Bullets

Among acquirers and founders, both abandoning the business like a bad habit, ZestMoney still has some fight left in it. In a last-ditch effort to keep the business afloat, ZestMoney has managed to raise ~$7 million from a band of investors, including existing players like Qunoa Capital.

Zip, Omidyar Network India, Flourish VC and Scarlet Digital are other investors jumping into the fray.

Is this funding going to breathe life into the business, or are ZestMoney's dilemmas just beginning?

On one side, ed-tech firm Byju's is having continuous bad days, and on the other side, the company's promoters are cooking something else. Founder Byju Raveendran, wife Divya Gokulnath & brother Riju Raveendran have sold shares worth $408.53 million since 2015. 

PrivateCircle Research analysed the movement of 40 transactions done by promoters between 2016-2021. These transactions have helped them accumulate grand personal wealth.

Looks like the promoters are planning to jump ship with loaded bank accounts.

Troubles are what awaits the edtech firm Byju’s for the past few months. After the board members and auditor’s resignation, brand ambassador Shah Rukh Khan wishes to part ways with the firm.

SRK and Byju’s were fined ₹50,000 each by an MP redressal commission in April for not meeting teaching standards and promoting false ads. 

With SRK’s renewal due this September, the present contract of ₹4 crores might not be enough to make the superstar stay.

Ensure you mark these dates, as missing them could lead to penalties or missed opportunities for savings and benefits. 

1. ITR filing deadline: July 31.

2. Belated ITR deadline: December 31 (late fee under Section 234F).

3. TDS deposit deadline: July 7.

4. Increased rates on select saving schemes.

5. Higher pension effective from July 11.

6. No extension for PAN-Aadhaar linking.

7. Tax on overseas remittance postponed to October 2023.

Stay ahead of your tax obligations and make the most of these key deadlines in July!

National Pharmaceutical Pricing Authority, under the Ministry of Chemical and Fertilizers, released two lists containing 53 drugs with a ceiling price. These lists include medicines for type 2 diabetes and anxiety, along with others.

NPAA has also ordered other distributors to revise medicine prices based on the ceiling fixed by the regulator.

This change came a few days after the news release of a 44% hike in diabetes patients in India in the last four years.

The board has given ICICI Securities permission to delist its shares, making it now a wholly owned subsidiary of ICICI Bank.

They could have chosen to merge, exactly like HDFC & HDFC Bank are doing, but they cannot do so due to regulatory restrictions, thus they have decided to delist. 

Following the delisting, holders of 100 I-Sec shares will receive 67 shares of ICICI Bank instead. Bid adieu as they are set to disappear👋.

To know more about delisting check this.
 

Udemy is looking to acquire a US-based peer, Udacity. While Udacity had received a peak valuation of $1 billion at one point, it is valued merely at $100 million for this acquisition.

Udacity generates revenue of $100 million and EBITDA of around $10 million. However, the company struggles with its retention rate falling to around 70%, thus, the reduced valuation.

Seems like a good time for edtech stragglers to buckle up. After all, edtech giant Byju's seems ready to fall.

Instagram and YouTube Influencers are so busy with exotic foreign trips and flashy shopping sprees that they forget to pay taxes. The Income Tax department generously came forward to help them out by sending notices.

Around 15 influencers have received notices for filing “substantially low” or no tax return at all.

Insider would like to remind influencers about the consequences of flaunting successful employment, one of which is crashlanding on the tax department’s radar. 👁️

The well-known international clothing brand Uniqlo has declared its commitment to growing its production network in India through a sizable investment. 

The emphasis Uniqlo is placing on India's growing inclination for practical clothes sets the stage for success, even though the precise investment amount is still unknown. 

Uniqlo wants to profit on the move away from fast fashion in order to become the top retailer in India. 

Time will only tell how Uniqlo's ambitious venture in the Indian market develops. 
 

Market regulator SEBI brought forth certain changes in Foreign Portfolio Investors (FPI) and IPO listings.

Disclosure requirements in FPIs have been tightened to prevent circumvention of Minimum Public Shareholding (MPS) and takeover norms. Existing FPIs have three months to comply with the new disclosure requirements.

Whereas the time period for a share listing in public issues has been reduced from six to three days. First T+2 to T+1, and now reduced listing closure date, SEBI is on a roll!

After the board meeting on June 30, HDFC, India's first mortgage institution, would cease to exist as HDFC Bank will take over its operations. 

In exchange for 25 HDFC shares, shareholders will obtain 42 HDFC Bank shares, creating the fifth-most valuable bank in the world with a combined value of $175 billion. 

Through this merger, HDFC offices will become banks, and its workforce will smoothly migrate to the banking industry. Financially, the future looks promising to me.
 

Netherlands-based investor Prosus is on a valuation marathon as it works on its stakes in Indian startups. Here are the changes Prosus made:

1. Byju’s valuation slashed to $5.1 Billion. 

2. Wiped out its $38 Million investment in ZestMoney to Zero.

3. Reported an 80% rise in Swiggy’s loss which amounts to $180 million in 2022.

All these developments showcase the clouds of instability roaming above Indian unicorns for the year. To get a deep dive into the matter, click here.

The market capitalization of InterGlobe Aviation is likely to cross the ₹1 trillion threshold after reaching an all-time high on placing the single largest buy order in commercial aviation.

The market worth is currently at ₹97,921 crore, which is only 2% away from the milestone.

Along with the strong earnings rise, InterGlobe Aviation's shares have increased by 26% in the last two months. Click here to learn more about its business model.
 

Denmark’s largest, Danske Bank, is ready for a digital transformation and has hired Infosys for the task. The five-year, $454 million deal comes with Infosys acquiring Danske’s IT Centre in Bengaluru at $2 million.

Infosys will work on enhancing digital, cloud, and data facilities for Danske using its generative AI tools with “Infosys Topaz”.

With the competitor TCS bagging a $1 billion deal from NEST last week, the fight between Infosys & TCS has heated up.

Byju's audited financial statements for FY22 and FY23 would be submitted by September and December, respectively, according to the founder and CFO of the company. 

Byju's has been in the headlines every other day due to layoffs, missed loan payments, the resignation of the auditor, a delay in the results' filing, and the departure of board members.

It will be interesting to watch if the business can overcome all of its challenges or is headed to join the failed startups. 🤷‍♀️
 

Wadia Group's Go First Airlines might have had to ground its flights due to engine and financial troubles, but it's looking to take flight again but on borrowed wings!

After Go First's insolvency professional sought interim relief from the airline's creditors. Owing to this request, a borrowing of ₹425 crore has been sanctioned on top of existing debt worth ₹11,500 crore in order for the airline to handle its day-to-day operations.

Is Go First flying too close to the sun?

Foxconn’s desire to put semiconductor manufacturing roots in India might be delayed due to playing house with JV partner Vedanta. The JV seems to be in danger since Vedanta is dealing with financial instability and huge debt proportions.

The Indian government suggests the Taiwanese firm look for another collaborator from Vedanta.

Whether Foxconn finds a new partner in the nation or will continue with Vedanta despite the obvious financial trouble depends upon the iPhone manufacturing company.

Meeting the Indian PM must have had some effect on Amazon CEO Andy Jassy, as he has set an investment goal of $26 billion in India by 2030, mobilising an additional $15 billion to reach this goal.

Amazon intends to create 2 million jobs, digitise 10 million small businesses, and lead to exports worth $10 billion by 2025.

Seems like an odd move, considering the 27,000 employees laid off globally, out of which 500 were Indian, due to slowing business.

PhonePe has started allocating merchant loans in the range of ₹15,000 to ₹5 lakhs. The merchants using the PhonePe app actively for six months would be eligible for the loans.

Along with this, merchants must also process ₹25,000/month for the loan. PhonePe has gone live with over 35 million merchants with a targeted annual loan disbursal rate of ₹1,000 crores.

This new development looks like a war cry from PhonePe to Paytm! ⚔️

Due to financial misreporting and money syphoning, SEBI has inflicted a severe blow to Eros International Media. They have prohibited its CEO Pradeep Dwivedi and MD Sunil Lulla from holding any positions.

The regulatory body discovered potentially fictitious agreements and substantial amounts transferred to entities connected to the promoters. 

Eros's reputation was damaged by impairment and write-offs in their FY20 figures. 

Here’s a reminder of the dire repercussions that occur when accountability and transparency in the financial sector are compromised.