Latest news with #SumerJuneja
Time of India
4 days ago
- Business
- Time of India
Trade deal windfall for Indian IT; Trump's warning shot
Trade deal windfall for Indian IT; Trump's warning shot Also in the letter: India-UK deal gives IT exports and workers a boost Driving the news: What they're saying: Zoom out: The big picture: Also Read: Trump warns US tech firms: No more factories in China, jobs in India What's the matter: Also Read: Why it matters: Expert take: Reality check: Also Read: Blinkit drives Eternal's Q1; margin outlook improves with inventory shift Catch up quick: Gross order value jumped 140% year-on-year to Rs 11,821 crore. Net order value (NOV) touched Rs 9,203 crore, overtaking Eternal's food delivery business for the first time. The company added 243 dark stores in Q1 and aims to reach 3,000 by 2026. Margin play: Why it matters: What's next: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Intel to cut 31% of workforce, cancels factory plans amid deep losses The details: Why it matters: CEO speak: Shake-up at Swiggy board; SoftBank, Accel exit stage Tell me more: SoftBank's Sumer Juneja and Accel's Anand Daniel have resigned from the board, according to a recent regulatory filing. Both cited pressing professional commitments as the reason for their exits. In their place, Swiggy has added Faraz Khalid as an independent director, the fourth such addition to its board. Who's on board: Introductions: Significance: Chart-ed: IPO winners and losers India's software exports are set to get a boost from the latest trade pact with the UK. This and more in today's ETtech Top 5.■ Blinkit drives Eternal's Q1■ Intel hits reset button■ Swiggy's board shakeupIndia's IT services exports to the UK are projected to grow by 15–20% each year from the FY25 base of $32 billion, thanks to new tax and labour concessions under the India-UK trade a significant win, Indian tech professionals will now be exempt from UK social security contributions for up to 36 months. This move, which effectively saves 20% of their salary, will benefit around 60,000 workers and generate over Rs 4,000 crore in corporate Puneet Gupta called it a 'game-changer' for short-term projects. Nasscom estimates Indian professionals have lost $1 billion globally due to dual social security taxes. The exemption fixes a long-standing fiction firms will also get a three-year waiver from the UK's Jobs Tax. Commerce minister Piyush Goyal said the agreement opens doors for IT, education, and services startups eyeing high-value UK US deal cycles slow, Europe is stepping up as a key demand driver. This UK carve-out sharpens the trend and signals India's intent to boost global mobility for its tech as India's tech workforce gains global mobility wins in the UK, a harder message is emerging from the US At an AI summit, President Donald Trump declared that the era of US tech firms manufacturing in China and hiring in India was 'over.' He urged the companies to 'go all-in for America,' accusing them of offshoring jobs while enjoying the benefits of American speech came days after the US released its AI Action Plan , which tightens export controls and backs local tech plan urges US allies to adopt similar curbs – or risk secondary tariffs. India isn't directly named, but may feel the heat if it doesn't fall in line on AI policy and Sahiba of The Dialogue said the move signals a tightening tech bloc, emphasising that India must navigate a diplomatic tightrope and balance its tech alliances. 'This opens up opportunities, but also risks,' she the noise, US firms still depend heavily on Indian talent through GCCs. Futuresense's Raghav Gupta warned that protectionism could backfire on American commerce platform Blinkit was the standout performer for its parent company, Eternal, in Q1 FY26, with its pivot to an inventory-led model earning praise from such as Jefferies and Nuvama see a 1% margin improvement (as a % of NOV) over the next 2–3 quarters. Kotak expects Blinkit to hit Ebitda breakeven by March 2026. Switching to an inventory-driven model enhances return on cash employed and aligns Blinkit's accounting structure more closely with offline retailers like Dmart. However, this may reduce revenue recognition for Hyperpure, which previously managed Blinkit's backend fulfilment With quick commerce gaining momentum and food delivery showing signs of fatigue , Blinkit is set to shape Eternal's growth story through FY26, and possibly redefine its Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship plans to shrink its global headcount to 75,000 by the end of the year – a sharp 31% drop from 2023 – as it battles mounting losses and resets its global chipmaker has already laid off 15,000 employees and is scaling back factory projects in Germany, Poland, and Ohio (United States). It is also shutting down operations in Costa Rica and shifting work to lower-cost locations in Vietnam and cuts reflect deeper challenges in the global semiconductor race, where cost pressures, geopolitical headwinds, and AI investments are reshaping the game. Intel's big bet on foundry services is still in early innings, and these moves suggest the turnaround is far from company posted a $2.9 billion loss in Q2, mainly due to restructuring charges, even as revenue edged past expectations at $12.9 billion.'We are making hard but necessary decisions,' CEO Lip-Bu Tan wrote to employees, vowing to boost efficiency and quarterly loss is expected. The real test is whether this reset unlocks the firepower needed to catch up with rivals Nvidia, AMD, and board has seen a major reshuffle just months after the food and grocery delivery giant went public, with nominees of two heavyweight investors stepping current line-up includes chairperson and non-executive independent director Anand Kripalu, Swiggy CEO and MD Sriharsha Majety, cofounder Nandan Reddy, and independent directors Shailesh Haribhakti, Suparna Mitra and Faraz Khalid. Also on the board are Roger Clarks Rabalias, representing Prosus, and Ashutosh Sharma from MIH Internet is the CEO of the Middle East-based ecommerce, quick commerce, and food delivery platform Noon, and previously co-founded the online fashion store said the appointment reflects its shift to a more independent governance structure. 'With his (Khalid's) joining our board, our independent directors (led by our Chairperson) represent four pillars of strategic governance,' CEO Majety said in a parent, Eternal, led the IPO gains significantly, according to data from exchanges. The share price of the restaurant aggregator and quick delivery platform has risen by 309% from its IPO price of Rs 76 when it listed in July platform Ixigo's parent, LeTravenues Technology, is a distant second, but still with a substantial 135% increase over its issue Electric and Paytm are the laggards on our list, trading 46% and 50% below their respective prices.
&w=3840&q=100)
Business Standard
4 days ago
- Business
- Business Standard
Swiggy adds Noon CEO to Board as SoftBank, Accel representatives exit
Food-delivery giant Swiggy has appointed Faraz Khalid, CEO of Middle Eastern e-commerce platform Noon, as an independent director, while two representatives of major investors resigned from the company's board. The move, subject to shareholder approval, comes as Sumer Juneja and Anand Daniel—who represented SoftBank and Accel, respectively—stepped down from their non-executive director roles at the on-demand delivery platform. "Faraz (Khalid) is among the most visionary leaders in e-commerce, bringing extensive expertise in integrating advanced technology, scaling operations, and delivering superior customer experiences," said Sriharsha Majety, Founder and Group CEO of Swiggy. Khalid is the CEO of Noon, the Middle East's leading consumer commerce platform. Under his leadership, noon has evolved into an e-commerce, quick commerce, and food delivery platform. He previously co-founded Namshi, helping establish it as a regional fashion leader. Khalid is recognised for his strategic vision and innovation in shaping the region's digital economy. Non-independent directors Sumer Juneja and Anand Daniel are stepping back from board representation following a period of significant progress and value creation at Swiggy. This transition reflects their confidence in the company's strategic direction, executive leadership, and governance framework. With this natural progression after Swiggy's successful IPO last year, the board has made significant strides towards an independent structure, aligning with best practices for publicly listed companies. "We also extend our heartfelt thanks to Sumer (Juneja) and Anand (Daniel) for their invaluable contributions," said Anand Kripalu, independent director and chairperson of Swiggy. "Both have been associated with Swiggy since the early days, and their confidence and counsel have been instrumental in helping the management team build Swiggy into one of India's most beloved consumer internet brands."
Time of India
4 days ago
- Business
- Time of India
Swiggy recasts board following IPO; SoftBank, Accel nominees exit
SoftBank's Sumer Juneja and Accel partner Anand Daniel have resigned from the board, according to regulatory filings. SoftBank and Accel are among Swiggy's early and significant backers. Tired of too many ads? Remove Ads Food delivery platform Swiggy has reconstituted its board of directors following its initial public offering (IPO) last year, with key early-stage investors stepping down and a new independent director coming on board. SoftBank 's Sumer Juneja and Accel partner Anand Daniel have resigned from the board, according to regulatory and Accel are among Swiggy 's early and significant Khalid, chief executive of UAE-based ecommerce company Noon, has joined Swiggy's board as an independent director.
Time of India
24-06-2025
- Business
- Time of India
SoftBank changes India gears; Meesho's homecoming
SoftBank changes India gears; Meesho's homecoming Also in the letter: SoftBank explores buyout deals in India to accelerate AI-led IT services, BPO play Driving the news: It held talks to acquire AGS Health in a deal worth around $1 billion, though Blackstone eventually bagged it. SoftBank is also in discussions with WNS Global and several mid-sized outsourcing players, sources said. Zoom out: In the US, it is backing The Stargate Project, a $500 billion AI infrastructure initiative. In Japan, SoftBank is developing Cristal Intelligence, a proprietary enterprise AI platform built with OpenAI. Through SB OpenAI Japan, it is co-developing enterprise-grade AI systems and solutions. Adding context: Sumer Juneja, head of India and EMEA for the Vision Fund, told ET earlier that the fund remains open to smaller initial bets, with the option to increase exposure as firms grow. Between the lines: Meesho concludes reverse flip process; likely to file DRHP in 2-3 weeks Driving the news: The SoftBank-backed company secured approval from the National Company Law Tribunal (NCLT) on May 27 to proceed with its reverse flip. As part of the move, the company is expected to face a tax liability of $280-300 million in the United States. With this, Meesho joins a growing list of high-profile startups, including Groww, Razorpay, Dream Sports, Zepto and PhonePe, that have redomiciled to India in recent years. Quote, unquote: Tell me more: Meesho filed for NCLT approval of the reverse merger in January. Around the same time, it closed a $550 million funding round, bringing in new investors including Tiger Global, Mars Growth Capital, and Think Investments. Meanwhile, Meesho's ecommerce rival, the Walmart-owned Flipkart, is also preparing to shift its domicile from Singapore to India ahead of a planned 2026 IPO. ETtech Done Deals: Zerodha's Kamaths buy minority stake in InCred Deeptech startup Fabheads raises $10 million led by Accel: EV infra startup Kazam raises $6.2 million in fresh round: Darwinbox completes Rs 86-crore Esop buyback from 350 employees: Other Top Stories By Our Reporters Over 17,300 GPUs installed under IndiaAI Mission: Prosus pegs IPO-bound Urban Company's fair value at $2.4 billion: Startups cheer HAL taking over ISRO's SSLV rocket: Global Picks We Are Reading Happy Tuesday! SoftBank is moving its focus from high-growth tech startups to acquiring Indian IT-enabled services firms. This and more in today's ETtech Morning Dispatch.■ ETtech Done Deals■ IndiaAI Mission■ Urban Company's valueSoftBank Group CEO Masayoshi SonSoftBank is scouting for acquisitions in India's IT-enabled services (ITeS) sector, signalling a shift from its traditional focus on backing high-growth tech say the Masayoshi Son-led Japanese conglomerate is looking to buy or partner with business process outsourcing (BPO) and IT services firms to accelerate AI adoption in the services sector.'They're evaluating a range of BPO and KPO firms that are ripe for disruption. The goal is to pair SoftBank's tech playbook with services delivery,' a person familiar with the discussions told move ties into SoftBank's broader global AI ambitions:SoftBank's Vision Fund has invested $160 billion globally, with India as a key market. Its portfolio includes Paytm, Swiggy, Ola Electric, Delhivery and FirstCry. After a brief lull, the fund has re-entered the market with smaller cheques in the $30-40 million range, evaluating startups like acquisition-led play signals a deeper push to modernise legacy services with AI. It now wants to own the delivery rails where AI can drive meaningful scale and operational Aatrey, CEO, MeeshoEcommerce marketplace Meesho has completed its reverse flip and shifted its domicile to India, according to filings with the Registrar of Companies reviewed by ET."Meesho's board met late on has approved the merger and share allotment to investors of the US entity. It is now a fully Indian company," one of the persons said. The company is expected to file its draft IPO prospectus in the next two to three (Left) and Nithin KamathNithin and Nikhil Kamath, cofounders of stockbroking platform Zerodha, have acquired a minority stake in InCred Holdings for Rs 250 investment comes as InCred prepares for a potential Rs 4,000-crore initial public offering (IPO). As of April, it was in discussions with IIFL Securities, Kotak Mahindra Bank, and Nomura Holdings to rope them as advisors for the latest funding round raises the total funds secured by the Chennai-based startup to $13 million. Most of these funds will be used to establish a larger manufacturing facility in Karnataka, covering 80,000 to 100,000 square feet, cofounder Dhinesh Kanagaraj told us. Additional funds will also be allocated to expand the leadership team and strengthen client-facing engineering as well as R&D International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, led the funding round , which took Kazam's total funding to $19.2 million, including $13 million from previous equity was Darwinbox's third such programme in four years, through which over 350 employees have sold their stock options to the company. The company did not disclose the amounts of its previous Esop buybacks but said this was Darwinbox's largest such minister Ashwini VaishnawProviders such as Yotta, NextGen, and E2E Networks have made significant strides in installing and commissioning GPUs, while Jio Platforms and CtrlS Datacenters are yet to deploy valuation , mentioned in Prosus' latest annual report, is higher than the $1.8 billion ET reported after several rounds of pre-IPO secondary transactions over the past startups are optimistic that the deal will enable them to depend less on overseas launch service providers like SpaceX, improve schedule visibility, and reduce costs.■ India is using AI and satellites to map urban heat vulnerability down to the building level ( Wired ■ LLMs factor in unrelated information when recommending medical treatments ( Massachusetts Institute of Technology — MIT News ■ Hinge CEO Justin McLeod says dating AI chatbots is 'playing with fire' ( The Verge
&w=3840&q=100)
Business Standard
29-05-2025
- Business
- Business Standard
Five banks set to present OYO's IPO plans to SoftBank in London next month
Global travel-tech unicorn OYO has arranged for five investment banks to meet its key shareholder SoftBank in June, in a crucial presentation that could determine the company's path to public listing, sources said. The banks include Citi, Goldman Sachs and Jefferies from the global banking consortium, alongside ICICI Securities and Axis Capital representing Indian financial institutions. SoftBank, which remains one of OYO's largest shareholders, is interested in understanding the key positioning strategies, expected valuation metrics and anticipated investor appetite for the offering. The high-stake meeting is scheduled to take place at SoftBank's London office on Grosvenor Street, where the banks will present their IPO strategies to SoftBank's Sumer Juneja. OYO founder Ritesh Agarwal and his senior leadership team will also participate in the discussions, sources close to the development told PTI. The Japanese conglomerate's view is considered important for the IPO's timing, given its significant stake in the hospitality startup. "SoftBank is positive on their portfolio companies such as OYO which have shown strong performance. For OYO, the raising of primary issuance will lead to a sharp increase in its Earnings per Share by using the proceeds to prepay some of its debt," shared a person close to the development. OYO is targeting a share dilution of 10 per cent in the proposed public offering, through a combination of primary and secondary components to ensure lowest possible dilution, since the company is already generating cash, the person added. According to sources, SoftBank has been encouraging OYO since the last few months to start working actively towards a public listing, since the company has been exceeding the agreed financial milestones such as EBITDA and Gross Bookings growth. The London meeting comes as OYO has intensified its thinking for an IPO over the past month, transitioning from informal discussions to active pitch presentations with major banking institutions. PTI had reported this week that the company is considering filing its draft red herring prospectus (DRHP) between August and September this year. The timing of the filing remains flexible, with OYO weighing whether to proceed with FY25 financial results or wait for H1 FY26 results to strengthen its market position. The company is targeting an IPO launch in the last quarter of the current financial year, positioning itself to capitalise on improved market sentiment and its own operational turnaround. The renewed IPO push comes after OYO had previously filed and refiled its draft papers with the Securities and Exchange Board of India (SEBI) in 2021, seeking to raise Rs 8,430 crore through a public offering. The company withdrew those papers in 2024. In the recent past, OYO has streamlined its global operations while strengthening its presence in key markets, including India, the US, Europe and Southeast Asia. Sources indicated that the company's improved financial metrics and operational efficiency have renewed investor confidence, prompting the fresh attempt at going public.
