Skip to main content

Posts

Showing posts with the label India

India's Mphasis Said To Head For $3B Buyout

A group of American private equity firms, namely Brookfield, Carlyle, Bain Capital, and Permira, have initiated due diligence for a deal to acquire Mphasis, the publicly-traded Indian IT services company, the Indian news outlet Economic Times reports , citing "people aware of the matter". According to the Economic Times, the four aforementioned private equity firms are competing with each other for a final deal to buy out Mphasis, which is itself controlled by the American private equity firm Blackstone Group. The publicly-traded Mphasis is being pursued for a $3 billion buyout that would mark Blackstone's biggest exit in India and notably a landmark deal for an American private equity firm in the Indian technology sector, the Economic Times reports. Mphasis has an ownership history that has involved several American firms. First, the IT company Electronic Data Systems (EDS) bought a controlling stake in Mphasis in 2006 and itself then sold to the tech giant  Hewlett-Pac

India's Pine Labs Tops $2B Valuation

Pine Labs, one of the biggest Indian fintech companies, has said that it's raised a new round of funding from the American hedge fund Lone Pine Capital at a valuation of over $2 billion. The exact size of the round wasn't disclosed but a report from the  Economic Times pegs it at between $75 million to $100 million. Before now, Pine Labs was known to have raised over $250 million in venture funding. Its valuation was placed at over $1 billion when the payments company Mastercard made a strategic investment into it earlier this year, and that valuation now appears to have doubled in the same year. Pine Labs is one of the biggest fintech companies in India and Asia at large, providing online payments solutions to over 150,000 merchants across Asia and the Middle East. The company provides point-of-sale and consumer lending solutions to merchants across Asia, mostly from India, and has carved out a high share of the region's fintech market for itself. Pine Labs is known to be

India Caps Ride-Hailing Fees At 20%

The Transport Ministry of the Government of India has issued new guidelines that limit the commissions charged by ride-hailing providers like Uber and Ola Cabs to 20%. The limit is noticeably higher than the previous 10% proposed by the Transport Ministry, wherein industry experts had warned that a 10% cap could have widely impacted the revenue and operations of ride-hailing services in India. India has also imposed a limit on the 'surge pricing' tactic usually adopted by ride-hailing services at a time of higher demand, stating that surge prices at busy times must be limited to at most 1.5 times the usual base fare. The country's Transport Ministry has also said that ride-hailing companies must provide insurance cover for drivers and limit them to a maximum of 12 daily working hours. The ruling marks a notable one for two of the biggest ride-hailing services in India, the local Ola Cabs and Uber. Notably, India accounts for an estimated 11% of Uber's annual global ride

Google's India Revenue Soars Higher

The Indian revenues of the American tech giant Google grew by a double-digit percentage to the equivalent of about $756 million in its most recent fiscal year, whereas the company pulled in the equivalent of $79.2 million in profit from the country, as indicated by filings with regulatory authorities. Revenue for the year went up by 35% while profit went up 24%. It seems that Google's increasing investment in India is paying off, whereas the company has pledged to spend $10 billion in the country over the next five to seven years. It has already fulfilled a significant part of its pledge with a $4.5 billion investment in the Indian telecom outfit Reliance Jio just this July. Also, Google is reportedly looking to buy the popular Indian social media app ShareChat for a price of up to $1 billion. Advertising revenue contributed 27% of Google India's revenues in the recent year while the rest came from technology and IT services. India's digital market is poised for huge gr

Fidelity Backs India's Nykaa

The investment giant Fidelity has backed yet another technology company, this time one from India by the name of Nykaa, which is an e-commerce site for beauty and wellness products. Fidelity backed the company by way of a secondary round wherein it purchased shares from existing shareholders in the company. Fidelity's investment provided partial exits to early investors and employees of Nykaa, which was founded seven years ago. The exact amount which the firm invested isn't disclosed. Nykaa is a major Indian e-commerce site for beauty and wellness products and recently began selling clothing. The company has grown rapidly since starting seven years ago, reporting the equivalent of $252 million in revenue for the fiscal year ended March 31, 2020. It further expects its annual revenue to grow by 40% this year. Nykaa was founded by an entrepreneur, Falguni Nayar, who previously headed an investment bank. The company has since huge success since its founding and raised some $146 mi

India Bans 43 More Chinese Apps

After banning dozens of apps including the popular TikTok in July, the government of India has announced a ban on 43 more Chinese apps, citing cybersecurity concerns and asserting that the apps are "engaging in activities which are prejudicial to sovereignty and integrity of India, defence of India, security of state and public order". The freshly banned apps span various categories including social apps, e-commerce and payments apps, dating apps, and games. They are listed in full below; AliSuppliers Mobile App Alibaba Workbench AliExpress - Smarter Shopping, Better Living Alipay Cashier Lalamove India - Delivery App Drive with Lalamove India Snack Video CamCard - Business Card Reader CamCard - BCR (Western) Soul- Follow the soul to find you Chinese Social - Free Online Dating Video App & Chat Date in Asia - Dating & Chat For Asian Singles WeDate-Dating App Free dating app-Singol, start your date! Adore App TrulyChinese - Chinese Dating App TrulyAsian - Asian Dating

DST Global Leads $200M Round For Cars24

DST Global, an American venture capital firm, has led a new funding round of $200 million for Cars 24, which is an online used car marketplace in India. The new round, which was a Series E, valued Cars24 at over $1 billion.  Along with DST Global, other participants in the round for Cars24 include Moore Strategic Ventures, Unbound, and  Exor Seeds.  The new funding comes on the heels of high growth seen by Cars24, whereas it now facilitates 2 million car sales annually. Already with a stronghold in used cars, Cars24 recently forayed into motorcycles in India and has already facilitated over 3,000 motorcycle sales in less than six months of operations. With the new round, Cars24 has now raised a total of nearly $400 million in equity funding. It's cemented its status as one of the most funded startups in India, more so one that was founded just five years ago. DST Global, the firm that led Cars24's new round, is a major venture capital firm that's backed many

Most Read Posts

Cashing Out: Jeff Bezos Sells $2.5B Of Amazon Stock

Amazon founder Jeff Bezos has continued his routine selling of Amazon shares to fund his other escapades. For a few years now, he's had an arranged trading plan that sees him regularly sell Amazon stock worth billions of dollars. Jeff Bezos' latest sell-off is of 739,000 Amazon shares worth around $2.5bn, SEC filings show. Another separate filing indicated that he plans to sell as many as 2 million shares that could net him nearly $7bn at current prices. This latest share sell-off from Bezos is noteworthy as one of his last in his position as Amazon's CEO which he's handing off soon to a top lieutenant named Andy Jassy. Jassy is currently CEO of AWS, Amazon's very profitable cloud computing division. Usually, a CEO offloading large amounts of stock in a company he leads draws some displeasure from investors, but as Jeff Bezos would soon no longer be Amazon's CEO, it opens up opportunities to sell larger amounts of shares than usual if the desires. Amazon's

EVs: Ford, BMW Co-Invest In An EV Battery Startup

It's currently of no doubt that electric vehicles represent the future for the automobile market, and many automakers have taken heed to that. Tens of billions of dollars in spending have been earmarked for the R&D and production of electric vehicles by global automakers, with efforts spanning battery development, building new factories, charging stations et al. Now, two of the world's biggest automakers, BMW and Ford, have jointly invested in a startup working on battery technology for electric vehicles. That startup is Solid Power, a Colorado-based startup developing solid-state batteries for EVs. Details: Solid Power has raised a $130 million Series B round  co-led by Ford and BMW. The two automakers were joined by green-focused venture fund Volta Energy Technologies in the round. As part of the strategic round, Ford and BMW have expanded their joint agreements with Solid Power to develop solid-state batteries for their use. In a way, the two automakers are funding and o

Is Apple Brewing A Major Digital Health Play?

That Apple has high ambitions in the digital health space isn't foreign news to anyone following the moves of the company. In fact, its CEO Tim Cook once referred to health as Apple's “greatest contribution to mankind.” Apple's main health product is the Apple Watch for which health represents a major use case and a selling point. The latest Apple Watch series has key health features including the ability to measure ECG (electrocardiogram) and oxygen saturation level in the blood. With all its grand ambitions, the reality is that Apple is progressing very well in the digital health space but yet hasn't gotten a big foothold in it like it's done in other markets. There still exists a large gap for Apple to conquer to make waves in the digital health market and the company seems much hell-bent on covering that gap. Details: A certain revelation has come out that details Apple's grand plans in the health sector, and it's that of a UK startup working on next-ge

Big Pay: AT&T Shareholders Vote Against Execs Pay

To bring back one of our most favorite sayings, "America is the land of many things, including very enormous executive pay". Executives of publicly-traded companies in the US are familiar with very large compensation packages on a scale not seen in other countries, take recent examples including Palantir CEO Alex Karp landing a $1.1 billion payday  and former T-Mobile CEO John Legere getting a $137 million severance pay . But with all the large executive pay packages flying around, it appears that the shareholders of one public company are not okay with it and that company is telecoms giant AT&T.  Details: AT&T in a statement  revealed that the majority of its shareholders voted not in favor of the compensation of its executive officers in 2020. Just under 49% of votes were cast in favor of the compensation, leaving the remaining majority 51%, not in favor.  Last year, AT&T had large pay packages for its top brass including $21 million for CEO John Stankey and $52

Deal: Verizon Sells Yahoo And AOL To PE Firm For $5B

Telecoms giant Verizon has found a buyer for its Verizon Media Unit which includes veteran internet properties like Yahoo and AOL, and that buyer is a major private equity firm. To note, though Yahoo and AOL have long faded from their glory days, they aren't exactly dead properties but ones still with a great deal of users bringing in a few billion in revenue annually. Details: Verizon has struck a deal to sell 90% of Verizon Media to private equity firm Apollo which will pay $5 billion for it, while Verizon retains a  10%  minority stake in the business. The deal takes off many internet properties off Verizon's hands, including bigger ones like Yahoo and smaller ones like technology news site TechCrunch operating under the AOL umbrella. Though it's selling for a seemingly huge price of $5 billion, Verizon paid a combined $9 billion to buy the web properties making up its Verizon Media unit so it doesn't come out on top financially from the sale.  Verizon paid $4.4bn t

Germany's SAP Fined $8M For Violating Iran Sanctions

SAP, the German software giant, has agreed to pay a fine in the US for violating sanctions imposed by the country on conducting business in Iran. It'll pay over $8 million in fines after admitting to handling thousands of exports of its software to Iran violating US law. Details: SAP admitted to exporting US-origin software to Iran beginning in 2010 up until 2017. The exports including delivering software upgrades and patches more than 20,000 times to Iranian users and offering Iranian users access to US-based cloud services. As charged, executives at SAP were aware that the company didn't have geolocation protections to block downloads of its US-origin software in Iran and turned a blind eye to the situation.  SAP was also charged with neglecting to put in place adequate export control for cloud services made by some US-based companies that it acquired and integrated into its software suite. For the charges, SAP admitted guilt and reached a  Non-Prosecution Agreement with the

IPO: Cybersecurity Startup Darktrace Debuts On UK Markets

A major cybersecurity startup from the UK has held an initial public offering (IPO) and debuted to positive investor fanfare on the domestic public markets. That startup is Darktrace, a fast-growing cybersecurity startup founded by a team of mathematicians in collaboration with British intelligence agencies in 2013. Darktrace sells cyber-defense software that's claimed to harness artificial intelligence in spotting and managing cyber threats. It listed on the London Stock Exchange under the symbol "DARK". By the numbers: Darktrace debuted to positive investor fanfare that saw its shares soar by 40% on its first day of trading. It raised £143 million ($198m) from the public float at a valuation of £1.7 billion ($2.3bn) which soared to almost £2.4 billion ($3.3bn) on its debut trading day. Darktrace's IPO prospectus reports $199 million in revenue in its most recent fiscal year ending June 30, 2020. This was up from $137 million in the previous year, 2019, and $79 mill

Earnings: Pfizer Rakes In Cash From COVID Vaccine

Pfizer, one of the few pharmaceutical companies worldwide to produce an approved Covid-19 vaccine, has unveiled its earnings report for the first quarter of this year. As usual, the report provides a solid peek into the company's financials and with very noteworthy nuggets this time around. One key nugget from Pfizer's earnings report is that the company brought in $3.5bn in revenue from its Covid-19 vaccine in Q1' 21. It made up nearly a fourth of the company's total $14.6bn revenue for the period. The Covid vaccine was the biggest single source of revenue for Pfizer in the quarter. It's definitely a good time for the company in that regard, as it elected to keep the profit from the sale of its vaccines unlike some of its competitors which volunteered to waive off any profit-seeking from their vaccines. Unlike some of its competitors also, Pfizer didn't take money from the US government to fund the development of its vaccine under the Trump administration'

Earnings: Covid Vaccines Deliver Big Sales, Profit For Moderna

Moderna was among the few biotech companies that saved the day with the development of an emergency-authorized vaccine to tackle the Covid-19 pandemic. It was a breakthrough for the company, which was before then a cancer-fighting moonshot with minimal revenues and no working product. Being a publicly-traded company, Moderna is mandated to release quarterly earnings reports to the public and it has done so this time around, releasing its financial results for the first quarter of this year 2021. Moderna's latest earnings report shows that of a company that saw big success from its Covid vaccines, as it reported record revenue and its first-ever net profit as a public company. By the numbers: Moderna made $1.9bn in revenue in Q1' 21, compared to a paltry $8mn for the same quarter in 2020. The revenue came wholly from Covid vaccine sales in the US and foreign markets. Moderna reported a huge net income of $1.2bn in the quarter, compared to a net loss of $124mn for the same perio

Court Docs: Fortnite Maker Epic Made $15B In 2018-2020

Fortnite maker Epic Games is having a court battle with Apple over the latter's App Store practices and that battle has led to several documents coming out of the shadows with valuable information about Epic Games not publicly known before.  Among the information revealed in court proceedings between Epic and Apple is the sheer scale of Epic's revenue largely gotten from its hit game Fortnite . Official documents indicate that Epic Games made respective annual sales of $5.6bn, $4.2bn, and $5.1bn in 2018, 2019, and 2020, summing up to just shy of $15bn. Epic's revenue in 2018 and 2019 was revealed in financial documents made public as part of its court battle with Apple while its revenue for 2020 was separately revealed in a court testimony by Epic CEO Tim Sweeney. The vast majority of Epic's revenue comes from Fortnite while its other products like the Unreal Engine and the Epic Games Store bring in a minority of revenues. Specifically, Fortnite brought in $5.5bn a