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FOCUS-UniCredit’s Orcel was plotting bid before Banco BPM forced hand, sources say

LivemintLivemint · 9m ago
FOCUS-UniCredit’s Orcel was plotting bid before Banco BPM forced hand, sources say
Medial

UniCredit CEO Andrea Orcel had been planning a takeover of Banco BPM for years but was forced to rush a bid due to BPM's own M&A moves. Orcel's dealmaking reputation is now on the line as BPM's shares surged following its announcement of bids for Anima Holding and acquiring a stake in Monte dei Paschi di Siena (MPS), raising the possibility of a BPM-MPS tie-up. Orcel had long desired BPM's position in Lombardy, but had hesitated due to the premium in its shares. UniCredit's bid, offering a 15% premium, has been deemed undervalued by BPM, leading to a price demand increase from the market. Orcel indicated the possibility of offering cash to BPM shareholders and engaging with 'industrial' investors, starting with Credit Agricole. However, Italian conservative government members oppose Orcel's proposal as it derails plans for a BPM-MPS merger, which could create a strong rival to UniCredit and Intesa Sanpaolo. Credit Agricole, the largest shareholder of BPM, has strengthened its position and has informal approval from the Italian government. UniCredit's spokesperson cautioned BPM investors against Credit Agricole's strategy in Italy and a BPM-MPS merger, and BPM is examining its options within the limits of Italian takeover rules. Orcel has approximately €6.5 billion in excess cash and can present various options to convince BPM shareholders that merging with UniCredit is in their best interest. However, time constraints and possible delays in securing investment screening approvals by the government could work against UniCredit.

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Exclusive: BharatPe’s CMO Parth Joshi quits to start his own venture

EntrackrEntrackr · 7m ago
Exclusive: BharatPe’s CMO Parth Joshi quits to start his own venture
Medial

BharatPe’s Chief Marketing Officer, Parth Joshi, has resigned to launch his own venture, according to sources familiar with the matter. Joshi joins a growing list of BharatPe executives who have departed in recent years to explore entrepreneurial opportunities. Joshi was appointed as BharatPe's CMO in June 2021. Before joining the fintech unicorn, he served as Head of Marketing at Reckitt for over five years. In the past, he also spent three years each at GSK and L’Oréal. As per sources, Joshi is on notice period. Confirming the development to Entrackr, a BharatPe Spokesperson said, "Parth Joshi has decided to embark on his entrepreneurial journey, and we respect his decision. At BharatPe, we take pride in fostering a culture that nurtures innovation, leadership, and entrepreneurship. We are always supportive of individuals who aspire to create meaningful impact, and we wish Parth the very best in his new endeavor." The development follows the recent exits of BharatPe’s Chief Human Resources Officer (CHRO), Smriti Handa, and Chief Data Scientist, Ritesh Mohan Srivastava. Handa is set to pursue career opportunities abroad, while Srivastava has chosen to focus on his entrepreneurial ambitions.

Gameskraft crosses Rs 4,000 Cr revenue in FY25; PAT nears Rs 1,000 Cr

EntrackrEntrackr · 1d ago
Gameskraft crosses Rs 4,000 Cr revenue in FY25; PAT nears Rs 1,000 Cr
Medial

Gameskraft crosses Rs 4,000 Cr revenue in FY25; PAT nears Rs 1,000 Cr Gameskraft’s FY25 numbers reflect strong performance before the RMG ban. The firm reported double-digit revenue growth and maintained profitability during the fiscal year. The Indian government’s recent ban on real-money gaming formats has disrupted the sector overnight, but Gameskraft’s FY25 numbers reflect strong performance before the clampdown. The firm reported double-digit revenue growth and maintained profitability during the fiscal year. Gameskraft’s revenue from operations grew 12% to Rs 3,896 crore in FY25 from Rs 3,475 crore in FY24, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). Gameskraft operated popular gaming apps such as Rummy Culture, Playship, Pocket 52, RummyPrime, Ludo Culture, and Rummy Time. Its revenue (gross gaming revenue) came from platform fee or commission charged as a percentage of the buy-in fees users invest in games, which contributed Rs 3,882 crore (99.6% of operating revenue), registering a 12.2% growth. Its real estate business added Rs 11 crore, while other income sources contributed Rs 3 crore in FY25. The Bengaluru-based company made an additional Rs 113 crore from non-operating sources which pushed its total revenue to Rs 4,009 crore in FY25. On the cost side, promotional spending emerged as the single largest expense and accounted for 75% of total burn. To the tune of scale, this cost surged 58% to Rs 2,072 crore in FY25 from Rs 1,315 crore in FY24. Employee benefits, on the other hand, saw a decline of 11% to Rs 410 crore, while legal and professional fees fell 22.8% to Rs 112 crore in FY25. Overall, the company’s total expenses shot up 24% to Rs 2,766 crore in FY25 as against Rs 2,232 crore in FY24. See TheKredible for the detailed cost breakdown during the last fiscal year. Despite the jump in ad spend, Gameskraft managed to sustain profitability on the back of its strong topline and controlled costs in other areas. Its net profit stood at Rs 976 crore in FY25, slightly higher than the Rs 947 crore posted in FY24. It's worth noting that we have excluded exceptional items worth Rs 270.5 crore in the calculation of net profit of the company. Gameskraft's ROCE and EBITDA margin stood at 58.40% and 31.63%, respectively. On a unit basis, Gameskraft spent Rs 0.71 to earn a rupee of operating revenue in FY25. The company recorded current assets worth Rs 2,232 crore in FY25 which includes Rs 253 crore in cash and bank balances and Rs 1,319 crore invested in mutual funds. While Gameskraft’s FY25 numbers were unaffected, the Indian government’s new gaming law effective August 2025 has forced the company to halt its real-money operations, including shutting down “Add Cash” features and discontinuing its flagship rummy platform RummyCulture, alongside pausing its poker venture Pocket52 earlier in the year. The move, mandated by the Promotion and Regulation of Online Gaming Act, has also led Gameskraft to publicly state it will not pursue a legal challenge, instead opting for full compliance. Given that real-money gaming contributed nearly all of Gameskraft’s FY25 revenue, the ban is expected to significantly impact its business model, revenue streams, and growth trajectory going forward.

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