BCCI's New Title Sponsor🏏, Zomato plunges to record low📉, India’s Highest-paid IT CEO💸
Mastercard set to replace Paytm, Zomato’s market cap falls, C Vijayakumar is India’s highest-paid IT CEO, Funding Deals & more.
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Mastercard set to replace Paytm as title sponsor for all BCCI matches in India🏏
Mastercard, the global payments and technology company, is set to replace India’s digital payments unicorn Paytm as the title sponsor for all international and domestic cricket matches organised by the Board of Control for Cricket in India (BCCI).
The board has accepted Paytm’s plea for the re-assignment of its title sponsorship, valid until 2023. This marks the company’s premature exit after a seven-year association with the BCCI.
In August 2019, Paytm renewed the title sponsorship deal with the BCCI for four years with a winning bid of Rs 326.80 crore or Rs 3.80 crore per match.
It had first signed a title sponsorship deal with the BCCI in 2015 for Rs 203 crore for four years, or Rs 2.4 crore per match, and the new deal was 58% higher.
Zomato’s market cap falls below last private valuation as lock-in expires📉
Online food-delivery platform Zomato’s stock price fell more than 14% to hit a lifetime low of Rs 46 in the early hours of trade on BSE on Monday, pushing its market cap below its last private valuation of $5.5 billion.
The mandatory lock-in for promoters, employees, and other shareholders, who bought the stock before the IPO, ended on July 23, one year after it was listed.
More than 613 crore shares of Zomato were under lock-in from the date of allotment, comprising about 78% of total shares.
Including Monday's losses, Zomato shares have lost nearly 30% since the company announced its deal to buy local grocery delivery startup Blinkit in June. The company now has a market value of 366 billion rupees ($4.58 billion), compared with 1.29 trillion rupees at its all-time high in November.
Hot Shorts⚡
Community-led crypto trading platform Crypso has raised $3 million (about Rs 24 crore) in seed funding from Hashed Emergent, Athera Venture Partners, Better Capital, and Whiteboard Capital.
Y Combinator-backed event-based trading platform Better Opinions has raised $2.5 million in funding from investors, including Metaplanet VC and Goldwater Capital.
ChefKart, an at-home cooking services platform, has raised $2 million in a seed round of funding led by Pravega Ventures and Blume Ventures.
Personal hygiene brand Svish on The Go has bagged Rs 10 crore in Pre-Series A funding round led by Wami Capital, with participation from existing investor LC Nueva AIF.
Spardha, a digital training platform, has raised Rs 8 crore in a Series A2 funding round led by Mumbai Angels.
➡️ Check out our LinkedIn space to read more on the funding deals.
HCL Tech’s C Vijayakumar is India’s highest-paid IT CEO💸
HCL Technologies chief executive, C Vijayakumar, is the highest-paid CEO among India’s top IT services firms, with an annual salary topping $16 billion courtesy of a two-year incentive worth $12.5 billion, company’s annual report revealed.
Vijayakumar also received 900,060 restricted stock units during FY22. HCL Technologies’ chief financial officer Prateek Aggarwal saw a 36% rise in his remuneration for FY22.
Interestingly, Vijayakumar didn’t get a pay hike in FY22, in contrast to the 20% and 43% hikes that Wipro’s Thierry Delaporte and Infosys’ Salil Parekh received, respectively. Delaporte and Parekh are the second and third-paid IT CEOs, while TCS’ Rajesh Gopinathan is fourth.
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