SoftBank Exits Paytm, Zen Mobility Tests Cold Storage Grocery Delivery, Zomato Dissolves Its Slovakian Subsidiary, and more

SoftBank takes a $150 million hit exiting Paytm, while Orios Venture Partners delays closing its third fund again. Zen Mobility tests cold storage grocery delivery with BigBasket and Country Delight, as Kerala rolls out policies to become a global GenAI hub. ideaForge expands its ESOP pool, and Cyient launches a new subsidiary for semiconductor design services, besides Zomato dissolves its Slovakian subsidiary.

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What Matters

“Arthik Stithi Theek Na Hai Mhari”: SoftBank Exits Paytm At A Loss Of $150 Mn

SoftBank just wrapped up its Paytm chapter, taking a $150 million hit with a 10-12% loss. Back in 2017, they poured nearly $1.5 billion into One97 Communications, Paytm’s parent company, across several tranches.

Interestingly, this exit comes as the share of foreign direct investment in Paytm dipped by 200 basis points in Q1 FY25.

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“Khelo Magar Dimag Se”: Orios Venture Partners Postpones Closure Of Third Fund For Second Time

Orios Venture Partners is hitting the snooze button again on closing its third fund, now eyeing December after missing last June's deadline. They initially aimed for $150 million last December, but the exit of managing partners Anup Jain and Rajeev Suri has thrown a wrench in the works.

This comes after their successful early-stage Orios Fund I and II closings in 2015 and 2018.

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“Janmo Ke Saathi”: Zen Mobility Pilots On-Wheels Cold Storage Grocery Delivery With BigBasket, Country Delight

Zen Mobility is cruising into the cold storage game, piloting grocery and dairy deliveries with BigBasket and Country Delight since April in Gurugram. They have teamed up with VegEase and MilkyMist too.

Next up, they’re aiming to chill with pharmaceutical companies for vaccine deliveries that need cold storage.

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“Aao Invest Kare”: Kerala Brings In Policy Initiatives To Promote Itself As Global GenAI Hub

Kerala is stepping into the spotlight with new policy initiatives to position itself as a global GenAI hub, rolling out incentives and partnerships to create a thriving ecosystem.

A dedicated AI policy aligned with ESG goals is set to debut this fiscal year. Plus, the KSIDC is offering preferential share capital investments of up to INR 5 Cr for AI entities investing at least INR 10 Cr.

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“Kaddu Katega, Sab Mein Batega”: ideaForge Expands ESOP Pool, Allots Another 95,954 Stock Options

ideaForge is sweetening the pot for its team, adding 95,954 stock options to its ESOP pool from 2018, now worth around INR 7.95 Cr based on Friday’s closing price.

This move follows their recent acquisition of a stake in Bengaluru-based spacetech startup GalaxEye Space for INR 8.28 Cr. It's been a busy week for the drone maker, both in the air and on the ground.

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“Cyient Ka Jalwa”: Cyient Sets Up A New Subsidiary To Provide Semiconductor Design Services

Tech company Cyient Ltd is branching out, establishing a new wholly-owned subsidiary dedicated to semiconductor design services.

This new venture will focus on designing and selling specialized chips using a fabless model for analog mixed-signal chips. It's a smart move, positioning Cyient at the forefront of the semiconductor design industry.

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“Dhandhe Mein Sab Jaayaz Hai”: Zomato Dissolves Its Slovakian Subsidiary

Zomato has officially dissolved its Slovakian subsidiary as of July 12, 2024, wrapping up liquidation proceedings that began 10 months ago.

Last September, the Gurugram-based foodtech giant started this process, citing the subsidiary’s non-operational status and modest net worth of Rs 2.2 lakh. The move won't materially impact Zomato's turnover or revenue, keeping the company focused on its core markets.

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1. PC Jeweller Ltd is set to raise Rs 2,705 crore through preferential issue of warrants, primarily to settle loans and boost working capital. Promoters are injecting approximately Rs 850 crore into the company via these warrants to support its financial stability and growth.

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2. Adyar Ananda Bhavan (A2B), famed for its South Indian cuisine, plans to raise Rs 1,000-1,200 crore through a 35% stake dilution, targeting a valuation of Rs 3,500 crore with a potential IPO on the horizon.

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3. CeraTattva InnoTech, a pioneer in advanced materials for aerospace, defense, and automotive sectors, has secured Rs 1.31 crores in funding. The round, co-led by Campus Angels Network and Forge Innovation & Ventures, highlights support for startups from university incubators in India.

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