🔎 Musk Critiques India's UNSC Absence, 💸 Sony Cancels Zee Merger, 📉 Byju's Financial Struggles.

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Welcome to your daily dose of NextBigWhat News! Major headlines include Elon Musk's critique of India's UNSC absence, Sony's cancellation of a $10 billion Zee merger, and Byju's financial woes. 📰 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( Elon Musk criticizes India’s absence from UNSC, calls for reform 🇮🇳 IndiaTech - Tesla CEO Elon Musk labels India’s lack of a permanent seat in the United Nations Security Council (UNSC) as ‘absurd’, echoing concerns raised by UN secretary-general António Guterres about the absence of any African nation. - Venture capitalist Michael Eisenberg suggests the dismantling of the UN and the creation of a new organization with stronger leadership. - Despite India’s efforts for a permanent membership, its attempts have been blocked by China due to ongoing animosity between the two nations. Groww app users express frustration after trading glitch 🇮🇳 IndiaTech - Financial services app ‘Groww’ experienced a trading glitch, causing panic among users. - Despite Groww’s clarification and resolution of the issue, users expressed their dissatisfaction and concerns about potential losses on social media. - Groww, which surpassed Zerodha last year to become India’s largest broker, had 66.28 lakh active investors at the end of September. Transform your 2024 : Build winning habits ! [NBW Newsletter Ad]( 50% Launch Discount ! Win your 2024 🚀 "We are what we repeatedly do." Reset and Build Better Habits for 2024​! 21-days email based course, No app to download 😎 [Enroll 👊]( Ferns N Petals reports Rs 607 Cr revenue in FY23, suffers significant losses 🇮🇳 IndiaTech - Ferns N Petals, a gifting platform, reported a modest 4.8% increase in income in FY23, but incurred heavy losses nearing Rs 110 crore. - The company’s revenue from operations rose to Rs 607 crore in FY23 from Rs 579 crore in FY22, with the majority of income coming from selling cakes, flowers, and customized gifting solutions. - Despite the revenue increase, a 25% surge in total expenditure pushed the company into losses, with Ferns N Petals posting a Rs 109 crore loss in FY23 compared to a Rs 10 crore profit in FY22. Byju’s plans to raise funds at a significant discount, reducing valuation to under $2 billion 🇮🇳 IndiaTech - Byju’s, an Indian education provider, is seeking over $100 million from existing investors through a fresh share issuance, valuing the firm at less than $2 billion. - The funds will be used to pay off vendors and stabilize the business, which has been facing financial difficulties for several months. - Post share sale, the company plans to focus on rebuilding its core business and explore generative AI for hyper-personalized learning. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( Byju’s reports net loss of Rs 8,245 cr in FY22 despite revenue surge 🇮🇳 IndiaTech - Edtech firm Byju’s disclosed a net loss of Rs 8,245 crore in FY22, despite a 118% increase in revenue to Rs 5,298 crore. - The company’s valuation fell sharply, with BlackRock reducing its valuation to $1 billion, down from a peak of $22 billion. - Despite financial challenges, Byju’s core business operations reported a 2.3 times growth in revenue and the company is seeking $100 million in funding at a valuation under $2 billion. Sony cancels $10 billion Zee merger, demands $90 million termination fee 🇮🇳 IndiaTech - Sony Group Corporation has terminated its proposed $10 billion merger with Zee Entertainment Enterprises Ltd (ZEEL), seeking a $90 million termination fee due to alleged breaches by ZEEL. - ZEEL has refuted these claims and plans to take legal action and contest Culver Max and BEPL’s claims in arbitration proceedings. - The merger’s cancellation comes after disputes about leadership and a delay in the merger, with ZEEL seeking a deadline extension that was not agreed upon by the January 21 deadline. Gautam Adani pledges to sponsor 14 PhDs in Indology following Ram Mandir ceremony 🇮🇳 IndiaTech - Gautam Adani, post the Ram Mandir ceremony, announced his company’s initiative to sponsor 14 PhDs in Indology. - Adani believes this will promote the study of Indian culture, languages, and literature, giving global recognition to India’s soft power. - The announcement was made on X (formerly Twitter) during the consecration of Ayodhya Ram Temple, attended by Prime Minister Narendra Modi and other dignitaries. Starbucks and Tata joint venture plans to expand to 1,000 stores in India by 2028 🇮🇳 IndiaTech - Tata Starbucks aims to open a new store every three days, targeting tier-2 and tier-3 cities. - The expansion plan includes doubling its workforce to 8,600 employees and increasing its presence in drive-thrus, airports, and 24-hour stores. - The company also plans to empower women by providing vocational skills training for those seeking careers in the F&B retail industries. Regulatory authority issues guidelines to curb misleading ads by IAS coaching institutes 🇮🇳 IndiaTech - The Central Consumer Protection Authority (CCPA) has drafted guidelines to prevent misleading advertisements by IAS coaching institutes. - The guidelines prohibit institutes from making false claims about success rates or selection numbers, and require them to provide detailed information about successful candidates. - The CCPA has previously issued notices to 31 institutes for misleading ads and imposed fines on 9 of them. World Bank predicts India to retain fastest-growing major economy status despite slowdown 🇮🇳 IndiaTech - The World Bank forecasts India’s growth at 6.4% in FY25 and 6.5% in FY26, supported by robust public investment and improved corporate balance sheets. - India’s own forecast for the fiscal year ending in March is a 7.3% growth, the highest among major global economies. - The World Bank warns of potential risks from extreme weather events and elections, and highlights the need for policies to reduce uncertainty and strengthen growth potential. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](