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Battling the social bulls: Internet firms fear overregulation by Sebi

Economic TimesEconomic Times · 1y ago
Battling the social bulls: Internet firms fear overregulation by Sebi
Medial

Social media companies and representative bodies have raised concerns about a draft proposal by the Indian market regulator, Sebi, regarding the jurisdiction and compliance burden it would impose. Under the proposal, only specified digital platforms (SDPs) recognised by Sebi would be allowed to host content or advertisements related to the securities market or financial advice. The platforms would also have to prevent the dissemination of unauthorised financial advice and share securities market-related information with Sebi when requested. The Internet and Mobile Association of India argued that the regulation of legitimate entities should be the responsibility of Sebi, not the platforms themselves.

SEBI Warns Of FPI Trading Scheme Frauds On Social Media

Inc42Inc42 · 1y ago
SEBI Warns Of FPI Trading Scheme Frauds On Social Media
Medial

SEBI, the market regulator in India, has warned investors about fraudulent trading platforms that falsely claim to offer stock market access via the Foreign Portfolio Investors (FPIs) route. These platforms use online courses, seminars, and mentorship programs on social media platforms like WhatsApp and Telegram to lure victims. Individuals posing as SEBI-registered FPI employees persuade people to download apps for share purchases and IPO subscriptions. SEBI clarified that the FPI investment route is not available to resident Indians, with limited exceptions. They advised investors to stay vigilant and avoid such platforms. A study by SEBI revealed a significant increase in retail investors in India's futures and options markets, with nine out of ten experiencing losses.

Delhi HC directs shutdown of scam impersonating INDmoney and founder

EntrackrEntrackr · 6m ago
Delhi HC directs shutdown of scam impersonating INDmoney and founder
Medial

The Delhi High Court has ordered a sweeping crackdown on an online scam that allegedly impersonated wealth-tech platform INDmoney and its founder, Ashish Kashyap, to defraud investors. In a July 28 order, Justice Manmeet Pritam Singh Arora directed domain registrars, app stores, messaging platforms, banks, and cybercrime units to work together to shut down the operation. The case, filed by INDmoney Tech and its affiliate INDstocks, alleges that since November 2024, a person identified as “Ashok Kumar” used fake identities to lure victims through WhatsApp and Telegram groups, rogue websites, and mobile apps. The accused allegedly promised high returns from block trading, IPO tips, and stock market bets, using forged SEBI certificates and fake documents to appear credible. The fraudulent network involved eight websites, four fake apps, dozens of messaging accounts, and multiple bank accounts. According to INDmoney, the accused also copied its trademarks, logos, and website content to mislead users. Finding a clear case of trademark infringement, passing off, and copyright violation, and noting the actions were causing “irreparable injury”, the court restrained the defendant, its associates, and agents from using the brands or running the infringing platforms. It directed Gname.com, Dominet, and Dynadot to block the domains and share ownership details; Google and Apple to remove the fake apps; WhatsApp and Telegram to block the listed numbers and groups; and over a dozen banks to freeze linked accounts and provide KYC details. The National Cyber Cell and Gurugram Cyber Police were also told to file investigation reports. The next hearing is on September 2 before the Joint Registrar, and on December 17 in court. Following the order, Kashyap posted on LinkedIn, calling it a “strong digital-first stand against online financial fraud” and a key step towards protecting people from sophisticated scams. He urged people to “stay alert, stay informed, stay safe.”

Wow! Momo crosses Rs 400 Cr revenue threshold in FY23

EntrackrEntrackr · 1y ago
Wow! Momo crosses Rs 400 Cr revenue threshold in FY23
Medial

Quick service restaurant chain Wow! Momo scaled 3.8X during the last two reported fiscal years as its revenue rose to Rs 413 crore in FY23 from Rs 106 crore in FY21. Despite this spurt in growth, the Kolkata-based company’s losses increased marginally during FY23. Wow! Momo’s revenue from operations surged 87.7% to Rs 413 crore in FY23 from Rs 220 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo Foods operates three QSR brands—Wow Momo, Wow China, and Wow Chicken. The firm claims to have 630 outlets across 35 cities and directly employs 6,000 people. The sale of its products was the sole source of revenue for the Tiger Global-backed firm. It also made Rs 3 crore from the interest on deposits and current investments which took its overall income to Rs 416 crore in the fiscal year ending March 2023. For the Quick service restaurant, the cost of procurement of materials formed 34% of its total expenditure. This cost increased by 66.7% to Rs 160 crore in FY23. Wow! Momo paid Rs 62 crores of rent during FY23. Its employee benefits, electricity, advertising cum promotional, commissions, and other overheads pushed the firm’s overall expenditure to Rs 471 crore in FY23 from Rs 275 crore in FY22. Check TheKredible for the detailed expense breakup. The impressive scale and controlled expenditure helped Wow! Momo to keep its losses in check which increased only 13.1% to Rs 60.5 crore in FY23 from Rs 53.5 crore in FY22. Its ROCE and EBITDA margins improved to -11% and -1.8% respectively. On a unit level, it spent Rs 1.14 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -7% -1.8% Expense/₹ of Op Revenue ₹1.25 ₹1.14 ROCE -15% -11% Wow! Momo has raised over $120 million to date including its $51 million Series D round led by Khazanah. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder followed by LightHouse. The company has current assets of Rs 131 crore including cash and bank balances of Rs 54 crore during the fiscal ended March 2023. As per TheKredible estimates, its enterprise value to revenue multiple is 6.8X. As a bonafide and well recognised fast food brand, Wow! Momo is on record with an aim to reach a topline of Rs 650-700 crore in the just closed fiscal year (FY24). That seems perfectly possible considering its wide distribution and increasing acceptance. The brand deserves credit for sticking it out in a tough situation post 2020, and making it work as a standalone product based offering. While its menu has expanded, the firm remains nimble enough to make quick changes where required. Despite a relatively low franchise fee, the firm seeks better control over locations and quality. Competition, specifically in the momos space remains limited yet, at the mid-range it occupies. Momos continue to enjoy growing acceptance, with many regions to be conquered yet. The firm certainly has a runway long enough to keep pace with the ambitions of its stakeholders.

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