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News on Medial
ONDC Independent Director Arvind Gupta Steps Down
Inc42
·
1m ago
Medial
Arvind Gupta, an independent director and founding member of the Open Network for Digital Commerce (ONDC), has resigned after completing a three-year term. His exit marks another high-profile departure from the government-backed ecommerce network. Despite stepping down, Gupta remains a strong supporter of ONDC's mission and intends to continue supporting the network. This follows the recent resignations of ONDC’s managing director T. Koshy and chief business officer, Shireesh Joshi.
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Neeraj Arora steps down as Paytm's independent director
YourStory
·
1y ago
Medial
Neeraj Arora, independent director of Paytm, has resigned from the company's board citing personal commitments. Meanwhile, Rajeev Krishnamuralilal Agarwal, a former whole time member at SEBI, has been appointed as a non-executive independent director. This comes amid allegations of unfair layoff practices at Paytm. The company has been witnessing a decline in sales and has undergone restructuring, with several top-level employees, including Bhavesh Gupta, the former president and COO, leaving the company. Paytm plans to focus more on a distribution-only credit model temporarily due to macroeconomic conditions affecting repayments.
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IPO-bound Zepto appoints Airtel's Akhil Gupta to company board
YourStory
·
3m ago
Medial
Zepto, a quick commerce unicorn, has appointed Akhil Gupta, vice-chairman of Bharti Enterprises, as an independent director ahead of its IPO. Known for leading successful IPOs for Bharti Airtel and others, Gupta is expected to lend his expertise to Zepto. The company is strengthening its board and leadership team, promoting executives like Devendra Meel and expanding its base. It has raised $1.35 billion recently, gearing up for its India-based stock market debut.
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IPO-bound Shadowfax inducts new board members
YourStory
·
13d ago
Medial
Shadowfax Technologies, a logistics firm, is preparing for its IPO to raise Rs 2,000-2,500 crore. The company appointed new board members, including Whole-Time Directors Praharsh Chandra and Gaurav Jaithlia, and former NIA Director Dinkar Gupta as a non-executive independent director. Shadowfax's Chairman, Abhishek Bansal, emphasized the enhanced leadership depth with these appointments. Founded in 2015, Shadowfax serves various logistics segments and is backed by major investors like Flipkart and TPG.
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CX Partners starts Veeda Clinical sale process; Ola CEO departs amid job cuts
VCCircle
·
1y ago
Medial
CX Partners, a mid-market private equity firm, is looking to sell its majority stake in Veeda Clinical Research, an independent clinical research organization based in Ahmedabad. The valuation of the sale is expected to be around $600-$650 million. This comes as Ola CEO, Bhavish Aggarwal, steps down amidst job cuts at the company.
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Indian govt-backed ONDC appoints Sunil J. Singhi as an independent director
IndianStartupNews
·
7d ago
Medial
The Open Network for Digital Commerce (ONDC), supported by the Indian government, has appointed Sunil J. Singhi as an Independent Director. Singhi, with extensive experience in policy-making and leadership, aims to enhance ONDC's vision for an inclusive digital commerce environment in India. Previously, he has held notable positions like Vice Chairman of Gujarat Mineral Development Corporation and advocated for small retailers and unorganised workers, promoting educational and skill development schemes in underserved areas.
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Elevation Capital COO Vivek Mathur resigns from Paytm Board
Inshorts
·
2y ago
Medial
Vivek Mathur, the Chief Operating Officer (COO) of Elevation Capital, has stepped down from his position as a Board member of fintech startup Paytm. Mathur served as the Alternate Director to Ravi Chandra Adusumalli, who holds a Non-Executive Non-Independent Director role at Paytm. Paytm clarified that Mathur's resignation was due to the absence of a necessity for an Alternate Director to Adusumalli, while Adusumalli will retain his position on the Paytm Board.
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Paytm confirms resignation of independent director at banking arm
Economic Times
·
1y ago
Medial
Manju Agarwal has resigned as an independent director from the board of Paytm Payments Bank due to personal commitments. Paytm recently announced the formation of an advisory committee on compliance and regulatory matters following the central bank's order to wind down most of the bank's operations.
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Here's what Uday Kotak will be doing after retirement
Livemint
·
1y ago
Medial
Uday Kotak has stepped down as the Managing Director and CEO of Kotak Mahindra Bank with immediate effect. However, he will continue as a non-executive director until his term ends on December 31, 2023. In a handwritten letter, Kotak mentioned his personal and family commitments in the coming months and the need for a smooth transition. The bank awaits RBI approval for his proposed successor, while Dipak Gupta, the Joint Managing Director, will temporarily take over as MD & CEO, subject to approvals.
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SunSource Energy set for leadership change as co-founder and CEO steps down
VCCircle
·
1y ago
Medial
Renewable energy company SunSource Energy is undergoing a leadership change as co-founder and CEO Kushagra Nandan steps down to pursue a new venture. Nandan, who co-founded the company in 2010, will continue to serve as a non-executive member. The company is expected to appoint a new managing director and CEO in the near future.
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Amagi appoints independent directors ahead of IPO
Entrackr
·
2m ago
Medial
Amagi, a cloud-based media SaaS company, has appointed two independent directors in compliance with the Companies Act, ahead of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The board at Amagi has appointed Ira Gupta and Giridhar Sanjeevi as independent directors of the company, its regulatory filings accessed from the Registrar of Companies (RoC) shows. Gupta currently serves as an Independent Director at SRF Limited and Senior Advisor at McKinsey & Company. Previously, she was Head of HR at Microsoft India and held leadership roles at GlaxoSmithKline. The details about Sanjeevi couldn’t be ascertained. As per media reports, Amagi is planning to raise Rs 3,200 crore through public listing, and has appointed Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs as book-running lead managers. Amagi is a cloud-based media SaaS company offering solutions for content creation, distribution, and monetization. Its platform enables broadcasters to virtualize operations and deliver personalized ads for clients such as Warner Bros., NBCUniversal, Rakuten TV, and Paramount. According to startup data intelligence platform TheKredible, the SaaS unicorn has raised around $340 million to date from investors including Premji Invest, Accel, General Atlantic and others. Amagi, which had secured a stable revenue stream following a challenging pivot, became a unicorn in March 2022 after raising $100 million in its largest funding round led by General Atlantic. During the fiscal year ending March 2024, the company recorded 29% year-on-year growth in its operating revenue to Rs 879 crore while managing to reduce its losses by 23.7% to Rs 245 crore in FY24. Several companies gearing up for their IPOs—such as Zepto, Milky Mist, PhysicsWallah, and Shadowfax—have recently added independent directors to their boards to comply with SEBI’s regulatory norms. In April, Zepto brought on Akhil Gupta, Vice Chairman of Bharti Enterprises, as an independent director. That same month, Milky Mist appointed Radha Venkatakrishnan and Mallika S. Janakiraman as additional (independent) directors. Earlier, edtech unicorn PhysicsWallah and logistics startup Shadowfax each named three independent directors in March and February, respectively.
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