SALES EMPLOYEE
Ather Energy's Rs 2,981 cr IPO sees 1.43 times subscription on final day
The qualified institutional buyers' (QIBs) portion of the electric two-wheeler company's issue was subscribed 1.7 times, while the non-institutional investors' (NIIs) or high-net-worth individuals' portion and the retail investors' portion were subscribed 0.66 times and 1.78 times, respectively. The employee reserved portion was subscribed 5.43 times.
From high-profile cuts to federal layoffs: Elon Musk and DOGE's work in 100 days in Trump admin explained
Much like the Trump administration, the Department of Government Efficiency, or DOGE, has shaken up the political world in its first 100 days. The department has made cuts to various government agencies, which followed Trump’s promises during his presidential campaign. DOGE says it has saved an estimated $160 billion but critics say savings are much less than claimed.
Ather Energy IPO fully subscribed on Day 3 led by QIB, retail demand
Qualified institutional buyers placed bids 1.35 times the portion reserved for them as of 1:45 pm. The retail portion was oversubscribed 1.48 times, while the non-institutional investors had subscribed only 35% of the shares reserved for them. The employee portion was oversubscribed 4.32 times. Overall, the issue was subscribed 1.1 times.
Japan's Rakuten to invest at least $100 million in India, increase hiring, top executive says
Rakuten plans a significant expansion in India, investing at least $100 million and increasing its workforce by 8% to bolster its global operations. The internet conglomerate is leveraging AI to improve efficiency across various sectors, including fintech and e-commerce.
Operating efficiency, customer adoption lift Freshworks Q1 revenue 19%; net loss narrows sharply
Freshworks reported a strong March quarter, with revenue increasing by 19% to $196.3 million and a significantly narrowed net loss. The company's growth was driven by increased customer adoption and operating efficiency, with a focus on AI-powered solutions. Freshworks anticipates continued growth in Q2 and for the full year, projecting revenue between $815.3 million and $824.3 million.
JSW MG Motors sets in motion up to $350 million fund raise from PE investors
JSW MG Motor India plans to secure $300-350 million for expansion. The funds will support new models and increased capacity. This follows a financial turnaround and the success of the Windsor EV. JSW MG aims for EVs to constitute 65% of sales by 2025. The company will introduce five new models this year.
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Urban Company founders sell Rs 780 crore worth of shares through multiple pre-IPO secondary deals
Founders used a portion of the Rs 780 crore raised through secondary share sales to fully pay for shares allotted to them in a 2019 rights issue. These shares were initially issued on a partly paid-up basis and required full payment ahead of the IPO.
Tata Group-owned Trent's adjusted Q4 profit doubles on firm sales, margins
Trent’s Q4 adjusted profit more than doubled to Rs 3.18 billion, driven by strong sales, improved margins, and Gen-Z-focused fashion. Revenue rose 28%, and over 200 new Zudio stores fueled growth. Its stock surged, reflecting sustained momentum and outperformance versus domestic rivals.
Foxconn India revenue rises to over $20 billion, employee count up at around 80,000
Foxconn more than doubled its India revenue to over $20 billion in FY 2024-25, driven by iPhone production. Its workforce grew 65% to 80,000. The firm is expanding with major investments in manufacturing, AirPods, and semiconductors, anticipating continued rapid growth.
Airport lounge player Travel Food Services gets Sebi nod for Rs 2,000 crore IPO
Travel Food Services, a major player in India's airport food and lounge sector, has received SEBI's approval for a Rs 2,000 crore IPO. The offering, entirely an offer for sale by the Kapur Family Trust, aims to capitalise on India's growing air traffic. TFS operates across major Indian airports and Malaysia, showcasing strong revenue and profit growth in FY24.
Nissan cuts non-core operations to manage costs
Nissan Motor India is further streamlining operations by cutting non-core functions at RNTBCI, transferring employees to Accenture and Genpact. This move follows the sale of its stake in RNAIPL and aims to improve competitiveness through cost management.
Trump's tariffs put China's ecommerce superpowers to the test
Chinese small-business owners are facing immense challenges due to US tariffs, but they remain resilient. Alibaba is offering support and guidance to navigate the changing landscape, while entrepreneurs explore alternative markets and personalised products. Despite concerns about reduced revenue and domestic competition, their determination to adapt and persevere fuels their confidence in the face of economic uncertainty.
Urban Company files DRHP for Rs 1,900-crore IPO
Urban Company, which provides mobile app-based beauty and home care services, will raise up to Rs 429 crore by selling new shares, while existing investors plan to offload stock worth Rs 1,471 crore.
Urban Company set to file DRHP for Rs 2,000-crore IPO
Urban Company, backed by Accel, is set to file its DRHP for a Rs 2,000-crore IPO, comprising a fresh issue of Rs 500 crore and a Rs 1,500 crore secondary share sale. Founders won't participate in the offer for sale portion of the IPO. The company, which has seen pre-IPO secondary rounds at a $1.8 billion.
Ather Energy’s IPO sees 16% subscription on first day
On offer are 53 million shares. Per BSE data, bids were placed for 8.6 million shares on the opening day. The retail portion was subscribed 0.63 times, the NII portion 0.16 times, while QIBs placed bids for just 5,060 shares on the first day, compared to 28.9 million shares set aside for the segment. The one lakh shares reserved for employees attracted 1.78 times subscription.
Trump's tariffs stir economic uncertainty: Is a 2025 recession on the horizon for the U.S?
Tariffs imposed by US President, Donald Trump, have created economic uncertainty. Economists are divided on whether a recession will occur in 2025. Some rely on real-time data, while others trust consumer sentiment. Key indicators like jobless claims and retail sales offer mixed signals. The stock market's decline raises concerns. Tariffs are expected to impact consumer purchasing power later this year.
How much do DOGE staffers really earn? Reports suggest their salaries far exceed Elon Musk’s 'zero compensation' claim
Despite Elon Musk's claims of working for free, his Department of Government Efficiency (DOGE) staff is reportedly earning six-figure salaries, funded by taxpayers. While Musk’s team boasts $160 billion in savings, a nonpartisan analysis reveals that his reforms have cost taxpayers $135 billion due to staff layoffs, rehires, and lost productivity. The controversy continues to grow.
Hotel, restaurant bodies challenge Delhi HC order on service charge
Restaurant and hotel associations in India have challenged a Delhi High Court order prohibiting mandatory service charges. The NRAI argues the charge is transparent, legal, and ensures fair tip distribution. While the court ruling impacts consumer bills, restaurants are considering price hikes to mitigate potential negative financial effects on staff earnings.
Zepto founders’ debt; Rapido’s food delivery ride
Happy Monday! Zepto founders are raising funds through structured debt ahead of the company’s IPO. This and more in today’s ETtech Morning Dispatch.
Is your promotion a trap? The Peter Principle reveals how employees can rise to a level of incompetence and identity crisis
The Peter Principle asserts that employees are often promoted to their level of incompetence, where their skills no longer align with new responsibilities. This phenomenon leads to inefficiencies and identity crises, as individuals struggle in roles they are unprepared for. Addressing this requires promoting based on leadership potential, not just past success, and providing adequate training.
Cybersecurity firm Kaspersky bets big on India as key growth market
Kaspersky is strengthening its presence in India, tripling its workforce and expanding research capabilities to support the country’s growing cybersecurity needs. With a focus on collaboration, innovation, and local talent development, the firm sees India as a key hub for digital security and aims to help build long-term cyber resilience.
Ather Energy raises Rs 1,340 crore from 36 anchor investors ahead of IPO
The Bengaluru-based electric two-wheeler maker allocated 41.7 million equity shares to 36 anchor investors at Rs 321 apiece, including a share premium of Rs 320 per share. SBI, Custody Bank of Japan, Aditya Birla Sun Life Insurance, Abu Dhabi Investment Authority, Invesco, Franklin Templeton, ICICI Prudential, Morgan Stanley, and Societe Generale, among others, participated in the anchor round.
Elon Musk’s DOGE claimed to have saved $160 billion, but it may have cost Americans atleast $135 billion
Elon Musk's Department of Government Efficiency (DOGE) claims significant savings, but a new report suggests its policies could cost taxpayers billions due to unintended consequences like paid leave and rehiring terminated employees. Productivity declines and lost tax revenue further offset any direct savings, raising questions about the initiative's overall effectiveness and Musk's future role.
Cars24 lays off 200 employees, to tighten hiring plans
Cars24 cofounder and CEO Vikram Chopra said in an internal note to employees that no further layoffs were expected, calling the move a “specific, intentional reset, not the beginning of a rolling plan”. However, he added that the company would take a far more rigorous approach to hiring going forward.
Samsung to invest $117 million in southern Indian facility, minister says
Samsung Electronics will invest ?10 billion ($117 million) in its southern India plant despite recent labor unrest. Following strikes and protests over suspensions and wage demands, the move signals continued confidence in Tamil Nadu’s workforce, with plans to add 100 jobs at the facility.
Samsung to invest $117 million in Chennai facility, minister says
Samsung Electronics will invest 10 billion rupees in its southern India facility, despite recent labor disputes including strikes over wages and union recognition. The investment, announced by Tamil Nadu's minister for industries, aims to add 100 jobs and demonstrates confidence in the state's workforce. The factory currently employs over 2,000 people and produces a significant portion of Samsung's India sales.
Intel forecast falls short of estimates, fanning tariff worries
Intel forecast weaker-than-expected second-quarter revenue, unsettling investors during new CEO Lip-Bu Tan's debut. Ongoing Sino-US trade tensions and tariff uncertainty are impacting sales, while Tan plans cost-cutting, layoffs, and reduced bureaucracy. Despite a flat first-quarter revenue of $12.67 billion, future outlook remains cautious amid fierce competition and restructuring efforts.
Ather’s Esop bonanza; Startups face tax heat
Ather Energy’s upcoming IPO is set to unlock wealth for more than 1,300 employees. This and more in today’s ETtech Top 5.
Ather Energy’s IPO to unlock Rs 530 crore for employees through Esops
The IPO will create over Rs 500 crore in wealth for employees via Esops. Listing is set for 6 May. Early investors like Tiger Global and GIC are set for significant returns. In FY24, Ather’s revenue rose 28% on year to Rs 1,578.9 crore, while losses narrowed by over 25% to Rs 577.9 crore.
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