Zomato, the popular food delivery platform, has successfully raised ₹8,500 crore through a Qualified Institutional Placement (QIP) of equity shares. The offer, which opened on November 25 and closed on November 28, was approved by Zomato’s Fund Raising Committee. This capital infusion marks a crucial milestone in the company’s ongoing expansion strategy, particularly in the…
Althion, a water-tech startup based in Hyderabad, has raised ₹3.6 crore in its pre-Series A funding round. The round was primarily led by BioAngels, powered by IAN Group, with additional support from investors such as Arun Seth, Om Manchanda, KNK Venkatraman, and Shubham Rastogi. This fresh capital will enable Althion to expand its innovative water…
Summary: In a bid to enhance the startup ecosystem and promote innovation in India, Finance Minister Nirmala Sitharaman announced the removal of the angel tax. The angel tax, introduced in 2012 under Section 56(2)(viib) of the Income Tax Act, imposed a tax on premiums paid by investors above the fair market value of shares in…
A major global outage of Microsoft services on Friday disrupted banks, airlines, and media broadcasters, despite Microsoft’s efforts to resolve the issue. The exact cause and scale of the outage remain unclear. Escalating disruptions were reported worldwide, affecting major entities like Visa, ADT security, Amazon, American Airlines, Delta, Australian banks, and media outlets. Microsoft’s updates…
Google has announced a significant price reduction for Google Maps services in India and will begin accepting payments in Indian rupees starting August 1, 2024. This move follows the recent launch of Ola Maps by ride-hailing giant Ola, which offers competitive pricing and billing in Indian rupees. Ola’s transition to its own mapping solution is…
Indian cryptocurrency exchange WazirX suffered a security breach on Thursday, resulting in the temporary suspension of all withdrawals. The breach involved the transfer of approximately $230 million from one of WazirX’s multisig wallets to an unknown address. Web3 security firm Cyvers reported the suspicious activity, leading WazirX to confirm the breach and pause withdrawals to…
Summary: AstroTalk, an online astrology platform, raised ₹78.3 crore in a Series A funding extension from Left Lane Capital and Elev8 Capital. Founded in 2017 by Puneet Gupta and Anmol Jain, AstroTalk connects users with astrologers and other experts via the internet, phone, and chat. The platform boasts 13,000 practitioners and generates 90% of its…
Summary: EleFant, a mobile app-based toy library, has secured Rs 6 crore ($750K) in seed funding co-led by Malpani Ventures and Venture Catalysts. Founded in 2023 by Sourabh Jain, EleFant aims to provide a sustainable, cost-effective solution to the toy needs of Indian families. The company’s Discover-Play-Return model offers a diverse range of toys and…
In a significant move that underscores the growing demand for high-quality dairy products in India, Telangana-based dairy brand Sid’s Farm has successfully raised $10 million in a Series A funding round. The round was co-led by agritech-focused venture capital firm Omnivore and the Narotam Sekhsaria Family Office (NSFO). Expanding Manufacturing and Talent Acquisition Founded in…
key points: Dubai’s Global Leadership in FDI: Dubai has emerged as the top global destination for Foreign Direct Investment (FDI) in the cultural and creative industries, as revealed by the Dubai FDI Monitor report. Record-Breaking FDI Projects: The report highlights a record-high of 451 FDI projects in 2022, a significant increase from 107 projects recorded…
