Ashneer resigns ๐ฆ, BigBasket on ๐ฅ, TechM launches TechMVerse ๐ฎ
Ashneer Grover resigns as BharatPe MD, BigBasket's 5.8Cr deliveries in 2021, Tech Mahindra launches TechMVerse, What is angel investing?, Funding Deals & more.
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Ashneer Grover resigns as BharatPe MD and Director๐ฆ
Ashneer Grover has resigned as Managing Director and Director of the Board of fintech firm BharatPe on Tuesday, March 1.
Embroiled in a boardroom battle after a spate of controversies, Grover's resignation comes days after the services of his wife Madhuri Jain Grover as head of controls were terminated on allegations of misappropriation of funds.
In a scathing letter of resignation to the board, Ashneer wrote, "I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder. I say with my head held high that today this company stands as a leader in the fintech world. Since the beginning of 2022, unfortunately, Iโve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect."
Shark tanks at Bharatpe!
BigBasket completes 5.8Cr deliveries in 2021; aims to expand retail network๐
Tata Group-owned retailer BigBasket has announced that it completed 5.8 crore deliveries to the family of over 3 crore basketeers, and added 65 lakh, new members, to it in 2021.
The startup said this year it would be entering Tier 3 and 4 markets and making available products to customers through the order-from-app-and-pick-up-at-the-store option.
Releasing its 2021 performance report, the company claimed it received 120 orders and onboarded 15 new customers every minute. The BigBasket users availed discounts worth Rs 2200 crores and 3.7 crores free home deliveries, it said.
Through its Diversity & Inclusion initiative, the number of women working with the company has doubled from 2000 to 4000 in the last 18 months.
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What is angel investing?
Angel investing is a type of private equity investing where the investors invest their capital in a startup during early stages of the business. The startup founders may use this capital for research and development, developing its product and service offering or designing a business strategy. Angel investors also bring to the table their guidance, networking and knowledge to the startup company.
Hot Shortsโก
Corporate cards and payable management start-up, Volopay, has raised $29 million in Series A, a mix of equity and debt, from the Winklevoss twins.
Student loan fintech platform Kuhoo has raised $20 million in its seed funding round led by WestBridge Capital.
Locofast, a supply chain platform for fashion and lifestyle companies, has raised $15 million co-led by Stellaris Venture Partners and Chiratae Ventures.
Snapmint, a fintech startup has raised $9 million in its Series A funding from a clutch of marquee investors and industry leaders led by Prashasta Seth, CEO and CIO of Prudent Investment Managers.
Tech Mahindra launches TechMVerse to drive commerce in the metaverse๐ฎ
IT services firm Tech Mahindra has launched TechMVerse, its metaverse practice, which will allow its customers to create immersive experiences and transact in the metaverse.
The company will build on its 5G and infrastructure capabilities to build this platform, in partnership with hyper-scalers and startups.
In the initial phase, the company will work on various use cases like DealerVerse, a metaverse-based car dealership; Middlemist, a non-fungible token (NFT) marketplace; Meta Bank, a virtual bank; and gaming centre.
It will offer immersive digital and professional experience services around design, content, as well as low code plug-and-play NFT and blockchain platforms.
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