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Orissa High Court orders detailed status report in complaint filed by Nestaway cofounder against Tiger Global, Chiratae, Goldman Sachs

Economic Times

Economic Times · 6m ago

Orissa High Court orders detailed status report in complaint filed by Nestaway cofounder against Tiger Global, Chiratae, Goldman Sachs

The Orissa High Court has directed the investigating officer to file a detailed status report on the complaint by Nestaway cofounder Amarendra Sahu against Tiger Global, Chiratae Ventures, Goldman Sachs, and others, alleging fraud and forgery during the sale of Nestaway. The court maintained the interim order protecting the accused from coercive action and suggested exploring settlement possibilities. Sahu alleged forgery in documents promising him Rs 11.72 crore, with the case set for a February hearing.

Related News

Orissa HC orders change of investigating officer in Nestaway suit

Economic Times

Economic Times · 5m ago

Orissa HC orders change of investigating officer in Nestaway suit

The Orissa High Court ordered the replacement of the investigating officer in Amarendra Sahu's complaint against Nestaway investors, as Senior Lawyers were improperly summoned. Justice Sibo Sankar Mishra reprimanded the officer, emphasized no lawyers should be called, and instructed a status report submission. Sahu accuses investors, including Tiger Global and Goldman Sachs, of reneging on a payment promise. The investors sought case dismissal but were granted interim protection from coercive actions. The court will continue hearings on the matter.

NestAway founder levels fraud charges against Tiger Global, others

Inshorts · 6m ago

NestAway founder levels fraud charges against Tiger Global, others

Amarendra Sahu, co-founder of rental property platform NestAway, is pursuing a criminal case against lead investors Tiger Global, Goldman Sachs and Chiratae Ventures, as well as co-founders Jitendra Jagadev and Smruti Parida. Sahu filed a police complaint in 2024, accusing the parties of engaging in fraud, forgery and coercion during NestAway's sale in 2023.

NestAway founder levels fraud charges against Tiger Global, Chiratae

The Arc Web

The Arc Web · 6m ago

NestAway founder levels fraud charges against Tiger Global, Chiratae

Amarendra Sahu, founder of NestAway, has filed a criminal case against Tiger Global, Chiratae Ventures, co-founders, and others for alleged fraud, forgery, and coercion during NestAway's 2023 sale. Sahu claims his signature was fraudulently used to sell NestAway for ₹90 crore after he resigned as director. The complaint includes accusations of financial misconduct, as investors allegedly withheld a promised ₹11.72 crore payout. NestAway, valued at ₹1,800 crore in 2019, saw a 95% valuation drop during the distress sale. FIR was registered in Bhubaneswar under IPC sections for fraud, forgery, and criminal conspiracy.

Flipkart-Backed BlackBuck Files DRHP For INR 550 Cr IPO

Inc42 · 1y ago

Flipkart-Backed BlackBuck Files DRHP For INR 550 Cr IPO

BlackBuck, a technology platform for logistics in India, plans to raise $75 million in a new funding round. The round could value the startup, backed by Tiger Global and Goldman Sachs, at $1 billion. The new round follows a $27 million funding round in May, which was also led by Tiger Global. BlackBuck aims to use the funding to expand its services and strengthen its technology capabilities. The company currently serves over 10,000 clients and has a network of over 700,000 trucks.

MapmyIndia Shares Plunge 6% Amid Block Deal Buzz

Inc42 · 1y ago

MapmyIndia Shares Plunge 6% Amid Block Deal Buzz

Around 6.1 Lakh shares of CE Info Systems were traded on Wednesday, equivalent to 1.1% equity worth INR 142.6 Cr. MapMyIndia's CMD and cofounder, Rakesh Kumar Verma, sold the shares for philanthropy, and the promoters have no plans to sell any more shares. Recently, MapmyIndia's shares reached an all-time high of INR 2,745.05 after Goldman Sachs predicted a 40% increase in the share price.

Tiger Global exits Zomato by selling remaining 1.4% stake

Economic Times

Economic Times · 1y ago

Tiger Global exits Zomato by selling remaining 1.4% stake

Investment firm Tiger Global has sold its remaining 1.44% stake in Zomato, the online food delivery platform, in an open market transaction, raising about Rs 1,124 crore. Zomato's shares rallied 73% in the last six months. Buyers of Zomato's shares include Morgan Stanley, Goldman Sachs, Societe Generale, and more. Earlier this month, Zomato announced its first quarterly net profit of Rs 2 crore. The company's market cap surpassed $10 billion following this announcement.

Vodafone Idea, Indus Towers shares plummet 15% as Supreme Court upholds AGR ruling

Money Control

Money Control · 9m ago

Vodafone Idea, Indus Towers shares plummet 15% as Supreme Court upholds AGR ruling

- Supreme Court rejects telecommunication companies' plea for re-computation of AGR dues. - Shares of Vodafone Idea crashed over 15 percent, while Bharti Airtel shares were up two percent. - Vodafone Idea filed a curative petition seeking correction of errors in AGR demand calculation, limiting penalty to 50 percent of shortfall, and revising interest rate on penalty. - Cash flow situation expected to become more challenging for Vodafone Idea without relief from court. - Goldman Sachs reaffirms bearish rating on Vodafone Idea, predicts further erosion of market share despite recent capital raise.

Zetwerk readying draft IPO papers, may aim to raise $400-500 million

Economic Times

Economic Times · 5m ago

Zetwerk readying draft IPO papers, may aim to raise $400-500 million

Zetwerk, a $3 billion manufacturing startup, plans to file for an IPO within six months, aiming to raise $400-500 million, targeting over a $5 billion valuation. The IPO will include a small secondary component, and Zetwerk has appointed Axis Bank, Goldman Sachs, and Kotak Mahindra as bankers. The company is expanding globally, with significant orders and a pre-IPO funding round of $100 million. Zetwerk's revenue grew by 25% to Rs 14,436 crore, despite increased losses due to strategic shifts.

PGIM opens Abu Dhabi office, joining money managers' rush to UAE capital

VCCircle

VCCircle · 10m ago

PGIM opens Abu Dhabi office, joining money managers' rush to UAE capital

PGIM, the investment management arm of Prudential Financial, has opened an office in Abu Dhabi to tap into the growing pool of wealthy clients in the UAE capital. With $1.33 trillion in assets under management, PGIM will target regional institutional and professional clients. The move follows a trend of asset managers, banks, hedge funds, and family offices increasing their presence in the UAE due to the country's post-pandemic rebound, convenient time zones, and tax-free status. Abu Dhabi has become an attractive location for financial firms, including those traditionally based in Dubai, such as Goldman Sachs and Rothschild.

Chinese robotaxi firm Pony AI files for US IPO

Economic Times

Economic Times · 9m ago

Chinese robotaxi firm Pony AI files for US IPO

China-based autonomous driving firm Pony AI, backed by automaker Toyota, has filed for an IPO in the U.S. The move reflects increased investor interest in new listings and a more favorable regulatory environment. Pony AI, in which Toyota owns a 13.4% stake, reported a revenue of $24.7 million in H1 2024, nearly double the previous year. However, establishing robotaxis still presents challenges, including safety and reliability concerns. The number of Chinese companies pursuing U.S. stock market flotations declined after Beijing restricted offshore capital-raising in 2021. Goldman Sachs, BofA Securities, Deutsche Bank, Huatai Securities, and Tiger Brokers are the underwriters for Pony AI's IPO.

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