SoftBank takes loss in sale of Wag, dog-walking startup
Wag’s troubles have been particularly pronounced. After its investment, the Vision Fund brought in Hilary Schneider, former chief executive of LifeLock, to lead an aggressive expansion. But it lost ground to Rover, its top competitor. Reports of lost dogs and internal struggles hurt business.
Goldman jumps into WeWork cleanup with debt-financing plan
WeWork secured a $9.5 billion rescue package from SoftBank in October, a deal that...
Co-living bucks realty slump as firms, investors troop in
India’s residential real estate market is facing its most prolonged slump in recent...
Japan's Soft Bank Group to invest Rs 30,000 crore in renewable energy in Gujarat
The announcement was made at a meeting between chief minister Vijay Rupani and Executive Chairman of SB Energy Manoj Kohli. The investment will be in solar energy, wind energy and other unconventional renewable energy sources.
Next big wave of technology Unicorn listings could be in India
Mohandas Pai said that liquidity and valuations shouldn’t be concerns for companies seeking to list, as the market is “flush with money” and India investors have shown a willingness to pay up for growth stocks.
Ecom Express closes $36 million funding round from CDC
The funding tap is open for a host of ventures looking to scale up game. Post the latest equity financing, its overall staff base will increase to 47,000 over next 12-24 months.
Lenskart FY19 loss narrows, topline jumps 56%
Total expenses for fiscal year 2019 came in at Rs 514.52 crore, up about 20% compared to the year-ago period when expenses were at Rs 429 crore.
Flipkart-owned PhonePe receives Rs 585.6 cr infusion from parent firm
PhonePe has seen its losses mount to Rs 1,904.72 crore in 2018-19 from a loss of Rs 791.03 crore for the year ended March 2018. However, its revenue from operations rose manifold to Rs 184.22 crore in 2018-19 as against Rs 42.79 crore a year ago.
SoftBank will have ‘last laugh’ with WeWork deal, Bernstein says
Chris Lane of Sanford C. Bernstein says WeWork can have a bright future if SoftBank overhauls the biz plan.
After WeWork debacle, founders forced to chase profit, not just funds
The depleting market value of global startups has raised alarm bells about loss-making ventures and their business models. The focus, therefore, is growth with profitability, said founders and investors who attended The Economic Times Awards for Corporate Excellence, 2019.
SoftBank executives discuss trimming WeWork offer
The discussions at SoftBank center around shrinking a $3 billion tender offer for WeWork shares owned by founders, employees and investors, according to people with knowledge of the talks. Such a move would be designed, at least in part, to limit the amount paid to co-founder Adam Neumann, said the people, who requested anonymity because the matter is private.
Days after firing 2,400 people, WeWork boss shares photo of $100 pasta dinner
WeWork Chairman Marcelo Claure has left a bad taste in the mouth.
Oyo Parent suffers Rs 2,385-cr net loss, operating expenses jump more than 390%
The rise in total expenses comes at a time when the company has been expanding aggressively into overseas markets, particularly in China, where it has committed huge amount of capital, along with the US and the UK.
India asks state-run firms to clear over $1 bn, owed to green energy firms: Sources
The companies owe solar and wind power generators including Goldman Sachs-backed ReNew Power and Softbank-backed SB Energy over 97 billion rupees ($1.35 billion), according to the Central Electricity Authority, an arm of the federal power ministry. Commercial banks are unwilling to lend to these firms because of their high outstanding debt.
WeWork to lay off 2,400 employees globally in SoftBank revamp
Ultimate control of the company now rests with SoftBank and WeWork's new Executive Chairman Marcelo Claure. Claure had told employees in an email on Monday that job-cutting will start "in earnest" this week in the United States, saying WeWork was "going to eliminate and scale back certain functions and responsibilities."
Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service