Cars24 Layoffs: 200 jobs cut as company reevaluates growth plans

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April 26, 2025

Cars24 Layoffs: 200 jobs cut as company reevaluates growth plans — Vikram Chopra, Co-founder and CEO, Cars24

Cars24, a top online platform for pre-owned vehicles, has let go of approximately 250 employees from its product and technology teams as part of a larger restructuring effort to enhance operational efficiency.

This move follows rising competitive pressure in the used-car industry, particularly as competitors like Spinny recently secured $131 million in funding from Accel’s Leadership Fund.

Confirming the development, Cars24 co-founder and CEO Vikram Chopra said, “This is a tough decision. Over the past few weeks, we’ve had to part ways with around 200 employees across various functions. We are deeply grateful for their contributions. The layoffs are not about performance, but about structure and the bets we placed.”

Chopra added, “We’ve learned that speed without clarity is expensive, and some projects and roles were added prematurely. Moving forward, we need to be more strategic and deliberate with our investments and team-building.”

According to media reports, the SoftBank-backed company provided standard severance packages to affected employees.

Cars24 continues to provide a comprehensive suite of automotive services, including the buying and selling of used cars, vehicle financing, insurance, driver-on-demand, FASTag services, challan management, and vehicle scrapping. In December 2021, the company raised $450 million from prominent investors like SoftBank, Tencent, DST Global, and Alpha Wave.

While financial results for FY25 are yet to be released, Cars24 recorded a 25% rise in revenue in FY24, reaching ₹6,917 crore compared to ₹5,530 crore in FY23. Despite the revenue growth, the company posted a net loss of ₹498 crore and an adjusted EBITDA loss of ₹318 crore during the same fiscal year.

This update comes shortly after Cars24’s acquisition of the popular automotive forum Team-BHP, which will continue to function as an independent entity. The company also launched Fourdoor, a multi-brand car service platform, and introduced a ‘New Cars’ vertical offering AI-powered tools and home test drive services.

Ather Energy secures ₹1,340-Cr from 36 anchor investors ahead of IPO

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April 26, 2025

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Ather Energy Ltd, a leading electric two-wheeler manufacturer, announced on Friday that it has raised ₹1,340 crore from anchor investors just days ahead of its upcoming initial public offering (IPO), which opens for public subscription on Monday, April 28, 2025.

Key institutional investors who participated in the anchor round include Custody Bank of Japan, Franklin Templeton, Abu Dhabi Investment Authority, Eastspring Investments, Morgan Stanley Investment Management, and Societe Generale. Domestic investors such as PSBI Mutual Fund, Aditya Birla Sun Life MF, ICICI Prudential MF, Invesco MF, Aditya Birla Sun Life Insurance, ITI MF, and Union MF also took part. According to a circular posted on the BSE website, Ather Energy allocated 4.17 crore shares to 36 institutional investors at ₹321 per share, the top end of the IPO price range, raising a total of ₹1,340 crore.

The total IPO size stands at ₹2,981 crore, with a price band set between ₹304 and ₹321 per share. Public subscription will run from April 28 to April 30, marking the first mainboard IPO of the financial year 2025–26. The offering includes a fresh equity issue worth ₹2,626 crore and an offer-for-sale (OFS) of 1.1 crore shares from existing shareholders and promoters. The proceeds will be used to establish a new electric two-wheeler manufacturing facility in Maharashtra and reduce outstanding debt.

At the upper price band, the IPO values Ather Energy at around ₹11,956 crore. The company, which counts Hero MotoCorp and Tiger Global among its major backers, is the second electric two-wheeler firm to go public following Ola Electric Mobility’s ₹6,145 crore IPO in August 2024. Ola’s IPO included a ₹5,500 crore fresh issue and an OFS of 8.5 crore shares.

In addition to its IPO plans, Ather Energy has recently enhanced its research and development capabilities, expanding its product testing and validation infrastructure.

As per regulatory guidelines, 75% of the IPO is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors. Axis Capital, JM Financial, Nomura, and HSBC are the lead managers of the issue. Ather Energy’s shares are expected to be listed on stock exchanges on May 6.

Sri Lanka’s Jetwing Hotels announces major business restructuring

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April 26, 2025

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Sri Lanka’s Jetwing Hotels announces major business restructuring — Hashan Cooray, Director of marketing and development, Jetwing Hotels

Jetwing Hotels has announced a revamped branding strategy as part of its commitment to staying aligned with the evolving preferences of modern travelers. This bold move highlights the company’s continued dedication to meeting diverse guest expectations while strengthening its leadership in Sri Lanka’s hospitality industry.

In response to changing travel trends, Jetwing Hotels is shifting away from its former “Hotels” and “Villas” classifications, introducing a newly structured portfolio. The updated framework divides its properties into four clear categories: Jetwing Luxury Reserves, Jetwing Premium Hotels, Select Hotels, and Essentials. According to the company’s release, this realignment is designed to offer guests a more streamlined and easily understood view of the brand’s range—accommodating everyone from cost-conscious travelers to those in search of luxury experiences.

Hashan Cooray, director of marketing and development, Jetwing Hotels stated, “Today,after the turmoil we all faced for over four years, we are more optimistic than ever about the growth potential of our industry and its role in transforming Sri Lanka’s economy. With this in mind, we felt it was time to bring more clarity to our branding as we now operate over 35 properties around our paradise island.”

The newly introduced Jetwing Luxury Reserves category highlights the brand’s flagship properties, each uniquely designed with striking architecture in breathtaking settings. These premium locations are complemented by gourmet cuisine and personalized service that caters to every guest’s need.

The Jetwing Premium Hotels segment brings together a refined collection of 4-star and 5-star properties that merge contemporary comfort with the richness of Sri Lankan culture. These full-service hotels are equipped with modern conveniences to ensure a luxurious stay.

Next is the Select Hotels category, offering the perfect balance between affordability and comfort. Aimed at modern travelers seeking authentic experiences, these 3-star properties, while not carrying the Jetwing name, maintain the brand’s signature warmth and hospitality.

Finally, the Essentials category caters to budget-conscious explorers. This segment focuses on practical, no-frills accommodation that emphasizes comfort and value. It includes the 3-star Hotel J and 2-star City Beds, designed to meet core travel needs without compromising on quality, according to the company’s statement.

Jetwing Hotels restructuring marks a significant step in redefining its brand identity to better align with the evolving expectations of today’s travelers. By introducing a clear and thoughtfully segmented structure—ranging from ultra-luxury to essential stays—the company reinforces its commitment to delivering personalized, high-quality hospitality experiences across all travel styles and budgets. This strategic shift not only strengthens Jetwing’s market positioning but also sets a new benchmark for innovation and guest-centricity in Sri Lanka’s hospitality landscape.

Tencent Music plans $2.4 Bn acquisition of Ximalaya

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April 26, 2025

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Tencent Music Entertainment Group is reportedly in advanced negotiations to acquire Chinese podcasting startup Ximalaya Inc. in a deal valued at approximately $2.4 billion, according to individuals familiar with the matter. The acquisition would significantly bolster Tencent Music’s ambition to become China’s equivalent of Spotify Technology SA.

The transaction is expected to be financed through a mix of cash and stock, the sources said, speaking on condition of anonymity due to the private nature of the talks. A formal agreement could be finalized within the coming weeks, though discussions are still ongoing and no definitive decisions have been made, they added.

Representatives for Tencent Music declined to comment, while Ximalaya also opted not to respond to inquiries.

Ximalaya, a privately held firm, is backed by major investors including Tencent, Baidu Inc., and Sony Music Entertainment. The company had previously filed for a Hong Kong IPO in 2021 but chose to delay the listing. According to its latest public filing, Ximalaya’s platform reached 303 million monthly active users in 2023.

Tencent Music, a leading digital music platform in China, operates well-known apps such as QQ Music, Kugou, Kuwo, and WeSing. It has expanded through both organic growth and strategic acquisitions. Listed on the New York Stock Exchange following a $1.1 billion IPO in 2018, Tencent Music has seen its shares rise about 17% this year, bringing its market valuation to around $20.6 billion.

Elon Musk’s xAI holdings in talks to raise $20 Bn in new funding

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April 26, 2025

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Elon Musk’s xAI in talks to raise $20 Bn in new funding — Elon Musk, CEO, xAI

Elon Musk’s xAI Holdings is reportedly engaging with potential investors to secure around $20 billion in funding for his newly unified artificial intelligence and social media enterprise, according to sources familiar with the discussions. If finalized, this fundraising round would rank as the second-largest ever for a startup, following only OpenAI’s $40 billion raise earlier this year, according to PitchBook. The deal would push the valuation of Musk’s new company to over $120 billion, one of the sources indicated, though all requested anonymity due to the sensitive nature of the talks.

Established in March, xAI Holdings was formed through the merger of Musk’s AI initiative, xAI, and X—formerly known as Twitter. Some of the funds raised may go toward addressing debt Musk assumed when he took Twitter private and rebranded it as X, one insider revealed.

That financial burden has heavily impacted X, as previously reported. In March alone, the company spent roughly $200 million servicing its acquisition-related debt. By the end of 2024, its yearly interest payments are projected to exceed $1.3 billion.

Since merging the two ventures, Musk and his team have been quietly gauging investor interest in supporting the newly structured firm, said several individuals close to the matter. While the funding discussions are still in early stages, the company intends to secure the capital over the coming months.

One source noted that the funding goal could exceed the initial $20 billion figure, though final terms and the total amount are still being negotiated and may change as talks progress.

The scale of the planned raise reflects both the strong investor demand for AI-focused companies and Musk’s enduring reputation as a powerful figure in both business and politics. Known as a close ally of former President Donald Trump, Musk has exerted notable influence in Washington, placing loyalists in key government roles since Trump’s rise.

Despite recent declines in Tesla Inc.’s stock performance, Musk’s privately held ventures continue to surge in value. For instance, SpaceX became the most valuable startup in history after a private deal last year valued it at $350 billion.

St. Regis Hotels & Resorts expands presence with new Le Morne Resort in Mauritius

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April 25, 2025

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St. Regis Hotels & Resorts is preparing to debut The St. Regis Le Morne Resort in Mauritius, nestled at the foot of the iconic Le Morne Brabant Mountain, a UNESCO World Heritage Site. Set along one of the Indian Ocean’s most sought-after beaches, the resort promises to deliver the brand’s hallmark luxury—featuring refined dining experiences, signature family offerings, and timeless St. Regis traditions—all at one of the island’s most exclusive beachfront locations.

“The evolution of The St Regis Le Morne Resort, Mauritius reflects the brand’s dedication to elevating the world’s most exclusive destinations, and our commitment to the growth of the St Regis resort portfolio,” said Helen Leighton, Vice President, Luxury Brands, Europe, Middle East and Africa. “Joining St Regis Hotels & Resorts will allow guests to embrace the resort’s timeless glamour through the St. Regis hallmarks of personalised service and signature rituals. We look forward to ushering in this new chapter.”  

The resort, previously known as JW Marriott Mauritius Resort, has been rebranded as The St. Regis Le Morne Resort, Mauritius. As part of this transformation, the all-suite resort has introduced curated upgrades, most notably at its signature Le Manoir restaurant. Guests can now enjoy elevated Mauritian cuisine, including exquisite curries crafted with locally sourced ingredients. Additionally, the newly refreshed La Patisserie, styled with French inspiration, now serves artisanal pastries such as the Signature Exotic—a tropical indulgence featuring layers of passion fruit, banana, mango, poached pineapple, vanilla, and coconut mousse.

Later in the year, the resort’s beachfront villa will be reimagined as The St. Regis Grand Beachfront Villa. Drawing inspiration from the exclusive retreats once favored by the Astor family, the villa spans an impressive 1,659 square meters. Designed for up to 16 guests, it offers direct beach access, four private suites each with their own deck, expansive indoor and outdoor living areas, three plunge pools, and a breathtaking infinity pool—positioning it among the largest and most luxurious villas in the Indian Ocean.

The resort will celebrate the iconic St. Regis ritual of transitioning from day to evening with a champagne sabering ceremony at 7 PM daily, set to the backdrop of the island’s dramatic sunset. Guests can also indulge in Afternoon Tea by the Sea, choosing from a curated selection of premium teas, served either by the oceanfront or beneath the shaded grandeur of La Patisserie’s colonial-style veranda.

Honoring the brand’s cocktail heritage, The St. Regis Le Morne will offer a local interpretation of the famed Bloody Mary, first created at The St. Regis New York’s King Cole Bar in 1934. Named ‘L’île Mary’, this unique version includes Mauritian Cane Rhum infused with curry leaves, a dash of mango vinegar, fresh lemon juice, black pepper, and cayenne, all blended into a ripe tomato base and topped with flavorful masala foam.

Guests at The St. Regis Le Morne can expect the legendary St. Regis Butler Service, a hallmark of the brand for over 100 years. This personalized service ensures that every guest’s unique preferences are thoughtfully anticipated and fulfilled, offering a seamless and bespoke stay.

The resort offers immersive, curated experiences that reflect the local culture, nature, and cuisine. As part of the Family Traditions program, children can participate in vibrant kite-flying sessions along Le Morne’s breezy beach. Additional family-friendly activities include private kite surfing lessons and horseback riding adventures.

For guests eager to explore, guided hikes up Le Morne Mountain are available, with light refreshments served at a scenic midway point. More daring guests can trek to the mountain’s summit for panoramic views. The resort also hosts culinary workshops, such as the exclusive Chef’s Table experience, where guests enjoy local flavors crafted with herbs and produce grown in Caroline’s Garden, named in honor of Caroline Astor.

Launching later this year, the resort will unveil The St. Regis Le Morne Pirogue, a restored traditional Mauritian fishing boat. This elegant vessel will offer family fishing outings, private lagoon cruises, and romantic sunset sails, all complete with drinks and light refreshments.

Le Morne Peninsula remains a hotspot for water sports lovers, especially among elite kitesurfing enthusiasts drawn to the famed ‘One Eye’ wave and other nearby wave spots. For guests seeking calmer experiences, the resort provides kayaking and snorkeling adventures through the peninsula’s serene turquoise lagoon.

“Known for its breathtaking natural beauty, we are thrilled to be opening The St Regis Le Morne Resort in Mauritius and present a distinct and elevated view of coastal luxury. Situated at the best address on the island, our resort offers an unparalleled location on the breathtaking Le Morne Peninsula, featuring an expansive, pristine stretch of golden sandy beach” said Mathieu de Tonnac, General Manager of The St Regis Le Morne Resort, Mauritius. “From enhanced dining experiences to curated signature rituals, every detail has been crafted to celebrate the island’s beauty while honouring the traditions of St Regis.The St Regis Le Morne Resort, Mauritius is part of Marriott Bonvoy’s global portfolio of extraordinary hotel brands.

Nextiva expands global AI and CX presence with major investment in India

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April 25, 2025

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Nextiva expands global AI and CX presence with major investment in India — Tomas Gorny, Co-founder and CEO of Nextiva

Nextiva, a leader in Unified Customer Experience Management (Unified-CXM), has unveiled a new 35,000-square-foot innovation hub in Bengaluru, strengthening India’s role in its global product and technology operations. This state-of-the-art facility—Nextiva’s largest outside the U.S.—will act as a center of excellence, driving advancements in product innovation and next-gen platform capabilities.

As part of its accelerated growth strategy, the company plans to onboard over 150 new hires in India, following a year in which it more than doubled its local team to 300 members. The expansion also includes the full integration of the Simplify360 brand, enhancing the company’s capabilities in AI-driven customer experience solutions and reinforcing its global leadership in the CX space.

“The next era of customer experience technology is being built in India,” said Tomas Gorny, Co-founder and CEO of Nextiva. “This isn’t just about expansion, it’s about acceleration. Our teams in India are building foundational AI technologies that will redefine how businesses connect with their customers globally. This is where category-defining innovation is happening.”

India now plays a pivotal role in shaping Nextiva’s product strategy, leading the development of several key innovations. A major AI-driven customer experience solution—slated for global launch later this year—has been primarily built by the India-based team. This group is integral to the evolution of Nextiva’s core platform, which powers over 10 billion customer interactions annually for more than 100,000 businesses worldwide.

The expansion also marks the full integration of Simplify360, the AI-powered, social-first CX platform acquired in 2023. Now operating completely under the Nextiva brand, Simplify360 adds strong expertise in AI, social media, and multichannel customer experience, further enriching Nextiva’s global Unified-CXM capabilities.

“India is not just our fastest-growing region, it’s a strategic center for our AI and product roadmap,” said Senthil Velayutham, Chief Product and Technology Officer at Nextiva. “Our new office in Bengaluru is where we’re building the future of customer experience—intelligent, scalable, and designed to meet the complexity of tomorrow’s business challenges.”

Nextiva is the trusted partner for many of India’s most forward-thinking and influential enterprises, enabling intelligent, multichannel customer engagement across over 35 digital platforms. Industry leaders such as Tata Play, ITC, Xiaomi, Cred, Axis Max Life, ICICI Bank, Oppo, Upgrad, ZEE5, PhonePe, Meesho, and Kotak Securities use Nextiva’s Unified-CXM platform to deliver AI-powered, real-time customer experiences.

One standout example is Tata Play, which achieved a 40% reduction in customer resolution costs by streamlining support workflows and adopting WhatsApp as a key engagement channel through Nextiva’s technology.

Purpose-built for modern enterprises, Nextiva’s Unified-CXM platform integrates voice, messaging, chat, email, and social media into a single, AI-driven system. It eliminates silos, activates actionable intelligence across channels, and enables businesses to deliver personalized, coordinated customer interactions at scale.

Backed by Goldman Sachs and holding over 50 patents in AI, automation, and CX innovation, the company continues to set new benchmarks for the future of customer engagement worldwide.

ECKO Hotels & Resorts debuts in India with 100 keys in Uttarakhand

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April 25, 2025

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ECKO Hotels & Resorts debuts in India with 100 keys in Uttarakhand — Perkin Rocha - founder & CEO of ECKO Hotels & Resorts

ECKO Hotels & Resorts, a contemporary collection of hospitality destinations across India, has officially launched with 100 keys spread across three properties in the spiritual heartland of Uttarakhand—ECKO Antarman Ganges, Haridwar; ECKO Rishikesh; and ECKO Tapovan by the Ganges.

Drawing inspiration from the Greek word Echo, ECKO symbolizes a commitment to echoing guest satisfaction through exceptional service and a relaxed, refined atmosphere. The brand is built on pillars of quality, personalized service, and a deep connection with each destination—be it for business, spiritual journeys, or leisure escapes.

With a promise of simplified yet premium hospitality, ECKO aims to cater to a diverse audience. Its offerings extend beyond accommodation to include MICE (Meetings, Incentives, Conferences, and Exhibitions), weddings, corporate retreats, and spiritual tourism packages. The brand’s philosophy is encapsulated in its tagline: “Living in the moment”—encouraging guests to fully embrace and experience the present, whether for business or pleasure.

ECKO Antarman Ganges, Haridwar offers a tranquil setting on the banks of the Ganges and boasts one of the largest private ghats in the city.

ECKO Tapovan by the Ganges is a modern, upscale retreat featuring premium rooms, a 24×7 bakery and pizzeria, all-day dining, a rooftop pool, lounge, and a spa.

ECKO Rishikesh, located in the heart of the city, is designed for corporate events and social gatherings, equipped with versatile banquet and meeting spaces, ideal for offsites, conventions, and contemporary weddings.

On the occasion, Perkin Rocha – founder & CEO stated, ”We are excited to launch ECKO Hotels & Resorts in Devbhoomi – Uttarakhand first. It is a significant milestone for our brand, as Uttarakhand is one of the only states to offer spiritual, adventure and wellness tourism along with several national wildlife parks and scenic mountains. I am certain that our unique hotels in Haridwar, Tapovan and Rishikesh will delight guests with engaging unique dining, stay and bespoke experiences.”

With its thoughtful approach to hospitality, scenic locations, and a blend of modern amenities and spiritual charm, ECKO Hotels & Resorts is set to redefine guest experiences in Uttarakhand and beyond. Rooted in the ethos of “Living in the moment,” the brand promises a stay that’s immersive, meaningful, and truly memorable—whether for business, celebration, or soulful retreat.

Signature Global Secures ISO 31000:2018 Certification for Risk Management Excellence

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April 25, 2025

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Signature Global Secures ISO 31000:2018 Certification for Risk Management Excellence — Mr. Lalit Aggarwal, Co-Founder & Vice Chairman of Signature Global (India) Ltd

New Delhi, April 25, 2025: Signature Global (India) Limited, one of India’s leading real estate developers, has announced that it has received the prestigious ISO 31000:2018 certification for risk management. This global recognition highlights the company’s steadfast commitment to adopting best-in-class international practices and ensuring a structured, proactive, and effective approach to risk identification, assessment, and mitigation across all facets of its operations.

ISO 31000:2018 is a globally accepted standard that guides organizations in identifying potential risks, analyzing their implications, and implementing effective mitigation strategies. By attaining this certification, Signature Global has demonstrated that it has built a comprehensive and integrated risk management framework. This framework is implemented across all key departments at Signature Global—including Development and Construction, Legal, Sales, Marketing, Business Development, CRM, Facility, IT, HR, Finance, Operations, and other support functions—ensuring a unified and forward-looking approach to managing risk at every level of the organization.

Commenting on the achievement, Mr. Lalit Aggarwal, Co-Founder & Vice Chairman of Signature Global (India) Ltd., said: “At Signature Global, we strive to uphold the highest standards for the benefit of all our stakeholders. Earning the ISO 31000:2018 certification is yet another key milestone in our journey. It reflects our commitment to building a resilient and future-ready organization and drives us to continually raise the bar in the real estate sector. Risk management isn’t just a best practice—it’s a responsibility we take seriously as a forward-thinking company.”

This new certification adds to Signature Global’s impressive list of ISO accreditations, which includes ISO 27001 for information security management, ISO 9001:2015 for quality management, ISO 14001:2015 for environmental management, and ISO 45001:2018 for occupational health and safety.

With the ISO 31000:2018 certification, Signature Global further strengthens its reputation as a responsible and visionary industry leader—committed to managing risks efficiently while upholding excellence across all areas of its operations.

As the company continues to grow and expand, it remains deeply focused on maintaining robust risk management practices that safeguard its projects, its people, and its promise of long-term value to stakeholders.

PB Fintech invests Rs 539-Cr in healthcare arm, reduces stake to 32.14%

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April 25, 2025

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PB Fintech, the parent company of Policybazaar and Paisabazaar, has invested Rs 539.4 crore into its healthcare subsidiary, PB Healthcare Services. This forms the first tranche of a larger Rs 1,461.6 crore seed funding round that also includes external investors.

The investment, approved by shareholders through a postal ballot, was made by subscribing to 5.39 crore Compulsorily Convertible Preference Shares (CCPS) at Rs 100 each, as per a stock exchange filing. The funding round will also set up an Employee Stock Option Plan (Esop) pool.

Following this round, PB Fintech’s ownership in the subsidiary will drop from 100% to 32.14% on a fully diluted basis. The move is part of a broader strategy to strengthen PB Healthcare’s finances, fuel its expansion, attract outside investors, and incentivize talent retention through Esops.

In January, PB Healthcare Services was incorporated as a wholly-owned arm after board approval last year. It aims to build hospitals with a capacity of 1,000 beds within its first year, primarily serving Policybazaar policyholders with managed healthcare services.

Additionally, PB Fintech’s board recently cleared a proposal to invest up to Rs 696 crore in the healthcare unit during FY 2025-26 through equity or CCPS. The company has shown strong growth, reporting a 48% year-on-year rise in operating revenue to Rs 1,292 crore in the December quarter of FY25, with net profit doubling to Rs 72 crore from Rs 37 crore.

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