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Whistleblower Exposes $600Mn Revenue Inflation by SoftBank Backed Startup eFishery

OutlookIndia

OutlookIndia · 5m ago

Whistleblower Exposes $600Mn Revenue Inflation by SoftBank Backed Startup eFishery

eFishery, an Indonesian aquaculture startup backed by SoftBank, is accused of inflating revenues by nearly $600 million. These allegations, made by a whistleblower, have led to an internal investigation, uncovering that over 75% of reported revenues were fabricated. As a result, CEO Gibran Huzaifah was dismissed. Despite raising significant funds previously, the company is under scrutiny to address these claims while maintaining its reputation. eFishery asserts its commitment to ethical governance.

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Unacademy cuts FY24 losses by 62% to Rs 631 crore on cost-cutting, lower expenses

Economic Times

Economic Times · 7m ago

Unacademy cuts FY24 losses by 62% to Rs 631 crore on cost-cutting, lower expenses

Unacademy, an edtech startup backed by SoftBank, has significantly reduced its losses by 62% in FY24. The company's net loss decreased to Rs 631 crore, down from Rs 1,678 crore in the previous year. Operating revenue also declined by 7% to Rs 840 crore. Unacademy managed to cut expenses by 40%, including a reduction in advertising and promotional costs. The company has undergone multiple restructuring exercises, including layoffs and management changes. Despite the slowdown in online education demand, Unacademy remains focused on expanding its offline presence.

Fintech Startup True Balance’s FY23 Net Profit Surges Over 17X To INR 59 Cr

Inc42 · 1y ago

Fintech Startup True Balance’s FY23 Net Profit Surges Over 17X To INR 59 Cr

Lendingtech startup True Balance, backed by SoftBank, reported strong financial performance for the fiscal year 2022-23 (FY23). The company's consolidated net profit increased over 17 times to INR 58.8 crore from INR 3.4 crore in the previous fiscal year. True Balance's operating revenue grew 1.8 times to INR 431.1 crore in FY23, with significant revenue generated from its loan business. The company managed to control expenses, and it notably reduced advertising expenses. True Balance offers digital loans and bill payment services and competes with other fintech players in India's competitive market.

Eruditus FY24 Ebitda loss narrows, founder cites focus on profitability

Economic Times

Economic Times · 3m ago

Eruditus FY24 Ebitda loss narrows, founder cites focus on profitability

Eruditus, the executive education startup backed by SoftBank, reported slower revenue growth of 12% to Rs 3,733 crore in FY24 but significantly reduced its operating loss to Rs 69 crore from Rs 417 crore in the previous year. Founder Ashwin Damera attributed this improvement to decreased marketing expenses and the pruning of less successful courses. The company aims for 15% growth in FY25, focusing on its enterprise and India businesses, which are expanding at 40% annually.

OYO Continues Growth, Expands Income Streams in Fiscal Year 2023

Business Bytes

Business Bytes · 1y ago

OYO Continues Growth, Expands Income Streams in Fiscal Year 2023

OYO, led by Ritesh Agarwal, reported continued growth in fiscal year 2023, albeit at a slower pace compared to previous years. The SoftBank-backed startup has adapted to industry fluctuations by diversifying income streams, moving beyond a reliance on a single revenue source. While growth has decelerated, this adjustment is in response to changing market conditions, aiming for sustainable expansion. SoftBank's support has been crucial for OYO's growth, positioning it as a significant player in the evolving global hospitality industry. OYO's resilience and innovation are essential for maintaining competitiveness in the dynamic hospitality sector.

WeWork faces bankruptcy threat as shares approach zero

Startup News FYI

Startup News FYI · 1y ago

WeWork faces bankruptcy threat as shares approach zero

In a stunning reversal of fortunes, WeWork's shares neared zero on Wednesday as the once-promising startup cautioned about the possibility of bankruptcy. The company, which had been privately valued at an impressive $47 billion, is backed by SoftBank and has struggled since its failed attempt to go public in 2019.

Ola Electric’s FY23 net loss almost doubles, revenue jumps but misses target

VCCircle

VCCircle · 1y ago

Ola Electric’s FY23 net loss almost doubles, revenue jumps but misses target

Ola Electric, the electric scooter maker backed by SoftBank, experienced a significant increase in net loss for the financial year ended in March 2023. However, the company did not meet its revenue target for the same period. Despite these challenges, Ola Electric is preparing for an upcoming initial public offering in the following year.

Perplexity plans to raise up to $1 bn at $18 bn valuation

Inshorts · 3m ago

Perplexity plans to raise up to $1 bn at $18 bn valuation

Perplexity AI is in early talks to raise up to $1 billion in funding at $18 billion valuation, Bloomberg reported. This new funding round could potentially double the AI startup's valuation from $9 billion as of December. Led by CEO Aravind Srinivas, the startup is backed by NVIDIA, Amazon Founder Jeff Bezos and Japan's SoftBank Group.

SoftBank Makes Billion-Dollar Bet on Ex-Argo AI Founders

Robots · 1y ago

SoftBank Makes Billion-Dollar Bet on Ex-Argo AI Founders

SoftBank Group has invested over $1 billion in Stack AV, a self-driving truck startup founded by the ex-founders of Argo AI, an autonomous vehicle company previously backed by Ford and Volkswagen. This investment showcases SoftBank's continued interest in the autonomous vehicle industry, despite challenges faced by other startups in the sector. Meanwhile, Flexport's founder, Ryan Petersen, has returned as CEO, signaling a change in the logistics company's direction. Cruise, backed by General Motors, remains dedicated to its self-driving ambitions despite recent controversies.

Microsoft Exposes How Hackers Stole Email Signing Key

Robots · 1y ago

Microsoft Exposes How Hackers Stole Email Signing Key

Microsoft has detailed how a China-backed hacking group stole an email signing key, granting unauthorized access to U.S. government email accounts. The breach was due to multiple issues, including a system crash, undetected key exposure, and compromised user credentials. This highlights cybersecurity challenges even for large organizations. Emphasis should be on enhancing network security policies to prevent future breaches. Microsoft faced an espionage campaign in July, where hackers accessed unclassified emails of U.S. government officials, including high-profile figures. The exact method used by the intruders to hack into Microsoft remains unknown.

Meesho CXO Utkrishta to quit to start own fintech venture: Report

Inshorts · 1y ago

Meesho CXO Utkrishta to quit to start own fintech venture: Report

Utkrishta Kumar, the Chief Experience Officer at Meesho, is leaving the SoftBank-backed company to start his own fintech venture. During his role at Meesho, Kumar contributed to the company's significant revenue growth and expansion into new categories. After his departure, Megha Agarwal will assume the role of CXO, Business. Meesho, an online shopping platform, has recently prioritized profitability over growth and reported turning profitable in July. Kumar had previously founded an e-commerce startup before joining Meesho.

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