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News on Medial
India’s newest airport may seek another backer as it prepares for takeoff
VCCircle
·
7m ago
Medial
India's Noida International Airport in Jewar, Uttar Pradesh, may seek additional funding after its planned opening next year. Swiss construction company, Zurich Airport International AG, is considering diluting its stake in the project. The airport completed its first validation test flight recently.
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Air India plane crash: IndiGo issues advisory following suspension of operations at Ahmedabad Airport
Economic Times
·
1m ago
Medial
An Air India flight, B787, crashed shortly after takeoff from Ahmedabad en route to London, leading to the temporary suspension of operations at Sardar Vallabhbhai Patel International Airport. Prime Minister Modi has called for immediate action following the accident. IndiGo issued a travel advisory, urging passengers to rebook or claim refunds if affected. The crash involved 232 passengers and 10 crew members, prompting airport authorities to ask for patience as the situation unfolds.
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Flying to Delhi, Mumbai to get costlier as GMR, Adani win case over tariff math
Livemint
·
28d ago
Medial
A tribunal ruling has allowed GMR Airports and Adani Airport Holdings to increase their revenue from the Delhi and Mumbai international airports, potentially raising airport charges by approximately 6% over the next decade. This decision, however, may result in higher costs for airlines and passengers at two of India’s busiest airports. Analysts suggest this could impact airlines like IndiGo, whose sales might face an equivalent 3.4% increase in costs.
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Quick commerce unicorn Zepto set to see another $100-mn-plus transaction
VCCircle
·
8m ago
Medial
Quick commerce startup Zepto is on track to secure another transaction worth over $100 million. The company recently closed a funding round of $350 million, bringing its total funding to over $1 billion. The transaction is expected to further boost Zepto's growth as it prepares for a potential public listing in 2022.
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Phi Capital scores another exit with outsized returns
VCCircle
·
1y ago
Medial
Phi Capital, a private equity firm, has achieved another successful exit with substantial returns. As it prepares to raise its second fund, Phi Capital has sold one of its earlier investments, AuthBridge, a background verification company, generating significant profits. The firm aims to secure a targeted corpus of $250 million for its new fund.
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Dixon’s JV with Chinese firm gets govt nod, other Indian companies may follow
Economic Times
·
14d ago
Medial
Dixon Technologies received approval from India's Ministry of Electronics and Information Technology to establish a joint venture with Chinese original design manufacturer Longcheer Intelligence. Dixon will hold a 74% stake, while Longcheer will own 26%. This approval is encouraging other Indian electronics manufacturers to seek similar partnerships with Chinese companies. It may signal a softening of the Indian government’s stance on Chinese collaboration, vital for achieving goals set by India’s electronics manufacturing scheme.
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X rival Bluesky reaches over 1 million users
Economic Times
·
1y ago
Medial
Bluesky has announced it has garnered over one million users. The company expressed gratitude to its early users and developers who helped test the network before its open public launch. Bluesky's current focus is on improving moderation, scaling infrastructure, and enhancing the user experience as it prepares to support more users. The platform gained traction after Elon Musk announced changes on X (formerly Twitter), leading users to seek alternatives.
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Air India plane crash: AI-171 Capt Sumeet Sabharwal had 8,200 flying hours, co-pilot Clive Kundar had 1,100
Economic Times
·
1m ago
Medial
An Air India flight bound for London with 242 people on board crashed shortly after takeoff from Ahmedabad’s Sardar Vallabhbhai Patel International Airport. The Boeing 787 Dreamliner, operating as flight AI 171, issued a MAYDAY call but did not respond to further air traffic control communications. The flight was piloted by Captain Sumeet Sabharwal with 8,200 flying hours and First Officer Clive Kundar with 1,100 hours. Air India is investigating the incident.
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IPO-Bound Groww Bags $200 Million at $7 Billion Valuation, FY25 Profits Triple
StartupTalky
·
1m ago
Medial
Groww, an online investment platform, has raised $200 million from a funding round led by GIC, increasing its valuation to $7 billion as it prepares for its IPO. The company plans to allocate the funds to improve product offerings, expand user reach, and enhance technology infrastructure. Groww has demonstrated significant financial growth, reporting a net profit of INR 1,819 crore in FY25. With over 13 million users, it remains India’s largest retail stockbroker by active clients.
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Biocon weighs fresh funding for PE-backed biosimilars unit
VCCircle
·
11m ago
Medial
Biocon Ltd is considering raising new funding for its biosimilars unit, Biocon Biologics Ltd. The unit has previously received investments from five private equity investors and a strategic backer. The Mumbai-listed company's move to seek additional funding for its biosimilars unit is in line with its expansion plans in the biotechnology sector.
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Air India crash: Railways to run special Vande Bharat trains to evacuate stranded passengers in Ahmedabad
Economic Times
·
1m ago
Medial
In response to the crash of Air India Flight AI171 near Ahmedabad's airport, Indian Railways will deploy Special Vande Bharat trains for evacuating stranded passengers and their families. The aircraft, a Boeing 787 Dreamliner bound for London, experienced a mayday shortly after takeoff and crashed near Meghaninagar, leading to significant smoke and fire due to full fuel tanks. Rescue operations are ongoing, with top officials visiting the site for relief efforts.
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