Business
Gold rises by Rs 330 to sell at Rs 56,290, prices remain unchanged for silver.
Gold prices in India have seen a slight uptick in recent days, with the metal rising by Rs 330 to sell at Rs 56,290 per 10 grams on Monday. However, silver prices remained unchanged at Rs 67,500 per kg.
The slight uptick in gold prices comes amid concerns over the US-China trade war and a weakening rupee. The rupee has lost nearly 2% of its value against the US dollar in the last month, making gold more expensive for Indian buyers.
With global markets on edge, investors are increasingly turning to gold as a safe haven asset. Gold is seen as a hedge against inflation and financial instability.
In India, gold is also seen as a key element of many religious and social traditions. The metal is often used for weddings and other special occasions.
Despite the recent rise in prices, gold remains well below its all-time high of Rs 56,200 per 10 grams reached in August of this year. Silver prices are also well below their all-time highs, with the metal peaking at Rs 69,930 per kg in April.
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Business
Investors valued Swiggy at $10.7 billion in 2022. It is said that the business intends to go public this year.
In the nine months leading up to December 2023, Swiggy lost $200 million, as per a corporate internal document. This occurs as the company, funded by SoftBank, looks to go public on the stock market. Swiggy may begin listing by the end of 2025, according to prior reports.
According to an internal document seen by Reuters, Swiggy lost $500 million during the course of the fiscal year 2022–2023. The report, which cited unidentified sources, asserted that the corporation reduced losses for the entire year 2023–24 thanks to lower wage payouts and spending reductions in marketing.Swiggy’s losses for the first nine months of the fiscal year 2023–2024, from April to December 2023, totaled $207 million. During that time, the company’s sales was $1.02 billion, down from $1.05 billion in the fiscal year 2022–2023.According to an internal document seen by Reuters, Swiggy lost $500 million during the course of the fiscal year 2022–2023. The report, which cited unidentified sources, asserted that the corporation reduced losses for the entire year 2023–24 thanks to lower wage payouts and spending reductions in marketing.
Swiggy’s losses for the first nine months of the fiscal year 2023–2024, from April to December 2023, totaled $207 million. During that time, the company’s sales was $1.02 billion, down from $1.05 billion in the fiscal year 2022–2023.
Investors valued Swiggy at $10.7 billion in 2022. The business began by delivering meals, then it grew to include groceries and reservations for restaurants.
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Business
Meesho’s $300 million fundraising round: SoftBank’s invitation, Tiger Global wagers, and more
Tiger Global and Peak XV Partners are leading the latest round, with a combined investment of $150 million.
Meesho is set to raise $300 million from Tiger Global and SoftBank, along with existing and other investors like Peak XV Partners and Mars Growth Capital. This is Tiger Global’s first major round in India since Scott Shleifer stepped down in November. This is one of the few large rounds for Meesho in the past 12 months.
Tiger Global and Peak XV Partners are leading a $150 million round in Meesho, with Peak XV and some limited partners expected to contribute $70 million. Tiger Global is a new investor, while Peak XV is an existing backer. Meesho’s current valuation is $3.9 billion, 20% lower than its previous 2021 valuation. SoftBank, an existing investor, is pushing $30 million for the remaining $150 million.
Meesho is relocating its base from Delaware to India, with a significant portion of the new capital being used to pay taxes before its upcoming IPO.
Meesho’s losses decreased from ₹3,251 crore in FY22 to ₹1,675 crore in FY23, while its revenue from operations increased by 77% from ₹3,232 crore in FY22 to ₹5,735 crore in FY23.
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Business
Check Out The Details Of Rekha Jhunjhunwala’s Rs 11.76-Crore Apartment Purchase In South Mumbai
Rekha Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala, purchased an apartment in South Mumbai’s Walkershwar area for Rs 11.76 crore, according to property registration documents.
The 1,666 sqft apartment, located in the over 50-year-old Rockside Apartment near the Arabian Sea, spans across 1,666 sqft of carpet.
On March 15, 2024, Rekha Jhunjhunwala paid over Rs 59 lakh for stamp duty and registration charges for an apartment with a 376 sqft car parking.
The Walkeshwar and Malabar Hill micro-market in Mumbai, once India’s costliest residential market, has seen a decrease in premium and luxury projects due to business relocation northwards.
In November 2023, Rekha Jhunjhunwala-led Kinnteisto LLP purchased over 1.94 lakh sq ft of commercial office space in Mumbai’s Bandra Kurla Complex and Chandivali area for approximately Rs 740 crore, marking one of India’s largest commercial office deals.
A Knight Frank report titled ‘Prime Global Cities Index Q4 2023’ revealed that Mumbai, New Delhi, and Bengaluru, Indian cities, saw an increase in their average annual prices of prime residential or luxury homes.
Mumbai’s 10% price growth in the past year is primarily due to affluent homebuyers seeking lifestyle upgrades amid a strong economic environment that is gaining momentum.
Mumbai saw the third highest YoY growth in prime residential prices in Q4 2023, boosting its ranking by 5 places from 8th in Q4 2022.
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