Thursday, September 23, 2021

Ola, Uber, Swiggy & Zomato Workers Filed Petition in Supreme Court for Their Social Security Benefits

Ola, Uber, Swiggy & Zomato Workers Filed Petition in Supreme Court for Their Social Security Benefits

A petition has been filed in the Supreme Court today praying for social security benefits for gig employees working for companies such as Ola, Uber, Swiggy and Zomato. It also asks that the court acknowledges that these companies have breached the rights of their gig workers by restricting the manner in which they utilize their platforms.


The petition was submitted through the Indian Federation of App-based Transportation Workers, a worker's union that advocates for the rights of gig-workers working for companies such as Ola, Uber, Swiggy and Zomato as well as other companies.


The union in the petition claims that they fall within what is known as "unorganised people" in India's unorganised Worker Social Welfare Security Act 2008 . They are therefore entitled to social security benefits. Since this hasn't been the case in the past the union feels "exploited".


"Denial the social insurance benefits to those referred to as "gig workers" as well as the "platform worker" has led to the exploitation of these workers through forced labor in accordance with Section 23 of our Constitution. The right to live is the ability to earn a living under fair and decent conditions of employment," the plea said.


Workers who work as gigs in India have complained for years about their uncertain earnings and a poor base wage and an algorithm is said to force them to travel hundreds of kilometers every day for very little cash. All this with little or none social security benefits, like gig workers around the world.


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In the year 2000, India enacted the Code on Social Security, 2020 that promises to increase benefits from social security to those who work, but is not yet in place.


It also said that platforms have total control over how users are able to use their apps, even claiming that the relationship is only supposed to consist between "partners".


"The simple fact that employers label their own "aggregators" and have entered into"partnership" agreements, doesn't negate the reality that there is an official relationship between employer and employee, master and servant as well as worker in the sense of the law," the petition said.


The petition has been resolved with the Senior Advocates Indira Jaising as well as Gayatri Sing. The petition was filed by Advocate-on-Record Nupur Kumar.


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Wednesday, September 15, 2021

Latest Startup IPO News - Freshworks and Pine Labs

Freshworks Startup Financials

Freshworks Startup Financials

Freshworks Inc. is planning to raise nearly $1 billion through a public listing in the US at a valuation of almost $9 billion, which will make it one of the most valuable software-as-a-service (SaaS) startups from India.


Freshworks filed a new filing Monday with the US Securities and Exchange Commission. It stated that it will offer 28.5 million Class A shares at prices between $28 and $32. The unicorn hopes to raise $798 million to $912 million via the initial public offering (IPO).


Freshworks has 2 headquarters b/w San Mateo, California (USA) and Chennai (India). Founded in India, most of Freshworks’ technology and operations team is based in the country. 


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Pinelabs Startup Financials


Pinelabs Startup Financials

Pine Labs, a merchant platform company, may go public sooner than anticipated. According to regulatory filings, the company passed a resolution to make its Singapore-based holding company public.

This renaming of the company from Pine Labs Pte has resulted in Pine Labs Limited being the new company name. It indicates that preparations for an IPO have begun to gain momentum.

According to Sources, the company will likely list in the US within the next 10-12 month. Although the company has not yet provided details about the issue or valuation, a TOI report estimated that Pine Labs would be seeking a $5 billion valuation for a potential IPO.

The conversion from a private company into a public company has taken place weeks after the closing of its $600m funding round at a valuation of $3.5 billion. Pine Labs raised $285m in May, and another $315 million in July. Sources claimed that the financing round was the final private financing for Pine Labs.

Pine Labs, which would be the fourth fintech company to move closer to a public list, will join Policybazaar, Paytm and Mobikwik. Vijay Shekhar Sharma's firm wants to be one of the largest IPOs with a valuation between $25-30 billion.

Pine Labs was also instrumental in facilitating Sequoia Capital's partial exit via a secondary transaction. Seven investors, including Duro Capital, Moore Strategic Ventures, Marshall Wace and Lenarco Limited, received shares in the VC firm that were worth $225-$230 millions.

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Friday, September 10, 2021

Latest IPO News

Latest IPO news

Stocks of four IPOs recently listed fall before anchor lock-in expiry

Four companies who made their stock market debut last month saw their shares fall, just before the lock-in period ended for anchor investors. Krsnaa Diagnostics and Windlas Biotech lost between one and three percent during Thursday's trade. On the other hand, the Nifty Smallcap 100 index rose 0.64 percent. All four companies will be able to lock in their anchor investors for a 30-day period on Monday.

BoAt is planning an IPO and estimates a valuation of almost $1.4 bn

BoAt is one of India's top-selling earwear brands and wearable categories. One of three people spoke on condition of anonymity to say that they are looking at a valuation around $1.4 billion (around Rs10,000 crores) for their IPO, which is expected between March and June next year.


India is looking for foreign institutional investment up to 20% in LIC IPO

According to a government source, the government may allow foreign institutional investments of up to 20% to Life Insurance Corporation. India's largest-ever IPO is expected to be the listing of LIC. The government aims to raise Rs. Its stake sale will bring in 900 billion dollars ($12.24 billion). This will make it easier for fund-raising to be completed for the IPO that the government has planned for the company, most likely during the current financial year. Due to concerns about the ability of the Indian stock markets to absorb such an offering, investors will be offered two portions of the IPO.

Also Read: Latest updates on Online Education


Sansera Engineering IPO will open Sept 14

Sansera Engineering's initial public offering (IPO), will be made available to the primary market starting Tuesday, September 14. The price range for the offer is Rs 734-744 per unit. The Bengaluru-based company's IPO is looking to sell 17,244,328 shares from its existing shareholders and promoters. The OFS is open to existing investors, including Client Ebene and CVCIGP II Employees Ebene. Promoters include Unni Rajagopal, Unni Singhvi and D Devaraj.


Paytm appoints business heads prior to IPO

One97 Communications, the company that owns Paytm's brand, has promoted at least four people to the position as chief business officer (CBO), for its various verticals ahead of its eagerly awaited November-listing.

Read latest Paytm news: Paytm sets up separate subsidiary for its payment aggregator business

 

According to their Linkedin profiles, founder Vijay Shekhar Sharma's brother Ajay Shekhar Sharma and Ripunjai Gaur were elevated to CBO in the last month from senior vice-president positions.

Follow us at Entrackr to keep updated on Latest Startup and IPO news.


Friday, September 3, 2021

Latest updates on Online Education

Byju’s Latest Funding News


Byju’s Latest Funding News

Byju’s, one of the leading and most valuable edtech companies, valued at $16.5 billion, has reported its revenues for 2019-20 at Rs 2,434 crore while its Indian competitor Unacademy is worth only $3.5 billion. Byju’s revenue has increased to 81 per cent over the previous financial year. The company reported a net profit of Rs 51 crore in 2019-2020 which is a 152 per cent increase from the last financial year.


The company's expenses in the current financial year were Rs 2,383 crore. Byju's founder, Chief Executive Officer Byju Rajeendran, holds 50.34 percent. Riju Ravindran holds 20.15 per cent. Divya Gokulnath is Byju Raveendran’s wife and holds 10.64 percent.


Byju's foreign currency earnings were Rs 306 crore for FY20, compared to Rs 168 crore for FY19.


As the global pandemic has increased the popularity of online education, the company is currently on an acquisition spree both in India and worldwide. While schools and offices are closed, students and professionals are seeking to improve their skills. Sources say that the start-up purchased six companies in India and the US in this year's fiscal year. It spent more than $2B in six months on these acquisitions.


Vedantu Latest News


Vedantu Latest News

Vedantu, one of the leading pioneers in LIVE Online Learning have introduced V-Nurture and Super School, which are unique programs that allow students to develop their skills as well as enrich their lives. V-Nurture and Super School are designed by industry professionals and academicians to unleash a student's hidden potential beyond academics. The program offers extra-curricular activities to students in kindergarten through grade 13. It includes a range of curricular activities from career counseling, financial literacy, career counseling to workshops for parents and students.


You may also like: Unacademy Startup Funding News, Acquisitions & Updates


V-Nurture offers students in grades 6-13 the opportunity to improve their 21st century skills such as personality development, public speaking and critical thinking. Super School offers live master classes in yoga, storytelling and arts, crafts, STEM, general awareness, and many other subjects, starting at kindergarten through grade 8. All students have free access to top-quality extra-curricular and cocurricular content, taught by experts in their respective fields.


For more updates on latest funding news on Byju’s and Vedantu visit Entrackr.


Wednesday, August 25, 2021

Microsoft Investment in OYO

Latest OYO Startup Funding News-

Satya Nadella, the CEO of Microsoft, has invested $5M in OYO, an Indian budget hotel chain. After Microsoft investment its value increased to $9Billion. It also plans to soon launch an initial public offering (IPO). According to OYO's regulatory filing, Microsoft has made 37 crores of investments in OYO through the issuance of equity shares and compulsory convertible cumulative preferred shares (CCCPS). SoftBank, which is one of the largest investors in OYO, valued OYO's hotel chain at $3 billion in its most recent quarters.


Microsoft Investment in OYO

Oyo, the hospitality company headed by Ritesh Agarwal, has Didi Chuxing, Grab, and Airbnb as strategic investors. Ritesh Agarwal, founder, and CEO of Oyo, stated in July that the company would be looking into an IPO. After OYO announced recently that it had raised $660 million from global institutional financial backers, TLB (Term Loan A), the report on the Microsoft-OYO deal was published.

You may also like: Oyo Rooms - Surviving the Pandemic


A company statement stated that the offer was 1.7 times oversubscribed and that the company received commitments from top institutional investors of $1 billion.


It stated that the company will use these funds to pay off its debts and strengthen its balance sheet. OYO is India's only startup to be publicly rated. It was also rated by Moody's or Fitch - the two most respected international rating agencies.


TechCrunch claims that OYO could also move to Microsoft's cloud services through the Microsoft deal. OYO has been expanding its operations in many markets in recent years, including Europe and Southeast Asia.


Follow Entrackr for daily updates on OYO News and Latest Startup Funding News.




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Tuesday, August 24, 2021

Unacademy Startup Funding News, Acquisitions & Updates

Unacademy Startup Funding News

Unacademy Group, an Edtech major, has raised $440 Million as part of its most recent round of funding. The round was led by Temasek Holdings in Singapore, which valued the startup at $3.44 Billion. The round also saw participation from SoftBank General Atlantic and Tiger Global. Mirae Asset and Oyo's Ritesh Agarwalzomato founder Deepinder Goyal, also participated in the round.

Gaurav Munjal, co-founder and CEO at Unacademy stated that the proceeds would be used to scale Unacademy's three products, including newly launched Relevel and Graphy. Relevel is a job search tool that helps anyone get the job they want, regardless of their education. Graphy allows creators to create online businesses and sell digital goods.

According to research it was found that Unacademy co-founders Gaurav Munjal and Roman Saini still hold around 15% of the company. The largest institutional stakeholder of the company are Sequoia Capital and Nexus Venture Partners, SoftBank, and General Atlantic, which hold 12.7%, 12.8%, and 10.5%, respectively. Temasek, who was the main investor in the new round, has now acquired 4.38% of the company's stock. Tiger Global holds 4.24%. Blume Ventures (formerly SAIF Partners), and Elevation Capital (formerly SAIF Partners), were early backers of Unacademy and retain a nearly 5% and 3.4% share, respectively.

Unacademy also recently announced the acquisition TapChief (a professional networking platform) in a deal that will enable the unicorn edtech company to enter a new market segment: preparing students for job opportunities.

You may also like: Policy Bazaar Files for IPO; a Brave Move Considering the Tax Listing Threats

Unacademy has also been on an acquisition spree following the lead of arch-rival Byju. Since January 2020, the Tiger Global-backed company acquired nine companies, three of which were just this year. Although most of these acquisitions were relatively small, they were absorbed well at the group level. However, Mastree in July 2020 was one of its acquisitions.

Unacademy Founders - Unacademy is an Indian educational technology company based in Bangalore. The company was originally started as a YouTube channel by Gaurav Munjal in 2010. It was later founded by Roman Saini, Munjal and Hemesh Sing in 2015.


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Policy Bazaar Files for IPO: A Brave Move Considering the Tax Listing Threats

Latest Funding News by Entrackr

PB Fintech, the determined organization of PolicyBazaar, filed for its much-awaited preliminary public listing recently and the news spread like fire. The company plans to gather Rs 6,017 crore. However, tax specialists have stated earlier that the initial investors of the IPOs of corporations inclusive of Zomato and PolicyBazaar ought to face a 10-15% tax on bonuses.

PolicyBazaar IPO

Online platform Policy Bazaar, provides insurance and has turn out to be the 5th startup to start the manner of listing on stock exchanges of India after Zomato, Paytm, Mobikwik and CarTrade.

Policy Bazaar’s governing company, PB Fintech has filed a draft red herring prospectus with the regulators of the market, the Securities and Exchange Board of India (SEBI), to elevate Rs 6,017 crore via an IPO.

The organization will gain Rs 3,750 crores through issuing new stocks and another Rs 2,267 crore via a secondary sale of stocks through an offer for sale. SoftBank will promote stocks really well worth Rs 1,875 crore.

The Losses for the primarily Gurugram-based organization narrowed to Rupees one hundred fifty crores in Financial Year 2021, from Rs 304 crore in FY20 and Rs 346 crore in FY19, in line with the organization’s IPO documents. The Total earnings also jumped to Rs 957 crore in Financial Year 2021, which is a huge jump as compared to the previous years.

The Capital of Rs 3,750 crore will help Policy Bazaar IPO to gain from the issue:

Rs 1,500 crore 

Could be used to enhance the visibility and recognition of its manufacturers which includes PolicyBazaar and Paisabazaar via advertising tasks over the following 3 fiscals. The organization spent Rs 367.eight crores on marketing management and merchandising charges in FY21, down from Rs 445.2 crore in FY20.

Rs 375 crore 

Could be spent on new possibilities to make its client base bigger, which includes enlargement tasks. Recently, Policy Bazaar surrendered its Web-based aggregator license and bought an insurance dealer license from the Insurance Regulatory and Development Authority of India. This will permit the organization to expand and set up its physical reach. Meanwhile, the company also plans to expand the reach of its product and services.

PB Fintech stated it expects to incur huge expenses while putting in and running those physical centers and its purchase network point-of-sales. The organization has already announced 15 physical places of work as of July 15 and is pursuits to have as many as 200 workplaces throughout and by the end of fiscal 2024.

Also read: PolicyBazaar Gets Ready to Hit the Road to a New Horizon of Success

Rs 600 crore 

Could be spent on strategic plans of investment and acquisitions which might be complementary to its commercial enterprise to enhance its products and service delivering capabilities, set up or enhance its presence in the home ground and markets overseas, and use technology to its advantage.

Rs 375 crore 

Will be put into increasing its presence out of Indian markets, mainly in areas inclusive of the Middle East and Southeast Asia. The organization presently operates in Dubai via a subsidiary company.

PolicyBazaar could be the second massive organization in Info Edge’s portfolio to move public after Zomato, which had a blockbuster public marketplace debut in the recent past month.

Follow Entrackr to get all the latest updates related to Latest Startup News & PolicyBazaar News.