Category: Business

  • Zomato reports 2nd consecutive profitable quarter, revenue up 53% YoY in Q2’24

    Zomato, the Indian food delivery unicorn, today reported its second consecutive profitable quarter. With an EBITDA of ₹41 crore for Q2’FY24, this was a massive ₹233 crore improvement over the same quarter in previous year. This is the second time it is reporting a profit, with a surprising ₹2 crore profit reported in previous quarter.…

  • Uber and Lyft agree to $328Mn settlement in landmark driver wage theft probe by New York AG

    In a settlement that is groundbreaking in every sense of it, ride-hailing giants Uber and Lyft have agreed to a historic settlement with the New York attorney general’s office, totalling an astounding $328 million. This landmark agreement serves as the culmination of an extensive investigation into wage theft that exposed systematic exploitation of drivers. Uber…

  • Mamaearth parent IPO subscribed by 7.61 times as Day 3 ends

    The initial public offering (IPO) of Honasa Consumer, the parent company of Mamaearth, has concluded with a flourish as institutional investors displayed robust enthusiasm on the final day of the offering. The IPO, which had faced a lukewarm response during the first two days, rallied to be oversubscribed, primarily driven by strong participation from institutional…

  • Apple clocks record shipments for India-made iPhones, India sales at all-time high

    In a shift from its heavy reliance on China, Apple has made substantial investments in India to diversify its production chain. Those investments have already started to reflect substantially in Apple’s annual numbers. Noted analyst Ming-Chi Kuo’s report on Medium revealed that approximately 14% of the iPhone units shipped in 2023 were assembled in India,…

  • YouTube gets serious about ad blockers

    YouTube has recently announced that it is cracking down on ad blockers globally. This move is likely to have a significant impact on both users and creators on the platform. The world’s largest video platform relies almost entirely on advertising revenue to support its platform and creators. Its parent Google itself, continues to draw a…

  • WeWork reportedly close to filing bankruptcy, stock hits rock bottom

    WeWork, yet another story of a startup riding high on valuation bubble only to come crashing down , is now on the precipice of filing for Chapter 11 bankruptcy in New Jersey. This stark turn of events marks a profound shift for a company that, at its zenith, commanded a valuation of $47 billion. According…

  • Mamaearth parent Honasa’s ₹1,701 crore IPO to launch on October 31

    Honasa Consumer Ltd., the parent company of D2C upstart Mamaearth, has officially announced its initial public offering (IPO). The startup is expecting to raise a substantial ₹1,701 crore on the upper-price band of the IPO. It is expecting a rather steep ₹10,424 crore IPO valuation. The IPO is priced in the range of ₹308 to…

  • After Amazon, Google pledges $2Bn investment in AI startup Anthropic

    In the latest instance of a massive investment being made in a generative AI company, tech titan Google has now pledged to invest a total of $2 billion in AI startup Anthropic. According to the Wall Street Journal and other media reports, Google’s financial pledge to Anthropic involves an upfront cash infusion of $500 million,…

  • Amazon revenue surges to $143.1Bn in Q3 2023, ad services up by 26%, AWS clocks 12% uptick

    In the highly competitive world of e-commerce and tech giants, Amazon has once again proven its mettle. The company recently reported its third-quarter earnings, surpassing analysts’ expectations and generating significant investor interest in the company. Amazon’s performance comes on the heels of better-than-expected earnings reports from fellow tech giants such as Alphabet and Microsoft. Where…

  • Microsoft clocks $56.5Bn in revenue in Q1 FY24, Intelligent Cloud revenue up by 19%

    The recently-ended quarter has seen a strong performance from tech titan Microsoft, if the company’s numbers are any indication. Its results for Q1 FY24 paints a strong picture of the Redmond-headquartered Microsoft, whose strategic investments in AI are clearly paying off. Cloud has been a big driver, even when rival Google Cloud is seeing a…