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Your daily dose of crisp, spicy financial news in 80 words.
Swiggy, the food delivery giant, is gearing up for its IPO with a massive stock giveaway to its founders and top executives. The company has granted them employee stock options worth $271 million (₹2,249.3 crore)!
Sriharsha Majety, Swiggy's founder and CEO, is the biggest winner, receiving nearly $200 million (₹1,660 crore) worth of stock.
Other key executives like Nandan Reddy, Phani Kishan Addepalli, and Rahul Bothra also got significant shares.
Want to know more about Swiggy's IPO plans? Read here.
The RBI just increased the limits for UPI Lite and 123Pay.
Users can now use UPI Lite for transactions up to ₹1,000 per payment and store up to ₹5,000 in your wallet. And for UPI 123Pay, the limit has jumped to ₹10,000 per transaction.
This means more convenient and hassle-free digital payments for everyone. Know more about UPI and its related myths from here.
The Reserve Bank of India (RBI) is sticking to its inflation forecast despite rising oil prices and geopolitical tensions. The repo rate remained unchanged at 6.25% for the tenth time with inflation forecast at 4.5%.
While the RBI remains optimistic, the situation in the Middle East is causing oil prices to spike. With higher oil prices, inflation could also rise.
So, what does this mean for you? Keep an eye on your wallet with Insider Bullets as rising prices could affect your daily expenses.
Ola Electric, the electric scooter star, just hit a new low. Its market value dipped below $5 billion (₹41,000 crore) for the first time since it went public.
What happened? Well, founder Bhavish Aggarwal and comedian Kunal Kamra got into a Twitter spat over Ola's service quality. Not exactly the best publicity.
Remember when Ola's IPO was one of the hottest things in town? Its value soared to over $7 billion (₹57,400 crore). Looks like things have taken a turn for the worse.
SaaS firm Whatfix, fresh off a $125 million (₹1,025 crore) funding round, is showering its employees and investors with cash!
They're launching a $58 million (₹476 crore) buyback program, giving people a chance to sell their vested stock options at a premium.
This isn't the first time Whatfix has done this – they've already run three successful buyback programs. Looks like they're taking good care of their team or is there something fishy about this!
Let us know your feedback!
Former cricket captain MS Dhoni is soaring to new heights with his investment in drone startup, Garuda Aerospace. Dhoni has pumped in ₹4 crore, boosting his stake to 1.1%.
Dhoni is excited about Garuda's global expansion and its potential to revolutionise industries like agriculture, defence, and consumer drones.
Garuda's CEO, Agnishwar Jayaprakash, is thrilled to have Dhoni on board, calling him a true inspiration.
Want to know more about Garuda Aerospace's journey?
Swiggy has just launched Bolt, a new service that promises to deliver food in just 10-15 minutes.
This is a major upgrade from their already impressive 30-minute average delivery time.
Swiggy is partnering with top-notch restaurants to ensure quality and speed. Should Blinkit and Zepto be worried?
Also Read: Swiggy is Bringing an IPO; to bet or not?
The consumer lending market is on fire, and fintech firms are reaping the rewards. Companies like Navi, Kreditbee, Moneyview, and Fibe are raking in the profits after a tough few years during the pandemic.
Navi, backed by Sachin Bansal, has seen its Assets Under Management (AUM) skyrocket to ₹10,190 crore in just personal loans alone. They've even turned a profit of ₹669 crore!
It's clear that the fintech lending sector is booming. Are you willing to cash in on this trend?
Google's new India MD, Roma Datta Chobey, is all about aligning with India's ambitious goal of becoming a developed nation. With her banking background and nine years at Google, she's ready to take the reins.
One big announcement: Google's genAI model is coming to India! This means businesses can harness the power of AI right here.
But India's size and diversity pose challenges. Chobey's focus is on making technology accessible and understandable for everyone, from rural areas to urban centers.
Ratan Tata is laughing all the way to the bank after Upstox bought back 5% of his shares. His initial investment saw a whopping 23,000% return!
Tata still holds the majority of his original stake in the startup. He first invested in Upstox back in 2016 and has been watching it grow ever since. The company has been on a roll, reaching a valuation of $3.5 billion (₹29,050 crore) in 2022.
Want to know more about Upstox? Click here for in-depth details.
OpenAI, the brains behind ChatGPT, just closed a massive funding round worth $6.6 billion (₹54,780 Crore). This brings its total valuation to a staggering $157 billion (₹13.03 Lakh Crore), making it one of the most valuable private companies out there.
Big names like Microsoft, Thrive Capital, and Khosla Ventures are backing this AI powerhouse. Even Nvidia is jumping on board!
This funding comes amidst some changes at OpenAI, including the surprising exit of their CTO, Mira Murati. Looks like the company is gearing up for big things!
Peak XV Partners, a big-name venture capital firm, is shrinking its latest fund by 16%. This is the second time they've cut down the fund since splitting from Sequoia Capital.
The fund, which was originally worth $2.85 billion (₹23,655 crore), will now be reduced by $465 million (3,859.5 crore). Most of the cuts are coming from growth-stage investments.
What does this mean for startups? It could mean less funding available, so founders need to be extra strategic in their fundraising efforts.
Stay tuned for more updates on the venture capital landscape with Bullets by Insider.
Indian IT companies are partnering with third-party sellers to boost their bottom line. This means they're making money from selling other companies' products and services to their clients.
While most companies pass these earnings directly to their clients, analysts predict big names like TCS, Infosys, and Birlasoft will announce higher third-party sales in their upcoming quarterly reports.
Infosys, for example, is expected to see a slight increase in revenue from selling third-party software. Investors are keeping a close eye on this and other key factors in the company's performance.
Be in the loop with more to come with Insider Bullets.
Fintech startup Cred had a good year, with revenue jumping 66% to ₹2,473 crore. However, their overall losses also increased by 22% to ₹1,644 crore.
Despite the losses, Cred's operating losses actually shrank, which is a positive sign. It seems they're making progress in managing their costs.
So, what does this mean for Cred's future?
SoftBank's Vision Fund is pouring a massive $500 million (₹4,150 crore) into OpenAI, the company behind the AI craze.
This investment is part of OpenAI's latest funding round, which is aiming to raise a total of $6.5 billion (₹53,950 crore).
OpenAI has been making waves with its groundbreaking AI technology. Will it create another masterpiece like ChatGPT?
Starting 1 October, life insurance returns are taking a hit! Both participating and non-participating policies will see lower returns due to new surrender value rules.
While you can now cash out after the first year instead of the second, the overall payout will be less.
What does this mean for you? It's time to reevaluate your insurance strategy. Don't get caught off guard!
Also Read: How to get your insurance claim approved, even if its been rejected!
Flipkart and Amazon are gearing up for a massive festive season, with sales expected to soar by 20-25% compared to last year!
Early data shows a strong start, with sales already up by 26% in the first few days.
The market is buzzing with excitement as shoppers take advantage of huge discounts and deals.
Also Read: The reality of Big Billion Days & Great Indian Festival
Bengaluru, once the undisputed king of Global Capabilities Centers (GCCs) in India, is losing ground. While the city has seen a surge in GCC units, its share of the national total has actually decreased.
From 2018 to 2024, the number of GCC units in Bengaluru grew by 41%. However, other cities have grown even faster, leading to Bengaluru's share dropping by nearly 4.5%.
Is Bengaluru losing its edge?
After a two-year legal battle, BharatPe and its co-founder Ashneer Grover have finally reached a settlement.
Grover is officially out of the company and will have no ownership stake. His shares will be transferred to a family trust.
This brings an end to a dramatic saga that has captivated the Indian fintech world. What does the future hold for BharatPe and Ashneer Grover?
WeWork's plan to exit India has hit a snag. The company's attempt to sell its stake in WeWork India has fallen through, despite approval from the Competition Commission of India.
This means WeWork India, a joint venture with Embassy Group, will remain in the Indian market. The company had been looking to raise ₹1,200 crore through a secondary transaction involving a consortium of investors.
So, what's next for WeWork India? Will they continue to expand their coworking spaces, or will they face more challenges?
HDFC Bank is shedding some debt! The Indian lender has sold off a chunk of housing loans worth around ₹6,000 crore and a pile of car loans worth ₹9,060 crore.
Why? HDFC Bank is trying to lighten their load due to stricter regulations. These loans were sold to state-owned banks and securitised into pass-through certificates.
So, what does this mean for borrowers and investors?
India is dreaming big as its planning on being the AI capital of the world. With their huge population, digital skills, and growing tech talent, they're well-positioned to make it happen.
But here's the catch: India's IT industry is mostly focused on exporting software. They need to invest more in domestic AI infrastructure to compete with the big players.
So, what's next for India's AI journey and will it be able to achieve the dream?
ChatGPT creator OpenAI is shaking things up! They're planning to restructure as a for-profit company, giving up control of their non-profit board.
This move is all about attracting more investors and potentially boosting their valuation to a whopping $150 billion (₹12.45 lakh crore).
The non-profit OpenAI will still hold a minority stake in the new company, and CEO Sam Altman will get his first taste of equity. Plus, they're looking to remove the cap on investor returns, making it even more enticing for investors.
Foxconn, the company behind Apple's iPhones, is considering a massive $1 billion (~₹8,300 crore) investment in Tamil Nadu. They're planning to build a unit that makes smartphone display modules.
This would be Foxconn's first facility of its kind in India. And it's not just for Apple! Other companies like Pegatron or Tata Electronics could also use components from this unit.
This move could mean more iPhones being made in India and fewer imports from China.
Swiggy is gearing up for its big public debut with a star-studded endorsement campaign. Celebrities from entertainment, sports, and business are snapping up pre-IPO shares, showing their confidence in the food delivery giant.
Despite competition from rivals like Zomato and Zepto, Swiggy's shares are a hot property in the unlisted market. Over 200,000 shares have already been snatched up by high-profile investors.
Want to get in on the action? Keep an eye on Swiggy's IPO news and other crucial details via this article link.
India's discount broking giant, Zerodha, just announced some impressive numbers for the last financial year. Their profits jumped 62% to ₹4,700 crore, while revenue rose 21% to ₹8,320 crore.
But that's not all. The founders, Nithin and Nikhil Kamath, revealed that traders on their platform are sitting on unrealized profits of over ₹1 lakh crore!
That's a lot of potential gains waiting to be realised. Are you one of them?
Edtech giant Byju's is facing yet another major setback. A US court has ruled that they're in default on a $1.5 billion (₹12,450 crore) loan.
This means lenders can now demand full repayment and even take control of Byju's US operations.
Byju's founders are in a tough spot. It looks like they'll have to come up with a plan fast or risk losing a significant part of their empire.
Mahindra & Mahindra and Skoda Auto Volkswagen India are reportedly talking about forming a joint venture to make cars together.
The two companies have been meeting to discuss the details, including which cars they'll make and where they'll build them.
This could be a big deal for both companies, bringing together their expertise and resources. Looks like we might be seeing a new car duo on Indian roads!
After a long, quiet spell, IT companies are seeing a surge in demand. In just the past two months, these tech giants have bagged 33 deals!
TCS, Infosys, HCLTech, and Wipro are leading the charge, securing contracts with big names like Primark, Rolls-Royce, and McDonald's. It's a clear sign that the IT industry is back on track.
Want to know more about the deals and companies involved? Give us your feedback.
India's wealthtech sector is buzzing with excitement as AI takes centre stage! Startups are ditching traditional robo advisors and exploring cutting-edge AI models like ChatGPT.
Centricity, for example, has built a voice-powered recommendation engine. They're also using AI for everything from finding new clients to training their advisors.
It's clear that AI is the future of wealthtech management. What do you think about this change?
In a major victory for Tata Sons, the GST department has dismissed a demand for over ₹1,500 crore. This comes after a settlement deal with Docomo.
This decision sets a precedent for other companies involved in arbitration cases.
Read about Tata Sons history here.
India's Solar Energy Corporation (SECI) is doubling down on renewable energy! They're pledging ₹18,000 crore to expand their green capacity by 2030.
They're also planning to hit the stock market in the next one to two years.
The government wants to add at least 500 GW of clean energy by 2030, and SECI is leading the charge.
Want to know more about India's green energy push? Click here!
Bad news for Vodafone Idea as the Supreme Court rejected their plea to re-calculate their AGR dues.
This means they now owe even more to the government. Vodafone Idea is in a tough spot financially, and this ruling could push them to the brink. They're holding an urgent meeting with investors on September 23 to discuss their next steps.
Will Vi be able to survive this storm?
OYO, the Indian budget hotel giant, is making a big splash in the US! They've just agreed to buy Motel 6 and Studio 6, two iconic American hotel chains, for $525 million (₹4,357.5 crore).
This move is a major step for OYO as they expand their reach beyond India. It's also a big win for Blackstone Real Estate, who are selling the chains.
So, what does this mean for travelers?
Also Read: How does Oyo Rooms Make Money?
Adani Group is making a big play in the infrastructure space! They’re reportedly close to buying a significant stake in ITD Cementation India.
This move would add to their already impressive portfolio of airports, highways, ports, and more.
The deal could be worth ₹5,888 crore. If it goes through, Adani Group would become a major player in the engineering, procurement, and construction (EPC) game.
Noida-based astrology platform Astrotalk has seen its revenue skyrocket, more than doubling in just one year to ₹651 crore.
Not only that, their net profit has increased by a massive ten times to ₹94 crore.
Looks like people are turning to the stars for answers!
OpenAI is raising a massive $6.5 billion (₹53,950 crore), and the demand is so high, it's oversubscribed!
OpenAI’s biggest backer Microsoft Corp. and new investors Nvidia Corp. and Apple Inc., have more chances to get access.
This makes OpenAI a $150 billion (₹12.45 lakh crore) valued firm, without adding up the new investment.
Zomato is facing a hefty GST bill from West Bengal. The food delivery giant is being asked to pay ₹17.7 crore in taxes, interest, and penalties.
Zomato believes they're in the right and will be appealing the decision.
Want to know more about what Zomato is planning? Read here.
In a major setback, Indian telecom companies like Vodafone Idea and Bharti Airtel have lost their fight against the government over the re-computation of Adjusted Gross Revenue (AGR).
The Supreme Court has rejected their curative petitions, which were their last hope. This is a big blow for the telcos, who are already struggling under huge debts.
Following this loss, Vi shares took a nosedive, dropping almost 10% after the news broke.
Will the government offer any relief to the struggling telcos?
Unilever is bringing its global luxury beauty brand, Hourglass, to India. This marks a major move into the high-end cosmetics market, which has been seeing a lot of action from both international giants and local startups.
Hourglass, known for its premium products and commitment to cruelty-free beauty, was founded in 2004 and joined the Unilever family in 2017.
Is India’s beauty segment going to be disrupted by yet another acquisition of HUL?
Reliance Infrastructure, led by Anil Ambani, announced a significant reduction in its standalone external debt, cutting it from ₹3,831 crore to ₹475 crore.
Following the news, the company's shares surged 7%, trading at ₹252.15 on the Bombay Stock Exchange (BSE).
How do you think Reliance Infrastructure's debt reduction will impact its future growth?
SpiceJet is facing some financial turbulence. The airline has admitted to not paying over ₹220 crore in taxes withheld from employees' salaries and owes another ₹135 crore in PF payments.
To make matters worse, SpiceJet claims that ₹72 crore in taxes from years ago are disputed. They also have outstanding dues for customs, service tax, and GST.
It seems SpiceJet has a lot to sort out before taking off smoothly.
Ayyappan R, the former head of Flipkart's travel arm Cleartrip, is gearing up to launch a new quick-commerce venture. He's eyeing a hefty seed funding from Accel and RTP Global.
This venture will focus on delivering premium products in a flash – think 20-30 minutes. But that's not all! There'll also be physical stores, making this a unique blend of online and offline shopping.
From groceries to fashion, this new player is set to offer a wide range of products.
Gone are the days of waiting weeks for online fashion returns! Quick commerce platforms like Blinkit and Zepto are now offering lightning-fast returns and exchanges for your clothes and accessories.
Blinkit has even started testing 10-minute returns. Customers can send back unwanted items in less time than it takes to watch a TikTok. Zepto isn't far behind, offering 72-hour exchanges for damaged or defective apparel.
Some brands are partnering with quick commerce platforms to allow customers to return items at their physical stores.
Kenya has just awarded a massive $1.3 billion (around ₹10,790 crore) contract to India's Adani Group and the African Development Bank to build new power transmission lines.
This is a big win for Adani, expanding their reach in Africa. The project is expected to boost Kenya's energy infrastructure and improve power supply.
Want to know more? Stay tuned with Bullets by Insider.
Bajaj Housing Finance's IPO made a splash on Monday, opening at an outstanding 114% premium! Shares debuted at ₹150 on both BSE and NSE, far surpassing the issue price of ₹70.
The buzz around the IPO was palpable even before listing, with shares trading at a premium of 120% in the grey market.
This massive interest is reflected in the subscription numbers – the ₹6,560 crore IPO was oversubscribed a staggering 67 times! Want to know more about this IPO? Read here.
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