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Trump's crypto team takes shape but questions remain over who will drive policy

Economic TimesEconomic Times · 11m ago
Trump's crypto team takes shape but questions remain over who will drive policy
Medial

US President-elect Donald Trump has revealed his crypto policy by announcing former PayPal executive David Sacks as White House A.I. & Crypto Czar, while nominating attorney Paul Atkins to head the Securities and Exchange Commission (SEC). The appointments have generated mixed responses, with some arguing that the creation of a crypto czar raises questions about who will drive policy. Sacks, a known bitcoin investor, is expected to bring change quickly, but clashes with the SEC's processes may occur. Meanwhile, Atkins is seen as a veteran in Washington policy circles who supports crypto innovation but hasn't taken a clear stance on the classification of crypto tokens. The crypto industry anticipates more constructive regulation under the new administration.

Exclusive: Peak XV-backed Neo raises fresh capital

EntrackrEntrackr · 1y ago
Exclusive: Peak XV-backed Neo raises fresh capital
Medial

Wealth and asset management firm Neo has raised Rs 32 crore (nearly $4 million) via private placement. This is the first round of investment for the Mumbai-based company in 2024. The board at Neo has passed a special resolution to issue 1226 equity shares at an issue price of Rs 2,60,799 each to raise Rs 32 crore (approximately $3.85 million), its regulatory filing accessed from the Registrar of Companies (RoC) shows. Morde Foods invested Rs 20 crore while SN Damani Developers and Bridgemonte Advisors pumped in Rs 10 crore and Rs 2 crore respectively. According to the company, the funds will be used for growth and business operations. As per TheKredible’s estimates, the company has been valued at around Rs 1,349 crore or $162.5 million post-allotment. Following the fresh proceeds, Morde Foods will hold a 1.48% stake while S N Damani Developers and Bridgemonte Advisors command 0.74% and 0.15% capital of Neo Wealth. The company has raised around $78 million to date including its $35 million Series B round led by Peak XV (formerly Sequoia Capital) in October last year. Launched by Nitin Jain, Neo provides clients, who are some of the top billionaires in the country, with advisory and yield-based investment solutions which it claims to deliver in a transparent and cost-effective manner. The company claims that it has more than $3 billion (close to Rs 25,000 crore) in assets under advisement (AUA), including $360 million (around Rs 3,000 crore) in assets under management (AUM). Neo demonstrated 9X growth to Rs 65.1 crore in revenue with a mere loss of Rs 3.6 crore during the fiscal year ending March 2023. The company is yet to file its annual report for FY24.

Exclusive: Kabeer Biswas in talks to join BigBasket after exiting Flipkart

EntrackrEntrackr · 16d ago
Exclusive: Kabeer Biswas in talks to join BigBasket after exiting Flipkart
Medial

Exclusive: Kabeer Biswas in talks to join BigBasket after exiting Flipkart Kabeer Biswas, co-founder and former chief executive officer of Dunzo, has stepped down from his role as Vice President at Flipkart where he was leading its quick commerce initiative, Flipkart Minutes. In a statement, Flipkart said that Kunal Gupta, Vice President and a Flipkart veteran, will now lead Flipkart Minutes to ensure the seamless continuation of business and operations. According to Entrackr’s sources, Biswas is in talks to join BigBasket and is expected to lead the company’s quick commerce vertical. “Discussions are at an advanced stage and the role will involve leading the grocery major’s fast delivery business,” said one of the sources aware of the matter, requesting anonymity. As per sources, BigBasket has extended an offer letter to Biswas. Biswas had joined Flipkart in January this year to build and scale the company’s 10-minute delivery business. His exit comes less than a year after taking up the role, marking another leadership change in Flipkart’s new commerce push. Flipkart Minutes was launched earlier this year to compete with established players such as Blinkit, Zepto and Swiggy’s Instamart. The unit was being built under Biswas’s leadership as part of Flipkart’s efforts to expand beyond its traditional e-commerce operations. Responding to Entrackr’s queries, Biswas said he was not authorised to comment, while BigBasket declined to comment. Biswas co-founded Bengaluru-based Dunzo in 2014 and led it for nearly a decade. The company, once a key player in India’s hyperlocal delivery space, faced operational and funding challenges over the past two years and was eventually shut down.

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