Platform Financial News

Nazara Technologies on Thursday fell up to 8% to Rs 845.65 on BSE after two of its subsidiaries got show cause notices in relation to Goods and Services Tax (GST) with a total liability of Rs 1,120 crore. The show cause notices were sent by the Director General of GST Intelligence, Kolkata to Openplay Technologies and Halaplay Technologies on Tuesday, July 16 for proposed liability of Rs 845.72 crore and Rs 274.21 crore, respectively, Nazara disclosed in a regulatory filing.

Grayscale Investments has launched a new Decentralized AI Fund for artificial intelligence crypto protocols.

Back when he co-founded Envestnet 25 years ago, Bill Crager didn’t plan on one day taking home the Lifetime Achievement in the Wealth Management Industry statuette at the inaugural InvestmentNews Awards. There were too many other pressing matters at the time before focusing on such fanciful dreams, primarily getting a one-of-a-kind fintech business off the ground.

Kunal Bahl and Rohit Bansal, founders of ecommerce firm Snapdeal and investment fund Titan Capital, have exited at-home services platform Urban Company, bagging a nearly 200 times return on their nine-year-old seed cheque. They sold their stake to Vy Capital’s offshoot Dharana Capital which made a $50 million secondary transaction at the Gurugram-based firm. Bahl and Bansal, who had invested Rs 57 lakh in 2015, made the full exit that closed earlier this month with aggregate proceeds of Rs 111 crore, according to people aware of the transaction.

Mint said there is a need for a dedicated ministry to address the sector's unique needs, which contributes a substantial ₹5.69 trillion to India's gross domestic product. The sector, which gave patrons or consumers of restaurants a GST rate reduced from 18% to 5% in 2017, now struggles with rising costs and shrinking profit margins. Suri said calling for the restoration of input tax credit and support for operational expenditures such as rentals and delivery commissions for restaurants, especially an input on rentals which contribute 20% of operational costs would be a game changer.

TikTok owner ByteDance can’t avoid the bloc’s crackdown on digital giants, a European Union court says

Kylian Mbappe has had a stellar run in the Euro Cup 2024 with France and now his next journey promises to be a big one after he was unveiled as a new Madrid star before 85,000 fans, who gave him the best welcome possible. In a Cristiano Ronaldo-style move, Mbappe kissed the Real Madrid badge after being inducted into the legendary La Liga camp as thousands cheered him on.

Fintech provider Apex is looking to help financial services build quickly and scale broadly with a new cloud-based solution.

Siddaramaiah on Wednesday said his government's priority is to look after the welfare of Kannadigas as they are not getting jobs in their own land, responding to the criticism over the state's proposed law mandating quotas in jobs for locals in private industries. «We are a pro-Kannada government. We want to help Kannadigas lead a peaceful life with a job in their own land,» he said in a post on microblogging platform X. Within hours after his post, he announced he was putting the bill on hold after the proposed law came under widespread attack. The CM, in a post on X, said the government would revisit the bill after elaborate discussion at the next cabinet meeting. He had called the proposed law a historic effort towards protecting the interests of local Kannadigas and reversing the deprivation of jobs for them.

Competition law practice at law firm Trilegal Nisha Kaur Uberoi is set to join law firm J Sagar Associates (JSA) along with her team of 25 attorneys including two partners Harshita Singh Parmar and Pranav Satyam. An alumnus of the National Law School of India University and the National University of Singapore Uberoi has also worked with firms such as AZB & Partners and Cyril Amarchand Mangaldas. “This move will greatly enhance and consolidate the firm’s existing domain in Competition Law, and further bolster our market-leading corporate and disputes practices,” said Amit Kapur and Vivek K. Chandy, joint managing partners at JSA in a joint statement. “The addition of Nisha and her team to our existing practice in JSA is a testament to our commitment to meeting the complex antitrust and competition needs of our clients globally.”

Shortly after its landmark rebrand, the financial advisory division of World Insurance Associates has sealed a deal that significantly expands its East Coast presence.

Piyush Goyal has called for enhancing collaborations among trusted partner countries for smooth supply of critical minerals, semiconductors, pharmaceuticals, and green energy, an official statement said on Wednesday. The minister proposed this collaboration during the G7 Trade Ministers' meeting at Reggio Calabria, Italy. He also highlighted the importance of analyzing global supply chains' robustness in times of crisis like pandemic, Ukraine-Russia conflict, and Red Sea crisis. Goyal said that efforts are on in various countries to build resilient supply chains under platforms like the G20 Generic Framework for Mapping GVCs (global value chains), the 14 Member IPEF (Indo-Pacific Economic Framework for Prosperity) association, Trilateral Supply Chain Resilience Initiative (SCRI), and India-EU TTC (trade and technology council).

Decentralized predictions platform Polymarket has registered record trade volumes fueled by the anticipation surrounding the United States presidential election.

The acqusition of Elwood Capital Management (ECM) is another plank in Zodia Markets' ambition to build a fully-rounded digital asset business.Usman Ahmad, co-founder and CEO of Zodia Markets, says: "This acquisition is a significant progression to create greater diversification in our service offering and footprint, enabling scale and accelerating product capability. "Acquiring a successful, established business with a similar regulatory-first mindset allows us to extend our offering to the clients we will welcome and provide our existing clients with a broader suite of capabilities and value."For Elwood, the sale marks a strategic shift to focus on its institutional-grade SaaS products and services, including execution managment and portfolio and risk management.Chris Lawn, CEO of Elwood, comments: "The sale of our OTC trading business supports Elwood's strategic plan to build a world-class end-to-end EMS and PMS software platform and allows us to fully dedicate our resources to the SaaS business.

eligible AI startups" with up to $350,000 in Google Cloud credits “to invest in the cloud infrastructure and computational power essential for AI development and deployment." Karya, an AI data startup that empowers low-income communities, is “using Gemini (also Microsoft products) to design a no-code chatbot," while “Cropin (in which Google is an investor) is using Gemini to power its new real-time generative AI, agri-intelligent platform." Manu Chopra, co-founder and CEO of Karya, said he uses Gemini "to take Karya Platform global and enable low-income communities everywhere to build truly ethical and inclusive AI." Gemini has helped Cropin “build a more sustainable, food-secure future for the planet," according to Krishna Kumar, the startup's co-founder and CEO. Robotic startup Miko.ai “is using Google LLM as a part of its quality control mechanisms," says Ajjarapu.

According to a quarterly update published today (17 July), the AIM-listed wealth manager reported £200m net outflows in the three months to 30 June, slowing from £300m in the previous quarter.  Outflows were more than offset by strong investment performance, which achieved a 1.4% return. This outperformed the benchmark, the MSCI PIMFA Private Investor Balanced index, which rose by 1.1% during the same period. «Outflows have remained elevated but with a more certain political backdrop, lower inflation and the increased likelihood of a reduction in interest rates, we anticipate that the...

Jade City, a real-world asset (RWA) platform, is planning to launch its token by the end of the year, with the firm aiming to change the way precious commodities are accessed and traded.

The global equity UCITS ETF, run by HANetf's white-label platform Goshawk Asset Management, will be made available to investors in Europe. «It is great to be partnering with Harwood Capital Management to launch a new UCITS ETF in Europe,» said Hector McNeil, co-founder and co-CEO of HANetf.  Harbor Capital Advisors teams up with HANetf to enter the European ETF market According to data from the ETF Book cited by McNeil, the partnership comes at a time when European ETF inflows are on the rise, reaching $169bn in 2023, or up 88% from 2022. «White-label enquiries at HANetf are up ...

₹2.39 lakh, but the price of this new Royal Enfield model can go up to ₹2.54 lakh (ex-showroom). Notably, it is the second model to be based on the Sherpa 450 platform after Royal Enfield's Himalayan. The Guerrilla 450 looks perfect for a roadster, with a stripped retro design and some interesting colour options.The Royal Enfield Guerrilla's price starts at ₹2.39 lakh and can go up to ₹2.54 lakh (ex-showroom).

www.beautyandyouawards.com. Winners will be announced on November 16, 2024, at a live event in Goa. The 2024 program builds on the success of previous years with the theme of Supercharged Futures.

Watertech startup Boon has raised $5 million in a funding round led by Spanish Roca Group Ventures, its first-ever investment in India, with participation from others. The fundraise was a mix of equity and debt. Cofounded by IIT Kanpur alumnus Vibha Tripathi and Advait Kumar in 2015, Boon (formerly known as Swajal) is a technology startup focused on remote water purifying, monitoring and dispensing products.