday, and others
Liminal is cleared of wrongdoing in the WazirX hack, while Cleartrip's CBO moves to lead Bizongo’s NextBuy. Acko steps into life insurance with a new flexible plan, and Ola Electric sees its shares dip after a lock-in period ends. CCI approves NIIF’s increased stake in Ather Energy, and InCred's CFO exits to start his own NBFC. Flipkart Minutes expands to Gurugram, and BYJU’S faces a Rs 1,400 crore debt to Aakash. iValue Infosolutions files for an IPO with SEBI, and Indusbridge Ventures partners with FedTech to launch a new Indo-US startup launchpad.
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What Matters
“Meri Galti Nahi Hai Re Baba”: In WazirX Hack Case, Liminal’s Platform Not Responsible, Confirms Third-Party Forensic Report
In the recent WazirX hack saga, a third-party forensic report cleared Liminal's platform of any wrongdoing, confirming that the attack wasn’t linked to its infrastructure. Despite WazirX pointing fingers at Liminal for the $230 million loss, the report found no evidence supporting these claims.
Liminal maintains that all transactions on its self-custody wallet platform originate from clients' end, ensuring their tech wasn't the culprit.
Read more here
“Kar Chale Hum Vida”: Cleartrip’s CBO Prahlad Krishnamurthi Quits To Join Bizongo’s NextBuy as CEO
After a nine-year journey with Flipkart Group, Prahlad Krishnamurthi is taking a new leap, stepping down as Cleartrip's Chief Business Officer to lead Bizongo’s NextBuy as CEO.
Krishnamurthi, who joined Flipkart in 2015 and rose to CBO at Cleartrip in 2021, announced his exit on LinkedIn, marking a significant shift in his career. His move signals a fresh chapter for both him and Bizongo's NextBuy.
Read more here
“Style Mein Rehne Ka”: Acko Enters Life Insurance Space With Launch Of Acko Flexi Term Plan
Acko is branching out into life insurance with the launch of Acko Flexi Term, aiming to be your go-to for all things protection. This new plan offers flexible coverage, adapting to your financial needs over time while providing lifelong security.
With this move, Acko is positioning itself as a comprehensive solution for all your insurance needs.
Read more here
Ola Electric's shares took a 4% dip, falling to INR 105.10, as the one-month lock-in period ended, cooling off after a record rally to INR 157.53 just weeks ago.
The Bhavish Aggarwal-led company saw its IPO oversubscribed 4.27X, with qualified institutional buyers showing the most enthusiasm. Now, the market is adjusting as the initial buzz settles.
Read more here
“Meri Bhi Haan Hai”: CCI Greenlights NIIF's Proposal To Pick Up Additional Stake
The Competition Commission of India (CCI) has given the green light for NIIF to increase its stake in Ather Energy, the electric two-wheeler maker gearing up for an IPO.
This move signals a stronger investment push from NIIF as Ather accelerates its journey towards public listing. The approval sets the stage for exciting developments in India's EV landscape.
Read more here
“Mainu Vida Karo”: InCred CFO Vivek Bansal Quits To Float His Own NBFC Venture
Vivek Bansal has bid farewell to his role as InCred's CFO, setting out to launch his own NBFC venture, Saarathi Finance, focused on MSMEs.
Partnering with Sunil Daga of Kotak Mahindra Bank, Bansal's new venture is already making waves, eyeing INR 600 Cr in funding at a potential INR 1,000 Cr valuation, pending RBI approval. The move marks a bold step into the competitive NBFC landscape.
Read more here
“Yahan Ke Hum Sikandar”: After Bengaluru, Flipkart Minutes goes live in Gurugram
Flipkart Minutes, the company's quick commerce service, has quietly expanded its reach to Gurugram and the NCR region, following its initial launch in Bengaluru.
This move underscores Flipkart's measured yet determined push into the rapid delivery market, signaling a broader strategic focus on speed and convenience for urban customers. As the service rolls out, Flipkart continues to strengthen its presence in the competitive quick commerce landscape.
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“Jeena Isi Ka Naam Hai”: BYJU’S owes Rs 1,400 crore to Aakash, IBBI filing shows
In the latest twist to BYJU’S insolvency saga, Aakash Educational Services has filed a claim of Rs 1,400 crore against its parent company, marking a significant financial strain on the troubled edtech giant.
Listed as an unsecured financial creditor, Aakash joins a growing list of creditors, as BYJU’S financial woes deepen. The edtech giant's liabilities are mounting, with over Rs 11,000 crore owed to various lenders, highlighting the challenges it faces in navigating its financial crisis.
Read more here
“Mera Hi Jalwa”: Creador-Backed iValue Infosolutions Files IPO Papers With SEBI
Creador-backed iValue Infosolutions is gearing up for its public debut, having filed IPO papers with SEBI. The Bengaluru-based company’s offering is entirely an Offer for Sale (OFS), with 1.87 crore equity shares set to be sold by promoters and investor shareholders.
Notably, Creador’s affiliate, Sundara (Mauritius) Ltd, plans to offload 1.11 crore shares, ensuring that the IPO proceeds will benefit the selling shareholders, not the company itself.
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“Janmo Ke Saathi”: Indusbridge Ventures and FedTech (USA) partner to launch a groundbreaking Indo-US launchpad for Indian Startups
Indusbridge Ventures and FedTech have teamed up to launch the pioneering I2A Launchpad, aiming to bridge Indian startups with US markets.
This innovative program provides Indian dual-use startups with invaluable access to the Department of Defense, space agencies, and other commercial aerospace and tech sectors in the US. With extensive mentorship and market entry opportunities, the I2A Launchpad marks a significant milestone in fostering cross-border tech collaborations.
Read more here
Nutraceutical startup Fitday has secured investment from Mahesh Babu’s firm, GMB Entertainment, aiming to expand its retail presence and enter new markets. While financial details remain undisclosed, the deal is set to enhance Fitday's growth prospects.
Read more here
Ather Energy has filed its DRHP with SEBI, aiming to raise over INR 3,100 Cr through its IPO. The funds will be used to establish a new EV manufacturing facility in Maharashtra, boost R&D, and develop infrastructure.
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Flipkart-backed super.money, led by Prakash Sikaria, is gearing up to raise external funds by December 2024 as it expands its financial product range. Sikaria aims to position the fintech startup as a credit-first player, setting it apart from competitors like PhonePe.
Read more here
Transcell Biologics has secured funding from Boston-based Quantiphi and the IAN Group to enhance its client base and implement its Digital Animal Replacement Technology (DART). The investment will support the biotech firm’s global expansion in the bio and pharmaceutical sectors.
Read more here
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