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Zoomcar President Adarsh Menon Quits Within Six Months

Inc42 · 1y ago

Zoomcar President Adarsh Menon Quits Within Six Months

Zoomcar CEO Greg Moran was terminated last month, while Adarsh Menon, who joined the company in January, resigned effective June 30. Zoomcar's shares have plummeted nearly 100% since their Nasdaq listing in December, closing at $0.19 in the last trading session.

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Zoomcar hires Flipkart veteran Adarsh Menon president

Inc42 · 1y ago

Zoomcar hires Flipkart veteran Adarsh Menon president

Bengaluru-based car rental platform Zoomcar has appointed Adarsh Menon, a former executive of Flipkart and Hindustan Unilever, as its president. Menon, with 22 years of experience, will be responsible for leading the business and operations of the startup. Zoomcar operates as a marketplace for renting self-driving cars, offering affordable prices and promoting sustainable transportation solutions. The company reported a 54% decline in net loss in FY22 and a 1.2X increase in operating revenue. Zoomcar is also reportedly looking to list on the Nasdaq through an SPAC deal.

Zoomcar forecasts decline in FY net loss on lower operating costs

YourStory

YourStory · 1y ago

Zoomcar forecasts decline in FY net loss on lower operating costs

Zoomcar Holdings, a NASDAQ-listed company, expects a decrease in its net loss for the fiscal year 2024, citing efforts to reduce operating expenses. The company predicts a net loss of approximately $34 million for FY24, compared to $62 million in the previous year. Zoomcar implemented various cost-saving measures, including personnel cost reduction and closure of subsidiaries' operations, which contributed to this improvement. Additionally, the company anticipates a rise in total revenue to around $9.8 million for FY24, compared to $8.6 million in FY23. Furthermore, Adharsh Menon, the company's president, has resigned from his position after six months.

Fireside Ventures appoints former Flipkart exec as operating partner

VCCircle

VCCircle · 9m ago

Fireside Ventures appoints former Flipkart exec as operating partner

Adarsh Menon, former senior vice president at Flipkart, has been appointed as an operating partner at Fireside Ventures, a consumer brands focused venture capital firm. Menon, who brings over 20 years of experience in sales and marketing roles, will lead strategic initiatives and join the boards of select portfolio companies. Fireside Ventures is expanding its management team, and Menon's expertise in scaling businesses and knowledge of the FMCG and e-commerce sectors will be valuable for the firm and its portfolio companies.

Flipkart’s Shopsy Ropes In Former Unilever Executive Prathyusha Agarwal As CEO

Inc42 · 1y ago

Flipkart’s Shopsy Ropes In Former Unilever Executive Prathyusha Agarwal As CEO

Shopsy, Flipkart's B2C e-commerce platform, has appointed Prathyusha Agarwal as its new CEO. This move is part of the company's reorganization, which has seen several senior executives leaving. Prathyusha will be leading Flipkart's reselling business vertical through Shopsy, taking over from Adarsh Menon.

Byju’s CFO quits and rejoins Vedanta to oversee restructuring

Economic Times

Economic Times · 1y ago

Byju’s CFO quits and rejoins Vedanta to oversee restructuring

Byju's Chief Financial Officer (CFO) Ajay Goel has left the company after about six months and returned to Vedanta, which is restructuring its businesses. Nitin Golani, the current president (finance) at Byju's, will take on additional responsibilities as India Chief Finance Officer. Goel's departure comes as Byju's is yet to furnish its audited FY22 results, which have been delayed and are a key concern for investors and lenders. Byju's has seen several top-level exits recently and is looking to sell group assets to clear its $1.2 billion term loan.

Grapevine: Tesla India head quits; BluSmart investors weigh biz revival

VCCircle

VCCircle · 3m ago

Grapevine: Tesla India head quits; BluSmart investors weigh biz revival

Tesla India's country head, Prashanth Menon, has resigned after a nine-year tenure. His departure coincides with Tesla's preparations to introduce electric vehicles in India. Meanwhile, BluSmart's investors are contemplating business revival strategies.

Biden says he would sign TikTok crackdown, Trump raises concerns

Economic Times

Economic Times · 1y ago

Biden says he would sign TikTok crackdown, Trump raises concerns

President Joe Biden has stated that he will sign legislation requiring China's ByteDance, the parent company of TikTok, to divest the popular video app in the U.S. within six months. This comes as former President Trump expressed concerns about a ban on TikTok, saying it would benefit Facebook. The U.S. House of Representatives plans to vote on the legislation next week, but its outcome in the Senate remains uncertain. The bill would give ByteDance 165 days to divest TikTok, and failure to do so would lead to the app being unavailable on major app stores.

Cash-Starved Zoomcar Unsure Of Its Future

Inc42 · 9m ago

Cash-Starved Zoomcar Unsure Of Its Future

Zoomcar, a Nasdaq-listed company, has expressed concerns about its ability to continue as a going concern due to increasing losses and cash outflows. The company stated that it will not have enough funds to meet its obligations within a year unless it secures additional funding. To address this, Zoomcar is relying on securing an external funding of $30 million to meet its financial commitments until November 14, 2025.

Zepto sees another top-level exit, VP Jitendra Bagga quits

Inshorts · 8m ago

Zepto sees another top-level exit, VP Jitendra Bagga quits

Top-level exits at Zepto continue as Jitendra Bagga has quit as the vice-president of central operations after spending nine months at the quick commerce unicorn, Moneycontrol reported. One of the reasons why Bagga left was because he's based in Mumbai and it was reportedly a challenge to relocate to Bengaluru. Recently, HR head Martin Dinesh Gomez also quit Zepto.

Exclusive: Unacademy COO Jagnoor Singh Quits, Gaurav Munjal & Sumit Jain To Take Charge

Inc42 · 1y ago

Exclusive: Unacademy COO Jagnoor Singh Quits, Gaurav Munjal & Sumit Jain To Take Charge

Jagnoor Singh, the COO of offline centres at Unacademy, is currently serving his notice period and will be in transition for the next six months. The startup does not plan to hire a replacement for Singh, as cofounders Gaurav Munjal and Sumit Jain will oversee the offline business. Unacademy recently laid off 250 employees as part of a restructuring effort.

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