South Park Commons Enters India, Marshall Wace Sells PayTM Stake, TRAI Dispels Rumors and more

Silicon Valley's South Park Commons ventures into India, while Marshall Wace sells Paytm stake in a significant INR 25 crore deal. Games24X7 celebrates nearing the INR 2,000 crore revenue mark with a 29% loss reduction, contrasting MyGate's impressive 35% revenue leap in FY24 amid cost optimizations. TRAI dispels SIM card charge rumors, and Delhi HC dismisses Pocket FM's copyright plea against Disney+ Hotstar. Meanwhile, Nykaa eyes EBITDA positivity in fashion by FY26.

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What Matters

“Maamla Kaafi Legal Hai”: Delhi HC Dismisses Pocket FM’s Plea Against Disney+ Hotstar Over ‘Yakshini’ Copyright

The Delhi High Court dismissed Pocket FM’s plea against Disney+ Hotstar over the alleged copyright infringement of the series ‘Yakshini,’ stating that mere similarity in names does not constitute copyright violation.

The court noted the lack of concrete evidence, especially since the suit was filed just a day before the series' release. Pocket FM had claimed entitlement to over INR 2 crore in damages from Hotstar, but the court found no grounds for infringement.

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“Hum Saath Saath Hai”: Silicon Valley-Based South Park Commons Enters India

South Park Commons, a renowned community with roots in San Francisco and New York City, has expanded to India, establishing its first international hub in Bengaluru. SPC-India aims to support founders, technologists, and researchers during the critical early stages of their careers.

With two successful funds launched and Indian unicorns like Cure.Fit and Meesho in its portfolio, SPC continues its mission of fostering innovation and growth.

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“Badhaai Ho Badhaai”: Marshall Wace Sells Stake In Paytm In INR 25 Cr Block Deal

UK-based hedge fund Marshall Wace has sold its stake in Paytm in a substantial INR 25 crore block deal, with shares priced at INR 428.05 each. The buyer, BNP Paribas Financial Markets, quickly seized the opportunity.

Paytm's shares have been on an upswing, closing the week 11.5% higher at INR 424.90, buoyed by positive restructuring news.

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“Mauja Hi Mauja”: Games24X7 FY23 As Operating Revenue Nears INR 2,000 Cr Mark, Loss Declines 29%

Games24X7's operating revenue soared to nearly INR 2,000 crore in FY23, marking a 1.7X increase from the previous year. This surge helped the gaming startup reduce its losses by 29%, bringing them down to INR 199.60 crore.

Despite total expenditure rising 1.4X to INR 2,147.40 crore, with a significant INR 1,420.8 crore spent on advertising, the company shows promising financial improvement.

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“Munafe Se Waqif”: MyGate’s Operating Revenue Jumps 35% To INR 96.2 Cr In FY24; Cost Optimisation Continues

MyGate's operating revenue surged 35% to INR 96.2 crore in FY24, with enterprise revenue hitting INR 85.4 crore and consumer services contributing INR 10.9 crore. Impressively, the startup slashed its cash burn by 85%, reaching zero cash burn in the March quarter.

Additionally, MyGate's adjusted EBITDA loss dropped significantly to INR 20.4 crore from INR 71.3 crore in the previous fiscal year.

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“Savdhaan Rahe, Satark Rahe”: TRAI Refutes Reports On Levying Charges For Holding Multiple SIM Cards

TRAI firmly refutes the rumors about imposing charges for holding multiple SIM cards, calling such reports misleading and baseless. Additionally, TRAI has sought feedback on transitioning to a 13-digit mobile numbering system for M2M devices.

This comes after TRAI floated a consultation paper on June 6 regarding the “Revision of National Numbering.”

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“Aapne Ghabrana Nahi Hai”: Nykaa Expects Fashion Business To Turn EBITDA Positive By FY26

Nykaa's fashion arm aims to achieve EBITDA positivity by FY26, anticipating nearly threefold growth over the next three years.

The company announced this ambitious goal on Friday, highlighting Nykaa Fashion's impressive performance with a GMV surpassing $400 million in FY24. This marks a significant milestone in the vertical e-commerce major's expansion strategy.

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1. Fintech unicorn Slice secures $20 million in debt from Neo Asset Management, part of a larger $30 million debt round. The funds will support corporate purposes and working capital, with the remaining amount expected soon.

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2. Lotus Herbals has launched a $50 million fund to invest in early-stage beauty care startups, according to reports. This Lotus Innovation Fund is India's second such initiative, following the 2022 launch of a strategic investment fund by New Incubation Ventures with Nykaa.

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