City Bangalore Financial News

Manyata Tech Park, one of the largest tech hubs in India, experienced significant flooding on October 15 due to relentless rainfall that began early Tuesday morning. The heavy downpour left roads within the 300-acre tech park submerged, causing substantial disruptions for the tech workforce. Videos shared on social media captured the extent of the flooding, showcasing waterlogged streets that rendered access difficult. The North Bangalore Post, an X handle, reported, “The roads in Manyata Tech Park on the ORR Bengaluru are under water. With rains continuing without a break from 3 AM, expect more flooding in and around this area.” The sight of “lakes and waterfalls” forming within the tech park was also noted by users, highlighting the severity of the situation. Traffic congestion has become a pressing issue, particularly at the Hebbal flyover, where gridlock is anticipated to worsen during the evening rush hour. To avoid being stranded, weather bloggers like Bengaluru Weatherman advised office-goers to leave work early. They tweeted, “With more rain in store for the coming 2-3 hours, it's better to leave the office whenever you get a chance.”

India vs New Zealand Test match at the M. Chinnaswamy Stadium from October 16 to October 20, 2024, the Bengaluru City traffic authorities have announced special traffic arrangements. To ensure smooth vehicular movement around the stadium, traffic restrictions will be in effect from 7:00 AM to 6:00 PM during the match days.

realty firm Sobha dropped nearly 4% to Rs 1,675.3 in Tuesday's trade on the BSE following a 32% year-on-year (YoY) decline in total sales for the second quarter of FY25, amounting to Rs 1,178.5 crore. In comparison, the company reported total sales of Rs 1,723.8 crore in Q2 FY24. During this quarter, Sobha posted new area sales of 0.93 million square feet, generating sales worth Rs 1,179 crore at an average price realization of Rs 12,674 per square foot. This reflects a decline from 1.18 million square feet and sales of Rs 1,873 crore in Q1 FY25.

Nestle India’s chairman and managing director Suresh Narayanan is retiring from the company effective July 31, 2025,, Nestle said in a stock exchange filing on Monday. Narayanan will be succeeded by Manish Tiwary, country leader at e-commerce platform Amazon, as managing director of Nestle effect 1st August, 2025. Narayanan has been associated with Nestle for over 26 years. Tiwary, with nearly three decades within the e-commerce and consumer goods sectors, has been with Amazon India since 2016, after 20 years at Unilever.

Swiggy has rolled out a 10-minute food delivery service Bolt, the company said Under Bolt, Swiggy is offering deliveries of a limited set of items from select restaurants that will be delivered within 10 to 15 minutes. «Ten years ago, Swiggy revolutionised food delivery by cutting average wait times to 30 minutes. Now, we’re reducing that wait even further for frequently ordered items like coffee, burgers, ice cream, and biryani, partnering with trusted restaurants to deliver the best food in just 10 minutes,» Rohit Kapoor, CEO, Swiggy Food Marketplace, said in a statement.

Mumbai, Thursday, October 4, 2024: Prime Securities Ltd. (PSL https://primesec.com/ ), a SEBI registered Category-I Merchant Banker, is expanding its reach within the financial services sector by entering the wealth management business through its wholly-owned subsidiary,Prime Trigen Wealth Ltd. (PTWL). This strategic move aims to tap into new growth opportunities with significant scalability potential.

Harsh Goenka was quick to weigh in on Zerodha CEO Nithin Kamath’s recent remarks about why Indians seem to dislike wealthy individuals. During an event in Bangalore, Kamath had responded to this question. Goenka, the billionaire chairman of RPG Enterprises, offered his perspective, stating that Indians do, in fact, celebrate “good billionaires” like Ratan Tata, Azim Premji, and Anand Mahindra. These figures, Goenka emphasized, are admired for their humility, philanthropy, and the values they represent. Goenka further elaborated that the issue isn’t wealth itself but how it is used. Those who flaunt their riches, engage in corruption, or prioritize personal gain over societal good are the ones who face public resentment, he said. According to him, wealth should be seen as a tool for positive societal impact, and those who use it for good are celebrated, while others are disliked for their ostentatious displays and unethical practices.

This is part of a series of interviews with the winners of The Economic Times Startup Awards 2024. It was during Khet Singh Rajpurohit’s stint at a healthcare startup that he gained firsthand experience of the struggles of patients seeking to settle insurance claims. The cofounder of ClaimBuddy saw numerous cases where individuals had to extend their hospital stays or endure more stress, simply due to delayed or denied claims. During his second year at IIM Bangalore, Rajpurohit reached out to Ajit Patel, his former colleague who was leading insurance operations at the healthcare startup, and the two delved deeper into the complexities and inefficiencies in claim processing. Eventually, they envisioned a solution that would simplify the claims process for patients and healthcare providers alike.

Freshworks and Zoho «mafia» that led to several employees of these companies branching out to start their own firms — some of which have become extremely successful. Chennai's success in SaaS is known but there's a silent movement happening across the smaller cities across the country that can be dubbed the early makings of a 'tier II mafia,' industry watchers said. SaaS startups like Responsive in Coimbatore, Supersourcing in Indore, Appointy in Bhopal, DreamCast in Jaipur, Dhiwise in Surat or CallHippo in Ahmedabad — these are all examples of companies that are slowly scaling and becoming the anchor companies in these regions. «There are SaaS startups that are maturing and reaching a certain scale and size in a number of emerging cities,» Avinash Raghava, CEO of the industry collective SaaSBoomi told ET. «This is happening across the board where there are anchor companies emerging that are having their employees leave to start their own SaaS firms. It is still in the nascent stage but we are seeing it happen increasingly now wherein I believe the next Freshworks or Zoho will not come from Chennai or Bangalore but will be from one of these emerging cities.”

WeWork Inc.’s plan to sell the 27% it holds in its Indian unit and exit the country has collapsed, according to three people aware of the matter. This comes after the Competition Commission of India (CCI) had approved the proposal. Along with the bankruptcy-hit WeWork Inc., the coworking firm’s local partner WeWork India, promoted by Bangalore-based realtor Embassy Group, was also slated to divest a 13% stake to a consortium of investors including the Enam group family office, A91 Partners and CaratLane founder Mithun Sacheti in a Rs 1,200 crore secondary transaction, as reported first by ET on April 22. The Indian real estate group holds 73% in the India unit while WeWork Inc. owns the rest. The deal cleared by the regulator, as per a June 18 order, involved a two-step process that would see WeWork Inc. and Embassy together selling a stake of about 40% to new investors.

Siddaramaiah on Thursday kicked off work on the ambitious (knowledge, wellness & innovation) KWIN City project which is coming up on a vast area of 5800 acres near Dobbespet in Bengaluru Rural district. The project rests on the four pillars of knowledge, health, innovation and research “Our vision for KWIN City is to create a world-class ecosystem that fosters collaboration, innovation, and excellence in diverse fields. By bringing together leading institutions, research centers, and industry partners, we aim to drive cutting-edge research, develop groundbreaking technologies, and create solutions that address global challenges,” Chief Minister Siddaramaiah said, launching the project. Today, Karnataka is home to 45 of India’s unicorns, and over 50% of India’s unicorn valuation. Today, Bangalore is home to 17,000 plus angel investors and 1,500 plus VC funds. This remarkable growth has been fueled by our state's commitment to fostering innovation, nurturing talent, and creating an ecosystem that supports entrepreneurship, he added. “Building on this legacy of innovation, we are proud to introduce KWIN City, a one-of-a-kind project that will integrate knowledge, healthcare, innovation, and research at its core. “

QS Global MBA Rankings 2025, an annual suite of rankings identifying the world's top study destinations for aspiring business leaders. IIM Bangalore (ranked 53rd) is on top of the India list, followed by IIM Ahmedabad (=60), IIM Calcutta (65th) and the Indian School of Business (=86) respectively. While IIM Bangalore has slipped from last year’s 48th spot, India has steadily been increasing its representation in the rankings by higher education analyst Quacquarelli Symond to 14 this year compared to 11 last year and nine the year before. Beyond those in the top 100, the rankings include IIM Kozhikode (151-200), IIM Indore, IIM Lucknow, IIM Udaipur, XLRI- Xavier School of Management, all in the 201-250 band; IMT Ghaziabad, IMI Delhi, IMI Kolkata, MDI Gurgaon and Somaiya Vidyavihar University in the 251+ bracket.

NDA and opposition members, three Muslim organisations, including an RSS-linked outfit, on Friday supported the proposed amendments to the Waqf law before a parliamentary panel, sources said. When the three Muslim organisations — All India Sufi Sajjadanashin Council, RSS-linked Muslim Rashtriya Manch and NGO Bharat First — made their presentations separately before the Joint Committee on Waqf (Amendment) Bill, some opposition members sought to find flaws in their claims. Shiv Sena member in the Committee Naresh Mhaske is learnt to have told opposition members that they should be open to listening to the point of view of the other side, a suggestion that led to a brief exchange of words between the NDA and opposition. Some opposition members also wondered whether the Sufi Shah Malang sect comprising fakirs, who appeared before the Committee, formed part of the Muslim community.

Amagi, a Bangalore-based unicorn and the global leader in cloud-based SaaS technology for broadcast and connected TV (CTV), has entered the Mexican market. This strategic expansion reflects Amagi's commitment to global growth and underscores its confidence in the potential of Latin America's media and entertainment industry. As part of this move, Amagi has appointed Miriam Rios as the Director of Account Management to spearhead its sales efforts in Mexico.

Dil-Luminati Tour (India) were sold out within minutes of release. The pre-sale opened at noon on September 10, offering early access to HDFC Pixel Credit Card holders, who enjoyed a 10 per cent discount on ticket prices. The 10-day tour is set to kick off on October 26 in Delhi and will visit 10 cities across India, including Hyderabad, Ahmedabad, and Bangalore.

As an Indian, my standards are so low that my idea of exciting urban development is a Nitin Gadkari tweet. I enjoy reading the plans of the minister for road transport and highways—his great projects, how he would punish Indians who don’t follow the law (this part especially), how he hopes to replace vehicular horns with the sound of Indian musical instruments, and how very soon road travel from Chennai to Bangalore would take only two hours. I did try to point out to him on X that right now Bangalore to Bangalore is two hours.

Bengaluru has alleged that she was harassed and physically assaulted by an auto driver after she canceled a ride booked through Ola. The incident occurred on Wednesday when she and her friend booked two autos. Ola has responded to her complaint on social media, promising an investigation. The Additional Director General of Police Traffic and Road Safety, Alok Kumar, also assured that appropriate action would be taken. According to the woman, the incident began when she canceled her friend's auto ride. She arrived first, and her friend canceled her booking. The other auto driver then followed them, visibly angry. Despite her attempts to explain the situation, the driver started shouting and hurling abuse. «Yesterday in Bangalore (Bengaluru), my friend & I booked two autos on Ola due to peak hours. I arrived first, so she canceled hers. The other auto driver followed us, furious. Despite explaining the situation, he started shouting and hurling abuse,» she said.

Quess Corp's global headcount has topped 600,000, putting it in the same league with global staffing behemoths Adecco, Randstad and Manpower, and software services giant Tata Consultancy Services in terms of number of employees. The Bengaluru-headquartered firm, which offers staffing, workforce management and technology outsourcing services, ended the June quarter with an employee count of 597,000. Since then, it has added at least 6,000 workers, chairman Ajit Isaac told ET. “We are among the largest globally in headcount and perhaps the youngest to achieve this in a span of 17 years,” he said.

₹6,850 crore, driven by major contributions from Azim Premji and Shiv Nadar. The number of UHNI donors grew from 100 to 120 between 2020-21 and 2022-23, with 70 consistent donors and 50 contributing sporadically. This reveals significant potential for more sustained engagement.

Bangalore's current startup ecosystem and Kota, the coaching hub for IIT JEE aspirants in 2005. He refers to this as the "ecosystem delusion," where an environment rich in resources and networking opportunities can sometimes create a false sense of achievement among its participants. He listed four reasons why a «Bengaluru today reminds him of Kota of 2005». In Kota, thousands of students flocked to the city, assuming that merely being in the same place as the top achievers, attending the same coaching classes, and having access to the best resources would guarantee their success. However, only a small fraction of them actually cleared the IIT JEE, while the majority fell into the trap of complacency—believing that proximity to success was the same as putting in the hard work required to achieve it. In his post, Deshpande referred to Kota as the «Mecca of IIT-JEE,» highlighting that it fosters a well-crafted environment for success. «Each year, one coaching institute alone produces around 4-5 top rankers with single digits. Students have access to exceptional teachers, the finest books, and an infrastructure designed to promote success—everything from mess facilities to photocopy shops and rental PGs,» he explained.