Rivigo
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Rivigo deal will triple our express delivery biz: Mahindra Logistics MD
The business-to-business express delivery operations of Rivigo, which it is acquiring, will form a significant portion of Mahindra Logistics’ business.
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Mahindra Logistics climbs 6% on Rivigo's acquisition announcement
Mahindra Logistics will also acquire the customers, team and assets of Rivigo's B2B express operations, the technology platform and the Rivigo brand. The acquisition is slated to be completed on or before November 1.
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Troubled logistics tech unicorn Rivigo held talks with Flipkart, FirstCry for a sale
The discussions around Rivigo’s acquisition are still preliminary and may or may not result in a deal, said these people who spoke on the condition of anonymity. Rivigo, they said, had evaluated merging its operations with Flipkart's logistics arm e-Kart, and FirstCry's e-commerce focussed logistics unicorn Xpressbees.
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More online gaming firms under I-T lens; Tatas may consolidate ecommerce biz under one entity
The action comes close on the heels of the GST intelligence wing issuing a similar notice earlier this month to a Bengaluru-based online gaming portal GamesKraft Technologies Pvt Ltd demanding Rs 21,000 crore in taxes, interest, and penalty.
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Oracle fined $23M on bribery charges; Mahindra expects to triple biz with Rivigo acquisition
In a major revelation by the US Securities and Exchange Commission, software major Oracle was fined over $23 million for using slush funds to bribe foreign officials, including those in the Indian Railways. The allegations are from the period between 2016 and 2019 when Oracle employees used deep discounts in different countries to further the use of their software.
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BigBasket eyes funding at $3.5B valuation; MeitY firm on social media grievance body
BigBasket's holding company Supermarket Grocery, of which Tata owns 62%, filed documents with the Registrar of Companies (RoC) recently about plans to increase the authorised share capital of the firm – typically an indication that a fresh cash infusion is on the cards.
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Mahindra to acquire Rivigo’s B2B express biz for Rs 225 crore in slump sale
Rivigo had held talks with Flipkart, FirstCry for potential deal
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Unicorn up for sale; egaming policy coming soon
Just three years after it hit a valuation of $1 billion, new-age trucking logistics firm Rivigo is in deep trouble. Unable to raise funds, the startup is exploring a sale and has held talks with Flipkart or FirstCry, sources told us. We have more in the edition.
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Logistics marketplace Vahak raises $14 million in funding from Nexus
Founded by Karan Shaha and Vikas Chandrawat in 2019, Vahak is a free-to-use, open marketplace for shippers and transport SMEs to discover and connect with truckers.
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Zivame appoints Rivigo's Rishu Garg as chief people officer
She comes with a vast experience of over 15 years. In her most recent role, she was the CHRO at Rivigo where she was leading people strategy, growth and achievement of business plans. She has also worked with organisations like G4S, EPL and Essar in the past.
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Mahindra buys troubled Rivigo’s B2B express business; Gameskraft gets Rs 21,000-crore GST notice
A month ago we reported that new-age logistics unicorn Rivigo had held talks with Flipkart and FirstCry for a potential sale after failing to raise fresh funds amid the economic downturn. Now, Mahindra Logistics has agreed to buy the troubled startup’s business-to-business (B2B) arm for Rs 225 crore in a slump sale.
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Rivigo FY 2019 revenue up 42% at Rs 1,028 crore
Rivigo works on a relay trucking model that allows drivers to drive for a maximum of four-five hours at a stretch and reach home the same day.
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Generico gets Rs 10 crore funds from Alteria Capital
Alteria Capital, founded in 2018 by Vinod Murali and Ajay Hattangdi, typically puts in between Rs 2 crore and Rs 100 crore in startups across sectors. In Generico, it is investing out of its maiden Rs 962 crore venture debt fund.
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Rivigo granted US patent for its driver relay system
"Our global first relay model being recognized by the USPTO is an endorsement of our pilot-first model predicated on innovation at a technological and human level," said Gazal Kalra, co-founder, Rivigo.
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From Meerut to Madrid: Logistics lessons India can port from China
China is a shining example of how to achieve excellence in logistics and supply chain. That playbook has at least a couple of strategies India should implement.
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OYO, Cure.Fit, TapChief take top spots on 2019 LinkedIn Top Startups List
This year, OYO Hotels and Homes has retained its top position on the list by expanding its services across 80 countries.
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Rivigo lays off 70-100 staffers, rolls back on-campus offers
Gazal Kalra, co-founder of Rivigo, attributes attrition to ‘performance and market dynamics’.
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Warburg Pincus & SAIF Partners lead $65 million funding round in Rivigo
FULL TANK: Funds are rolling in as investors get on road in search of a big deal. Rivigo has $65m, while Samsung is spotting opportunities
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Esop nets Rs 71 crore for 30 former Rivigo employees
The transactions saw a number of senior as well as middle management executives at the company vest their stock options in Rivigo Services.
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Smartworks looking to raise $30 million to open more co-working facilities
Founded in April 2016, Smartworks has 15 operational facilities across nine cities covering 16,000 seating capacity.
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India’s election system, logistics sector can be the key to effective COVID-19 vaccine distribution
The pandemic is a call to action for the government machinery and the private sector to work in tandem to ensure effective vaccine deliveries.
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Striking gold: A look at India's growing club of Unicorns
From 2011 to 2017, India had 10 Unicorns, the nomenclature given to private technology companies valued over $1 billion.
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Rivigo ends series-D funding drive with $50 million
The Series-D round of equity financing is the latest sum of capital raised by the three-year-old logistics startup, after it scored $75 million in November 2016.
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Startups now hunting for talent across the world
While some are roping in talent from markets such as the US, Europe and China, most are scouting for Indian professionals with an international stint.
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Rivigo loses four top execs, company says churn is 'miniscule'
Insiders say there are unrealistic expectations and pressure on staff at Rivigo to achieve targets causing exits.
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Rivigo to increase headcount by 50% to 3,200 in 6-8 months
The company has already inducted over 40 algorithm background engineers to maintain its edge over its rivals and is planning to hire more aggressively.
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Here's how edutech startup Byju’s quietly turned into a unicorn company
Byju’s is the 11th unicorn startup from India, following messaging app Hike that joined the club more than 18 months ago.
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Last year's bumpy ride still jolts tech-based logistics startups
This year, GST is likely to have some impact on growth, while industry members say the move will help the sector in the long run, especially with the eway bill set to come into effect.
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Hit hard by the virus and lack of demand, India's trucking industry now battles shortage of drivers
With some relaxation in the lockdown kicking in from April 20, movement of goods is expected to see a reprieve. However, the logistics sector has a bigger problem – lack of drivers.
Qasim Zaidi is Rivigo’s new tech head
Surface transport company Rivigo Services has appointed Qasim Zaidi, the chief technology officer at Indonesian ecommerce unicorn Tokopedia, as its new technology head.
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A roadside chat set me on my way for Rivigo moment: Deepak Garg, CEO, Rivigo
Tipping Point is a once-a-week series that captures the defining moment of a prominent personality in India’s startup ecosystem, what the person learnt from it and how it shaped the course of the journey. Today we bring you insights from Rivigo’s CEO
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Rivigo's total revenue for FY17 zooms 170% to Rs 402 crore
Founded in 2014, Rivigo has raised more than $100 million in equity and debt financing from the likes of global equity major Warburg Pincus and SAIF Partners.
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Rivigo looks to hire 450 this quarter
“We will continue to digitise and transform the logistics sector in the country, and are in the process of building many core technology products, for which we need to scale up our technology team,” Gazal Kalra, co-founder of Rivigo said.
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Flipkart, Rivigo in top 40 breakthrough brands list
With a team of top data scientists, Rivigo is creating systems that increase distance covered and improve turnaround times up to 70%.
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Logistics firms are looking at eWay bills to go places
Nationwide rollout of eWay bills is a huge opportunity for startups in the logistics and IT industry since it can be an additional source of revenue for them as well as a product extension.
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The inclusive dose that India Inc needs: Women-friendly policies, flexi-time, mentors within companies
For women bosses of India Inc, the verdict is clear: workplaces need to be made more inclusive with better policies.
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GST: E-way bill could prove to the final piece of the puzzle
Since the transition to a new era with the rollout of GST, several tax and process changes have followed to make it simpler for businesses in every category. The supply chain network is getting more and more simplified
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Rivigo expands part-truck deliveries to 100 cities ahead of festive season
The company said Rivigo Zoom will facilitate deliveries between Bangalore and Guwahati with a four-day transit; Delhi to Guwahati in less than three days.
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Rivigo aims to increase headcount by 500 this fiscal
Founded in 2014, Rivigo has over 1,000 trucks, around 1,500 drivers and more than 41 strategically located pit stops across more than 150 distinct routes.
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Swiggy & Rivigo look for a winning Myntra with Mukesh
Myntra founder has agreed to spend half-a-day on average every month with these startups
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Zypp Electric appoints Himanshu Budhiraja as VP-growth to drive last-mile delivery business
The company aims to make India carbon-free leveraging its expertise in EV technology and tech-enabled operations on the ground.
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SoftBank hits the road again, in talks with Rivigo to invest at least $100 million
Last week, SoftBank acquired a $2.5-billion stake in Flipkart, taking its total investments in Asia’s third-largest economy this year to $6 billion.
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Ashok Leyland bags Rs 120-crore order from logistic company Rivigo
Ashok Leyland claims this order of 500 fully-built vehicles is driven by the success of the iEGR technology which has been developed indigenously.
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Yebhi Now! Agarwal kick-starts Truxapp with $3.1 million
Manmohan started working on this venture in November 2014 and formed the company in February 2015 investing some of his own capital.
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We are seeing an increase in localised business models: SAIF Partners
Early backer of Paytm & MakeMyTrip raises $350 m for investment in education, healthcare & consumer brands
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ET Startup Awards: Meet the women who brought in a change
This is what the jurists are looking for to be the chosen ones for The Economic Times Startup Awards.
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Truck aggregators on track after crossing GST hump
Aggregators including Blackbuck, Rivigo and Fr8 said orders have started to pick up again and believe that the new tax structure will have an overall positive impact on the logistics sector.
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Logistics arm Vulcan Express could go in a Snap Deal soon
Gati, Peepul Capital and TVS Logistics are looking to acquire beleaguered ecomm co Snapdeal's logistics arm, which may provide a much-needed capital relief to its cash-starved owner
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Vy Capital buys Urban Company Esops worth $5 million
According to Urban Company chief executive Abhiraj Singh Bhal, about 183 employees, across designations and roles, were eligible to participate in the latest Esop transaction, of which about 120 people, ranging from call centre executives to senior leadership, took part.
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In first try, Trifecta Capital overshoots Rs 300 crore target
Firm to exercise greenshoe option and raise Rs 200 crore more.
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Logistics company Rivigo Services raises Rs 100 crore in debt
The latest financing follows the $75 million the three-year-old company raised in equity funding from global private equity firm Warburg Pincus in November.
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SAIF eyes safe bet here, plans $400m India fund
Third India-dedicated fund to place it in big league with $1-billion assets under management
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BlackBuck gets Rs 476 crore to navigate the road
The Indian startup story is still up and running, with investors backing ventures from trucking to education companies.
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IIM-Ahmedabad successfully completes its Final Placement Process 2017 within 3 clusters`
According to a release issued by the institute, the key recruiter in the advisory and auditory consulting cohort was PwC.
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Inviting truckers for dinner was big startup idea of Rivigo's Deepak Garg
Garg introduced 'Driver Relay Model', making sure that truck drivers get back home on the same day (or within 24 hours), reducing turnaround time by 50-70% on long-haul routes.
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Trifecta bags three big deals takes capital commitment to Rs 220 crore
Trifecta, typically, backs ventures that have already raised some amount of institutional capital, preferably from top-tier venture capital funds, while taking into account the nature of the collateral, including physical assets or intellectual property.
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Digital offers a way out for online logistics companies
Post-demonetisation, startups are latching on to the digital to solve truckers' cash woes
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Pay cuts, layoffs: Startup morale under lockdown
Over the past 4 weeks, at least two dozen top companies have fired employees and contract staff.
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Rivigo raises $75 million in Series C funding from Warburg Pincus
The CEO of Rivigo, which competes with the likes of legacy operators such as GATI and Blue Dart, declined to share the specifics of the transaction.
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IntelleGrow looks to strike a century
The venture debt firm, which focuses on service providers enabling financial inclusion, recycling and clean energy , has struck 47 deals in the first six months of the current fiscal.
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With 3 surface transport patents in US, Rivigo takes road less travelled
Despite spending millions on R&D, this is a rare instance of an Indian startup filing for a patent.
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Rivigo adds 100 new cities for part-truck transport to meet festive rush
With this development, Rivigo services will now be available in most state capitals, major cities and industrial centres in the country.
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Unicorns such as Paytm, Ola, Uber keep small firms out with big pay hikes
Among top unicorn firms, including Paytm, Ola, Uber, Byju’s, Swiggy, Dream11 and Rivigo, hiring talent is at a 50% salary hike while younger firms can't go beyond a 25% hike.
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Rivigo raises $30 mn from SAIF Partners, others
Founded in 2014 as TrucksFirst, Rivigo aims to leverage the raised capital to achieve its target of scaling 10 times in the next 12 months, it added
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Rivigo places single largest order for 1200 CVs from Ashok Leyland
The purchase of the 1200 additional vehicles means Rivigo - the fastest growing surface transport company in India - will grow Rivigo's fleet size by 80% to 2700 vehicles in the next 6-7 months.
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Former legal head of Ola joins PE firm Myanmar Strategic Holding as legal head
An alumnus of Campus Law Centre, the University of Delhi from 2001 batch, Sharma had started his career as practising lawyer in the Delhi and later had joined law firms Kesardass B. & Associates and FoxMandal Little for around a decade.
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GST's hidden treasure of $200 billion
The GST will substantially lower the indirect tax incidence over a period of time, which will reduce the costs of manufactured goods.
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SAIF Partners plans to invest in 15 startups in 2020, expands sector focus
This bullishness to back early-stage companies comes in at a time when two of its largest bets Paytm and Rivigo face increased competition .
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CAIT seeks probe into business models of 16 online platforms, e-commerce firms
In a letter to Commerce minister Piyush Goyal dated January 24, the Confederation of All India Traders (CAIT) alleged that the common phenomenon in these companies of incurring huge yearly losses and earning revenues is not a healthy business practice.
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Startups cutting employee costs
Oyo, Ola, Paytm, Quikr, Zomato and Rivigo have handed out pink slips or are likely to.
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Logistics firm Rivigo to treble truck fleet to 3,000 unit, banks on driver relay system
One of the largest company in the logistics industry, driver relay system proven to be good,Chennai to Delhi deliveries in two days unlike eight conventional days.
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Rivigo gearing up to spend $100 million in new fiscal to beat rivals
The startup will be increasing its network of processing centres and trucking pit-stops, while also growing its cold-chain business — Rivigo Green.
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Time for reality check in startups? Firms like UrbanClap, Swiggy, Rivigo hit $100 million mark in just a year
Led by Internet companies, more than 1,000 startups raked in at least Rs 35,000 crore this year, a record for India’s startup ecosystem.
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Venture-debt firm Trifecta Capital Advisors invests Rs 36 crore in three startups
Newly launched venture-debt firm Trifecta Capital Advisors has opened its account, investing Rs 36 crore in three startups a little over two months.
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Here’s why you get your e-commerce, food orders so quickly
Robots, AI & ML help logistics companies beat traffic & bad roads.
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Akiva Superfoods raises $2 million from Alkemi, others
The company’s previous investors include Zomato co-founder Pankaj Chaddah, MindTickle co-founder Mohit Garg, Max Healthcare CEO Rajit Mehta, and OYO New Real Estate CEO Rohit Kapoor.
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Logistics tech startup Blackbuck gets $150m, nears unicorn status
The latest fund raise values the Bengaluru-based Zinka Logistics Solutions, which runs Blackbuck at around $800-850 million.
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BlackBuck’s out to raise $150 m in new round
Latest financing round may value trucking company at around $800-850 million.
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Private equity, venture capital funding up 14% on big-ticket push
Sequoia Capital’s open market stake sale in Ujjivan Financial Services worth $17 million, and SaaS startup Indix’s acquisition by US-based Avalara were a few significant exits.
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It’s hard for women, but many are building fascinating ventures
Women still form a small proportion of the startup ecosystem, but there are signs that the environment is improving for them.
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New investor Sequoia, others deliver Rs 202 cr to logistics firm Blackbuck
Sequoia Capital had closed its sixth India-focussed fund in August at $695 million, making it the biggest venture capital firm in the country.
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DST Global in talks to invest in Swiggy
The investment will see the Bengaluru-based online food delivery startup’s valuation cross the $1-billion threshold.
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CEOs sit with employees to get firsthand insight into their innovations and ideas
At Urban Ladder, cofounder Rajiv Srivatsa’s strategy is to regularly shadow delivery managers and service associates when they are making product deliveries in different cities.
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Faircent.com bolsters its leadership ranks with two key appointments
Prasad has been instrumental in designing and implementing policies, processes, and systems at domain-leading organisations throughout his career.
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CureFit gets $10 m in debt financing
The startup plans to raise more going forward to fund its capital expenditure (capex).
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Diversification is next logistics move for slump-hit B2C firms
Players like Delhivery, Xpress-Bees, and Loadshare have extended their offerings to the B2B segment, currently dominated by the likes of Rivigo and Blackbuck.
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Hold Mahindra Logistics, target price Rs 500: ICICI Direct
Mahindra Logistics’ revenue is expected to grow 24% YoY to Rs 1349 crore, led by strong growth in auto segment and consolidation of numbers from Rivigo B2B division. EBITDA margins are expected to remain rangebound at 5% (due to negative impact from loss making Rivigo B2B acquisition).
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Fight for top talent gets fast & furious in auto space as traditional firms look to hire CXOs to drive EV plans
Amidst a transformative phase, auto companies, both traditional and EV-focused, are competing for senior-level executives. Nearly two-thirds of recent talent moves are within the industry, with EV firms drawing a significant share, reflecting the sector's dynamic evolution and demand for innovative leadership.
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MobiKwik appoints Gaurav Nayyar as VP of engineering, Swati Singh as VP of HR
Currently, the company offers a range of B2B and B2C products and financial services across digital payments, investments, loans, and insurance, among others and has introduced many industry-first offerings.
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Growth stage investor Elev8 Venture Partners raises $67 million
The fund will invest USD 10-15 million each of the money into over 10 tech-enabled but sector-agnostic companies with a valuation of USD 100 million or more.
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Buy Mahindra Logistics, target price Rs 455: Sharekhan by BNP Paribas
Mahindra Logistics, incorporated in the year 2007, is a Mid Cap company (having a market cap of Rs 2641.18 Crore) operating in Logistics sector.
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Stocks in the news: Amara Raja, Voda Idea, Mahindra Logistics, BSE and Embassy Office Parks
Battery firm Amara Raja Batteries has proposed a transaction to integrate the battery plastic component business of Mangal Industries into its fold through a scheme of arrangement.
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2022 Year in Review: Ecommerce sector faces a post-Covid test
From a constant tussle between Flipkart and Amazon for the numero uno spot and new launches fuel the race to delayed IPOs and regulatory concerns forcing the shutting of etailers , ecommerce had an eventful 2022.
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EV financing startup Vidyut Tech raises $4 million in equity and debt funding
Following the funding, Vidyut Tech aims to partner with more EV makers and expand to more geographies. It will also double the headcount of its credit, engineering, and sales teams.
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Improved sector dynamics to support logistics stocks: Three stocks with up to 41% upside potential
Rising demand, e-commerce, policy reforms and improved transportation infra to drive performance.
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Jefferies now covers TCI Express, rates it a buy
The company is debt-free and its strong compounded earnings growth with a high return on equity should drive upside from current levels, said Jefferies. The firm values the stock at 40 times FY24 estimated price to earnings which implies a potential upside of over 30% to the current price.
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ConsCent raises $ 1.75 million in funding round led by Inflection Point Ventures
This is ConsCent's second funding round since it raised a seed capital of Rs 4 crore in August 2020
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Quiet quitting, meet silent sacking
While smaller companies such as Better.com have announced mass layoffs with alarming regularity, tech giants such as Meta and Google have been more subtle – or underhanded, depending on your point of view – with their staff-cutting. For one, they have studiously avoided using the L-word.
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Indian unicorn founders band together to launch Bharat Founders Fund
BFF, which has already made 20 investments till date, will typically invest $100,000 to $200,000 on an average in various early-stage startups and companies which are still at the idea stage.
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LetsTransport appoints Flipkart’s Parijat Rathore as CTO
This appointment will further strengthen the firm’s core engineering and product teams with the aim to offer seamless user experience to its customers on the platform. The startup also plans to hire 50+ people in engineering, data, product and design in the next 6-8 months.