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EY-backed RP sues Byju’s Dubai-based marketing agent for Rs 1,597 crore - The Economic Times

Economic Times

Economic Times · 1m ago

EY-backed RP sues Byju’s Dubai-based marketing agent for Rs 1,597 crore - The Economic Times

Think and Learn, facing insolvency, has sued Dubai-based More Ideas General Trading for Rs 1,597 crore over alleged unpaid dues. Byju Raveendran and other former directors are also implicated. Byju's founders dispute these claims, arguing the resolution professional is deflecting from their own challenges to the insolvency proceedings and GLAS Trust's authority. The dispute involves marketing rights for Byju's products in several Middle Eastern countries under a revenue-sharing arrangement.

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Databricks to buy Sequoia-backed Tecton in AI agent push - The Economic Times

Economic Times

Economic Times · 6d ago

Databricks to buy Sequoia-backed Tecton in AI agent push - The Economic Times

Databricks is acquiring Tecton, a Sequoia-backed machine learning startup, to enhance its AI agent offerings. Tecton provides software for scaled, low-latency data analysis and deployment, and was last valued at $900 million. The acquisition facilitates Databricks' strategy to expand AI tools for enterprises, leveraging Tecton’s technology to improve its Agent Bricks product. This deal is part of Databricks' broader acquisition spree, including past purchases of MosaicML and Neon.

Byju’s RP’s suit claims directors owe compensation to company under IBC laws

Economic Times

Economic Times · 2m ago

Byju’s RP’s suit claims directors owe compensation to company under IBC laws

An EY-backed resolution professional has filed lawsuits at the NCLT against former Byju’s directors, claiming they owe compensation for fraudulent asset transfers. The lawsuits argue that transactions were reversed under the Insolvency and Bankruptcy Code, citing a $533 million investment and Rs 130 crore unjustly moved. Former directors Byju Raveendran, Riju Ravindran, and Divya Gokulnath are implicated. The lawsuits follow a Delaware court ruling questioning a $533 million transfer by Byju’s Alpha, a subsidiary, which was deemed illegal.

Minnesota sues TikTok, alleging it preys on young people with addictive algorithms - The Economic Times

Economic Times

Economic Times · 9d ago

Minnesota sues TikTok, alleging it preys on young people with addictive algorithms - The Economic Times

Minnesota has sued TikTok, claiming it exploits young users with addictive algorithms, violating state laws on deceptive trade practices and consumer fraud. Attorney General Keith Ellison argues the app manipulates and harms mental health, emphasizing deceptive marketing rather than free speech issues. Minnesota's lawsuit follows actions by over 24 states, stemming from a 2022 investigation into TikTok's impact on youth mental health. TikTok disputes the claims, highlighting its safety measures and parental controls.

Perplexity founder Aravind Srinivas-backed Astra shuts shop on cofounder differences - The Economic Times

Economic Times

Economic Times · 29d ago

Perplexity founder Aravind Srinivas-backed Astra shuts shop on cofounder differences - The Economic Times

Astra, a SaaS startup backed by Perplexity founder Aravind Srinivas, has shut down due to cofounder differences. The startup aimed to automate account executive activities using an AI-powered sales analytics platform and had onboarded two enterprise clients during its beta phase. Challenges included building trust with enterprise clients amid an AI agent surge. Cofounder Supreet Hegde cited differences with Ranjan Rajagopalan as the reason for closure, while Rajagopalan reportedly works on a new stealth-mode startup.

ETtech explainer: Decoding Lenskart’s draft prospectus for Rs 8,000 crore IPO - The Economic Times

Economic Times

Economic Times · 1m ago

ETtech explainer: Decoding Lenskart’s draft prospectus for Rs 8,000 crore IPO - The Economic Times

Lenskart, an omnichannel eyewear retailer, is set for a significant IPO, with a draft red herring prospectus (DRHP) filed to raise Rs 2,150 crore. The IPO, including a fresh issue and offer-for-sale from investors like SoftBank, aims for a Rs 7,500-8,000 crore valuation. Lenskart intends to utilize funds for store expansion, technology enhancement, and marketing. Profitable in FY25, the company reported a Rs 297 crore net profit, with significant revenue from international markets.

Shadowfax files confidential prospectus for its IPO - The Economic Times

Economic Times

Economic Times · 1m ago

Shadowfax files confidential prospectus for its IPO - The Economic Times

Shadowfax, a hyperlocal logistics company backed by Flipkart, has filed a confidential draft red herring prospectus for its IPO, aiming to raise Rs 2,000-2,500 crore, with about half in primary shares. This strategic filing allows Shadowfax to gauge investor interest and refine its IPO plans. The company, which reported Rs 1,885 crore in operating revenue for fiscal year 2024, plans to use the funds to enhance quick-delivery services, noting improved business economics and increasing market traction.

Hexaware acquires two SMC Squared firms for over Rs 1,000 crore in GCC space - The Economic Times

Economic Times

Economic Times · 1m ago

Hexaware acquires two SMC Squared firms for over Rs 1,000 crore in GCC space - The Economic Times

Hexaware Technologies has acquired two SMC Squared group firms for Rs 1,029.12 crore to enhance its presence in the global capability centre (GCC) space. This acquisition aims to deliver future-proof GCC solutions by leveraging a human and digital agent-driven model. The move aligns with the growing trend for multinationals to establish GCCs in India, a market expected to exceed $100 billion by 2030. Hexaware plans to integrate SMC’s capabilities to offer end-to-end GCC solutions.

Ionic Wealth crosses Rs 5,000 crore AUM, unveils AI-powered agent for wealth managers - The Economic Times

Economic Times

Economic Times · 1m ago

Ionic Wealth crosses Rs 5,000 crore AUM, unveils AI-powered agent for wealth managers - The Economic Times

Ionic Wealth, supported by Angel One, has seen its assets under management (AUM) rise by 33.6% to Rs 5,070 crore in the June 2025 quarter, mainly due to increased demand from ultra-high-net-worth and high-net-worth individuals. The firm has also introduced an AI-powered tool named ‘Ionic Agent’ to enhance wealth management. Serving over 1,000 clients, Ionic Wealth is expanding amid the growing affluent demographic in India, leveraging AI for more transparent and accessible financial advising.

BigBasket turnover declines in FY25 amid rising quick commerce competition - The Economic Times

Economic Times

Economic Times · 1m ago

BigBasket turnover declines in FY25 amid rising quick commerce competition - The Economic Times

BigBasket, backed by Tata Digital, saw its FY25 turnover drop due to intense competition from Blinkit and Zepto in the quick commerce market. Innovative Retail Concepts’ revenue decreased by 3% to Rs 7,673 crore, with losses escalating to Rs 1,851 crore. Tata Group, which holds a significant stake, previously expressed concerns over BigBasket's performance. The company shifted from scheduled grocery delivery to quick commerce, including a 10-minute delivery service, BB Now.

Another Accenture exec departs: Tyler Buffie moves to EY as principal - The Economic Times

Economic Times

Economic Times · 1m ago

Another Accenture exec departs: Tyler Buffie moves to EY as principal - The Economic Times

Tyler Buffie, after a 13-year tenure at Accenture, has joined EY as a principal to focus on data and AI strategy, promoting innovation with ethical governance and business value. Previously the managing director at Accenture, Buffie announced his transition on LinkedIn, expressing gratitude for his past experiences. His move marks the second instance this year of an Accenture executive leaving for another company amidst restructuring, with Accenture yet to announce his replacement.

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