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IPO-bound LG Electronics India begins work on new $600 million plant
Economic Times · 2m ago
Medial
LG Electronics India has started building its third plant in Andhra Pradesh, investing $600 million. This facility, located in Sri City near Chennai, will provide direct employment to 1,495 people and create 10,000 indirect jobs. The company's other plants are in Greater Noida and Pune. The IPO for its Indian unit, initially delayed due to market volatility, is now expected in the second or third quarter of fiscal year 2026.
'Start ATM-like service to deliver cash in 10 minutes,' says man; sparks debate
Inshorts · 6m ago
Medial
Pune-based entrepreneur Harsh Punjabi's X post urging Blinkit to start an ATM-like service for home delivery of cash in 10 minutes sparked a debate. "Great idea...but 18% GST on delivery charges will ruin the mood," an X user said. "This service already exists—it's called talking to your neighbours or local shopkeepers and often takes less than 10 minutes," said another.
IKEA looking for next phase of investment in India, aims profitable growth: CEO Susanne Pulverer
YourStory · 4m ago
Medial
Swedish furniture retailer Ikea is expanding its presence in India by launching online sales in Delhi-NCR and planning new stores in Gurugram and Noida by 2028. After establishing stores in major cities like Hyderabad, Mumbai, and Bengaluru, Ikea aims for physical presence in Chennai and Pune, shifting towards a smaller store model and omnichannel strategy. Despite initial losses, Ikea plans for profitable growth while optimizing space usage to manage real estate costs.
Unacademy's Gaurav Munjal hails Bengaluru as India's best city for entrepreneurs
Livemint · 1y ago
Medial
Unacademy CEO, Gaurav Munjal, has praised Bengaluru as the best city in India and the ideal choice for aspiring entrepreneurs. Munjal highlighted the city's robust infrastructure, talent pool, pro-business policies, and vibrant entrepreneurial spirit as key advantages. However, some users disagreed with his assessment, suggesting alternative cities like Hyderabad, Gurgaon, Pune, Chennai, and Mumbai. Others mentioned the increasing trend of remote work and questioned the importance of location for tech-based companies.
AdaniConneX In Talks To Raise $900-950 Mn In Offshore Loan To Expand Data Centres
Inc42 · 1y ago
Medial
AdaniConneX, a joint venture between Adani Enterprises and EdgeConneX, is in discussions to secure a $900-950 million offshore loan from eight lenders including MUFG Bank, SMBC, and Standard Chartered Bank. The loan, structured over six years, will be used to expand their data centers in cities like Hyderabad, Chennai, Noida, and Pune to achieve a total capacity of 1 GW over the next decade. AdaniConneX had previously raised $213 million in 2020 to build two data centers with a combined capacity of 67 MW. India's data center capacity is predicted to increase from 870 MW to 1,700-1,800 MW by FY25.
Embassy REIT explores acquisition in Chennai, mulls fund-raising
Thehindubusinessline · 1y ago Medial
Embassy REIT, the largest real estate investment trust in Asia, is considering acquisition opportunities in Chennai and exploring inorganic growth options. The market conditions have improved, with higher rentals and occupancies in existing buildings and increased investor interest. The company is now looking to raise funds to support its expansion plans and has applied for demarcation of additional areas under amended SEZ rules. Despite the global economic scenario, India's office sector has shown resilience with balanced demand-supply dynamics and marginal rent growth. In Q3FY24, Embassy REIT achieved its full-year leasing guidance and witnessed recoveries in markets like Noida and Pune.
Sky-high home rents trouble IT employees back in office
Economic Times · 1y ago
Medial
Tech professionals in Bengaluru and Hyderabad are facing challenges in finding affordable housing as rents have surged despite layoffs and pay cuts in the tech sector. Bengaluru has witnessed the highest rise in house prices and rentals, with an average increase of 27-31% for a 2BHK apartment in key areas since January. Hyderabad's Gachibowli and HiTech City have seen rental increases of 16-24%. Other cities like Delhi NCR, Mumbai, Pune, Kolkata, and Chennai have also witnessed rental hikes of 9-18%. Landlords are not only charging high rates but also imposing extraordinary terms and conditions.
Cybersecurity job trends in India: Bengaluru takes the lead as demand persists
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IndianStartupNews · 1y ago
Medial
Indeed, a global hiring platform, has revealed that cybersecurity job postings in India have steadily increased over the past three years. From 2019 to 2022, there was an 81% surge in cybersecurity job postings, which was particularly prominent during the pandemic. However, from September 2022 to September 2023, there was a 25.7% decrease in job postings, potentially due to increased regulations and controls. Despite this decline, job seekers' interest in cybersecurity jobs grew by 6%. Bengaluru emerged as the leading city in India's cybersecurity job market, followed by Delhi-NCR, Mumbai, Pune, Chennai, and Hyderabad. India's growing internet user base has led to a rise in cyber threats, with the cybersecurity market estimated to exceed $15 billion by 2023.
WeWork India raises Rs 500 Cr via rights issue
Entrackr · 6m ago
Medial
WeWork India, a flexible workspace operator in India, has raised Rs 500 crore (around $57.8 million) via a rights issue. The proceeds will be used for the repayment of debt, strengthening the company’s pathway to being debt-free, and reducing our cost of capital. WeWork India is currently operational across eight cities, with over 1 lakh desks, with relationships across key stakeholders such as landlords, International Property Consultants (IPCs), and members. Since its inception in India in 2016, WeWork India has expanded across 63 operational centers in Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad. WeWork India’s revenue from operations grew 26.7% to Rs 1,665 crore in the fiscal year ending March 2024 as compared to Rs 1,315 crore generated in the previous fiscal year, as per the company’s consolidated financial statements filed with the Registrar of Company. WeWork, the once high-flying co-working space provider, faced significant challenges in 2023 and 2024. In November 2023, the company filed for Chapter 11 bankruptcy in the US, however, it managed to emerge from bankruptcy after a few months. Despite these challenges, WeWork India is now eyeing an IPO, aiming for a valuation of $2-2.5 billion. Awfis became the first Indian co-working startup to list on the stock exchange, while Smartworks secured SEBI approval for its IPO. Other co-working companies like Simpliwork, Table Space, DevX, and Indiqube are also planning IPOs.
RailYatri posts Rs 274 Cr revenue in FY23; losses shrink 58%
Entrackr · 1y ago
Medial
Train ticketing platform RailYatri has demonstrated strong financial health in the past couple of years. The growth can be witnessed from its topline which inched close to touching the Rs 300 crore mark. Along with this, the Noida-based company also managed to bring down its losses during FY23. RailYatri’s revenue from operations grew 2.3X to Rs 273.73 crore during the fiscal year ending March 2023 as compared with Rs 117.21 crore in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Founded in 2014, RailYatri offers train ticket information along with intercity bus service — IntrCity SmartBus which runs on routes such as Delhi–Lucknow, Delhi–Kanpur, Mumbai–Pune, Bengaluru–Hyderabad, and Chennai–Coimbatore among others. RailYatri has also launched a ‘flexi-ticket’ feature that allows users to make last-minute changes to their plans when finding a reservation on trains isn’t available. Co-founded by Kapil Raizada, Manish Rathi, and Sachin Saxena, the company made 93% of its revenue via roadway operations while the remaining part came from erectioning commissioning, and advertising publicity. It also made around Rs 6 crore via interest and gains on financial assets during the year which took its topline to Rs 279.75 crore at the end of FY23. RailYatri spent 11% of its expenses on employee benefits during the period. This cost went up 26.7% to Rs 32.9 crore during FY23 from Rs 25.97 crore in FY22. This cost also includes expenses on the employee stock option scheme and employee stock purchase plan worth Rs 24 lakh and Rs 3.71 crore in FY23 and FY22, respectively. Advertisement & promotional costs declined 21.8% to Rs 6.4 crore whereas Information technology expenses grew to Rs 1.82 crore during FY23. Notably, RailYatri booked Rs 242 crore of its expenditure under miscellaneous expenses which is likely to include outsourced support, cashback & discounts, and other operational and admin expenses during FY23. In total, the overall expenditure surged 83.4% to Rs 298 crore during FY23 from Rs 162.5 crore in FY22. Head to TheKredible for a complete expense breakdown and year-on-year financial performance of the company. Despite rising expenses, the company managed to control its bottom line by 58.5% during the year. Its losses shrank to Rs 18.2 crore in FY23 from Rs 43.87 crore in FY22. Also read: Decoding the financial performance of India’s top OTA players The stability of operations can also be witnessed from its operating cash outflows which improved by 45% to Rs 19.96 crore in FY23. Amid an improved financial performance, the EBITDA margin and ROCE of the company also strengthened to -5.55% and 13808.33%, respectively, during the year. On a unit level, RailYatri spent Rs 1.09 to earn a rupee of operating revenue in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -35.96% -5.55% Expense/₹ of Op Revenue ₹1.39 ₹1.09 ROCE -475.11% 13808.33% As per the startup intelligence platform TheKredible, RailYatri has raised over $50 million to date. A few days back, it raised $3.44 million in a mix of equity and debt funding round led by Mirabilis Investment Trust. Entrackr exclusively reported this development.
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