Binny Bansal’s Fund 021 Capital Raises Rs. 222 Crore From Azim Premji Foundation, Former Flipkart Execs

Binny Bansal’s Fund 021 Capital Raises Rs. 222 Crore From Azim Premji Foundation, Former Flipkart Execs

Post their exits from Flipkart, both Bansals now seem to be fully prepared for their new stints as Venture Capitalists. 021 Capital, in which Binny Bansal is the largest investor, has closed a round of $32 million (Rs. 222 crore) in funding. o21 Capital (read as Zero to One Capital) was launched in 2017, and is run by Sailesh Tulshan, who’s Binny Bansal’s financial advisor. The fundraise has come from investors like Wipro chairman’s Azim Premji…

Zomato Says Zomato Gold Now Has 7 Lakh Paying Subscribers

Zomato Says Zomato Gold Now Has 7 Lakh Paying Subscribers

For a product that was launched just around a year ago, Zomato Gold sure seems to have come a long way.  Zomato has said that Zomato Gold now has 7 lakh paying subscribers. Zomato says it has 6,000 restaurants signed up on Zomato Gold, and this number is up from 4,000 in October. At that time, Gold had 6 lakh subscribers. Zomato Gold had been launched in December 2017, and offered its subscribers either a free…

India’s Small Restaurants Have Now Spoken Out About The Anti-Competitive Policies Of Zomato And Swiggy

India’s Small Restaurants Have Now Spoken Out About The Anti-Competitive Policies Of Zomato And Swiggy

The fractious relationship between India’s traditional businesses and the tech platforms they now operate on is now coming apart at the seams. After cab drivers had carried  strikes again Uber and Ola, and small hotels had protested the policies of Oyo and MakeMyTrip, 500 of India’s small restaurants have come together to speak out against what they claim are the anti-competitive policies of food delivery companies like Zomato and Swiggy. They’ve signed an online petition which…

Sachin Bansal Pays Rs. 699 Crore Advance Tax On Flipkart Gains

Sachin Bansal Pays Rs. 699 Crore Advance Tax On Flipkart Gains

When you’ve earned yourself a fortune, you can be sure that the taxman isn’t too far behind. Sachin Bansal has reportedly paid a whopping Rs. 699 crore as advance tax for the first quarter of 2018-19. This includes tax for his capital tax gains from the sale of his Flipkart stake to Walmart. Bansal, who’d held a near 5% take in Flipkart until early this year, netted himself an approximate $1 billion (Rs. 7,000 crore)…

250 Oyo Employees Set To Make Rs. 50 Crore As Company Approves Share Buyback

250 Oyo Employees Set To Make Rs. 50 Crore As Company Approves Share Buyback

Oyo’s been providing hospitality services to its guests for the last few years; its investors are now returning the favour to its employees. An Oyo investor will buy back shares worth Rs. 50 crore from its employees, thus proving them with ready cash in exchange for the equity they held in the startup. Around 250 employees who hold ESOPs in Oyo are likely to benefit from the buyback. Oyo declined to name the investor who’d…

124 CEOs In India Receive Million-Dollar Salaries

124 CEOs In India Receive Million-Dollar Salaries

As India’s economy is growing, so are the salaries of its top CEOs. As many as 124 Indian CEOs receive million-dollar salaries (Rs. 7 crore), a study conducted by TOI reports. This number is up from 120 last year, and has been steadily increasing over the years — in 2016, 119 CEOs received million-dollar payouts, while the number was just 100 in 2015.   The study was conducted among the top 200 listed firms in…

Indian Startups Raised More Money Than Indian IPOs This Year

Indian Startups Raised More Money Than Indian IPOs This Year

For years, Indian startups were thought to be the poorer cousins of listed companies — IPOs were tracked by business papers, breathlessly discussed in the news, and eagerly participated in by investors, but startups got a fraction of the coverage. That could likely soon change, because in 2018, Indian startups have raised more money than Indian companies through IPOs. Indian startups raised a total of $6.55 billion (around Rs 44,940 crore) in venture capital (VC)…

Flipkart To Launch A Video Streaming Service In Two Years: CEO Kalyan Krishnamurthy

Flipkart To Launch A Video Streaming Service In Two Years: CEO Kalyan Krishnamurthy

Flipkart is now officially looking to plug the biggest hole in its portfolio, and become a more comprehensive match to arch-rival Amazon India. Flipkart is looking to get into video streaming, CEO Kalyan Krishnamurthy said in an interview. “Our customer segment today is heavily skewed towards 18-35 age group, and that audience watches a lot of video, both in terms of time spent, frequency, and it is disproportionately high,” he said. “Do we want to have a…

Sachin Bansal Launches New Venture BAC Acquisitions To Invest In Early-stage Startups

Sachin Bansal Launches New Venture BAC Acquisitions To Invest In Early-stage Startups

India’s most anticipated startup investor has officially entered the game. Sachin Bansal, who’d earned an estimated Rs. 7,000 crore after Flipkart was acquired by Walmart earlier this year, has set up a new venture called BAC Acquisitions. The new venture will reportedly act as a holding company to make investments in early and mid stage startups, and will launch new businesses as well. Bansal will use the new company to deploy his Flipkart fortune into…

Kunal Bahl On The Angel Tax, And Why It Matters To Startups In India

Kunal Bahl On The Angel Tax, And Why It Matters To Startups In India

In recent days there has been a big furore in India around the Angel Tax. But, what is this Angel Tax? Angel tax is the tax levied on funds raised by Indian start-ups through issue of shares to Indian residents. The Income Tax department has held that when these investments are made at a premium to the fair market value (FMV), the amount raised in excess to the FMV is taxable. The amount is reckoned…

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