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Telugu NRIs to Invest In Indian Startups

The American Telugu Association (ATA) has facilitated a $20 million investment in Indian startups by organising business seminars since 2014…reports Asian Lite News

According to the association, which is working to promote Telugu community in the US, they have been conducting business seminars in Hyderabad once every two years.

These business seminars encouraged multiple companies to move into second tier cities; and start T-Hub in Khammam town, which was a big accomplishment made possible by Lax Chepuri, ATA co-chair for business.

Telugu NRIs to Invest In Indian Startups

The business seminar held in Hyderabad on Thursday focused on encouraging Telugu entrepreneurs with mentorship and funding. The meet was aimed at promoting the business environment in tier-II cities of Telangana.

This is an initiative to encourage business ideas, mentor young entrepreneurs, provide a platform for venture capitalists, and startup companies. Nearly 100 mentors, venture capitalists, entrepreneurs, and technology experts based in the US and in India attended the seminar.

KASHI KOTHA, BUSINESS COMMITTEE CHAIR, ATA VEDUKALU: “This business seminar agenda was multifold, to increase networking and interaction between the US-based Telugu entrepreneurs and business owners based in Telangana; mentor and invest in start-up companies in India, especially those based in Telangana; and attract more companies into second tier cities like Khammam, Warangal, Nalgonda, Karimnagar, and Nizamabad.”

“Telugu entrepreneurs are gaining prominence across the US and around the world. This ATA business seminar is an effort to promote US-India partnerships and encourage entrepreneurs to invest in various districts across Telangana,” said Jayanth Challa, Conference Advisory Committee Chair, ATA.

In addition to mentoring and potential investment discussions between investors, venture capitalists and entrepreneurs, the seminar is also the launch pad for a continuous dialogue between various enterprises planning to move to second tier cities and officials representing the Telangana government.

Senior executives of the state government took part in the seminar, including Jayesh Ranjan, IT Secretary; Puvvada Ajay Kumar, Transport Minister; Vijay Rangineni, CEO IT Investments Telangana government, and Srikanth Sinha, CEO Telangana Academy of Skill and Knowledge.

ATA President Bhuvanesh Boojala, ATA President Elect Madhu Bommineni, Conference Coordinator Kiran Pasham and others addressed the seminar.

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The ATA is a premier national organisation established in 1990 in the USA representing over 500,000 people across the US, majority of whom are first generation Indians coming from the Telugu states of Telangana and Andhra Pradesh.

It is involved in promoting community services, business, cultural and social activities, student assistance, and preservation and promotion of Telugu language and heritage in the US, and across the globe.

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Sony Pictures to Form New Firm With Zee

Punit Goenka will lead the combined company as its Managing Director and CEO….reports Asian Lite News

Sony Pictures Networks India and Zee Entertainment Enterprises on Wednesday announced that they have signed a “definitive agreement” to merge ZEEL with SPNI and combine their linear networks, digital assets, production operations and programme libraries.

SPNI is an indirect subsidiary of Sony Pictures Entertainment.

After the closing of the deal, the new company will be publicly listed in India.

The closing of the transaction is subject to certain customary closing conditions, including regulatory, shareholder, and third- party approvals.

“Under the terms of the definitive agreements, SPNI will have cash balance of $1.5 billion at closing, including through infusion by the current shareholders of SPNI and the promoters (founders) of ZEEL, to enable the combined company to drive sharper content creation across platforms, strengthen its footprint in the rapidly evolving digital ecosystem, bid for media rights in the fast-growing sports landscape and pursue other growth opportunities,” a joint statement said.

“After the closing, SPE will indirectly hold a majority 50.86 per cent of the combined company, the promoters (founders) of ZEEL will hold 3.99 per cent, and the other ZEEL shareholders will hold a 45.15 per cent stake.”

Punit Goenka will lead the combined company as its Managing Director and CEO.

The majority of the board of directors of the combined company will be nominated by the Sony Group and will include the current SPNI Managing Director and CEO N.P. Singh.

On closing of the transaction, Singh will assume a “broader executive position” at SPE as Chairman, Sony Pictures India reporting to Ravi Ahuja, SPE’s Chairman of Global Television Studios and SPE Corporate Development.

“It is a significant milestone for all of us, as two leading media & entertainment companies join hands to drive the next era of entertainment filled with immense opportunities,” Punit Goenka said in the statement.

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Pai invests in Monster.com

The online talent platform said that the funds will be utilised towards enhanced investments on product development and global marketing….reports Asian Lite News

Online job platform Monster.com on Wednesday said that it has raised Rs 137.5 crore in a funding round led by Mohandas Pai of Meridian Investments and Akash Bhanshali of Volrado Venture Partners, with participation from Quess, its parent company.

The online talent platform said that the funds will be utilised towards enhanced investments on product development and marketing in India, SEA and Middle-East markets.

Post the funding, Monster.com is now valued at $100 million.

“The last year has been incredible for the company, achieving very healthy growth across all metrics. We have an exciting product and business road map in line with our view on how hiring will evolve in the next few years,” said Sekhar Garisa, CEO, Monster.com, APAC & ME.

In 2018, Quess Corp acquired Monster.com’s businesses in India, Singapore, Malaysia, Philippines, Hong Kong, Vietnam, Thailand, Indonesia, the UAE and Kingdom of Saudi Arabia.

According to Pai, the next two years will see a huge increase in available jobs, thanks to high economic growth, and job seekers will find a high-quality platform to plan their careers.

“As employers also prepare for a new decade and an employee-first mindset, the platform will help them create a differentiated experience and build deeper relationships with their teams from day one,” Pai said.

Monster.com has over 60 million active users in India.

“Quess acquired Monster for an investment of Rs 145 crore and embarked on a ‘Digital First’ journey with the objective of creating long-term value for our shareholders and clients,” said Ajit Isaac, Executive Chairman, Quess.

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Zepto raises $100 mn

The round came 45 days after the company announced its $60 million fundraise in November….reports Asian Lite News

Just five months after launching, 10-minute grocery delivery app Zepto on Tuesday announced it has raised $100 million led by Y Combinator, taking its valuation to $570 million.

Besides the fundraise, Zepto has been growing incredibly quickly and is tripling its user-base every month.

Over the past two months, Zepto has expanded beyond Mumbai by launching in Bengaluru, Delhi, Gurgaon, Chennai, Hyderabad and Pune (Kolkata to follow), the company said in a statement.

“Investors are consistently choosing to back Zepto because of our best-in-class execution. This is giving us incredible momentum – we’re growing at a phenomenal rate, customers are loving the product experience, our core unit economics are strong, and we have one of the best startup teams in India today,” said Aadit Palicha, Co-Founder and CEO.

The Series C fundraising round saw participation from new and existing investors, including Glade Brook, Nexus, Breyer Capital, Lachy Groom, Global Founders Capital, Contrary Capital, and more.

The round came 45 days after the company announced its $60 million fundraise in November.

Delivering groceries in 10 minutes is a game-changing experience for customers in the country, and several players are now joining the race.

In five months, the startup has launched 100 micro-warehouses – each of which has the capacity to do 2,500+ orders a day.

“We are excited to double down and lead this round in Zepto. They originally launched with a different model, swiftly pivoted to quick commerce in August 2021 and are now adding 100,000 new customers every week, 60 per cent of them women,” said Anu Hariharan from Y Combinator.

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