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News on Medial
WeWork India rejigs senior leadership amid 'difficult operating environment'
Economic Times
·
1y ago
Medial
Flexible workspace provider WeWork India announced the appointment of Debosmita Majumder as Chief Marketing Officer and Rupesh Kumar as Head of Engineering. WeWork India aims to elevate member experience and amplify its market presence through these strategic hires. Majumder will focus on planning and enhancing the company's brand and marketing infrastructure, while Kumar will leverage his expertise in building large-scale web applications and enterprise products. WeWork India remains optimistic about future possibilities despite challenges in the post-pandemic world.
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Flipkart rejigs top deck amid fresh funding round
The Arc Web
·
1y ago
Medial
Flipkart, the Indian e-commerce giant, has experienced major changes in its senior leadership with the resignation of five out of twenty of its senior vice presidents (SVPs). This marks the first significant leadership reshuffle in five years since Walmart's acquisition of Flipkart. The departures include key leaders in various areas such as marketplace and categories, fintech and payments, growth and retention, and data centers. Flipkart has also announced a workforce reduction of 5%, impacting around 1,000 employees, as part of its efforts to achieve profitability by year-end.
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Flipkart rejigs top deck amid fresh funding round
The Arc Web
·
1y ago
Medial
Flipkart, the Indian e-commerce firm, has experienced a significant shakeup in its senior leadership team, with 25% of its senior vice presidents resigning. The departures include key leaders such as the heads of marketplace and categories, fintech and payments, growth and retention, and data centers. Concurrently, Flipkart has reassigned an executive to lead its high-margin advertising business and launched a fintech vertical called Super.money. These changes come as the company aims to achieve profitability and navigate a slowdown in demand following the pandemic.
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Grapevine: Haier, Zepto, Torrent Power, WeWork India, 360 One WAM in news
VCCircle
·
9m ago
Medial
Zepto and Torrent Power are looking for new funding, while WeWork India is getting ready for an IPO. Haier is searching for a local partner in China, and there is news of a senior executive potentially leaving 360 One WAM.
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BharatPe rejigs senior management
Economic Times
·
1y ago
Medial
Fintech firm BharatPe has made changes to its senior management team in the payment and lending units. Sandeep Indurkar has been promoted to CEO of payment vertical Resilient Payments Pvt Ltd, while Rijish Raghavan will now handle the device business. Kohinoor Biswas will take over Raghavan's role as head of consumer lending. The three executives will report to BharatPe's CFO and interim CEO Nalin Negi. The company has seen a significant increase in revenue and a reduction in losses before tax. It reported its first operational profit in October 2023.
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WeWork India reports Rs 1,665 Cr revenue in FY24, cuts losses
Entrackr
·
8m ago
Medial
WeWork India reported double-digit growth in FY24 with a 26.7% increase in revenue from operations to Rs 1,665 crore. Membership revenue was the main source, contributing 84% of the total operating revenue, while additional services revenue declined. The company controlled its losses by 7.6% to Rs 135.7 crore and reported an EBITDA of Rs 1,119 crore. Despite challenges faced by its parent company, WeWork India is now aiming for an IPO with a valuation of $2-2.5 billion.
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Fintech unicorn Groww rejigs ownership structure amid IPO buzz
VCCircle
·
4m ago
Medial
Online investing platform Groww is restructuring its shareholding amid IPO buzz. Originally domiciled in the US, Groww moved back to India last year in preparation for its IPO. The company, backed by investors like Tiger Global, is set to adjust ownership among its investors and co-founders, Neeraj Singh, Harsh Jain, Lalit Keshre, and Ishan Bansal. This realignment positions Groww strategically for its potential public market entry.
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Scoop: Peak XV out to raise $1.2 billion fund, its first since Sequoia split
Economic Times
·
3m ago
Medial
Peak XV Partners, formerly part of Sequoia Capital, aims to raise a $1.2-1.4 billion independent fund to invest in early-stage ventures in India and Southeast Asia. The fund marks Peak XV's first since its Sequoia split and follows internal leadership changes amid a challenging VC funding environment. With prior successes backing firms like Zomato and Cred, Peak XV seeks to strengthen its position, expand to the US market, and capitalize on opportunities in AI and tech sectors.
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Startup employees look for exits amid crises; outside talent reluctant to join
Economic Times
·
1y ago
Medial
The attractiveness of the startup sector in India has further diminished due to the ongoing crises at Byju's and Paytm. Recruiters are finding it difficult to attract talent from other sectors, particularly at senior levels. Many employees who joined startups from traditional sectors during the boom are now looking to return, even accepting pay cuts. The troubles faced by decacorns and issues related to compliance are making it challenging to fill CXO roles in startups. Professionals are seeking opportunities in MNCs and conglomerates for stability and a safer work environment. However, it is believed that this is a temporary phase, and the startup sector will regain its appeal when funding increases.
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Companies News Today Live Updates on February 14, 2025: Intel’s stock is soaring, but a rescue will be hard to pull off
Livemint
·
5m ago
Medial
The article provides live updates on company news as of February 14, 2025, highlighting Intel's skyrocketing stock amid challenges in orchestrating a turnaround. It offers insights into financial performance, strategic acquisitions, and market dynamics. The coverage includes details on mergers, financial outcomes, and leadership shifts influencing various industries, giving readers an overview of significant developments impacting the business environment.
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Rural fintechs seek government fund to upgrade last-mile tech infrastructure
Economic Times
·
5m ago
Medial
Fintech startups and business correspondents focusing on financial inclusion are seeking equitably funded support from the Indian government to upgrade technology for rural services like domestic remittance processing and Jan Dhan account opening. An estimated fund of Rs 500 crore could assist approximately 400,000 agents with necessary technological upgrades. This request is amid a difficult funding environment and aims to alleviate pressures on service providers' margins, alongside calls for tax cuts and increased Kisan Credit Card limits.
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