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India

Marico earnings show FMCG profits have gone kaput 😬

Marico disclosed its second quarter numbers last night — and the performance was consistent with FMCGs we’ve seen before, where raw material costs are weighing on profits and margins,

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Business

OfBusiness becomes 18th unicorn of 2021 🚀

What happened — B2B commerce platform OfBusiness raised a $160 million led by Softbank, valuing the startup at $1.5 billion, with Falcon Edge and Matrix Partners pitching in. That’d be unicorn number 18! 🥂 OfBusiness runs an industrial goods procurement platform for SMEs — replacing a phone and paper-pen system with a digit

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India

Nykaa is getting ready for an IPO 🚀

Online beauty retailer Nykaa is ready to file its docs with SEBI in the next few days — getting one of the most anticipated listings of the year 1 step close to reality. Nykaa will raise ~$400 million at a $4 billion valuation, says Moneycontrol, with early backers TPG and Fidelity likely to hit the door. Founder Falguni Nayar and family will continu

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India Startups 🤟


India_News

India may soon get a new Airline ✈️

What’s poppin’— ET reports that a new low-cost nationwide airline is in the making, kicked off by a bunch of ex-aviation sector executives, backed by dollars from billionaire investor Rakesh Jhunjunwala. Details remain scant, but Jhunjunwala plans on owning about 40% of the business, with a ~$35 million seed capital infused to get the party started. The

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Tech

PayTM has a serious profit problem🤕

IPO-bound Paytm dropped its annual report over the weekend—and honestly, we wish there were any bright spots to be excited about. Numbers suggest revenues actually declined during the COVID year, and profitability is a distant ask at this point. Meanwhile, emerging categories such as insurance, gaming are barely getting started, far from carrying the load of the empire. Quick look: * Revenues dropped 10% YoY

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Pagarbook feels the jitters - laid off 80 folks 😬

What happened — PagarBook, an employee payroll and attendance management system, is apparently laying off nearly 80 employees — as growth fails to catch up while coffers run dry. Founded less than 2 years ago, the startup basically helps SMEs manage employee time tracking and salary payments, and had raised its most recent round from Sequoi

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Global News 🌏


Business

JP Morgan buys fintech Nutmeg for $1B 🤟

JP Morgan acquired UK based online investing and consumer finance platform Nutmeg, for $1 billion [https://email.mg2.substack.com/c/eJwlkbuO5CAQRb_GZFhg8IOAYKXdCTeZYEMLQ9mmG4PFYyz__dLdEo9CqipunatVhi3EW54hZfQ65nyfID1cyUHOEFFJEGdrJO2FmHoikJHc0KmfkE3zGgEOZZ3MsQA6y-KsVtkG_6pgY99TtMsRoEaj4GAYNQB0JCvhy8im2kd38PlXFWPBa5DwA_EOHpCTe85nativpvuq67qu9kqPVoejvlTMVjtINXycR4ib8ngpd8K-5AM2nANegkt1BGzsZrNyeFH-af2Gz5J2bD0u-IkpHTomGBMjbdjXEUzDfptHHcpBzH___PtGVnako2Sou-OEDi1tzTCJYTFKCNMzQXivJtaziWmglRCnDSfH1rWpLCkr

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Tech

PUBG maker Krafton is going public 🎮

Krafton , the company that made the sensational phenomenon PUBG, is all set to IPO, raising $5 billion at a $25 billion valuation , smashing the record of Samsung Life, to be the LARGEST IPO by a Korean company to date. COVID-driven boom in gaming helped Krafton make more than a billion dollars in revenues la

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Musk agrees to share his toys🧸

Tesla will be opening up its charging network to allow other EV companies worldwide to charge their cars on it — a new chapter opening move for $TSLA. Not an act of benevolence though — Tesla as of today, barely makes a dime on the cars it sells, and aggressive buildout of infrastructure and charging a commission from consumers and other car makers relying on it, is a critical piece of the long-term pro

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More Stories


India

Indigo airlines losses are spiking 😶

Indigo airlines lost more than ₹3,000 crores during the last 3 months, with travel freezing and no signs of rebound in sight. This’d be the 6th straight quarter of losses for the business, with revenues down 56% from the quarter before . Without explicit doles or rescue offers from the government, things aren’t looking too bright for the entire sector! Meanwhile, optimist

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Business

Spotify's growth is slowing a bit and Wall Street is worried 😬

It’s tech earnings time — and Spotify closed the second quarter with 165 million paid subscribers — a tad lower than the markets were expecting. Stock was promptly hammered down nearly 8% in New York. Quick look: * Revenue of €2.33B, up 23% YoY * Has 365M monthly active users Spotify’s advertising revenues grew by nearly 110% — thank to those annoying ads that may be put there by Satan himself. If you’re a sh

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Business

Tesla competitor has IPO'd on the Nasdaq 👀

What happened — Lucid Motors, a Tesla rival, went public today on the Nasdaq via a SPAC merger , raising $4.5 billion from the markets. Stock popped 11%! Lucid hasn’t sold a damn car yet, but that doesn’t matter when it comes to EV stocks! The company’s IP is believed to be top notch — especially its battery technology, which Lucid claims beats Tesla

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India

Bad assets harming banks revenue 😷

* Kotak Mahindra said its profits are up a solid 32% YoY , while ICICI grew its profits by 78% YoY . Consistent with other banks so far, Kotak’s asset quality worsened a bit too — with bad loans rising by a

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India

Reliance puts up an okay show 😶

For the second quarter, revenues looked healthy, above the market’s expectations, but profits took a hit, as Ambani calls out a “complex and challenging operating environment”. Quick look at the important stuff: * Made ₹1.4 lakh crores in total (big bump from same time last year), BUT, profits tanked 7.2% YoY to ₹12.3K crores * Oil-to-chemicals made nearly ₹1 lakh crores, 75% up Y

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Global

Amazon is looking to get in on Bitcoin ⚡

Amazon is looking to hire a Blockchain lead — with investors busy predicting products from a crypto wallet, to a payment service, to infra on AWS in the making. Rumors have been cooking that Bezos is leading the project himself , exploring potential for a token and for $BTC as a payment mechanism, with

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