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☆ Tiger Global-backed Productboard conducts third round of layoffs in two years, sources say
▼ + stars: | 2024-01-26 | by ( Tasmin Lockwood | Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. Now, Productboard has begun another round of layoffs, the scale of which is unknown as yet, the former staffers said. Startups and Big Tech companies alike have slashed their wage bills as the high-interest rate environment encourages businesses to prioritize sustainability over growth. AdvertisementIn January alone, 76 tech companies have laid off 21,370 employees, according to tracker site Layoffs.fyi.

Persons: —, Productboard, Daniel Hejl, Hubert Palan, Kleiner Perkins, Palan, Productboard's headcount Organizations: Service, Business, Tiger Global, Dragoneer, Microsoft, Volkswagen, Sequoia, Bessemer Venture Partners, Index Ventures, Big Tech, Bloomberg, LinkedIn Locations: San Francisco, Czech Republic, Silicon Valley, Sequoia Capital, Productboard

☆ Lone Pine, Steve Mandel's $15 billion hedge fund, bounced back in 2023 following clients pulling out billions
▼ + stars: | 2024-01-10 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Despite billions leaving the firm, Lone Pine Capital ended strong last year. The manager was down 38% and 42% in its hedge fund and long-only strategy, respectively, last year. Bloomberg reported in August that clients had pulled roughly $3 billion out of the firm in the 12 months leading up to July 2023. The firm's strong 2023 performance bested the average hedge fund, which returned less than 8%, according to Hedge Fund Research. Still, the flagship hedge fund strategy trailed the S&P 500, fellow Tiger Cubs like Tiger Global and Coatue, and other tech investors like Whale Rock and Light Street.

Persons: Cub, Steve Mandel, Pine, Mala Gaonkar's, Peers Organizations: Lone, Lone Pine Capital, Business, Bloomberg, Fund Research, Viking, D1 Capital, Tiger Cubs, Tiger, Nasdaq Locations: Lone Pine, Cypress, Greenwich

OpenAI's tender offer, which would allow employees to sell shares in the start-up to outside investors, remains on track despite the leadership tumult and board shuffle, two people familiar with the matter told CNBC. The round and previously reported valuation were jeopardized by Sam Altman's temporary ouster earlier in November, but his return cleared the way for the tender offer to proceed. The extension of the tender offer comes after a rollercoaster couple of weeks for the company. OpenAI's other major backers include Founders Fund, Sequoia Capital and, following the completion of the tender offer, Thrive Capital. Founders Fund will not participate in the tender offer either, a person familiar with the firm said.

Persons: Sam Altman, Josh Kushner's, Sam Altman's, Altman, Satya Nadella, Greg Brockman, OpenAI, Bret Taylor, Larry Summers, Adam D'Angelo, Nadella, — CNBC's Ari Levy, Jordan Novet, Elon Musk Organizations: Economic Cooperation, APEC, CNBC, Microsoft, Employees, Brockman's, Tiger Global, Fund, Sequoia Capital, Bloomberg Locations: Asia, San Francisco , California, OpenAI

☆ The cofounder of Allbirds has some advice for startups looking to IPO: make money ahead of going public
▼ + stars: | 2023-11-30 | by ( Melia Russell | ) www.businessinsider.com time to read: +5 min

Allbirds was one of the last startups to go public in 2021's IPO biltz. "You need to be a great company, you need to be profitable," says Allbirds cofounder Tim Brown. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Going public before turning profitable is a thing of the past, according to Allbirds cofounder and chief innovation officer Tim Brown. "You need to be a great company, you need to be profitable," he told Business Insider.

Persons: Allbirds, Tim Brown, —, Klaviyo, Lerer, confidentially, PwC, Spencer Platt, Champagne, Brown, Joanna Glasner, Didi, Rivian Organizations: Service, Time Magazine, Maveron, Tiger Global, Casper Locations: Instacart, Silicon, Americas, Allbirds, Ukraine

☆ Scott Shleifer steered billions into startups for Tiger Global. With his reign now over, the industry wonders what's next.
▼ + stars: | 2023-11-29 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +6 min

Few investors are more emblematic of the no-interest-rate private market frenzy than billionaire Scott Shleifer. Tiger's venture approach in 2020 and 2021 — constantly described as unsustainable by rivals — included maneuvers such as offering start-ups more money than they were asking and emailing founders term sheets after a single meeting. Shleifer's reputation and personal wealth grew with Tiger's venture success. As Tiger was fundraising late last year, investors learned of a $10 million settlement Tiger Global made to a former female employee. At least one Tiger investor was surprised to hear about it from Coleman and not Shleifer himself.

Persons: Scott Shleifer, —, Chase Coleman, Donald Trump's, Michael Gross, Tiger, Bain, John Curtius, Shleifer, Eric Lane, Evan Feinberg, Griffin Schroeder, Coleman, Sarah Samuels, Samuels, Scott, OpenAI's, Sam Altman's, Altman, Paul Graham Organizations: longtime Tiger Global, Business, Tiger, Walmart, The, Washington Post Locations: Florida, India, Flipkart, New York

Jack Guez | Afp | Getty ImagesAfter a weekend of crisis and tumult, Sam Altman has returned as the CEO of OpenAI. Nathan Laine | Bloomberg | Getty ImagesBret Taylor, board chair Bret Taylor is currently a board member at the e-commerce platform Shopify . It isn't clear if Taylor's involvement with his own AI startup will cease with his appointment to lead OpenAI's board. OpenAI's board fired Altman Friday after determining he was "not consistently candid in his communications," but its members never elaborated further. Jack Guez | AFP | Getty ImagesIlya Sutskever Ilya Sutskever co-founded OpenAI and serves as its chief scientist.

Persons: Sam Altman, Ilya Sutskever, Jack Guez, Altman, There's, Satya Nadella, Nadella, Here's, Bret Taylor, Nathan Laine, He's, Elon, Taylor, Salesforce, Larry Summers, David A, CNBC Larry Summers Larry Summers, Clinton, Summers, Jack Dorsey, Adam D'Angelo Adam D'Angelo, D'Angelo, Helen Toner, CSET, Vox, Jerod Harris, Helen Toner Helen Toner, Toner, Tasha McCauley, Carlton Laguna Nigel, Tasha McCauley Tasha McCauley, Joseph Gordon, Levitt, McCauley, Ilya Sutskever Ilya Sutskever, Sutskever, Greg Brockman, Brockman, Brockman's, Sven Hoppe Organizations: Tel Aviv University, Afp, Getty, Microsoft, CNBC, Sequoia, Tiger Global, Salesforce, Viva Technology Conference, Bloomberg, Google, Economic, Grogan, Harvard University, Obama, Economic Council, Twitter, Meta, Facebook, The Ritz, Carlton, Georgetown University's Center for Security, Emerging Technology, Philanthropy, Business Development, Ritz, Rand Corporation, GeoSim Systems, AFP, University of Toronto, Stanford, Technical University of Munich Locations: Tel Aviv, Paris, Davos, Switzerland, Washington, Laguna Niguel, Dana Point , California, Russian Israeli, Canadian

☆ Here are the stocks — led by Microsoft — that matter most to hedge fund managers
▼ + stars: | 2023-11-22 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Many hedge funds have been skillfully navigating this year's market volatility. For investors seeking to follow the smart money, here are the stocks that mattered the most to these managers. VerityData analyzed 565 "fundamental" hedge funds that own between 10 and 300 positions each. The research firm then created a list of stocks that most frequently appear among the 10 largest holdings of those hedge funds. Other than Microsoft, the majority of the so-called " Magnificent Seven " mega-cap tech stocks — Amazon, Meta, Apple, Nvidia and Google's Alphabet — also made the list, VerityData said.

Persons: VerityData, Philippe Laffont's Coatue, Chase, Meta, Berkshire Hathaway Organizations: Microsoft, Philippe Laffont's Coatue Management, Tiger Global, Apple, Nvidia, JPMorgan, Berkshire

Sam Altman will return as CEO of OpenAI, the startup said early Wednesday morning on X, formerly known as Twitter. The move follows immense pressure from employees and investors on the board that ousted him less than a week ago. Former Salesforce co-CEO Bret Taylor and former Treasury Secretary Larry Summers will join OpenAI's board, the Microsoft-backed startup said, with Taylor holding the chair position. Adam D'Angelo, co-founder and CEO of question-and-answer startup Quora, will remain on the board. That followed an announcement late Sunday that OpenAI had hired ex-Twitch CEO Emmett Shear as Altman's interim replacement.

Persons: Sam Altman, Salesforce, Bret Taylor, Larry Summers, Taylor, Adam D'Angelo, OpenAI, Ilya Sutskever, Altman, Satya Nadella, Greg Brockman, Emmett Shear, Mira Murati, msft, Nadella, Sam, Greg, OAI Organizations: OpenAI, Twitter, Microsoft, Tiger, Sequoia Capital Locations: openai

☆ VCs didn't care about OpenAI's weird board structure. It was all about investing in Sam Altman and its 'transformative' tech.
▼ + stars: | 2023-11-22 | by ( Madeline Renbarger | Vishal Persaud | ) www.businessinsider.com time to read: +5 min

OpenAI's venture capital investors weren't thinking about its mission to serve "humanity" by developing artificial intelligence. After Altman's ouster, Vinod Khosla, an early investor in OpenAI, came to his defense despite the criticism. OpenAI's complex and unique corporate governance structure meant that VCs could invest in the capped profit entity, but never earn any influence over the nonprofit board of directors, all of whom were either cofounders or appointed outside AI experts. The board structure and its governance are all likely to change as part of the deal to bring Sam Altman back as CEO of OpenAI. The purpose of the newly formed OpenAI board – consisting of current board member D'Angelo, former US Treasury Secretary Larry Summers, and former Salesforce co-CEO Bret Taylor – is to vet and potentially appoint an expanded board of up to nine people, and that Microsoft and Altman want board seats, The Verge reported.

Persons: Sam Altman, OpenAI, Altman, VCs, Sam, Altman's, Vinod Khosla, Yunus, Khosla, Wesley Chan, Greg Brockman, Ilya Sutskever, Tasha McCauley, who's, Joseph Gordon, Levitt, Helen Toner, Adam D'Angelo, Karthee Madasamy, it's, David Sacks, D'Angelo, Larry Summers, Bret Taylor – Organizations: Business, Tiger Global Management, Khosla Ventures, Sequoia Capital, Microsoft, FPV Ventures, Rand Corporation, Georgetown's Center for Security, Emerging Technology, MFV Partners, Qualcomm Ventures, Ikea, Bosch, Novo Nordisk Foundation, Bertelsmann Foundation, Carlsberg Foundation, Craft Ventures Locations: OpenAI, Silicon Valley, Hollywood

Microsoft CEO Satya Nadella told CNBC's Jon Fortt on Monday that the governance structure of OpenAI needs to change, three days after the sudden firing CEO Sam Altman. Early Monday morning Nadella said that Altman, Brockman and their colleagues would join Microsoft as part of a new AI research group. That post followed news that ex-Twitch CEO Emmett Shear had been named OpenAI interim head as Altman looked to depart. Nadella told Fortt that Microsoft respects OpenAI's nonprofit roots and shares its belief that AI needs to be developed and rolled out in a safe manner. WATCH: A timeline of the drama between Sam Altman, OpenAI and Microsoft

Persons: Satya Nadella, CNBC's Jon Fortt, Sam Altman, Nadella, Altman, OpenAI, Greg Brockman, Brockman, Emmett Shear, Fortt Organizations: Microsoft, Tiger, Sequoia Capital

☆ OpenAI is hiring former Twitch CEO Emmett Shear to run company two days after ousting Sam Altman
▼ + stars: | 2023-11-19 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Emmett Shear, former CEO of Twitch, in a Bloomberg Television interview in San Francisco, California, U.S., on Wednesday, Sept. 14, 2016. OpenAI is bringing in former Twitch CEO Emmett Shear to run the artificial intelligence company, two days after the sudden ouster of Sam Altman, CNBC has confirmed. Unlike most Silicon Valley startups, OpenAI wasn't structured like a typical corporation with large chunks of equity controlled by the founders. Shear stepped down as CEO of Twitch, the livestreaming service now owned by Amazon , in March. — CNBC's Ari Levy contributed to this reportWATCH: Madrona's Matt McIlwain talks Sam Altman's departure as OpenAI CEO

Persons: Emmett Shear, Twitch, OpenAI, Sam Altman, Shear, Altman, Mira Murati, didn't, Murati, — CNBC's Ari Levy, Matt McIlwain, Sam Altman's Organizations: Bloomberg Television, CNBC, Bloomberg, Microsoft, Tiger, Sequoia Capital, Amazon, OpenAI Locations: San Francisco , California, U.S

☆ Former OpenAI CEO Sam Altman returns to headquarters for talks following his abrupt ouster
▼ + stars: | 2023-11-19 | by ( Hayden Field | ) www.cnbc.com time to read: +1 min

Sam Altman, CEO of OpenAI participates in the "Charting the Path Forward: The Future of Artificial Intelligence" at the Asia-Pacific Economic Cooperation (APEC) Leaders' Week in San Francisco, California, on November 16, 2023. Sam Altman, the recently ousted CEO of OpenAI, arrived as a guest Sunday at the headquarters of the company he founded. Altman posted a photo of himself on X, formerly Twitter, wearing an OpenAI visitor badge, writing, "first and last time i ever wear one of these." Jason Kwon, OpenAI's chief strategy officer, also posted a photo of Sam with the badge. Microsoft , Sequoia Capital, Tiger Global and venture firm Thrive Capital are part of an effort to reinstate Altman or have been in discussions with him, sources familiar told CNBC.

Persons: Sam Altman, Altman, Jason Kwon, Sam, Brad Lightcap, Lightcap, Greg Brockman, — CNBC's Rohan Goswami, Jordan Novet Organizations: Economic Cooperation, APEC, OpenAI, Microsoft, Sequoia Capital, Tiger Global, CNBC Locations: Asia, San Francisco , California

Sam Altman, CEO of OpenAI, attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. "Sam and OpenAI were the catalyst that showed the world what AI tech is capable of," Jannsen said. Silicon Valley's high-profile startup CEO firings typically involve wrongdoing, rather than just philosophical differences about where the company is headed. "Sam Altman is a hero of mine," former Google CEO and investor Eric Schmidt said in an X post. — CNBC's Lora Kolodny contributed to this report WATCH: OpenAI says Sam Altman exiting as CEO because 'board no longer has confidence.'

Persons: Sam Altman, Carlos Barria, OpenAI, Steve Jobs, Altman, —, Jobs, U.S . Altman, Mark Zuckerberg, Jeff Bezos, Elon Musk, Greg Brockman, Brockman, Ron Conway, Greg, Brian Chesky, Matt Schlicht, Schlicht, Sam, Ryan Jannsen, Jannsen, Patrick Moorhead, They're, Moorhead, Josh Wolfe, Wolfe, he'd, Eric Schmidt, Tom Williams, Airbnb's Chesky, what's, Chesky, Satya Nadella, Zachary Lipton, Carnegie Mellon's Lipton, Lipton, — CNBC's Lora Kolodny Organizations: Economic Cooperation, Reuters, ChatGPT, Apple, U.S ., Amazon, Tesla, Microsoft, Tiger, Sequoia Capital, CNBC, Google, Lux Capital, Cq, Inc, Getty, Carnegie Mellon University, Industry Locations: Asia, San Francisco , California, U.S, Silicon Valley, OpenAI, what's, —

OpenAI investors are pushing to bring back Sam Altman as CEO one day after he was ousted by the board, according to people familiar with the matter. Sequoia Capital has also been in contact with Altman, a person familiar with knowledge of the matter told CNBC. Sequoia also informed Microsoft that it would back efforts to bring back Altman and Brockman, the person said. The Verge first reported on the talks to bring back Altman. In addition to ousting Altman, the company removed Brockman, the chairman, from his board leadership position but said he would remain as president.

Persons: Sam Altman, Altman, Greg Brockman, it's, Sequoia, Brockman, Altman didn't, Mira Murati Organizations: Microsoft, Tiger Global, Sequoia Capital, CNBC, Sequoia Locations: Silicon Valley, OpenAI

☆ Megacaps' Mega Deals: How big tech could be using AI investments to bankroll itself
▼ + stars: | 2023-11-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMegacaps' Mega Deals: How big tech could be using AI investments to bankroll itselfBig tech names like Microsoft, Google and Amazon have poured billions into the biggest names in the AI startup world, effectively replacing what used to be the role of high-profile, highly capitalized tech investors like Tiger Global and Softbank. And in some cases, through exclusive cloud contracts, those investments in startups come right back in the form of cloud revenue. This week on TechCheck, we dig into the megacaps' mega deals, and how big tech could be using AI investments to bankroll themselves.

Organizations: Microsoft, Google, Tiger

Burry also closed out bearish options against the broad S&P 500 and Nasdaq 100 Index, the filings showed. His Scion Asset Management’s biggest new position last quarter was in bearish options on an exchange-traded fund focused on semiconductors. He bought put options with a notional value of $47.4 million against the iShares Semiconductor ETF (SOXX.O), according to the filing. The filings also showed that Burry's fund no longer held puts on the Nasdaq 100 and S&P 500. Hedge fund Man Group also sold its 1.1 million shares in Nvidia, while Renaissance Technologies LLC sold its entire stake in the company.

Persons: Michael Burry, Burry, George Soros, Carolina Mandl, David Gregorio, Anna Driver, Deepa Babington Organizations: U.S, Nasdaq, iShares Semiconductor, Soros Fund Management, Society, Nvidia, Taiwan Semiconductor Manufactoring, Man, Renaissance Technologies, Tiger Global Management, Eisler Capital, Man Group, Duquesne Family Office, Thomson Locations: U.S, TSMC, New York

☆ Investors increase holdings of weight-loss drug makers’ shares in Q3 -filings
▼ + stars: | 2023-11-14 | by ( Carolina Mandl | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 14 (Reuters) - Some big investors showed increased appetite for weight-loss drug makers in the third quarter, piling in to shares of Eli Lilly (LLY.N) and Novo Nordisk amid growing demand for their product, securities filings showed on Tuesday. Shares of Eli Lilly rose 14.5% in the third quarter and are up 67% this year. Some investors also bought more American Depositary Receipts of Novo Nordisk, including Fidelity Investments, Lazard Asset Management, T Rowe Price and Soros Fund. Novo Nordisk on Saturday presented data showing that the heart protective benefits of Wegovy are not solely due to weight loss, which could make it easier for healthcare insurance reimbursement in the future. Still, other investors trimmed their exposure to Eli Lilly, such as Wellington Management Group, California Public Employees Retirement System and Bridgewater Associates.

Persons: Eli Lilly, Eli Lilly's Mounjaro, JPMorgan Chase, Eli Lilly's, Rowe Price, Marshall Wace, LSEG, “ Stocks, ”, Vincent Aita, Carolina Mandl, Ira Iosebashvili, Matthew Lewis Organizations: Novo Nordisk, Novo, JPMorgan, Vanguard, Sigma, Tiger Global Management, Coatue Management, U.S . Food, Drug Administration, Novo Nordisk's Wegovy, Bank of America, Fidelity Investments, Lazard Asset Management, Soros Fund, Wellington Management Group, California, Bridgewater Associates, Marshall, Renaissance Technologies, Capital Management, Pfizer, Carolina, Thomson Locations: BlackRock, U.S, New York

☆ Former Apple designers launch $700 Humane AI Pin as smartphone replacement
▼ + stars: | 2023-11-09 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

The Humane AI Pin is designed to replace your smartphone, allowing the user to make calls, send texts and look up information through voice controls. Humane said it will begin taking orders for the AI Pin on Nov. 16. The AI Pin has a built-in speaker and camera, and a light flashes when those functions are turned on. Users can access AI services from the internet, rather than downloaded apps. Microsoft, Google , OpenAI, and other companies are contributing AI services, the company said.

Persons: Imran Chaudhri, Bethany Bongiorno, Chaudhri, Sam Altman, Marc Benioff, Bongiorno, Brad Gerstner Organizations: Apple, Mobile, Microsoft, Tiger Global, Qualcomm, Qualcomm Ventures, Google

☆ India’s gamified equities are a wake-up call
▼ + stars: | 2023-11-08 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

The result is an acceleration of Indian savings away from gold and real estate into financial products. However, it is also leading to what Ashish Gupta, chief investment officer at Axis Bank’s mutual fund, dubs “the gamification of Indian equities”. A frenzy for index options has driven up volume in the derivatives market to the tune of $4.3 trillion a day. Retail traders made up a higher share of equity derivatives turnover than their institutional counterparts on the National Stock Exchange between 2017 and 2021. Whatever the fix, it’s a reminder that India’s digital leapfrog which other developing countries are urgently trying to replicate has a dark side too.

Persons: Francis Mascarenhas, Ashish Gupta, Gupta, weren’t, Ananth Narayan, SEBI, Nithin Kamath, Zerodha, Lalit Keshre, Una Galani, Thomas Shum Organizations: Bombay Stock Exchange, REUTERS, Rights, Reuters, National Stock Exchange, Tiger, Securities, Exchange Board of India, Thomson Locations: Mumbai, India, U.S

☆ Exclusive: How Calibrate stumbled from hot weight-loss startup to $20 million sale under threat of bankruptcy
▼ + stars: | 2023-11-02 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +6 min

Facing the threat of bankruptcy, weight-loss startup Calibrate was forced to make a tough deal with private equity firm Madryn Asset Management, according to company documents reviewed by Insider. Under the terms of the deal, Madryn took a 70% stake in Calibrate in exchange for just $20 million, the documents show. Calibrate, Madryn, Kenyon, and the company's VC backers didn't immediately return messages seeking comment for this story. Some longtime patients have regained much of the weight they lost after Calibrate failed to get them medications, Insider reported on Thursday. Under the deal, Madryn exchanged $20 million of its loans for senior equity in Calibrate.

Persons: Madryn, Isabelle Kenyon, She's, Kenyon, didn't, Fortune, Michael Siluk, They're Organizations: Asset, Tiger Global, Founders Fund, Optum Ventures, Madryn, Tiger, Getty, Owners, LinkedIn Locations: Madryn

☆ Insider is seeking nominations for the 2023 rising stars of venture capital
▼ + stars: | 2023-10-24 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +2 min

Insider is putting together a list of the best up-and-coming venture capitalists of 2023. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementWe are seeking nominations for Insider's yearly list of rising stars of venture capital, and we want to hear from you. In the past, we've had people with a variety of roles and experiences from VC funds like Founders Fund, Greylock Partners, Lightspeed Venture Partners, Tiger Global, and Spark Capital. Please email Madeline Renbarger at mrenbarger@insider.com or Samantha Stokes at sstokes@insider.com with any questions or issues submitting your nominations.

Persons: VCs, —, we've, Madeline Renbarger, Samantha Stokes Organizations: Service, Founders, Greylock Partners, Lightspeed Venture Partners, Tiger Global, Spark Locations: mrenbarger@insider.com, sstokes@insider.com

☆ Walmart-owned India's PhonePe revenue soars 77% in FY23
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 18 (Reuters) - Walmart-owned (WMT.N) PhonePe said on Wednesday its consolidated revenue for financial year 2023 surged 77%, as more customers used its platform to send and receive money in India's booming digital payments market. The company's loss before interest, taxes, depreciation and amortisation on a standalone basis widened to 17.55 billion rupees ($210.8 million) from 16.12 billion rupees a year ago, PhonePe said in a statement. Consolidated revenue grew to 29.14 billion rupees from 16.46 billion rupees a year ago. PhonePe, which has more than 490 million registered users, had a near 51% share of the value of transactions on India's instant money transfer system, Unified Payments Interface (UPI), as of March end. ($1 = 83.2420 Indian rupees)Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: PhonePe, Rama Venkat, Dhanya Ann Thoppil Organizations: Walmart, Atlantic, Tiger Global, Thomson Locations: BENGALURU, India, Singapore, Bengaluru

SummaryCompanies India's Avendus to launch investment banking in Southeast AsiaKKR-backed Avendus' managing director Gupta to move to SingaporeAvendus expects Southeast Asia to grow fast in coming yearsMUMBAI, Oct 17 (Reuters) - Indian financial services firm Avendus will start offering investment banking services from Singapore to cash in on an expected technology sector dealmaking boom in the Southeast Asia region. Karan Sharma, a managing director for Avendus in India said the operations from Singapore will focus on advising technology sector funding rounds of $40-50 million in Southeast Asia. Sharma said Avendus India Managing Director Varun Gupta will lead the Southeast Asia operations and relocate to Singapore early next year. The demographics and infrastructure challenges are similar," said Sharma, who co-heads Avendus' Digital & Technology Investment Banking division in India. Dealmaking in Southeast Asia should help lift Asian mergers and acquisitions (M&A) activity in the second half of the year, bankers told Reuters in June.

Persons: Gupta, Avendus, Karan Sharma, Sharma, Varun Gupta, GoTo, Morgan Stanley, Goldman Sachs, Sriram, Yantoultra Ngui, Aditya Kalra, Sharon Singleton Organizations: Asia KKR, Singapore Avendus, U.S, KKR, Avendus, & Technology Investment Banking, Tiger Global, Reuters, Asia, Accel, Lightspeed, Venture Intelligence, Thomson Locations: Asia, Singapore, Southeast Asia, MUMBAI, India

Instead, he's a co-founder of a $400 million food delivery company. Tsao launched the company, Caviar, with four of his best friends from the University of California, Berkeley in 2012. Building "Groupon for food" didn't work, "so we were like, 'Let's be the Uber for food.'" 'We just blew up'At the time, most of today's food delivery apps didn't exist yet. Five college friends founded Caviar in 2012, at a time when GrubHub and Seamless were the only major online food delivery businesses.

Persons: Shawn Tsao, he's, Tsao, Jack, Uber, Frank Lloyd Wright, Frank Gehry, Abel Lin, Andy Zhang, Richard Din, Jason Wang, —, Munch, Groupon, didn't, Postmates, DoorDash, Andreessen Horowitz, Wang Organizations: University of California, CNBC, Investors, Tiger Global Management Locations: Berkeley, Francisco, U.S, Miami

☆ Revolut strikes share deal with SoftBank to remove barrier to UK licence - FT
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. Revolut and SoftBank had been locked in months of negotiations, with the Japanese investor demanding stiff compensation for giving up its priority class of shares, the report said. The fintech startup can only win a UK banking license if it gets rid of preference shares held by investors including SoftBank. The standoff was one of the reasons Revolut could not immediately get a banking license. The BOE and SoftBank did not immediately respond to Reuters' requests for comment on the report, while Revolut and the FCA declined to comment.

Persons: Issei Kato, Revolut, SoftBank, The BOE, Akanksha, Maju Samuel Organizations: SoftBank, REUTERS, Financial Times, Bank of England, Tiger Global Management, Balderton, Ribbit, Financial, Authority, The, Thomson Locations: Tokyo, Japan, TCV, Bengaluru

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