PB Fintech turns profitable in Q3
Online insurance aggregator PB Fintech, the parent company of Policybazaar, reported a profit after tax of Rs 37 crore for the third quarter, driven by robust growth in insurance premium and improved contributing margins. In the preceding September quarter, PB Fintech had reported a loss of Rs 21.1 crore. However, in Q3FY23, the company reported a loss of Rs 87.6 crore. Operating revenue for Q3FY24 increased by 43 percent to Rs 871 crore.
Fidelity further marks down Meesho's valuation to $3.5 billion
Global investment firm Fidelity has marked down the value of its holding in social commerce platform Meesho to $3.5 billion. This follows a recent valuation cut from $5 billion to $4.1 billion. The decrease is attributed to the increase in outstanding shares, particularly due to the expansion of the Employee Stock Ownership Plan (ESOP) pool.
iRobot to lay off 350 employees after Amazon terminates acquisition deal
Consumer robot maker iRobot announced layoffs of nearly 350 employees, approximately 31% of its workforce, after the $1.7 billion Amazon-iRobot deal was mutually terminated over regulatory hurdles. Founder and CEO Colin Angle is also expected to step down. iRobot anticipates recording restructuring charges of $12 million to $13 million over the first two quarters of 2024.
Neuralink implants brain tech in human patient for the first time
Elon Musk's neurotech startup Neuralink successfully implanted its device in a human for the first time, with the patient reported to be recovering well. Neuralink aims to develop a brain implant to assist patients with severe paralysis in controlling external technologies using neural signals.
Nvidia makes investment in chatbot builder Kore.ai
Kore.ai, a company developing enterprise-focused conversational AI and GenAI products, has raised $150 million in a funding round led by FTV Capital, Nvidia, Vistara Growth, Sweetwater PE, NextEquity, Nicola, and Beedie. The funds will be used to develop more virtual assistants for global brands.
The Big Book Box raises undisclosed capital
Literary subscription services provider The Big Book Box has raised fresh funding from an undisclosed investor. The funds will support the company's expansion plans, enhance user experience through technological advancements, and connect with more book lovers globally.
Arzooo secures capital in an extended Series B funding round
Digital inventory platform Arzooo has secured an undisclosed amount in its extended Series B funding round from existing investors, including Japan-based SBI Holdings, Trifecta Leaders Fund, Celesta Capital, and 3 Lines VC. The funds will be used to strengthen technological infrastructure and deepen focus on the consumer durable market in India.
Budget 2024 to have new subsidy for the electric vehicle industry
Union Finance Minister Nirmala Sitharaman is expected to announce a support package of ₹12,500 crore for electric mobility players in the interim Budget 2024. The new outlay under FAME III, with a tenure of two years, is likely to include subsidies for electric two-wheelers, three-wheelers, buses, cars, and charging infrastructure. Trucks and tractors may also be considered in the scheme this time.
The Circle FC selects 10 startups for the water-tech accelerator program
The Circle: Founders Club (The Circle FC) has commenced 'The Water Challenge' accelerator program in collaboration with the Embassy of Israel and IDE Technologies. The 12-week intensive acceleration journey aims to empower 10 innovative water-tech companies addressing critical water issues in India, selected through a rigorous application and interview process.
(Edited by : Anand Singha)
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