BUSINESS
We Founder Circle became the largest angel investor network with 71 deals in India in 2022
The platform became one of the fastest-growing angel network communities and has already facilitated funds worth over Rs 100 crore across 53 startups with 71 deals, it said in a statement. "We have been building a tech-enabled global investment & networking platform for the startup and investors ecosystem. This year, we have not only topped the list of most active angel investment networks, but we have also launched our startup marketplace to our community and now offer the same tech to other networks as SAAS products. In addition, we have launched two funds, a domestic fund and a cross-border fund," .
Indian startups take 5 yrs to scale from zero to $100 mn
With the ecosystem maturing in the last decade, the time taken to reach the $100 million mark has decreased significantly. What took 18 years in 2000 to reach $100 million revenue has come down to five years, according to data by Redseer Strategy Consultants. There are about 100 unicorns and 170 soonicorns in India. Of these 270 shining stars, 40+ startups in FinTech, eCommerce, and logistics have crossed $100 million revenue as of FY22.
Apple loses $1 trillion in market cap in one year
According to CNN, like many other tech companies, Apple has been hit by supply chain issues. Its manufacturing in China has taken a hit due to a fresh wave of Covid infections in the only major economy combating such a crisis. On January 3, Apple's shares were down by nearly 4 per cent after a report raised concerns about consumer demand for its products, according to the report.
More than 40% complaints received by RBI were on digital payment modes: Report
The volume of complaints received under the RBI ombudsman schemes consumer education and protection cells during 2021-22 increased by 9.39 per cent over the previous year and stood at 4,18,184 during the reported period. Of these, 3,04,496 complaints were handled by the 22 offices of RBI ombudsman (ORBIOs), including the complaints received under the three erstwhile ombudsman schemes till November 11, 2021. Since the establishment of centralised receipt and processing centre (CRPC) under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS, 2021),
Amazon CEO Andy Jassy confirms to lay off 18,000 and employees
The Amazon CEO said in a statement that they were not done with the annual planning process as earlier mentioned, and "I expected there would be more role reductions in early 2023". "We typically wait to communicate about these outcomes until we can speak with the people who are directly impacted.
Walmart may have to pay $1 bn tax on PhonePe shift to India: Reports
According to reports, citing sources aware of developments, the tax is the result of PhonePe's relocation and it's rising valuation, after Walmart took majority share in it. The reports citing sources also said that PhonePe is raising funds at a $12 billion pre-money valuation from General Atlantic, Qatar Investment Authority, and others, resulting in the heavy tax. Investors like Tiger Global Management have now purchased shares of PhonePe in India at the new price, leading to tax implications of around Rs 800 crore for existing shareholders, the reports said.
Apple loses $1 trillion in market cap in one year
The fall meant that in just one year, the tech giant lost $1 trillion in market capitalisation. According to CNN, like many other tech companies, Apple has been hit by supply chain issues. Its manufacturing in China has taken a hit due to a fresh wave of Covid infections in the only major economy combating such a crisis.
Paris-bound Air India flight returns to Delhi after technical snag
Officials said that Air India's Delhi-Paris flight AI 143, carrying nearly 210 passengers, took off from the Indira Gandhi International Airport at 1.28 p.m. and was in the air for nearly 35 minutes when a full emergency was declared. It returned to Delhi safely at 2.25 p.m. Aviation regulator DGCA said: "On 04.02.2023, Air India B787-800 aircraft VT-AND operating flight AI143 (Delhi-Paris) was involved in Air turnback due to Slats Drive snag message." Earlier on Tuesday, an IndiGo flight from Delhi to Phuket returned to Delhi due to a technical snag shortly after takeoff.
Bridging India's edible oil gap with mustard oil
Just a couple of decades ago, India's edible oil imports were around 4 million tonnes a year. This figure has grown exponentially over the decades and now stands at 14.03 million tonnes (oil year ending October 31, 2022). This adds up to an import bill of INR 1.57 lakh crore, which represents an enormous depletion of our precious foreign exchange reserves.
Delhi govt not inclined towards payment of dues: DMRC to HC
The Delhi government has claimed that it is not inclined to offer Rs 3565.64 crore towards equity for payment of the arbitral sum with interest, according to the affidavit filed by the Delhi Metro Rail Corporation (DMRC). Before a single-judge bench Yashwant Sharma, the Central government and DMRC, represented by Attorney General R. Venkataramani, informed the court that the issue was being actively considered and deliberated by the relevant authorities, and that they anticipated a resolution by January 16.
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