Walmart-owned PhonePe has invested over Rs 800 crore in its subsidiaries during the last year to grow businesses ranging from insurance broking to wealth management and hyperlocal ecommerce, regulatory filings show. More than half of this, or Rs 426 crore, went to PhonePe Insurance Broking Services — a clear indication of the payment firm’s intention to build a large retail cover distribution business.PhonePe has infused more than Rs 1,000 crore as equity investment in its insurance unit since...
Omnichannel eyewear retailer Lenskart saw its consolidated operating revenue more than double to Rs 3,788 crore in FY23 from Rs 1,502 crore a year earlier. The Gurugram-based company reduced its losses from Rs 102 crore in FY22 to Rs 64 crore in FY23. Total expenses also increased in line with the growing scale of the company, coming in at Rs 4,025 crore in FY23 compared to Rs 1,726 crore in the year-ago period. Notwithstanding the loss on a net basis, Lenskart reported earnings before interest,...
Black Women Invest founder Schelo D. Collier believes investing is key to the Black community building wealth, and offers advice on how to start investing, avoid common misconceptions, and reduce risk.
Ambition A.M. takes a look at why international trade might be for you, and how you can use your long-term ambitions to test the waters.
BluSmart, a ride-hailing startup focusing on electric vehicles, posted more than Rs 390 crore in revenue in fiscal 2024, compared with about Rs 160 crore in FY23, cofounder Punit Goyal told ET.The firm has also crossed Rs 500 crore in annualised revenue run rate (ARR), he added. BluSmart competes with Uber and Ola, as well as new entrants like Rapido and Namma Yatri in the cab-hailing space.BluSmart is much smaller compared with Ola and Uber and operates only in two cities: Bengaluru and the...
The carrier closes its first quarter earnings with acquisitions and more customers.
Going against the grain of conventional thinking can often lead to significant business wins. At Anago Cleaning Systems, leaning into one factor during economic downturns has proven a sucessful long-term strategy.
Recent data from Santiment, a prominent market intelligence firm, indicate that the altcoins may enter a “prime buying” phase. According to Santiment, more than 85% of the altcoins they track are currently positioned in what is historically considered a “buying opportunity zone.” Sentiment And Technical Indicators Favor Altcoins This assessment is based on the Market […]
Network-as-a-service (NaaS) provider CloudExtel Wednesday announced it has secured its first external debt funding of Rs 200 crore, that will go into expanding its network of small cells and fiber optics.The telecom infrastructure provider has also received an A- credit rating from CARE Ratings.The debt funding comes after CloudExtel secured equity investments from Macquarie Capital and Advencap in FY24.The company said the capital infusion is a testament to the scalability and viability of...
Fintech giant PhonePe has put big money into its subsidiaries to grow businesses such as insurance broking, wealth management and hyperlocal ecommerce. This and more in today’s ETtech Morning Dispatch.Also in the letter:■ Contractual hiring picks up in IT■ ETtech Done Deals■ World Bank on DPI adoption PhonePe poured bulk of past year’s investments into insurance biz 109546396Walmart-owned fintech giant PhonePe has invested over Rs 800 crore in its subsidiaries during the last year to grow...
Direct-to-consumer snacks and instant foods maker Adukale has secured Rs 11 crore in a funding round led by venture fund Force Ventures. The funds will primarily be used for expansion of the company’s offline presence, its chief growth officer, Vinay Gopinath, told ET.Adukale, founded in 2009, sells a variety of snacks and instant food ingredients for dishes like dosa, idli and poha. With the latest funding round, the firm has raised more than Rs 16 crore.Chief executive Bharat Kaushik said the...
A US-based investor in data-led firms has made its first investment outside of its home country in London-headquartered strategic comms agency Williams Nicolson.