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Europe's largest fintech firm froze recruitment because its AI assistant is so good — Klarna's AI bot does the work of 700 people and no, it's not connected to the layoff of 700 employees in 2022

TechradarTechradar · 1y ago
Europe's largest fintech firm froze recruitment because its AI assistant is so good — Klarna's AI bot does the work of 700 people and no, it's not connected to the layoff of 700 employees in 2022
Medial

Swedish fintech company Klarna has announced that its AI-powered chatbot handled two-thirds of customer service chats in its first month. The chatbot, powered by OpenAI, is said to be on par with human agents in terms of customer satisfaction score and has led to a 25% drop in repeat inquiries. Klarna claims that the AI is now doing the work of 700 full-time agents and has driven a $40 million profit improvement. However, the company emphasizes that the switch to AI is not related to previous workforce reductions and urges society to consider the consequences of AI technology carefully.

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No hurry to sell, indefinite horizon on Zomato holding: Sanjeev Bikhchandani

EntrackrEntrackr · 1y ago
No hurry to sell, indefinite horizon on Zomato holding: Sanjeev Bikhchandani
Medial

Info Edge, India’s largest and most storied recruitment portal, has had a stellar run in the last three years with its portfolio company Zomato’s market cap surging almost 2.3X since its stock exchange debut. The firm’s bet on fintech unicorn Policybazaar is also paying off well. The company has made it clear it is in no hurry to book profits on these investments, even as it continues to nurse its own brands beyond Naukri to profitability. The firm, one of the few to survive the dotcom boom and bust cycle of 2000, has been led by founder and chairman Sanjeev Bikhchandani for a large part of this journey. And today, Bikhchandani has earned the right to be looked up to as the statesman for the sector. Entrackr caught up with Bikhchandani in his Gurugram office and he spoke on a range of topics including Naukri, Info Edge’s investments, serial entrepreneurs and corporate governance. Here are the edited excerpts. As a listed firm that carries a heavy overhang from its investment portfolio, does it worry you that it might impact the valuation of the core Naukri business? Not really. Institutional investors are smart. We give them adequate data so that they analyze Naukri thoroughly before making a conclusion about valuation. We don’t run Naukri for valuation every day or month or quarter. We look at how we create value for our shareholders in the long run. And that’s how we run our businesses. So, this hypothesis about our core or even group business doesn’t stand. Info Edge has been an investor in Zomato for over 14 years and despite the latter’s share price rising nearly 14o% from its listing price, Info Edge didn’t sell its shares. What level of return are you anticipating from Zomato? Actually, we don’t calculate Investment Return Rate (IRR). Info Edge invested in Zomato because of our conviction that it could become a great company. And if you are convinced about your conviction then it will happen. So, IRR is the happy incidental outcome of investing early behind companies that you want to help. That’s my belief. We are not in any hurry to sell and have an indefinite horizon. Every VC firm has a fund cycle and pressure to return capital to their limited partners but that’s not the case with Info Edge as you are investing from your own balance sheet. Could you elaborate on this? That pressure does not make this choice. We have a long term horizon and we call it patient capital. To be a successful early stage investor in India, you have to be quite patient because companies take anywhere between 10-15 years to go to IPO from seed stage. So if you have funds for only 6-10 years, you will not realize the full fruits of your investment. If you have a 20 year fund, you tend to perform better. However, such a horizon could be possible only when you’re investing from your own whole balance sheet. Do you believe that Blinkit could become bigger than Zomato? I think both are large but Blinkit is going to be fairly large. If we look at Zomato’s quarter-on-quarter numbers, online food ordering appears to have stagnated in top 10-15 cities. What’s your take on this? Obviously, there is the base effect. But, we don’t see stagnation. Also, you need to compare year-on-year, not quarter-on-quarter. When YoY numbers are compared, there is growth. I think full fiscal year performance is more important than quarter. We used to commonly hear about Naukri’s recruitment business that it was not the online presence, but your sales force or feet on the street that made the difference. Does that still hold true? Online sales have never been a big part of our strategy. When you want to sell more expensive products, you need face-to-face contact. At Naukri, we have clients whom we bill several crore rupees for annual subscription and such accounts need heavy offline touch. While the product will be consumed online, the stuff around it very often will be offline. Over the years, several players have tried to crack the recruitment business in the blue collar segment but most of them died. What are the challenges in the segment? Blue collar segment has broadly three challenges. First, it’s hyperlocal. The job seekers in this segment don’t move to different cities as they look for opportunities in and around their locality. Second, very often there isn’t a detailed text CV which makes the process slow and inefficient. Third, potential workforce in the segment do not search for jobs on the laptop and use vernacular languages. They are mostly on mobile. So you’ve got to adapt to all these things and still somehow get revenue and profit. We have been trying to get inroads in the blue collar segment for over two years now but we have just started monetizing it. Our future position in the segment depends on monetization. Some of the celebrated entrepreneurs are launching a second or third company without their first startup churning profit. How do you see this trend? I think this isn’t a progressive trend. As an entrepreneur, you need to focus on one thing and do really well. Once you’ve cracked that you can add on a second thing in the same company. Over the past couple of years, we have witnessed corporate governance issues with some startups. Even Info Edge saw serious lapses at 4B Networks. What’s your opinion about this? By and large, my belief is that 95-98% of Indian founders are genuine but there will be a few bad examples. Investors make sure that when something wrong happens in their portfolio, it is highlighted and actions are taken to ensure that such incidents do not repeat. Any governance issue isn’t good for anyone including limited partners, investors, founders and the startup ecosystem. What factors contributed to the lack of success with Info Edge’s e-commerce investments 99labels, MyDala, and Happily Unmarried? Limitation of raising foreign direct investment (FDI) and heavy investment into competition were two major reasons for failure of 99labels while MyDala had a product market fit (PMF) issue. Happily Unmarried is now a part of VLCC and we are still a shareholder there.

Funding and acquisitions in Indian startups this week [15-20 Apr]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [15-20 Apr]
Medial

During the week, equivalent to 37 Indian startups raised nearly $310 million in funding. These deals include 10 growth-stage deals and 17 early-stage deals. Meanwhile, one growth-stage startup and nine early-stage startups did not disclose the amount raised. Last week, about 21 early and growth-stage startups collectively raised around $105 million capital. [Growth-stage deals] Among the growth-stage deals, 10 startups raised $225.86 million in funding this week. Cleantech startup GPS Renewables led the list with $50 million in debt funding. The list was followed by vernacular social media platform ShareChat, housing finance company Altum Credo, B2B procurement marketplace ProcMart, and aerospace components manufacturer JJG Aero which raised $48.86 million, $40 million, $30 million, and $12 million, respectively. Further, consumer lending app RING, ESG and accounting and reporting consultation provider Uniqus Consultech, education-focussed NBFC Varthana, QSR chain Wow! Momo, and provider of decentralized solar-hybrid mini-grids Husk Power Systems. Electric cycle maker EMotorad also secured undisclosed funding this week. [Early-stage deals] Subsequently, 17 early-stage startups scooped funding worth $83.76 million during the week. Climate-focused deeptech startup Ecozen spearheaded the list followed by training, certification, and recruitment services provider for grey collar Emversity (Beyond Odds), gaming startup LightFury Games, NBFC FincFriends, and shipping intelligence platform ClickPost. The list further includes quick-service burger chain Good Flippin’ Burgers, emergency healthcare provider Medulance, elder care startup VitusCare, RevOps startup Clientell, and SaaS-based customer experience startup ZEPIC among others. The list of early-stage startups also includes nine startups that kept the funding amount undisclosed: IWill, TraqCheck, Svish, Advance Mobility, IndoSup, Almonds Ai, 100KMPH, Payinstacard, and BlackCarrot. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Delhi-NCR-based startups led with 13 deals followed by Bengaluru, Mumbai, Pune, Kolkata, Patna, and Hyderabad. Segment-wise, fintech and e-commerce startups shared the top spot with six deals each. The list further counts healthtech, SaaS, foodtech, Gaming, and Automotive tech startups among others. [Series-wise deals] During the week, Seed funding deals led the list with 16 deals while Series A deals are at the second position with 7 deals, both collectively forming around 30% of the total funding. Further, Debt, Series B, and Pre-Seed are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding grew 195% to $109.6 million as compared to around $105 million raised during the previous week. The average funding in the last eight weeks stands at around $267 million with 27 deals per week. [Departure] During the week, Arjun Mohan, the chief executive officer of Byju’s, stepped down from his position seven months after joining the edtech firm. His departure is part of the company’s efforts to restructure and streamline its businesses. [Fund launches] Four startup-focused funds were launched this week. The list includes a non-dilutive, grant-based fund (WTFund) for young entrepreneurs by Zerodha co-founder Nikhil Kamath. Venture capital firms Caret Capital and Ev2 Ventures teamed up to launch a new $50 million fund focused on India. Angel investing platform BizDateUp Technologies introduced a $24 million Category I Alternative Investment Fund (AIF) for technology startups. Additionally, Inviga Healthcare Fund (IHF), a new healthcare-focused private equity fund, raised $20 million in its first close. [Layoffs] Content-to-commerce platform The Good Glamm Group has reduced its workforce by 15% or 150 employees in the last 12-15 months, according to the company. The reduction in the workforce appears to be part of efforts to cut costs and extend the runway amidst a tight funding environment. [Mergers & Acquisitions] This week witnessed four merger & acquisition deals. Agilitas Sports acquired the brand license for the Italian sports brand Lotto from WHP Global. VerSe Innovation, the parent company of Dailyhunt, acquired Magzter, a digital newsstand with a vast library of premium magazines and newspapers. Aurionpro Solutions Limited announced the strategic acquisition of banking and insurance-focused PaaS startup Arya.ai. Moreover, OneVerse Gaming, a Metaverse and gaming tech startup, acquired the online poker platform PokerSaint, marking its fourth acquisition in the gaming sector. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Zomato unveils all-electric ‘Large Order Fleet’ ▪️ CASHe launches CASHe Green to forays into EV financing ▪️ Namma Yatri launches ride-hailing services in Bengaluru [Financial results this week] ▪️ LoadShare’s scale remains flat in FY23, losses shrink 19% ▪️ Heads Up For Tails posts flat scale in FY23; losses mount 5X ▪️ InMobi’s Glance records 77% growth in FY23; losses cross Rs 1,000 Cr ▪️ Otipy posts 50% GMV growth in FY24; losses down by 21% [News flash this week] ▪️ KreditBee plans ‘Ghar Wapsi’ from Singapore to India ▪️ Baron and Invesco mark up Pine Labs’ valuation ▪️ Jio-BlackRock JV to enter wealth management, stock broking biz ▪️ Swiggy merges Mall offering with Instamart ▪️ RBI’s draft KYC guidelines add burden and cost for payment aggregators ▪️ Bhavish Aggarwal plans $500 Mn IPO for Ola Cabs [Conclusion] After a significant drop in funding, the weekly funding again rose nearly 3X this week. The week saw three fund launches namely WTFund, Caret Capital, BizDateUp, and Inviga Healthcare Fund. The week also witnessed a layoff as The Good Glamm Group fired a part of its workforce. Fintech company KreditBee is relocating its domicile from Singapore to India, following a trend among new-age firms like Pine Labs, Groww, Razorpay, Meesho, and Zepto. US-based investment firms Baron Funds and Invesco have marked up the valuation of fintech unicorn Pine Labs, with Baron valuing it at $5.8 billion and Invesco at $4.8 billion as of December 2023. In another development, Swiggy is integrating Swiggy Mall with its quick commerce offering, Instamart, to expand its product range. Additionally, after postponing its IPO plans in 2021, Ola Cabs is preparing for a $500 million IPO at a valuation of around $5 billion, and reportedly planning to file draft papers with SEBI within three months.

Funding and acquisitions in Indian startup this week [03-08 Jun]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [03-08 Jun]
Medial

As many as 17 Indian startups raised around $402.34 million in funding this week. These deals count 4 growth-stage deals and 11 early-stage deals. Moreover, two early-stage startups kept their transaction details undisclosed. In the previous week, about 39 early and growth-stage startups cumulatively raised close to $387.23 million capital. [Growth-stage deals] Among the growth-stage deals, 4 startups raised $317 million in funding this week. Eyewear retailer Lenskart led the list with its $200 million secondary funding followed by a digital lending startup Fibe with $90 million, electric two-wheeler manufacturer Ather Energy with $15 million, and Small and medium enterprises-focused digital lending platform LendingKart with its $12 million debt funding. [Early-stage deals] Subsequently, 11 early-stage startups secured funding worth $85.34 million during the week. Spun off from Polygon, blockchain startup Avail spearheaded the list followed by online astrology platform AstroTalk, AI-based low-code test automation platform Testsigma, fintech platform iPiD, and robotics startup Botsync. The list of early-stage startups also includes two startups that kept the funding amount undisclosed: IoT-driven green robotics solution provider Aegeus Tech and D2C nutrition brand Greenday (Better Nutrition). For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 7 deals followed by Delhi-NCR, Lucknow, Pune, Ahmedabad, and Chennai. Segment-wise, e-commerce and fintech startups grabbed the top spot with three deals each. Robotics, SaaS, Blockchain, ClimateTech, and EV startups followed this list among others. [Series-wise deals] During the week, Series A funding deals led the list with 5 deals followed by 4 Seed and 3 pre-Series A deals. Further, the list includes Debt, Secondary, Series E, and Series F funding deals. [Week-on-week funding trend] On a weekly basis, startup funding barely increased 3.9% to $402.34 million as compared to around $387.23 million raised during the previous week. The average funding in the last eight weeks stands at around $326 million with 28 deals per week. [Key hirings] Among key hirings, Hardeep Singh has been appointed as CFO by Stride Ventures, Good Glamm Group appointed Lauren Bloomer as International OPS, while Abhaya Hota has been appointed as the Independent Director by Cashfree Payments. [Layoffs] Simpl, a Bengaluru-based fintech startup, has undergone its second round of layoffs in less than a month, cutting around 30 employees. This move follows a previous layoff of around 100 employees. Ashish Kulshrestha, head of communications at Simpl, explained that these layoffs are part of the company’s efforts to achieve profitability by mid-2025 and to enhance operational efficiency. The affected employees will receive a severance package including a pro-rated fixed salary up to the effective date and a two-month notice period salary as per the employment agreement. [M&A] Last week, Entrackr reported that Times Internet-owned MX Player is nearing an acquisition by Amazon. Amazon has now confirmed the acquisition of certain assets from MX Player, although the transaction isn’t yet complete. An Amazon spokesperson mentioned their continuous efforts to enhance customer experiences with local content available on Prime Video and miniTV in India. Additionally, Absolute Sports, the parent company of Sportskeeda.com and ProFootballNetwork.com and a subsidiary of Nazara Technologies is set to acquire all assets of SoapCentral.com, a leading entertainment content source in the US. The all-cash deal is valued at $1.4 million (approximately Rs 11.6 crore) and is expected to close within the next 30 days. [ESOP buyback] Leverage.biz, the company behind the study abroad platform Leverage Edu, Fly.Finance, and Fly Homes, has completed its second ESOP buyback exercise. This initiative benefited over 50 employees across various functions, although the exact amount of the stock buyback was not disclosed. Leverage Edu previously concluded its first ESOP buyback in June 2022. [Potential deals] Scimplify, a platform for sourcing and manufacturing specialty chemicals, is raising a new $5 million round led by Omnivore with participation from existing investors, just six months after its previous round. Meragi, an online platform for wedding-related services and products, is set to raise $8 million in a new round led by Accel, with existing investors Surge and Venture Highway also participating. The deal is in the final stages. Statiq, an electric vehicle charging network operator, is in discussions to raise $50 million in its Series B round, with existing investors Shell Ventures and Y Combinator, along with new investors. InsuranceDekho, the insurance arm of CarDekho, is in the final stages of acquiring a majority stake in wealth tech startup BankSathi through a share swap deal, allowing BankSathi shareholders to receive a stake in InsuranceDekho. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [Financial results this week] After 4X growth in FY23, Ather Energy’s revenue declines in FY24 After Rs 215 Cr profit in FY22, Molbio reports Rs 3 Cr loss in FY23 [News flash this week] UPI in May: PhonePe maintains domination, Paytm sees marginal growth Amazon says it has purchased some assets of MX Player, not entire company No hurry to sell, indefinite horizon on Zomato: Sanjeev Bikhchandani Trading app Investmint halts services; explores M&A deal Baron Capital marks up Swiggy’s valuation to $15.1 Bn [Conclusion] The weekly funding increased 3.9% to $402 million, driven mainly by Lenskart’s $200 million secondary funding. Additionally, the week saw a layoff as fintech startup Simpl has undergone its second round of layoffs in less than a month, cutting around 30 employees. PhonePe maintained its lead in the Unified Payments Interface (UPI) ecosystem with a market share exceeding 48% in May 2024, processing 6.8 billion of the 14 billion UPI transactions recorded by the National Payments Corporation of India (NPCI). Google Pay and Paytm processed 5.2 billion and 1.14 billion transactions, respectively. Info Edge, renowned for its recruitment portal Naukri, has seen significant success with its investments in Zomato and Policybazaar, with Zomato’s market cap increasing 2.3 times since its IPO. Under the leadership of founder and chairman Sanjeev Bikhchandani, the company remains patient with its profitable investments while nurturing its brands. Read here for more. Investmint, a signal-based trading app, has ceased operations due to challenges in establishing a reliable business model despite having decent traction and funds. The company is now exploring acquisition opportunities with wealth management firms. Baron Capital has increased Swiggy’s valuation to $15.1 billion, a 25% rise from the previous $12.1 billion valuation in December 2023. Following Baron’s lead, Invesco also raised Swiggy’s valuation to $12.7 billion in April.

Funding and acquisitions in Indian startup this week [18 - 23 Nov]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [18 - 23 Nov]
Medial

During the week, 23 Indian startups raised around $595.86 million in funding. These deals include 6 growth-stage deals and 15 early-stage deals while 2 startups kept their transaction details undisclosed. Last week, 24 early and growth-stage startups cumulatively raised around $182.62 million in funding. [Growth-stage deals] Among the growth-stage deals, 6 startups raised $541.7 million in funding this week. Quicke commerce platform Zepto is on top with $350 million in funding. Omnichannel D2C nutrition platform HealthKart raised $153 million followed by insurtech firm Zopper, e-commerce platform Locad, fintech startup CredFlow, and drone-based geospatial firm Matrix Geo. [Early-stage deals] Further, 15 early-stage startups secured funding worth $54.16 million during the week. Semi-urban commerce platform OneCell Diagnostics led the list followed by decentralized gamer network KGeN (Kratos Gaming Network), same-day delivery platform Blitz, digital consumer products brand Billion Hearts, and beer startup Proost. Meanwhile, Vee Healthtek and Assure Clinics also raked in funding but did not disclose the transaction details. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 10 deals followed by Delhi-NCR, Mumbai, Chennai, Pune, and Hyderabad. Segment-wise, E-commerce and Healthtech startups are on the top spot with 4 deals each. Fintech, Foodtech, Logistics, and SaaS startups followed the list among others. [Series-wise deals] During the week, Seed funding deals are at the top with 11 deals followed by Series A, pre-Series B, pre-Series A, Series F, Series I, Series D, and pre-IPO deals. [Week-on-week funding trend] On a weekly basis, startup funding surged 226% to $595.86 million as compared to around $182 million raised during the previous week. The average funding in the last eight weeks stands at around $266.77 million with 25 deals per week. [Fund launches] As many as three startup-focused funds launched this week namely OG Capital and IIT Bombay’s Incubator Fund with a corpus of $36 million and $11.9 million while 8i Ventures did not disclose the fund size. [Key hirings and departures] The startup ecosystem witnessed 11 notable hires this week. WeWork elevated Jitendra Mohandas Virwani, Karan Virwani, Mahua Acharya, Anupa Rajiv Sahney, and Manoj Kumar Kohli and also hired Adnan Ahmad under its board. At the same time, Flipkart welcomed Dan Bartlett to the board of directors. Additionally, after Flipkart, Binny Bansal resigned from the board of PhonePe. [Mergers and Acquisitions] MakeMyTrip announced its plans to acquire Happay from CRED while The Good Glamm Group completed the acquisition of The Moms Co. Other notable acquisitions include Arzooo by Moksha Group, Khatema Fibres by Moglix, and OneSource Speciality Pharma by 360 ONE Asset. [ESOP buyback] HealthKart announced its first-ever employee ESOP buyback plan worth Rs 55 crore ($6.5 million). NowPurchase, a SaaS-enabled marketplace for metal manufacturers also completed its first-ever ESOP buyback. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Swiggy launches kitchen equipment procurement service for restaurants ▪️ Myntra pilots 2-hour delivery service ▪️ Dating app Flutrr launches AI chatbot for user convenience [Potential Deals] ▪️ Country Delight to raise $50-70 Mn led by SoftBank ▪️ Ritesh Agarwal to increase stake in Oyo ▪️ SolarSquare is looking to raise fresh funds at a 3X valuation [Financial results this week] ▪️ Healthians achieves EBITDA breakeven with Rs 250 Cr income in FY24 ▪️ Glance crosses Rs 600 Cr revenue in FY24 with improved economics ▪️ Teachmint revenue grows 2X in FY24, losses down to Rs 82 Cr ▪️ PharmEasy cuts losses by 51% to Rs 2,533 Cr in FY24, revenue dips 15% ▪️ Apple India posts $8 Bn revenue and $330 Mn profit in FY24 ▪️ Dezerv reports Rs 26 Cr revenue and Rs 75 Cr loss in FY24 ▪️ FNP crosses Rs 700 Cr revenue in FY24; losses drop by 78% ▪️ Paper Boat posts Rs 585 Cr revenue in FY24; cuts losses by 48% ▪️ Biryani By Kilo reports Rs 268 Cr revenue in FY24, cuts losses by 30% ▪️ Third Wave Coffee revenue crosses Rs 240 Cr in FY24, losses up 2X ▪️ The Sleep Company revenue soars 2.5X to Rs 312 Cr in FY24 ▪️ Park+ reports Rs 131 Cr revenue in FY24 with stable losses ▪️ INDmoney revenue spikes 73% in FY24, earns Rs 58 Cr from other income [News flash this week] ▪️ Zomato extends lead over Swiggy in food delivery ▪️ PhonePe, G-Pay lead UPI market share; Navi surpasses CRED to enter top 4 ▪️ boAt and Noise’s growth decline in Q3 amid market slowdown: IDC report ▪️ SEBI approves ArisInfra’s Rs 580 Cr IPO ▪️ BlackBuck’s share lists with a 2.9% premium ▪️ RBI eases forex rules for startups ▪️ Ola Electric cuts 500 jobs to improve profitability ▪️ Groww's valuation takes a hit after India shift: Report ▪️ Karnataka and DRDO join hands to support defence startups ▪️ MamaEarth’s Honasa faces distributor backlash over unsold inventory ▪️ Zomato becomes the first new-age stock to feature in the BSE Sensex index [Conclusion] On a weekly basis, startup funding surged 226% to $595.86 million as compared to around $182 million raised during the previous week. The week saw three startup-focused fund launches namely OG Capital, IIT Bombay’s Incubator Fund, and 8i Ventures. Zomato has solidified its position as the leading food delivery platform in India, capturing a 58% market share in the June quarter of FY25. This marks a significant increase from its previous market share of 54%. Swiggy, on the other hand, saw its market share decline to 42%. While the quick commerce segment continues to be competitive, with players like Blinkit, Zepto, and Swiggy Instamart vying for market share, food delivery remains a key revenue driver for Zomato and Swiggy. ArisInfra has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO) worth Rs 580 crore. The company had earlier planned to raise Rs 600 crore but has now reduced the size of the fresh issue. ArisInfra is also considering a pre-IPO placement of up to Rs 115.92 crore before filing its draft red herring prospectus (DRHP). BlackBuck's parent company, Zinka Logistics Solutions, saw its shares list at a 2.9% premium over its IPO price of INR 273. The stock debuted at INR 280.90 on the National Stock Exchange. The company's IPO was oversubscribed 1.8 times on the final day of bidding. Electric vehicle maker Ola Electric has initiated a restructuring process that will result in the layoff of around 500 employees. The company aims to streamline its operations and reduce costs to achieve profitability. This move comes amid concerns over its financial performance and after-sales service issues. The Karnataka government has partnered with the Defence Research and Development Organisation (DRDO) to support defence startups. This collaboration will provide startups with access to DRDO's testing facilities and mentorship. The partnership aims to foster innovation and growth in the defence sector, leveraging the expertise of both organizations.

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