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News on Medial
BBC India rejigs biz, spins off new company owned by Indians
Livemint
·
1y ago
Medial
Four former BBC journalists from India have launched an independent news organization, called Collective Newsroom Pvt Ltd. This move comes as BBC restructures its business operations in the country. BBC has transferred its newsroom publishing license in India to Collective Newsroom, which will offer content in compliance with the government's FDI rules. The company plans to produce news content for BBC's digital services in various languages and aims to diversify its offerings with podcasts and TV news bulletins. The four journalists will own 75% shares in the company.
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BBC staff to launch new company for Indian language services
Reuters
·
1y ago
Medial
The BBC has announced that its staff will create a new company for Indian language services in compliance with foreign investment rules in India. The broadcaster has been subject to an investigation for alleged foreign exchange violations, which began after tax authorities searched the BBC's offices earlier this year. The move comes after the BBC aired a critical documentary on Indian Prime Minister Narendra Modi. The new company, called "Collective Newsroom," will be majority-owned by Indian nationals and will provide services commissioned by the BBC. Around 250 BBC staff will be asked to transfer to the new company.
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OYO Rejigs Operations, Tech, Revenue Leadership To Drive International Biz
Inc42
·
10m ago
Medial
- Abhinav Sinha, Global COO and chief product officer of OYO, to transition to an advisory role from January 2025. - Rachit Srivastava appointed as the new COO of OYO's vacation homes business in Europe, replacing Ayush Mathur who will depart to pursue his own venture. - Sonal Sinha promoted to the role of COO - International at OYO. - Pankhuri Sakhuja appointed as the head of German home listings business Traum and coworking platform Innov8 at OYO. - Ayush Mathur, former COO of OYO's vacation homes business in Europe, leaving the company to launch his new venture.
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Juspay spins off mobility platform Namma Yatri into new entity
Economic Times
·
1y ago
Medial
Payments firm Juspay has spun off its ride-hailing subsidiary, Namma Yatri, into a separate entity called Moving Tech Innovations Ltd. The new entity, led by Juspay's chief growth officer and chief product officer, aims to focus on a UPI-like model that improves customer experience and sustainability. Namma Yatri, currently present in 8 cities, is looking to expand to new cities and turn profitable within the next three to four years. The entity has no external investors at the moment but is in talks to raise seed funding.
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Carlyle spins a quick multi-bagger in India
VCCircle
·
8m ago
Medial
Carlyle, a private equity firm, has made another exit move from a local portfolio company in India. The firm has previously logged partial exit moves this year and plans to sell a stake worth $1.2 billion in Hexaware through an IPO. Carlyle has been actively involved in the financial services sector in India and continues to explore investment opportunities in the country.
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Indians' data is exported, processed into AI & sold to Indians: Ola CEO
Inshorts
·
1y ago
Medial
Ola CEO Bhavish Aggarwal said Indians produce 20% of the world's data and maybe even more since we're a young population and therefore have a high "per capita data production" rate. "The irony [is]...90% [of the data] is exported into...data centres, largely owned by Big Techs. It's processed into AI, brought back into India and sold...in dollars," Aggarwal said.
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Mobikwik enters stock broking biz with new subsidiary
Entrackr
·
4m ago
Medial
Mobikwik enters stock broking biz with new subsidiary Fintech firm Mobikwik is entering the securities broking space with the launch of its wholly owned subsidiary, Mobikwik Securities Broking Private Limited (MSBPL). The company has received approval from the Ministry of Corporate Affairs, as disclosed in a recent filing with the National Stock Exchange (NSE). With this move, Mobikwik aims to broaden its financial services portfolio by offering stock and commodity brokerage services. According to the disclosure, MSBPL will engage in trading shares, stocks, securities, debt instruments, commodities, currencies, and derivatives. The subsidiary also plans to acquire memberships with stock and commodity exchanges both in India and internationally. Mobikwik Securities Broking Private Limited has been set up with an initial capital of Rs 1 lakh, while the parent company plans to infuse an additional Rs 2 crore in one or more tranches. With this move, the company will enter the crowded stock broking space, which is currently dominated by players like Zerodha, Groww, and AngelOne. At present, Groww leads the pack with the highest number of active users, followed by Zerodha, AngelOne, Upstox, and ICICI Direct. MobiKwik’s registered user base has grown to 172 million, along with a merchant network of 5 million, the company said in the last quarter. The company’s payment GMV doubled year-on-year to Rs 29,400 crore. In the third quarter of the current fiscal year, MobiKwik reported revenue of Rs 269 crore, while its losses stood at Rs 55.2 crore during the same period. MobiKwik’s shares are currently trading at Rs 308 apiece, with a total market capitalization of Rs 2,393 crore (approximately $278 million). The company also hit its 52-week low of Rs 231 on March 17.
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Fintech unicorn Groww rejigs ownership structure amid IPO buzz
VCCircle
·
5m ago
Medial
Online investing platform Groww is restructuring its shareholding amid IPO buzz. Originally domiciled in the US, Groww moved back to India last year in preparation for its IPO. The company, backed by investors like Tiger Global, is set to adjust ownership among its investors and co-founders, Neeraj Singh, Harsh Jain, Lalit Keshre, and Ishan Bansal. This realignment positions Groww strategically for its potential public market entry.
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Medtech firm Medikabazaar rejigs top deck as PwC audit spots issues
Economic Times
·
1y ago
Medial
Medikabazaar, a B2B startup for medical supplies valued at $650 million, is undergoing a management reshuffle. Co-founder and CEO Vivek Tiwari will transition to a board role, and the company is also undergoing an audit by PwC, reportedly finding discrepancies in revenue recognition. Medikabazaar's board is in the process of finalising a new CEO and has strengthened internal control mechanisms. The company has raised close to $200 million since its inception in 2014 and is backed by investors including Creaegis, CDC Group, and Lighthouse. Several B2B startups have faced audits and management changes lately, leading to increased scrutiny in the industry.
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Ares Asia spins high returns from India portfolio after a string of flops
VCCircle
·
1y ago
Medial
Ares Asia, an alternative investment firm, has achieved profitable returns from its portfolio in India. The company, formerly known as Ares SSG, has successfully exited four investments in India, generating strong returns. Ares Asia specializes in special situations and has a significant credit-related portfolio. The firm's success in India comes after a series of unsuccessful investments in the region.
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GEF spins money in pre-IPO partial exit as ESDS revives listing plan
VCCircle
·
8m ago
Medial
Private equity firm GEF Capital Partners has partially exited its investment in ESDS Software Solution Ltd, a data centre and cloud services provider. ESDS Software Solution Ltd recently announced its plan to go public after a three-year hiatus. GEF Capital Partners is currently in the process of raising funds for a new India-focused venture.
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