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News on Medial
Pepperfry planning to sell company amid flatlining sales: Report
Inshorts
·
11m ago
Medial
Pepperfry has appointed an investment banker to explore plans to sell the company as sales continue to slow down, Moneycontrol reported. The furniture retailer is looking for a potential buyer or a strategic acquisition, the report added. This comes after Pepperfry postponed its plans to launch an IPO amid rising losses.
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Furniture retailer Pepperfry raises Rs 43 crore from existing investors
Economic Times
·
2m ago
Medial
Pepperfry, an omnichannel furniture and home goods company, raised Rs 43.3 crore from existing investors, including Norwest Venture Partners and Goldman Sachs. General Electric Pension Trust led with Rs 21.5 crore. The company issued 5.6 lakh convertible preference shares privately. Previously, it raised $23 million in 2022. Initially planning an IPO to raise $250–300 million, Pepperfry postponed it to focus on growth and profitability. In FY24, it reported a revenue decline but narrowed losses.
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Pepperfry to ramp up frachise-led expansion, says CEO Ashish Shah
Livemint
·
1y ago
Medial
Pepperfry, the online-offline furniture retailer, plans to focus on franchise partners in smaller cities to control costs and achieve profitability. The company, which operates over 180 stores, is also reassessing its plans for an IPO due to uncertain markets. CEO Ashish Shah stated that customer demand has improved recently, prompting hopes for a recovery. Pepperfry aims to open 50 new franchise-operated stores in non-metros over the next nine months. Currently, both online and offline channels contribute equally to sales, but the company expects offline sales to increase with the expansion of its store network.
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Pepperfry elevates Madhusudan Bihani to CFO
Entrackr
·
8m ago
Medial
E-commerce furniture and home decor company Pepperfry has elevated Madhusudan Bihani to the role of chief financial officer (CFO). Bihani brings nearly two decades of experience in finance, corporate compliance, taxation, and auditing. He joined Pepperfry in 2019 as AVP-finance and advanced to the role of VP-finance in 2021. He also had a decade-long stint with FMCG major Kraft Heinz. Since 2019, he has played a pivotal role in driving the company's growth, financial discipline, operational efficiencies, and compliance frameworks. He has been responsible for improving profitability, streamlining financial operations, and supporting strategic initiatives. According to Pepperfry, Bihani will be responsible for overseeing the company’s corporate strategy, financial planning and operations, fundraising efforts, as well as legal and corporate affairs. His role will provide a structured definition towards helping the company through its next phase of growth and expansion. “Madhusudan's experience, combined with his strategic and leadership capabilities, will be critical in helping us execute our vision for the future. His contributions have been invaluable in strengthening our financial foundation, and we look forward to the continued impact," said Ashish Shah, co-founder and CEO, Pepperfry.
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SoftBank likely to sell stake worth $150 million in India's Delhivery: report
Economic Times
·
1y ago
Medial
According to a report, SoftBank is planning to sell its stake worth $150 million in Indian logistics company Delhivery. The move is part of SoftBank's broader strategy to reduce its exposure to the Indian startup ecosystem as it faces financial challenges due to its investments in companies like WeWork. SoftBank is expected to sell the stake to a single buyer. Delhivery is one of India's largest logistics companies, providing services like last-mile delivery and warehousing.
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Zomato Block Deal: Antfin Singapore to sell $408M in shares
Inshorts
·
1y ago
Medial
Amid Zomato’s bull run on the bourses, Ant Group’s arm Antfin Singapore is reportedly looking to sell the foodtech giant’s shares worth $408 Mn (INR 3,422.84 Cr). As per a report by CNBC-TV18, Antfin Singapore intends to sell 13.6 Cr shares, or a 1.54% stake, via a block deal on Tuesday (August 19).
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Elon Musk's xAI reportedly looks to raise $300M in tender offer
TechCrunch
·
2m ago
Medial
Elon Musk's AI startup, xAI, is reportedly planning a $300 million share sale, valuing the company at $113 billion. This secondary stock offering allows employees to sell shares to new investors, potentially leading to a larger investment round. The move comes as Musk seeks to focus more on his companies, including xAI, amid setbacks such as Tesla's declining stock and xAI's missed deadlines for its AI model, Grok.
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Musk denies report of SpaceX's share sale at $200 bn valuation
Money Control
·
1y ago
Medial
SpaceX is planning a tender offer, a transaction that allows employees and other insiders to sell shares, that could value the company at around $200 billion, Bloomberg reported. "SpaceX has no need for additional capital and will actually be buying back shares. We do liquidity rounds for employees and investors every...six months," CEO Elon Musk said denying the report.
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BYJU'S says 262 tuition centres continue to operate
YourStory
·
1y ago
Medial
Amid reports of BYJU'S shutting down its tuition centres, the edtech company has clarified that 262 of its tuition centres have successfully entered their third year of operations. A report by The Captable said that BYJU's is planning to close 200 offline tuition centres out of its 300 centres nationwide as part of its latest cost-cutting strategy.
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Google plans ad sales restructuring as automation booms: report
Economic Times
·
1y ago
Medial
Google is planning to reorganize its ad sales unit, which consists of around 30,000 employees, according to a report by The Information. The move comes as the tech giant seeks to consolidate staff and potentially make layoffs, with a particular focus on its large customer sales unit responsible for major advertisings. Google is increasingly relying on machine-learning techniques to boost ad sales across its platforms. The company has not provided any official comment on the matter.
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Security tech company Evolv fires its chief executive
Economic Times
·
10m ago
Medial
Evolv, a security technology company, has terminated its CEO, Peter George, amid a sales misconduct investigation. Michael Ellenbogen, the current chief innovation officer, will serve as the interim CEO. The specifics behind George's firing have not been disclosed, but Evolv stated that it followed careful planning and evaluation by the board. The company is currently investigating the impact of the sales misconduct on its financial reports. This is not Evolv's first legal trouble, as it has faced federal probes and a class-action lawsuit in the past.
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