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Microsoft-backed Indian unicorn files for bankruptcy as investor takes ₹318 cr from accounts
Inshorts
·
2m ago
Medial
Builder.ai, an AI unicorn founded by Indian entrepreneurs and backed by investors like Microsoft and Qatar Investor Authority, has filed for bankruptcy. The startup's CEO Manpreet Ratia said they took the decision as Viola Credit, which gave Builder.ai $50-million debt last year, had taken $37 million (over ₹318 crore) from the startup's accounts. The startup was once valued $1 billion.
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Just Climate-backed Continuum Green Energy files for $430 mn IPO
VCCircle
·
8m ago
Medial
Indian renewable energy company Continuum Green Energy has filed for an initial public offering (IPO) worth $430 million. The IPO includes a fresh issue of $169 million and an offer for sale of $318 million by the company's Singapore-based holding firm. Proceeds from the offering will be used to pay off existing debts and accrued interest. Just Climate, a UK-based sustainable investor, owns a 14.65% stake in Continuum Green, while Singapore's Continuum Green Energy Holdings owns 85.35%. In June, Morgan Stanley Infrastructure Partners reduced its stake in the holding company from 92.3% to 26%.
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Byju's US unit files for bankruptcy in Delaware
Economic Times
·
1y ago
Medial
Byju's Alpha, the U.S. unit of Indian ed-tech startup Byju's, has filed for Chapter 11 bankruptcy in the U.S. court of Delaware. The filing shows liabilities in the range of $1 billion to $10 billion, with assets listed as $500 million to $1 billion. Byju's was previously valued at $22 billion but has faced challenges recently, with lenders initiating bankruptcy proceedings. The company plans to raise $200 million through a rights issue to address immediate liabilities. It has also been under scrutiny from Indian authorities for alleged foreign exchange law violations.
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Crypto lender BlockFi emerges from bankruptcy
Economic Times
·
1y ago
Medial
Crypto lender BlockFi has successfully emerged from bankruptcy after securing $61.5 million in a financing round led by VC firm Paradigm. The company, which offers crypto-backed loans and interest-earning accounts, faced a dispute with some clients who held controversial products, causing them to file for bankruptcy protection earlier this year. BlockFi's new funding will help ensure the continuity of its operations and strengthen its position in the crypto lending market.
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Company behind Terra crypto collapse files for US bankruptcy protection
Financial Express
·
1y ago
Medial
Terraform Labs, responsible for the notorious TerraUSD stablecoin crash, has filed for Chapter 11 bankruptcy protection in the US. This comes two years after the dramatic downfall of TerraUSD and its associated cryptocurrency, Luna, which caused a ripple effect in the global crypto market and erased billions of dollars in investor value. The bankruptcy filing aims to help Terraform Labs "navigate ongoing legal proceedings" while maintaining operations, fulfilling financial obligations to employees and vendors, and even expanding their Web3 offerings.
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Indian-origin man's unicorn Builder.ai used 700 people for coding work it said was AI-powered
Inshorts
·
2m ago
Medial
Builder.ai, Indian-origin Sachin Dev Duggal's now-bankrupt unicorn, used 700 Indian engineers for coding work which it claimed AI was doing "at a fraction of cost and time". Ebern Finance Founder Bernhard Engelbrecht claimed the final product "constantly glitched, code was unreadable, and functions didn't work". The Microsoft-backed startup got $445-million funds "with this scam's help", he added.
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Amazon aggregator Thrasio files for bankruptcy
Reuters
·
1y ago
Medial
Thrasio Holdings, an Amazon aggregator that acquires third-party sellers on the platform, has filed for Chapter 11 bankruptcy protection. The company has secured $90 million in new financing from existing shareholders and reached a restructuring agreement with some lenders to reduce its $495 million debt. Despite the bankruptcy filing, Thrasio plans to continue its business operations as usual. The company's estimated assets range from $1 billion to $10 billion, with liabilities between $500 million and $1 billion.
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Ebix Files for Chapter 11 Bankruptcy in Texas
Livemint
·
1y ago
Medial
On December 17, Ebix Inc. and its US subsidiaries filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Northern District of Texas. The move comes as Ebix Inc. faces financial challenges, including outstanding borrowings of $639.3 million as of December 31, 2022. EbixCash, its India unit, had planned to go public but faced delays. The bankruptcy filing seeks relief under Chapter 11 and addresses the company's debt situation. Ebix Inc. has been attempting to sell its India IPO story to secure extensions from creditors for debt repayment in recent years.
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US says Russian hackers stole federal government emails during Microsoft cyberattack
TechCrunch
·
1y ago
Medial
The U.S. Cybersecurity and Infrastructure Security Agency (CISA) has confirmed that Russian state-backed hackers stole emails from various federal agencies as part of an ongoing cyberattack on Microsoft. The Russian hackers, known as "Midnight Blizzard," managed to compromise Microsoft corporate email accounts, allowing them access to federal government emails. CISA issued an emergency directive ordering government agencies to secure their email accounts amid concerns that the Russian hackers were escalating their intrusions. The affected agencies have been given a week to reset passwords and secure compromised systems. Microsoft is currently under scrutiny for its security practices.
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Fintech unicorn Incred posts Rs 109 Cr profit in FY23
Entrackr
·
1y ago
Medial
Indian fintech firm Incred, backed by KKR, has joined the unicorn club after raising $60 million in its Series D round in December 2023. The company saw significant growth in revenue, with a 77.46% increase to INR 866 crore ($116.7 million) in FY23 from INR 488 crore ($65.8 million) in FY22. Incred offers various types of loans, including home, education, personal, and two-wheeler loans. The company is also planning to expand into the insurance business.
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Amazon ecommerce business acquirer Benitago files for bankruptcy
Economic Times
·
1y ago
Medial
Benitago Group, an Amazon e-commerce business acquirer, has filed for bankruptcy in the US, citing assets and liabilities ranging from $50 million to $100 million. The company, which connects with Amazon business owners looking to sell, plans to restructure its debt and potentially sell parts of its business during bankruptcy. Benitago had raised approximately $380 million in equity and debt for acquiring brands selling on Amazon's marketplace. Its rival, Thrasio, has also faced similar challenges, including layoffs and executive departures.
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