Author: Vijaya
Mensa Brands, the house of brands unicorn founded by former Myntra CEO Ananth Narayanan, has demonstrated significant financial improvement in FY24, with consolidated net losses narrowing by 31% to INR 155.85 crore from INR 227.03 crore in the previous fiscal year. This development marks a notable milestone for the company, which has established a strong presence in Tamil Nadu’s e-commerce landscape.The company’s operating revenue witnessed an 11.6% increase, reaching INR 557.66 crore in FY24, up from INR 499.63 crore in FY23. Including other income of INR 40.53 crore, Mensa’s total income stood at INR 598.20 crore for the fiscal year.”Our…
In a significant leadership appointment, Snap Inc., the parent company of social media platform Snapchat, has promoted its Asia Pacific (APAC) President Ajit Mohan to the position of Chief Business Officer (CBO). The announcement came during the company’s fourth-quarter earnings call, where CEO Evan Spiegel highlighted Mohan’s impressive track record in growing Snap’s presence across the APAC region.The elevation of Mohan, who joined Snap in 2022, marks a strategic shift in the company’s approach to global advertising and business operations. In his expanded role, he will oversee Snap’s advertising business across all regions while managing revenue product development and business…
In a significant move that strengthens Tamil Nadu’s position in the global cybersecurity landscape, TAC Security has announced its acquisition of CyberScope, a European Web3 security specialist. The deal, valued for its $1.2 million revenue addition, marks a strategic expansion into the burgeoning blockchain security market while bolstering Tamil Nadu’s growing reputation as a cybersecurity hub.The acquisition, announced through a company exchange filing, will integrate CyberScope’s expertise in smart contract audits and blockchain vulnerability assessment into TAC Security’s existing cybersecurity portfolio. This strategic move is expected to significantly expand TAC Security’s global footprint and enhance its capabilities in the rapidly…
In a fresh blow to India’s fintech giant Paytm, its parent company One97 Communications has received a goods and service tax (GST) demand notice of ₹3.73 crore from the Central Goods and Service Tax (CGST) department. The notice, issued on February 4, 2025, comes with an additional penalty matching the original amount, plus applicable interest, bringing the total liability to ₹7.47 crore.The tax order, pertaining to the financial year 2017-18, has been issued under Section 74 of the Goods and Services Tax Act, 2017, citing alleged irregularities in input tax credit claims by the company. This development adds to the…
In a significant move that could transform business-customer communication in India, Google has initiated a pilot program integrating its Rich Communication Services (RCS) with Google Search in Tamil Nadu. The initiative, which enables direct AI-powered messaging between businesses and customers, marks another milestone in Google’s expanding presence in India’s southern region.The pilot program, launching first with Union Bank of India, introduces an advanced messaging system that surpasses traditional SMS capabilities. This integration allows users searching for customer service contacts to initiate immediate conversations with businesses through their smartphone’s native messaging app, either with AI chatbots or human agents.”This integration represents…
The Tamil Nadu startup ecosystem has marked a significant milestone in India’s drone sector, with the Digital Sky platform recording over 10,000 registered commercial drones as of September 2024. This development signals the state’s growing prominence in India’s emerging drone technology landscape.Minister of State for Civil Aviation Murlidhar Mohol informed Parliament that 10,208 type-certified commercial drones are now registered on the Digital Sky platform, the DGCA’s comprehensive online management system for unmanned aircraft systems (UAS). The registration numbers highlight Tamil Nadu’s successful implementation of the government’s drone-friendly policies and its emergence as a hub for drone technology innovation.The DGCA has…
In a significant market movement today (February 3), shares of fintech major MobiKwik experienced a sharp decline of 5.1%, dropping to INR 398 during intraday trading on the BSE, highlighting the volatile nature of tech stocks in the current market climate.The stock partially recovered to trade at INR 402.80 by 12:15 PM, representing a 3.96% decline, with the company’s market capitalization standing at INR 3,127.26 Cr. Trading volume remained significant, with 2.4 Lakh shares changing hands during this period.”The current market volatility, particularly in the fintech sector, reflects broader economic concerns rather than company-specific issues,” notes Dr. Ramesh Kannan, Director…
The landscape for Indian startup IPOs is experiencing unprecedented momentum, with investment giant UBS highlighting India’s strategic advantages in their latest report. Tamil Nadu’s vibrant startup ecosystem, particularly in Chennai’s IT corridor, is positioning itself to capitalize on this national trend.The transformation of India’s startup ecosystem from 2015 to 2025 has been remarkable, with the country now home to over 70,000 startups and 119 unicorns, attracting $158 billion in funding. Tamil Nadu’s contribution to this growth has been significant, with Chennai alone hosting over 1,500 startups and multiple unicorns in diverse sectors from SaaS to deep tech.”We’re seeing a fundamental…
In a significant market movement, Ola Electric’s shares climbed sharply on the Bombay Stock Exchange (BSE) today, showcasing investor confidence in the company’s latest product expansion and strategic direction in Tamil Nadu’s burgeoning EV ecosystem.The Bhavish Aggarwal-led company saw its stock surge nearly 8% to reach INR 80.75 during intraday trading on February 1, before settling at INR 77.01, marking a 3% increase from its previous close of INR 74.79. The rally pushed the company’s market capitalization to INR 33,967.80 crore, reinforcing its position as one of India’s leading EV manufacturers.The stock’s upward trajectory coincides with Ola Electric’s ambitious launch…
In a significant development that could reshape Chennai’s urban mobility landscape, thousands of auto and cab drivers have launched an indefinite boycott of ride-hailing majors Ola and Uber starting February 1, 2025. The protest, led by Urimaikural Ottunar Thozhirsangam (Urimaikural drivers trade union), centers around excessive commission rates and concerns over driver safety protocols.The boycott comes after months of unresolved tensions between drivers and the ride-hailing giants. On January 27, the union formally notified both Ola and Uber of their intended action, citing persistent grievances over commission structures that reportedly take up to 30% of their daily earnings.”The current commission…