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- A + A KUALA LUMPUR (June 23): The Attorney-General’s Chambers (AGC) has filed a notice of appeal to reverse the High Court's decision in acquitting Samirah Muzaffar and two teenagers from the charge of murdering Cradle Fund chief executive officer (CEO) Nazrin Hassan. Attorney-General Tan Sri Idrus Harun when contacted confirmed the matter. “We are appealing against the decision of the High Court,” he told Bernama via WhatsApp. Meanwhile, Deputy Public Prosecutor Tengku Intan Suraya Tengku Ismail said the notice of appeal was filed on Wednesday (June 22) through e-filing. The prosecution had 14 days to file a notice of appeal to have the Court of Appeal overturn the High Court’s verdict. On Tuesday, Shah Alam High Court Judge Datuk Ab Karim Ab Rahman freed Samirah, 47, and two teenagers, now aged 19 and 16, from the charge of murdering Nazrin, 45, after finding that the prosecution had failed to establish a prima facie case at the end of the prosecution's … [Read more...] about AGC files appeal over Cradle Fund CEO’s murder verdict

Naveen Tewari, Chief Executive Officer of InMobi. Image Credit: Tech in Asia. About 25 to 40 percent of Indian unicorns will struggle to survive during the current bust cycle and will eventually shut down owing to foolish business models and negative unit economics, according to Naveen Tewari, Chief Executive Officer (CEO) of InMobi. “You will see probably 25 percent to 40 percent of the existing unicorns will just go away in this phase,” said Tewari in a recent episode of Bits to Billions . According to Tewari, a major issue with several Indian unicorns is they have foolish business models. He said, “You cannot have a business model saying I want to give you something worth 100 rupees for 80 rupees, please come and get it. Oh, I just built a billion-dollar business. That's not how it works.” Also Read: InMobi's Glance aims to cross one billion users in 2-3 years, says CEO Naveen Tewari Tewari believes such unicorns might become zombie unicorns and eventually shut … [Read more...] about 25-40% unicorns won’t survive due to foolish models, negative unit economics: InMobi CEO Naveen Tewari

Byju's founder Byju Raveendran Edtech firm Byju’s on Friday said it has raised $800 million (about Rs 6,000 crore) in a funding round led by its founder and CEO Byju Raveendran, contributing half of the total amount. Sumeru Ventures, Vitruvian Partners and BlackRock also participated in the funding round. The company has raised fresh funds at an enterprise value of $22 billion, which has increased by about 22 per cent from the last disclosed valuation of $18 billion. The investment comes at a time when the company is gearing to come up with its initial public offer in the next 9-12 months. "Byju Raveendran, Founder and CEO of Byju’s, is also part of this fund-raise and has made a personal investment of $400 million,” the company said in a statement. Close With this investment, Raveendran’s stake in the company will increase to 25 per cent from 23 per cent earlier. "We continue to witness accelerated growth in India and international markets through both … [Read more...] about Byju’s raises $800 million in funding led by founder Raveendran

It is Alakh Pandey’s love for teaching that evolved into a successful enterprise. Edtech startup PhysicaWallah has raised $100 million in Series A Funding, becoming a part of the list of unicorns in India. The company and its CEO Alakh Pandey have had quite a journey. It is Alakh Pandey ’s love for teaching that evolved into a successful enterprise. When he was in school himself, Pandey start tutoring younger students to support his family amid financial difficulties, Twitter user Shreyans Singh, who frequently tweets about startups, wrote in a thread on June 8. Pandey, who hails from Prayagraj in Uttar Pradesh, dropped out of college in his third year to teach physics at an institute in Kanpur. A college dropout from Allahabad built a profitable unicorn startup: Physics Wallah. This is the amazing story of Alakh Pandey pic.twitter.com/H3iagIoC46 — Shreyans Singh (@shreyans512) June 8, 2022 Close The students there loved how he taught. The head … [Read more...] about From college dropout to leading unicorn startup: PhysicsWallah CEO Alakh Pandey’s success story

Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × The surprise appointment of R Subramaniakumar as the managing director and chief executive officer of RBL Bank earlier this month left investors of the private bank flummoxed and the stock subsequently fell over 20 percent. The bank’s key investors are likely to approve the appointment, which was approved by the Reserve Bank of India, in the interests of stabilising the private lender, people familiar with the matter said. The investors are also said to be seeking a presence on the bank’s board. While rejection of a bank MD and CEO approved by the regulator is rare and could lead to a management crisis, there has been at least one such instance in the recent past. Shareholders of Thrissur-based Dhanlaxmi Bank ousted MD and CEO Sunil Gurbaxani at its annual general meeting on September … [Read more...] about MC Exclusive | RBL Bank investors likely to approve new CEO, seek board nominee: Sources

Ankiti Bose (Image: @ankitibose/Instagram) Singapore's B2B ecommerce startup Zilingo has sacked CEO Ankiti Bose in the wake of her suspension. Confirming the termination on grounds of "insubordination" among other thing, Bose took to Instagram to say this came after 51 day suspension on the basis of an anonymous whistle-blower complaint: "I was suspended on the basis that the company had instructed Kroll to investigate the complaint. I have neither seen the Kroll nor Deloitte reports and not been given sufficient time to produce any documents requested by them." Vowing to hit back against the "witch hunt", she added on Instagram: "Any report that comes out post my termination would be vitiated as it seems to be instructed by conflicted parties and we will pursue our rights against this witch-hunt to the full extent of the law. I will be speaking on record shortly with more details about the conflicts of interest in the manner this process was run." Zilingo, backed by … [Read more...] about Singapore’s B2B ecommerce startup Zilingo fires Ankiti Bose after suspension as ex-CEO vows to fight back against ‘witch hunt’

R Subramaniakumar, new RBL Bank chief (File image) R Subramaniakumar, a veteran banker with over four decades of experience, was on June 11 announced as the new managing director and chief executive officer of RBL Bank. The board of directors has confirmed his appointment as the MD and CEO of the bank for a "period of three years", the private lender informed the stock exchanges. The announcement came nearly six months after RBL's long-term head Vishwavir Ahuja stepped down , and the bank had to appoint Rajeev Ahuja at the helm for an interim period. Who is R Subramaniakumar? As a banker, Subramaniakumar began his career more than 40 years ago, in 1980, with the state-run Punjab National Bank (PNB). Close His tenure with the PNB lasted for 35 years, and he was eventually elevated as the bank's general manager -- a position he held for three years between 2013 and 2016. Subramaniakumar joined the Indian Overseas Bank in October 2016 as its MD and CEO … [Read more...] about Who is R Subramaniakumar, the new MD & CEO of RBL Bank?

Tunku Alizakri Alias (Photo by Patrick Goh/The Edge) - A + A KUALA LUMPUR (June 23): Companies should consider setting up a sustainable unit or department to help them better understand the elements of the sustainable and responsible investment (SRI) and environmental, social and governance (ESG). Malaysia Venture Capital Management Bhd chairman Tunku Alizakri Alias has said creating driven leaders and talent is essential to creating goals for the organisation and in identifying sustainable metrics. "The younger generation are driven by solutions, and by giving them a purpose, which links back to profits [which] do not harm the planet and also the people, we will see the impact in our children's time," he said at the SRI Virtual Conference 2022 titled "Preserving the Climate through Sustainable Business and Living" on Thursday. Tunku Alizakri, who is former Employees Provident Fund (EPF) chief executive officer (CEO), said a meaningful key performance … [Read more...] about Ex-EPF CEO: Businesses should consider setting up sustainable unit

YES Bank is in the process to form the proposed asset reconstruction company (ARC) and transfer its entire pool of gross non-performing assets (GNPA) amounting to Rs 27,976 crore to the ARC by June 30, the bank’s Managing Director and Chief Executive Officer Prashant Kumar told reporters in a post-earnings press conference. The private bank on April 30 reported its January-March net profit at Rs 367 crore as against a loss of Rs 3,788 crore in the same period last year. This was led by lower provisions, higher net interest income and an improvement in asset quality. “We would be expecting that in next financial year (FY23), we would be able to have slippages within 2 percent. Our recoveries and upgrades would outnumber credit cost on account of lower slippage or ageing of NPAs and this we have been able to demonstrate in the last two financial years also,” Kumar said. Giving more guidance on advances growth for the present fiscal, Kumar said YES Bank will achieve an overall … [Read more...] about YES Bank to set up ARC by June, raise capital as buffer against uncertainties in FY23, says CEO Prashant Kumar

Share to Twitter Share to Linkedin B luesheets, a two-year-old Singapore startup that uses AI-powered software to integrate financial data, has big plans for international expansion. The startup last week announced it raised $4 million in pre-Series A funding to accelerate its growth. The round was led by by Insignia Ventures Partners, a Singapore-based VC firm whose other investments include Indonesian tech giant GoTo Group, Singapore-based used-car unicorn Carro and software company Appier , which last year became Taiwan’s first listed unicorn. It also included existing investors 1982 Ventures, Antler, Kistefos AS and Plug and Play APAC. Bluesheets will use much of its newly raised capital to expand into new markets and “double down in international markets where we have a presence,” says cofounder and COO Clare Leighton. Some of the capital will go toward hiring, especially engineers, she adds. The company now employs 34 people and plans to add … [Read more...] about Singapore Financial Data Startup To Double Down On Global Expansion After Insignia-Led Funding Round