The average price of 1 gram of 22K Gold stood at ₹5,745 while the cost for 24K gold prices stood at ₹6,267 and 1 kg silver stood at ₹78,200

Gold, Silver Rates today December 06, 2023: Check Prices in Mumbai, Delhi, Chennai

The average price of 1 gram of 22K Gold stood at ₹5,745 while the cost for 24K gold prices stood at ₹6,267 and 1 kg silver stood at ₹78,200

Gold Silver Price Today 06 December 2023: Both gold and silver prices declined&nbsp; on the Multi Commodity Index on Wednesday.&nbsp;
The average price of 1 gram of 22K Gold stood at ₹5,745 while the 24K gold prices stood at ₹6,267.&nbsp;
The rate of 10 grams of 24K gold in Chennai stood at ₹63,440, which was followed by Delhi and Jaipur where the gold costs ₹62,820.&nbsp;
The average price of 10gm of Silver was at ₹782 and 1 kg of silver stood at ₹78,200.
However, in Chennai, Hyderabad, and Kerala the metal was sold at ₹81,000 followed by Delhi and Mumbai where the metal was sold at ₹78,200
<h3>24 Carat Gold Price Today December 06 (per 10gm) - Indian Top Cities</h3>
Delhi - ₹62,820 Chennai - ₹63,440 Mumbai - ₹62,670 Kolkata - ₹62,670 Bengaluru - ₹62,670
<h3>1 KG Silver Price Today December 06 - Indian Top Cities</h3>
Delhi - ₹78,200 Chennai - ₹81,000 Mumbai - ₹78,200 Kolkata - ₹78,200 Bengaluru - ₹77,250

Both the market indices Sensex and Nifty have surged more than 5% each in the last six sessions with Sensex gaining 309.99 points opening at 69,605.13 and the Nifty gaining 94.2 points opening at 20,949.3 on Wednesday

Market Opening: Sensex, Nifty open at record high for third day

Both the market indices Sensex and Nifty have surged more than 5% each in the last six sessions with Sensex gaining 309.99 points opening at 69,605.13 and the Nifty gaining 94.2 points opening at 20,949.3 on Wednesday

Market Opening:&nbsp;Indian Market Indices opened on a strong note again on Wednesday with Nifty around 20,950.
The Sensex was up 308.99 points or 0.45% at 69,605.13, and the Nifty was up 94.20 points or 0.45% at 20,949.30. About 1720 shares advanced, 505 shares declined, and 126 shares unchanged.
As per Bloomberg, the stock market valuation has also crossed $4 trillion mark for the first time
"Technically, the short-term texture of the market is still on the long side. A breakout continuation formation on weekly charts and uptrend continuation formation on intraday charts indicating further uptrend from the current levels. We believe that, as long as the index is trading above 20700/69000 the positive sentiment is likely to continue. Above 20700, the index could rally till 20950-21000 for Nifty 50, 69600-69800 for Sensex," said Shrikant Chouhan, head equity research, Kotak Securities.
Also Read: <a href="https://www.editorji.com/business-news/markets/sensex-crosses-69k-as-markets-surge-continues-adani-pack-power-grid-lead-gains-while-hul-among-losers-1701776448295">Sensex crosses 69k as markets surge continues; Adani pack, power grid lead gains while HUL among losers</a>
Both indices have surged more than 5% each in the last six sessions, pushing them into overbought territories. This market surge is fuelled by improved U.S. interest rate expectations, a decline in crude prices, robust domestic economic indicators, increased foreign investments, and optimism post-state election outcomes.
The top gainers on Nifty include Adani Ports, Adani Enterprises, Asian Paints, Britannia Industries and HDFC Life while Bajaj Auto, Eicher Motors, Hindalco, SBI Life Insurance and Maruti Suzuki opened in the red.
&nbsp;

While assuring the company executives of resolving the $1.2 billion Term Loan B issue by the sale of U.S based subsidiary Epic, Byju Raveendran also identified the ED notice and the delay in closure of the FY23 statutory audit as other key challenges

Byju's Crisis: Founder Byju Raveendran assures executives of company's turnaround initiatives

While assuring the company executives of resolving the $1.2 billion Term Loan B issue by the sale of U.S based subsidiary Epic, Byju Raveendran also identified the ED notice and the delay in closure of the FY23 statutory audit as other key challenges

Byju's Crisis: Amid the ongoing cash crunch in edtech Byju's, its founder Byju Raveendran in a conference call assured all the company executives regarding the company&rsquo;s current turnaround initiatives.
<h3>Byju's $1.2 billion Term Loan B&nbsp;</h3>
In the call, Raveendran reiterated that the major issue faced by the company is the legal tussle in the $1.2 billion Term Loan B it acquired from US lenders. As per Business Today, he said thet the issue originated from a delayed audit and demand for a full refund from lenders.
Also Read:<a href="https://www.editorji.com/business-news/startups/byju-s-lenders-win-fight-over-1-2-billion-loan-default-to-take-control-over-byju-s-u-s-subsidiary-alpha-1699609191136">Byju's lenders win fight over $1.2 billion loan default, to take control over Byju's U.S subsidiary Alpha</a>
He further added that the company is engaged in active negotiations while expressing his optimism over the sale of Byju's US based subsidiary Epic- a kids-focused digital reading platform it acquired in 2021. Raveendran has said that this sale would help the company in resolving the issue.
Along with this, he also assured the company executives that the fund raised through the sale would help in easing the liquidity crunch faced by the company.&nbsp;
Expressing regret for the limited face time with the team, he stated, as per an individual privy to the meeting discussions, &ldquo;My regret is that I am letting down a wonderful team by not providing adequate capital.&rdquo;
<h3>ED threat for Byju's</h3>
In the call, Raveendran also identified the ED notice and the delay in closure of the FY23 statutory audit as other key challenges. The Enforcement Directorate had said that Byju&rsquo;s violated Foreign Exchange Management Act norms by delaying the filing of documents against the foreign investment of about Rs 8,000 crore and failing to allot shares against these.
Also Read: <a href="https://www.editorji.com/business-news/byju-s-denies-reports-of-a-9-000-crore-fema-violation-notice-from-ed-1700574095895">Byju's denies reports of a ₹9,000 crore FEMA violation notice from ED</a>
However, he reassured that significant progress has been made in resolving these issues, with procedural deficiencies addressed under FEMA for the ED notice and the FY23 audit on track for a completion.
Meanwhile, he said the capital invested by Ranjan Pai has settled Davidson Kempner's debt exposure in Aakash Education. He said that Aakash is now set for a record-breaking admissions season.
In a bid to boost the morale and get the support of the company leaders, Raveendran drew a parallel for the crisis with that of a war.&nbsp;
&ldquo;A true entrepreneur is a war leader,&rdquo; he said. &ldquo;What Byju&rsquo;s is going through can only be seen as a war on multiple fronts against all odds,&rdquo; he added.

After being acquired by the Tata Group last year, Air India initiated an extensive five-year overhaul. Within this initiative, the airline is ready to introduce pioneering advancements in customer-centric interfaces and enhance employee experiences.

Air India plans to save $1 million every year by shutting down two data centres 

After being acquired by the Tata Group last year, Air India initiated an extensive five-year overhaul. Within this initiative, the airline is ready to introduce pioneering advancements in customer-centric interfaces and enhance employee experiences.

Air India recently made a significant leap in its technological infrastructure. In a strategic move, the airline shifted its entire computational workload to the Cloud, resulting in the closure of two data centers located in New Delhi and Mumbai. This migration to Microsoft Azure marks a pivotal moment for Air India's digital transformation, anticipated to yield an annual savings of $1 million.
The meticulous migration process, overseen by Air India's teams in Silicon Valley, Gurugram, and Kochi, involved transitioning computational tasks from numerous mainframes, hundreds of servers, and a substantial volume of data to the Cloud. The retired data centers previously played a pivotal role in driving innovation and streamlining automation across the airline's commercial and financial operations.
Satya Ramaswamy, Air India's Chief Digital and Technology Officer, highlighted the company's commitment to embracing a 'Cloud-only' computational infrastructure. He emphasized that the Cloud signifies more than just cost efficiency; it stands as a foundational shift in reimagining computing processes for the airline.
Puneet Chandok, President at Microsoft India &amp; South Asia, lauded Air India's successful transition to Microsoft Azure, showcasing the adaptability and prowess of the Microsoft Cloud in supporting global industry leaders like Air India.
Following the Tata Group's acquisition last year, Air India embarked on a comprehensive five-year transformation plan. As part of this endeavor, the airline is poised to introduce groundbreaking innovations in both customer-centric interfaces and employee experiences. These innovations will harness the power of advanced data analytics and AI capabilities embedded seamlessly across the company's applications, including cutting-edge technologies like Generative AI.
Air India's commitment to leveraging cloud capabilities underscores a strategic vision to enhance operational efficiency, foster innovation, and elevate customer experiences in the ever-evolving aviation landscape. This move signifies a step forward in the airline's journey towards a more agile and technologically advanced future. Also Watch: <a href="https://www.editorji.com/business-news/air-india-bids-farewell-to-iconic-maharajah-mascot-airline-to-embrace-fresh-brand-identity-1690366018782#google_vignette">Air India bids farewell to iconic Maharajah mascot, airline to embrace fresh brand identity</a>

This surge resulted in BSE-listed companies' total market capitalization exceeding ₹350 lakh crore, surging by over ₹2.5 lakh crore.

Sensex crosses 69k as markets surge continues; Adani pack, power grid lead gains while HUL among losers

This surge resulted in BSE-listed companies' total market capitalization exceeding ₹350 lakh crore, surging by over ₹2.5 lakh crore.

The stock market soared to unprecedented heights on Tuesday, witnessing the Sensex breach the monumental 69,000-mark while the Nifty eyed the significant 21,000 level. This record-breaking ascent, marking the indices' sixth consecutive session of gains, was driven by robust buying, particularly in the power and utility sectors. Among the top gainers, Power Grid emerged as the frontrunner with a staggering 4.46% surge, followed by NTPC, SBI, and ICICI Bank displaying robust growth at 3.89%, 2.31%, and 2.28%, respectively.
Closing at an all-time high, the 30-share BSE Sensex surged by 431 points, or 0.63 per cent, culminating at 69,296. Simultaneously, the broader Nifty index advanced by 168 points, a rise of 0.81 per cent, reaching its lifetime high of 20,855. This impressive rally led to the combined market capitalisation of BSE-listed companies swelling by over ₹2.5 lakh crore, surpassing the significant milestone of ₹350 lakh crore.
However, amidst this fervent rise, some stocks faced downward trends. Hindustan Unilever, HCL Tech, and Bajaj Finance emerged as notable laggards, witnessing losses of up to 1.49% during the day's trading activities. Despite these setbacks, the market sentiment remained largely positive, with 20 stocks among the 30-share benchmark closing with gains, while 32 shares within the Nifty index exhibited positive movements.
Furthermore, foreign institutional investors showcased significant interest, purchasing shares worth ₹2,073.21 crore on Monday, further bolstering the market's optimistic trajectory.&nbsp; Also Watch: <a href="https://www.editorji.com/business-news/markets/market-opening-sensex-crosses-69-000-for-first-time-as-equity-market-scale-new-peaks-1701752218114#google_vignette">Market Opening: Sensex crosses 69,000 for first time as equity market scale new peaks</a>

Gautam Adani has become the 16th richest person in the world as his group's shares rally taking his total wealth beyond $70 billion

Gautam Adani's wealth crosses $70 billion as share market rallies after BJP wins 3 states

Gautam Adani has become the 16th richest person in the world as his group's shares rally taking his total wealth beyond $70 billion

Market rally:&nbsp;Adani's wealth has gone past the $70 billion mark due to the ongoing rally in Adani group shares. This comes in line with the market's gains following BJP's win in the three states election.
<h3>Adani gets richer</h3>
With this Adani is now the 16 richest person in the World, as per Bloomberg Billionaire index. On Monday, Gautam Adani saw an increase in his wealth by $4.41 billion. On Tuesday during the early trade the group shares soared up to 14%.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/us-finds-hindenburg-report-irrelevant-for-granting-funds-to-adani-ports-report-1701761408653">US finds Hindenburg report irrelevant for granting funds to Adani Ports: Report</a>
On Tuesday, shares of Adani Green Energy Ltd soared 14%, followed by Adani Enterprises Ltd (up 8.2%), Adani Ports (up 7.3%) and New Delhi Television Ltd (up 5.7%). Others group stocks such as as Adani Power Ltd, Adani Total Gas Ltd, Adani Wilmar Ltd, Adani Energy Solutions Ltd, Ambuja Cements and ACC advanced 4-6%
<h3>Investors gain confidence</h3>
Experts have mentioned that the result has boosted investor confidence on hopes of the Narendra Modi-led BJP will retain power in general elections next year. The investors believe this could ease uncertainty over political stability.
Elara Securities believe the state elections results would ease market concerns about policy instability and shake-up in policy priorities of the BJP at the Centre in terms of Atmanirbhar Bharat, infrastructure spending, defence indigenisation and energy transition
&nbsp;

In FY23, the RMG sector, a vital component of online gaming, dominated with an 84% market share and hosted over 400 startups.

Gaming industry poised to lose ₹75,000-76,000 crore by FY28: Report

In FY23, the RMG sector, a vital component of online gaming, dominated with an 84% market share and hosted over 400 startups.

India's online gaming industry is likely to see a substantial revenue loss to the extent of ₹75,000-76,000 crore by FY28, as per a new report by consulting firm EY. Even as the gaming industry is poised to see significant growth in the coming years, the imposition of 28% GST could prove very costly for the industry
EY's 'New Frontiers' report unveiled India's vast gaming community, standing at 42.5 crores, securing the global second position. Boasting a robust 28% Compound Annual Growth Rate (CAGR) from FY20-23, the industry surged to ₹16,428 crore, projecting a sustained 15% CAGR until FY28.
The RMG domain, a pivotal player with an 84% share in FY23, housing over 400 startups, anticipates a significant dip to 75.4% by FY28 due to the expected GST amendments.
Industry insiders foresee RMG potentially contributing ₹6,500-6,800 crore in direct taxes and a staggering ₹75,000-76,000 crore in indirect taxes between FY24-28. However, the proposal of a 28% tax rate on online gaming, debated in the 50th GST Council meeting, awaits a final decision on valuation in the subsequent 51st meeting.
In FY23, RMG fetched ₹1,700 crore in GST revenues. But if GST rates and valuation methods shift as speculated, experts envision an astounding 113% surge from FY23, reaching an estimated ₹75,000-76,000 crore in GST collections by FY28.
This looming risk of a substantial revenue slump within the RMG segment has triggered concerns across the gaming industry. The potential implications could profoundly affect the industry's growth trajectory and financial contributions.
Awaited decisions by the GST Council carry significant weight, with the potential to reshape the gaming landscape and profoundly impact stakeholders and the industry's financial future.
&nbsp;

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Cyclone Michaung

Settl has 35 properties in Bengaluru, Hyderabad and Gurugram
Bengaluru-based startup charges between ₹12,000 and ₹18,000 per bed


Startup To Scaleup | Spotlight on Settl, startup reshaping co-living for urban millennials

<ul>
<li>Settl has&nbsp;properties in Bengaluru, Hyderabad and Gurugram</li>
<li>Startup charges between ₹12,000-18,000 per bed</li>
</ul>

As India witnesses a surge in co-living spaces, we sat down with Abhishek Tripathi, co-founder of Settl, for our latest "Startup to Scaleup" episode. Settl, a tech-driven managed housing startup, provides coliving spaces, PGs, and rental apartments.
Established in 2020 and headquartered in Bengaluru, the company has expanded its footprint to Hyderabad and Gurugram.
In the latest 'Startup to Scaleup' episode, we explored the balance Settl strikes between communal living and individual privacy. We also discussed Settl's future vision for co-living, potential growth avenues, and upcoming trends in the sector.
Additionally, Tripathi provided invaluable insights for those contemplating their inaugural co-living experience, offering guidance for a seamless transition into this emerging housing trend.
In a report, investment management firm Colliers projects that by 2024, the co-living segment will offer 450,000 beds, primarily in the organized sector. This is a significant increase from the 210,000 beds available at the close of 2021.

Elon Musk's xAI that was introduced in July to compete with Google's Bard and Microsoft's Bing AI has submitted paperwork to the US securities authority aiming to gather up to $1 billion through an equity offering

Elon Musk's xAI seeks $1 billion investment via equity offering

Elon Musk's xAI that was introduced in July to compete with Google's Bard and Microsoft's Bing AI has submitted paperwork to the US securities authority aiming to gather up to $1 billion through an equity offering

Elon Musk's artificial intelligence based startup xAI has submitted paperwork to the US securities authority aiming to gather up to $1 billion through an equity offering. As per a filing&nbsp; in the Securities and Exchange Commission on Tuesday, the company has secured $134.7 million in equity financing from a total offering pool of $1 billion.
<h3>AI startup funding</h3>
This year has been promising for AI startups, especially after Sam Altman's OpenAI released ChatGPT and managed to get $10 billion backing from Microsoft. Elon Musk has been outspoken about his vision for crafting safer AI, as regulators have been expressing their concerns about the potential misuse of AI in spreading false information.
During a Twitter Spaces event earlier this year, he emphasized xAI's intent to foster a "maximally curious" AI rather than directly programming moral guidelines into its systems. Musk introduced xAI in July as a "maximum truth-seeking AI" to compete with Google's Bard and Microsoft's Bing AI.
Recently xAI rolled out "Grok," a chatbot challenging OpenAI's ChatGPT. As per Musk, the AI startup will be incorporated into his social media platform, X, and will also be available as a standalone application in November&nbsp;

Total sales grew by 18% year-on-year. Two-wheelers, three-wheelers, and passenger vehicles saw significant growth at 21%, 23%, and 17%, respectively. However, commercial vehicles and tractors encountered declines of 2% and 21%, respectively.

November auto sales surge: Two-wheelers and passenger vehicles lead growth

Total sales grew by 18% year-on-year. Two-wheelers, three-wheelers, and passenger vehicles saw significant growth at 21%, 23%, and 17%, respectively. However, commercial vehicles and tractors encountered declines of 2% and 21%, respectively.

In November, the automotive industry witnessed an impressive 18% surge in sales compared to the same period last year, as highlighted by data released by the Federation of Automobile Dealers Associations (FADA). This growth encompassed two-wheelers, three-wheelers, and passenger vehicles, marking a commendable performance across the board.
Maruti Suzuki, Hyundai Motor, and Tata Motors emerged as the frontrunners in the passenger vehicle segment, while Tata Motors and Mahindra dominated the commercial vehicle sales charts. According to FADA figures, a total of 28.54 lakh vehicles were sold during November, setting a new benchmark and surpassing the previous record established in March 2020 during the industry's transition to BS-6 emission norms.
The sales figures were led by unprecedented records in both two-wheeler and passenger vehicle categories. Two-wheeler sales reached an all-time high of 22.47 lakh units, spurred notably by the festive season, marking a staggering 49% increase compared to the previous month. Passenger vehicle sales also saw a noteworthy rise of 2%, contributing to an overall industry-wide growth of 35% month-on-month.
Manish Raj Singhania, President of FADA, attributed the surge in two-wheeler sales to Diwali festivities and robust rural sentiments. He noted, "New product launches and improved model supply further bolstered market growth, while the electric vehicle segment showcased promising growth."
Singhania highlighted the influence of festive fervor and new model launches in boosting passenger vehicle sales. However, he pointed out a slowdown post-festivities, compounded by challenges related to inventory management due to a persistent demand-supply mismatch, reported Business Today.
Top performers in the sales race included Hero Motocorp and Honda Motorcycle and Scooter in the two-wheeler category, with Maruti Suzuki, Tata Motors, and Hyundai Motor leading the passenger vehicle sales charts.
While the overall sales exhibited an 18% year-on-year growth, individual segments such as two-wheelers, three-wheelers, and passenger vehicles showcased a robust growth of 21%, 23%, and 17%, respectively. Conversely, the commercial vehicle and tractor segments faced challenges, experiencing a 2% and 21% decline, respectively.
Looking ahead, Singhania anticipated a potential surge in two-wheeler sales due to the ongoing wedding season. Nonetheless, challenges stemming from adverse weather conditions impacting cultivation and sluggish commercial vehicle sales due to market sentiments remain pertinent concerns for the industry. Also Watch: <a href="https://www.editorji.com/business-news/festive-auto-sales-surge-19-rural-markets-drive-growth-fada-report-1701155325587#google_vignette">Festive auto sales surge 19%, rural markets drive growth: FADA report</a>

As the permit clearance of import from existing suppliers who are primarily of Chinese origin is delayed, Apple is looking for new suppliers in India, South Korea and Japan to provide crucial components to manufacturers in India

Apple looking for suppliers to provide crucial parts to Indian manufacturers

As the permit clearance of import from existing suppliers who are primarily of Chinese origin is delayed, Apple is looking for new suppliers in India, South Korea and Japan to provide crucial components to manufacturers in India

Apple suppliers:&nbsp;iPhone maker Apple is looking for new suppliers in India, South Korea and Japan to provide crucial components to its contract manufacturers in India, reported The Economic Times. This comes after government is delaying the permit clearance of import from existing suppliers who are primarily of Chinese origin.
The import includes, batteries, camera lens, chargers and other equipment required to make its flagship iPhones and iPads in India.&nbsp;
<h3>Import restriction on Chinese components</h3>
About 17 Chinese companies who supply components for Apple&rsquo;s devices applied for government clearances to set up manufacturing facilities in India in January. As per Economic Times, Out of this, 14 were granted initial approval, the application of four companies have been indefinitely delayed, while six have indicated to the government that they are no longer interested in making in India.
Also Read: <a href="https://www.editorji.com/business-news/apple-to-manufacture-iphone15-iphone15-plus-in-india-how-will-it-affect-the-prices-1694698186866">Apple to manufacture iPhone15, iPhone15 Plus in India; how will it affect the prices?</a>
&ldquo;The approvals (in January) were only initial approvals. Because most of these companies have Chinese origin, national security is also an issue. Those approvals have to be carefully given. Issues of environmental clearances, which are a state subject, are given by expert committees,&rdquo; a senior government official told Economic Times.
The Economic Times report mentioned that with delayed imports, Apple is now looking for suppliers who can set up &ldquo;just-in-time&rdquo; supply chains in India to expedite local production.
Industry Experts as quoted by The Economic Times also mentioned that companies which supply crucial components but are smaller on the global stage, are unlikely to take the risk of investing in a hostile country even after they get approvals.
Over the years, Apple has become aggressive in pushing manufacturing in India and diversify its supply chain out of China.&nbsp;
&nbsp;

These platforms, run by overseas individuals, utilized digital ads, messaging, and rented accounts for their illegal activities.

Union Home Ministry halts 100+ overseas-operated fraudulent websites: Cybercrime crackdown

These platforms, run by overseas individuals, utilized digital ads, messaging, and rented accounts for their illegal activities.

In a major crackdown on cybercrime, the Union Home Ministry has taken action against a network of over 100 websites involved in orchestrating illegal investments and deceptive part-time job schemes. These websites, reportedly operated by overseas entities, were identified and subsequently blocked by the Ministry of Electronics and Information Technology (MeitY) under the Information Technology Act of 2000.
According to official statements, the Indian Cybercrime Coordination Centre (I4C), a unit under the National Cybercrime Threat Analytics Unit (NCTAU) within the Home Ministry, unearthed the fraudulent activities of these websites. They were found to be perpetrating fraudulent investment schemes and deceptive part-time job offers, prompting the swift blocking action.
The modus operandi of these platforms, managed by individuals abroad, involved leveraging digital advertisements, messaging platforms, and rented accounts to carry out their illicit operations. Moreover, it was revealed that the proceeds from these illicit activities were being funneled out of India through various channels, including card networks, cryptocurrencies, overseas ATM withdrawals, and international fintech companies.
The I4C, an integral initiative by the Home Ministry, aims to combat cybercrimes effectively by coordinating extensive measures against such illegal activities within the country.
This recent move follows earlier actions taken by MeitY on November 5, wherein 22 illegal betting apps and websites were also blocked. Among them was Mahadev Book, a platform embroiled in a political controversy in Chhattisgarh ahead of the state elections. Investigations conducted by the Enforcement Directorate (ED) into an illegal betting app syndicate led to raids on Mahadev Book, uncovering alleged unlawful operations.
Also Watch:<a href="https://www.editorji.com/business-news/invest-smart/invest-smart-how-to-protect-your-money-from-financial-cyber-scams-1685102470332"> Invest Smart: How to protect your money from financial cyber-scams</a>

The company, backed by investors like Goldman Sachs and Xiaomi, faced further challenges after the cancellation of the acquisition deal, leaving only a fraction of its workforce in limbo

Fintech startup ZestMoney to close doors, laying off final 130 employees

The company, backed by investors like Goldman Sachs and Xiaomi, faced further challenges after the cancellation of the acquisition deal, leaving only a fraction of its workforce in limbo

ZestMoney, a once-promising fintech startup, has announced its unfortunate decision to cease operations. After unsuccessful attempts to revive its business under new management and amidst regulatory uncertainties, the company has declared its closure. In a recent town hall meeting held on December 5, ZestMoney management informed its remaining 130 employees about the shutdown. A small team will oversee the closure process, while the rest of the employees will be laid off, though they will receive their December salaries and support in finding new job opportunities.
Earlier this year, ZestMoney faced challenges when three of its co-founders stepped down, followed by the cancellation of an acquisition deal by fintech giant PhonePe. The departure of its founders left the Bengaluru-based firm in a state of uncertainty, compounded by difficulties in securing fresh capital amidst a funding downturn in the industry.
Also read/watch - <a title="Market Opening: Sensex, Nifty open at record high for third day" href="https://www.editorji.com/business-news/markets/market-opening-sensex-nifty-open-at-record-high-for-third-day-1701837922479">Market Opening: Sensex, Nifty open at record high for third day</a>
The collapse of the acquisition deal with PhonePe, which was anticipated to bring in between $150 million to $300 million, was attributed to various factors including discrepancies in due diligence, disagreements over valuation and sustainability, and complications regarding ZestMoney's ownership structure. This setback occurred amid a broader slowdown in the fintech sector due to regulatory complexities and macroeconomic uncertainties.
ZestMoney had previously laid off around 100 employees, approximately 20% of its workforce, in April. The company, backed by investors like Goldman Sachs and Xiaomi, faced further challenges after the cancellation of the acquisition deal, leaving only a fraction of its workforce in limbo.
Also read/watch - <a title="Byju's Crisis: Founder Byju Raveendran assures executives of company's turnaround initiatives" href="https://www.editorji.com/business-news/byju-s-crisis-founder-byju-raveendran-assures-executives-of-company-s-turnaround-initiatives-1701835119393">Byju's Crisis: Founder Byju Raveendran assures executives of company's turnaround initiatives</a> &nbsp; PhonePe had extended financial support to ZestMoney during the acquisition evaluation phase, providing approximately $18 million as a loan. Initially, all 450 employees at ZestMoney were expected to transition to PhonePe if the acquisition had gone through, but now, the company faces closure, leaving its remaining employees seeking new opportunities in a challenging market environment.

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