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WazirX Co-founder Nischal Shetty said he has all legal documents that prove that Binance controls the cryptocurrency operations on the platform. After the Enforcement Directorate froze WazirX’s assets worth almost ₹65 crore for alleged money laundering, Binance CEO denied owning the platform saying the transaction was never completed while Shetty argued WazirX was acquired by Binance in 2019.
short by Ridham Gambhir / 11:03 am on 08 Aug
Amid a row over Indian cryptocurrency exchange WazirX's ownership, Binance CEO Changpeng Zhao said Binance had asked WazirX to transfer their system source code, deployment and operations in February but the latter refused to do so. "WazirX has been uncooperative with us and looks like uncooperative with ED as well," said Zhao. ED is investigating WazirX transactions worth ₹2,790 crore.
short by Sakshita Khosla / 03:30 pm on 06 Aug
WazirX on Saturday tweeted that they are fully cooperating with the Enforcement Directorate (ED) and have responded to their queries fully. However, it said, "We do not agree with the allegations in the ED press release." ED has accused WazirX of assisting Chinese instant loan app companies in laundering fraud money via the purchase and transfer of cryptocurrency.
short by Ridham Gambhir / 04:10 pm on 06 Aug
Amid WazirX Co-founder Nischal Shetty and Binance CEO Changpeng Zhao's argument on Twitter over the latter owning equity in the former's cryptocurrency trading platform, a Twitter user asked Zhao why they were fighting. Zhao replied, "Not us fighting. ED investigating WazirX. We only want to help." While Shetty asserted that Binance acquired WazirX, Zhao said the transaction was never completed.
short by Ridham Gambhir / 04:52 pm on 06 Aug
Tom Alberg, the Founder of Seattle-based venture capital company Madrona Venture Group, has passed away at the age of 82 after suffering a stroke last month. Alberg was an early Amazon investor and served as its board member for 23 years. Condoling his death, Amazon Founder Jeff Bezos tweeted, "Tom was a visionary and also just a wonderful, good man."
short by Hiral Goyal / 09:27 am on 07 Aug
Binance CEO Changpeng Zhao said "we could shutdown WazirX" after he denied owning a stake in the Indian cryptocurrency exchange. Zhao, however, said they can't do that because it will hurt WazirX users. Responding to this, WazirX Co-founder Nischal Shetty said, "[This] proves you have control." Shetty reassured users that all their crypto and INR assets on WazirX are safe.
short by Hiral Goyal / 11:41 am on 06 Aug
SpaceX CEO Elon Musk in a podcast interview said he was drug tested by the US government after he smoked weed on Joe Rogan's podcast in 2018. "The consequences for me and for SpaceX were actually not good...I had...to prove that I'm not...a drug addict," Musk said. He added that he was randomly drug tested for everything for a year.
short by Hiral Goyal / 10:40 am on 06 Aug
BJP MP Ravi Shankar Prasad recently said, "I don't know whether Rahul Gandhi knows the meaning of unicorn...But a unicorn means your revenue is $1 billion," after the Congress leader reportedly mocked 'Startup India'. Responding to Prasad's remark, Congress MP Shashi Tharoor tweeted, "BJP leaders have difficulty in learning the difference between revenue and valuation."
short by Hiral Goyal / 01:58 pm on 07 Aug
SoftBank Group has reported a record loss for the second straight quarter amid a selloff in global tech stocks. The Japanese conglomerate's net loss for the quarter ended June stood at 3.16 trillion yen ($23.4 billion). Meanwhile, its Vision Fund unit posted a quarterly loss of 2.33 trillion yen ($17.23 billion). SoftBank has backed several Indian startups, like Paytm, PolicyBazaar.
short by Hiral Goyal / 03:22 pm on 08 Aug
Nithin Kamath, the Founder and CEO of Zerodha, shared the screenshot of a query by a person. "Hi Zerodha, how to become a Co-founder at Zerodha?" the person asked. Sharing the screenshot, Kamath wrote, "The queries we get." After another Twitter user asked, "What's the answer?", Zerodha's Twitter handle responded, "Error processing request."
short by Daisy Mowke / 08:19 pm on 06 Aug
Sharing how Ratan Tata became Repos Energy's mentor, founder Aditi Walunj wrote, "We sent handwritten letters to him, reached out to some right people and waited for 12 hours outside his house." Walunj said Tata called them at 10 pm after they had returned to hotel, asking to meet. "PS: Do not try [this] method to meet sir," she added.
short by Hiral Goyal / 02:29 pm on 07 Aug
Amazon-iRobot deal might face anti-trust review by US FTC: Experts
short by Purnima Rajput / on 08 Aug 2022,Monday
Amazon's decision to move ahead with its acquisition of iRobot Corp for $1.7 billion is likely to face scrutiny from the US Federal Trade Commission (FTC), experts said. Amazon's $3.49 billion deal to buy 1Life Healthcare is already being probed. The FTC, under Chair Lina Khan, has been pushed to take a harder look at acquisitions by big tech firms.
short by Purnima Rajput / 01:22 pm on 08 Aug
Baidu secures licences for China's first fully driverless robotaxi
short by Purnima Rajput / on 08 Aug 2022,Monday
China's search engine giant Baidu said it has obtained permits to operate fully driverless robotaxis on open roads in the cities of Wuhan and Chongqing. The permits, which come into effect on Monday, allow Baidu to offer robotaxi services without safety drivers. The firm is in talks with Beijing, Shanghai and Shenzhen authorities for licences to test fully driverless robotaxis.
short by Purnima Rajput / 10:48 am on 08 Aug
Paytm Q1 net loss widens to ₹644 crore, revenue jumps 89%
short by Srishty Choudhury / on 06 Aug 2022,Saturday
Paytm's parent company One97 Communications on Friday said that its consolidated loss widened to ₹644.4 crore in the quarter ended June 30 as against a net loss of ₹380.2 crore in the corresponding period last year. Its consolidated revenue from operations increased 89% to ₹1,680 crore year-on-year from ₹891 crore. Paytm's shares closed 3.06% lower at ₹784.30 on Friday.
short by Srishty Choudhury / 10:13 am on 06 Aug
Nykaa Q1 profit rises by 42% to ₹5 crore, revenue jumps 41%
short by Srishty Choudhury / on 06 Aug 2022,Saturday
Nykaa parent company FSN E-Commerce Ventures on Friday posted a 42.24% rise in its consolidated net profit to ₹5.01 crore in the quarter ended June as against ₹3.52 crore in the corresponding period last fiscal. Its consolidated revenue from operations grew 40.56% to ₹1,148.4 crore year-on-year. Nykaa's shares on Friday closed at ₹1,411.25 after dropping 2.30%.
short by Srishty Choudhury / 10:06 am on 06 Aug
Ola Electric's month-on-month sales fall 42% in July: Report
short by Purnima Rajput / on 07 Aug 2022,Sunday
Ola Electric sold 3,426 two-wheelers in July 2022, 42% less than the previous month when 5,874 units were sold, data from the Federation of Automobile Dealers Association (FADA) showed. The two-wheeler retail run witnessed poor demand amid high inflation, erratic monsoon and underperforming rural India, the FADA report said. It also raised concern over looming threat of semiconductor shortage.
short by Purnima Rajput / 04:20 pm on 07 Aug
Zomato rejects EY's lower share price valuation for Blinkit deal
short by Purnima Rajput / on 07 Aug 2022,Sunday
Zomato has rejected revised valuation report by EY that lowered its share price for acquiring hyperlocal delivery company Blinkit for ₹4,447 crore. In a statement, Zomato said fair market value per equity share of the company would remain ₹70.76. In first valuation report, EY had priced Zomato at ₹70.76 per share. The new report was based on a different methodology.
short by Purnima Rajput / 04:47 pm on 07 Aug
JioGenNext helped 170 startups that raised ₹2,600 cr to date: RIL
short by Purnima Rajput / on 08 Aug 2022,Monday
In its annual report for financial year 2021-22, Reliance Industries said JioGenNext has supported 170 startups that collectively secured over ₹2,600 crore in early-stage venture capital since 2014. JioGenNext was founded to help early-stage startups and has Reliance's top management members as mentors. In 2021-22, JioGenNext launched Market Access Program (MAP) with 11 high potential startups.
short by Purnima Rajput / 04:32 pm on 08 Aug
Nykaa to acquire digital lifestyle platform Little Black Book
short by Srishty Choudhury / on 06 Aug 2022,Saturday
Nykaa's parent company FSN E-Commerce Ventures will acquire a 100% stake in Iluminar Media, known as Little Black Book (LBB), a digital lifestyle discovery platform. The transaction, whose sum is yet undisclosed, is expected to be completed within 60 days of execution. "LBB's focus on fashion, home and beauty categories fits well with Nykaa’s areas of strength,” Nykaa said.
short by Srishty Choudhury / 03:44 pm on 06 Aug
LetsVenture joins govt scheme to invest $100,000 in startups
short by Purnima Rajput / on 07 Aug 2022,Sunday
Investor syndicate platform LetsVenture has collaborated with the Ministry of Electronics and Information Technology's SAMRIDH scheme to help early-stage startups secure $100,000 in funds. LetsVenture was selected under Accelerator programme earlier this year. The venture capital firm said it will support eight startups in the first phase with focus on sectors like deep-tech, gaming and fintech.
short by Purnima Rajput / 10:48 am on 07 Aug
PM Modi urges startups to take part in handloom challenge
short by Purnima Rajput / on 07 Aug 2022,Sunday
PM Narendra Modi has urged youngsters associated with startups to participate in the Handloom Startup Grand Challenge. In a bid to pay tribute to India's cultural diversity, Ministry of Textiles has launched the challenge inviting entrepreneurs and innovators to offer cost-effective tech solutions to increase production, quality of Indian handloom. Centre has offered cash prizes worth ₹10,50,000.
short by Purnima Rajput / 05:15 pm on 07 Aug
Kerala to conduct workshop for HNIs aspiring to be angel investors
short by Purnima Rajput / on 07 Aug 2022,Sunday
The Kerala Startup Mission (KSUM) will be conducting a free workshop for high net-worth individuals (HNIs) who aim to be angel investors. Scheduled for August 13, the event will be led by experienced venture capitalists and investors. The workshop is a part of a larger conference called 'Startup Saturday - Funding and Investments' and it will be held in Kochi.
short by Purnima Rajput / 03:03 pm on 07 Aug
Paytm shares gain 6% as Q1 net loss narrows to ₹644 crore
short by Purnima Rajput / on 08 Aug 2022,Monday
One97 Communications Ltd, Paytm's parent company, saw its shares surge nearly 6% on Monday. The development comes after it reported a net loss of ₹644.4 crore in the quarter that ended in June, as compared to net loss of ₹761.4 crore recorded in previous three months. Rise in subscription revenue, growth in bill payments helped narrow the loss, Paytm said.
short by Purnima Rajput / 01:06 pm on 08 Aug
upGrad raises $210 mn in funding led by ETS Global, Bodhi Tree
short by Purnima Rajput / on 08 Aug 2022,Monday
Edtech unicorn upGrad has secured $210 million funding at $2.25 billion valuation. upGrad founders invested $12.5 million in this funding round to maintain their ownership of the edtech startup over 50%. The round was led by ETS Global and Bodhi Tree and saw participation of Kaizen Management Advisors along with existing investors like International Finance Corporation and Temasek.
short by Purnima Rajput / 03:11 pm on 08 Aug
Scripbox acquires Pune-based advisory firm Wealth Managers
short by Purnima Rajput / on 08 Aug 2022,Monday
Bengaluru-based wealth management platform Scripbox has acquired Pune-based advisory firm Wealth Managers (India) Private Limited. Scripbox, which has been partnering with independent online and offline wealth managers, said the deal will help expand geographical presence and customer base. Wealth Managers aims to build long-term investments for larger cross section of investors through this deal.
short by Purnima Rajput / 05:09 pm on 08 Aug
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