Author: News Desk

Gautam Adani to buy top marine services company Ocean Sparkle for Rs 1,530 crHe will do the purchase through Adani Harbour Services, an arm of Adani PortsThe acquisition will make Adani Harbour the leader of India’s marine services marketA group of marine technocrats and financial investors own Ocean SparkleOcean Sparkle was established in July 1995It does towage, pilotage, and dredging services across ports and LNG terminalsTowage and pilotage contribute 92% of its revenue while dredging services provide 8%Ocean Sparkle is expected to hit a profit of Rs 135 cr in FY22

Elevation Capital, a leading venture capital firm, announced that it’s going to offer India`s early-stage start-ups $ 670 million funds to help founders achieve their dreams. Over the decades, the organization has invested nearly $ 2 billion in more than one hundred and fifty corporations in seven funds with thirteen early-level investments into unicorns. These encompass category leaders like Acko, FirstCry, Makemytrip, Meesho, NoBroker, Paytm, Sharechat, Spinny, Swiggy, Unacademy, Urban Company and Xpressbees. The portfolio spans sectors together with Consumer Internet, SaaS, FinTech, Consumer Brands, Edtech, Healthtech and Web3 / Crypto. The VC firm stated in an assertion on Fund…

The Indian startup scenario has been showing promising growth for the past few years. The country is the third-largest startup ecosystem in the world with over 100 unicorns. Usually, venture capitalists, angel investors, businessmen, and high net worth individuals (HNIs) are the ones who associate with startups. However, the scene is changing. These days, celebrities are venturing into the startup ecosystem. Here are six celebrities who recently became investors. Samantha Ruth Prabhu Interestingly, in the same month, Pushpa-fame actress Samantha Ruth Prabhu, who debuted in Bollywood with Family Man-2, invested in ‘SustainKart’, an e-commerce marketplace for sustainable products. She has…

Entrepreneur Elon Musk to buy Twitter Inc for $44 billionInvestors will get $54.20 for each Twitter shareTwitter’s board unanimously approved the current deal which would be completed this yearHowever, it is still a mystery how Musk would cover his $21 bn equity portionHe might resort to other investors, selling stakes or pouring in cash or cryptoMusk is one of Twitter’s most-watched users with over 83 mn followersMusk began amassing Twitter’s stake of about 9% in JanuaryIn March, Musk alleged that Twitter’s algorithms are biasedLater, he offered to take Twitter privateHe mainly offered ‘free speech’ on the platform

Reliance calls off its Rs 24,713 crore deal with Future Group as secured creditors vote against it Reliance Industries has called off its deal to acquire Future Group’s assetsThe deal was worth Rs 24,713 croreIt was dropped as secured creditors of Future Group voted against the proposalThey mainly include banks and financial institutionsThey could not get the mandatory 75% for the approvalHowever, the shareholders and unsecured creditors have voted in favour of the groupMeanwhile, Shailesh Haribhakti, chairperson and independent director of Future Lifestyle Fashions Ltd, resignedHe had chaired the meetings of shareholders and creditors for the dealHe was in charge of the National Company Law Tribunal (NCLT)Since its announcement,…

Ola Electric recalls 1,441 units of electric two-wheelersThis voluntary recall is for a specific batch of S1 Pro e-scootersThe recall is in the wake of the recent Pune fire accidentOne of its vehicles caught fire in Pune last monthOla would conduct a detailed check of scooters in the batchMeanwhile, the Ola team is investigating the incident in PuneAs of now, they say ‘it was an isolated one’Recently, electric scooters have been facing backlash in IndiaIt was following a spate of fire incidentsBesides Ola Electric, Pure EV and Okinawa Scooters also faced the fire incidentsUnion Minister Nitin Gadkari had asked EV…

Beauty and fashion retailer Nykaa recently announced investments in three brands – Earth Rhythm, Nudge Wellness, and KICA – for a total of Rs 49.76 crore. Nykaa has taken an 18.51 per cent share in clean and sustainable beauty brand Earth Rhythm for Rs 41.65 crore. The new investment will strengthen Earth Rhythm’s product portfolio in the sustainable beauty category. The company had a revenue of Rs 18.56 crore in FY 22. Harini Sivakumar, founder and CEO of Earth Rhythm, sees the investment as an endorsement of their efforts for a clinically-effective, tech-driven skincare and haircare brand. Nykaa took a…

Netflix, one of the most popular streaming platforms, is going downhill. The company’s total market capitalization has come down to nearly $50 billion. What is happening with Netflix? The company said that it lost 200,000 subscribers during the first quarter of 2022, the biggest drop in a decade. Although Netflix believed the fall was due to COVID-19, looks like there are other factors. One of the main problems Netflix face is people sharing passwords. According to the company, over 100 million additional households, other than its 222 million paid subscribers, access the service due to passwords being shared. When the…

The Initial Public Offering (IPO) of India’s largest insurer Life Insurance Corporation of India (LIC) is reducing its issue size. According to the latest reports, the LIC board has given permission to reduce the issue size to 3.5 per cent from 5 per cent, meaning the government will dilute only 3.5 per cent of its shares worth Rs 21,000 crores. However, the decision is yet to receive Sebi’s permission. As per the rules of the market regulator, companies with a valuation of over 1 trillion have to dilute 5 per cent equity and Rs 5,000 shares. According to the revised…

Gautam Adani to buy top marine services company Ocean Sparkle for Rs 1,530 crHe will do the purchase through Adani Harbour Services, an arm of Adani PortsThe acquisition will make Adani Harbour the leader of India’s marine services marketA group of marine technocrats and financial investors own Ocean SparkleOcean Sparkle was established in July 1995It does towage, pilotage, and dredging services across ports and LNG terminalsTowage and pilotage contribute 92% of its revenue while dredging services provide 8%Ocean Sparkle is expected to hit a profit of Rs 135 cr in FY22