Indian consumer group Patanjali, co-founded by a well-known yoga guru, said on Friday it plans to list four group companies and increase group turnover to $12.5 billion in the next five to seven years. The producer of affordable, domestic-made goods is taking on bigger rivals such as Unilever and Procter & Gamble with plans to list… Continue reading Indian consumer giant Patanjali plans to list four firms
Category: Tech News
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Warburg eyes 30% stake in Indian shadow lender Vistaar for $150m
New York-based private equity firm Warburg Pincus LLC is in talks to invest around $150 million in Indian small-business lender Vistaar Finance, two sources familiar with the matter told Reuters, marking its latest bet in a booming lending market. Warburg‘s discussions with Vistaar are for a 30% stake in the shadow lender, the two sources said. Deal talks are at an advanced stage and will value Vistaar at roughly $450 million, said one of… Continue reading Warburg eyes 30% stake in Indian shadow lender Vistaar for $150m
Uber says it’s investigating a ‘cybersecurity incident’
Uber was hacked, and it had to take its internal messaging service and engineering systems offline to investigate the incident, according to The New York Times. Sources who talked to the publication said employees were instructed not to go on Slack, where the bad actor had posted a message that read “I announce I am… Continue reading Uber says it’s investigating a ‘cybersecurity incident’
Evergrande’s unit starts mass production of its first EV modelEvergrande will start mass production of its second EV model in the first half of 2023.
China Evergrande Group said its electric vehicle (EV)unit started mass production on Friday of the Hengchi 5 model at a plant in the northern city of Tianjin. Delivery of the first electric car model unveiled last year by China Evergrande New Energy Vehicle Group Ltd will start in October, Evergrande Group said in a statement. Evergrande will start mass production of its… Continue reading Evergrande’s unit starts mass production of its first EV modelEvergrande will start mass production of its second EV model in the first half of 2023.
Adobe suffers market rout after $20b bid to buy cloud-based designer platform Figma
Adobe Inc agreed on Thursday to acquire cloud-based designer platform Figma for $20 billion, sparking investor concerns about the rich price tag that led to a drop of more than $30 billion in the market value of the Photoshop maker. The cash-and-stock deal, the biggest buyout of a privately-owned software startup, will give Adobe ownership of a company… Continue reading Adobe suffers market rout after $20b bid to buy cloud-based designer platform Figma
India Digest: upGrad buys Centum Learning; DotPe raises $55m from Temasek
Edtech unicorn upGrad has acquired corporate training solutions company Centum Learning while Google-backed e-commerce enablement platform Dotpe has raised $55 million in a new funding round led by Temasek. upGrad buys corporate training startup Ronnie Screwvala’s edtech unicorn upGrad said it has acquired corporate training solutions company Centum Learning, a unit of Bharti Enterprises Ltd,… Continue reading India Digest: upGrad buys Centum Learning; DotPe raises $55m from Temasek
US SEC’s crypto guidelines for banks push up costs, disrupt projects
Banks’ cryptocurrency projects have been upended by US Securities and Exchange Commission (SEC) accounting guidance that would make it too capital-intensive for lenders to hold crypto tokens on behalf of clients, according to more than half a dozen people with knowledge of the matter. A slew of lenders including U.S. Bancorp, Goldman Sachs Group Inc, JPMorgan Chase &… Continue reading US SEC’s crypto guidelines for banks push up costs, disrupt projects
GM is investing half a billion to upgrade Indiana factory to support EV production
As part of GM’s plans to provide ‘EVs for everyone,’ the automaker says it will be upgrading its Marion, Indiana, assembly plant. General Motors will invest $491 million to prepare the facility for the automaker’s transition to electric with new stamping capabilities. GM’s Marion Metal Center in Indiana opened its doors in 1956, producing sheet… Continue reading GM is investing half a billion to upgrade Indiana factory to support EV production
Tesla weighs reset for China retail strategy even as sales boomTesla is looking to ramp up the hiring of technicians and other staff for service jobs …
Tesla is reevaluating the way it sells electric cars in China, its second-largest market, and considering closing some showrooms in flashy malls in cities like Beijing where traffic plunged during COVID restrictions, two people with knowledge of the plans said. The shift would put more emphasis on stores in less-costly suburban locations that can also provide… Continue reading Tesla weighs reset for China retail strategy even as sales boomTesla is looking to ramp up the hiring of technicians and other staff for service jobs …
Clean Technica: Thoughts On Class Action Lawsuit Against Tesla Regarding Autopilot and Full Self-Driving Capability (“FSD”) — From A Buyer 002247
It has happened, a class action lawsuit has been filed regarding Tesla Autopilot, Enhanced Autopilot, and Full Self-Driving Capability. The people suing argue that Tesla misled them with deceptive marketing that made the Tesla buyers think their cars would be better able to drive themselves. “The lawsuit was filed in the Northern District of California,… Continue reading Clean Technica: Thoughts On Class Action Lawsuit Against Tesla Regarding Autopilot and Full Self-Driving Capability (“FSD”) — From A Buyer 002247