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โ€˜Embarrassedโ€™: Boeing employee after aerospace giant seeks help from SpaceX to rescue Sunita Williams and Butch Wilmore | Mint

LivemintLivemint ยท 10m ago
โ€˜Embarrassedโ€™: Boeing employee after aerospace giant seeks help from SpaceX to rescue Sunita Williams and Butch Wilmore | Mint
Medial

Boeing's spacecraft, Starliner, has encountered technical glitches preventing the safe return of Indian-origin astronaut Sunita Williams and NASA astronaut Butch Wilmore. The failure adds to Boeing's recent string of setbacks and is a blow to its credibility. The Starliner capsule suffered issues including a helium leak and thruster malfunction, leaving the astronauts stranded in space. NASA has announced it will turn to Boeing's competitor, SpaceX, for assistance in bringing the astronauts back. The incident has left Boeing employees feeling embarrassed and humiliated, as SpaceX comes to the rescue and takes on the mission.

Exclusive: Apollo Tyres shuts down car service platform Trumigo within 6 months

EntrackrEntrackr ยท 11m ago
Exclusive: Apollo Tyres shuts down car service platform Trumigo within 6 months
Medial

Multinational tyre manufacturing company Apollo Tyres has shut down its doorstep car service initiative, Trumigo, sources told Entrackr. Significantly, the platform has discontinued its services within six months of its launch. As per sources, the company failed to find traction and compete with other alternatives available in the market. โ€œTrumigo has laid off nearly 100 employees (including 75 ground staff) in the process. It did not provide severance pay to the entire ground staff and several full time employees,โ€ said a source on the condition of anonymity. Launched in February, Trumigo used to provide car maintenance services directly to a customerโ€™s doorstep. Initially, it was launched for Gurugram with plans to expand to cover the entire Delhi (NCR) region. Trumigoโ€™s website isnโ€™t working for a while, point out sources. It has also been throwing error messages for the past three days. Several former employees also hinted at financial irregularities in the company which are currently being audited. Entrackr couldnโ€™t verify these claims independently. Queries sent to Trumigoโ€™s chief executive, head of product, CHRO and Apollo Tyresโ€™ group head did not elicit any response until the publication of the story. Weโ€™ll update the post as and when they respond. Trumigo is the second company from the car servicing space to go down after GoMechanic which also had gone through a forensic audit. After establishment of financial irregularities and inflated revenue, several investors including Peak XV wrote off their investment in the firm. GoMechanic was eventually acquired by Lifelong Groupโ€™s Servizzy in a distress sale. GoMechanic, which was once seeking a billion dollar valuation, recently raised $6 million from a group of investors at a valuation of $20 million.

Recur Club plans to deploy Rs 2,000 Cr in 2024: Interview with Eklavya Gupta

EntrackrEntrackr ยท 1y ago
Recur Club plans to deploy Rs 2,000 Cr in 2024: Interview with Eklavya Gupta
Medial

Revenue-based financing as an alternative source of working capital is gradually receiving wide acceptability, especially among growth-stage startups. The relevance of such alternative funding sources is now far more pertinent considering the so-called funding winter wherein chances of startups scoring equity capital are slim. In recent years, several revenue-centered financing platforms have emerged with Getvantage, Velocity, and Klub being some of the notable names. Gurugram-based Recur Club has also emerged as a notable player in the space with an allocation of Rs 1,100 crore across 500 startups in 2023. The company is now looking to expand its reach in the startup ecosystem. The roadmap includes onboarding a higher number of startups as well as more investment deployment. To better understand Recur Clubโ€™s business, growth and projections, Entrackr caught up with its co-founder and chief executive officer Eklavya Gupta. Recur has backed startups like Ustraa, Rage Coffee, Moveinsync, Keka HR, Xoxodays, and others. In July last year, the platform launched a $10 million fund to back startups actively working towards a greener and more sustainable future. Recur Club isnโ€™t looking to raise any fresh capital at the moment. โ€œWe are well capitalized and not looking to raise any money in the near future. Our priority is to onboard 500 โ€“ 700 startups this year and deploy Rs 2,000 crore through its platform,โ€ Gupta said. Gupta disclosed that nearly half of the companyโ€™s deals are in SaaS and tech sectors, whereas the remaining is deployed towards commerce and logistics. The investment pattern is pretty similar to other revenue-based financing platformsโ€™. Recur Club offers credit in the range of Rs 20 lakh to Rs 35 crore which yields an IRR (internal rate of return) of anywhere between 15% and 19%. While large borrowers typically pay back the loan amount in 12 to 18 months, short-term loans are required to be paid between 50-90 days. Recur Club connects startups with over 50 prominent lenders, including Tata Capital, HSBC, Aditya Birla Capital, INCRED, Ugro Capital, and various other NBFCs, banks, and institutional capital providers. According to Gupta, Recur Club assesses leads on three core premises: average revenue run rate (ARR) of at least Rs 1 crore, six months runway and positive revenue growth. Recur Club makes money by charging a small percentage from both ends: borrowers and lenders. โ€œDepending on the type of investors and companies, we charge 0.5% to 3%,โ€ added Gupta.

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