Bizongo under criminal lens; Meesho files IPO papers
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TradeCred files criminal complaint against Bizongo, alleges Rs 69 crore fund misappropriation
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This, the TradeCred claims, constitutes a double recovery — where Bizongo benefitted from both upfront invoice financing and the final payment from customers.
Context:
Responding to allegations:
The big picture:
Meesho files confidential prospectus for its IPO
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Foxconn recalls Chinese staff from India, disrupting Apple's iPhone 17 plans
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Apple's bind:
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Tech layoffs: Microsoft, TikTok lead latest round of job cuts
Axing again:
Google, Meta, and Amazon announced hundreds of redundancies in the first half of the year as part of broader cost-cutting efforts.
Efficiency game:
Silicon Valley fumes as Indian techie Soham Parekh works multiple founders
The long con:
The alert:
Avalanche:
Soham-gate:
Invoice discounting platform TradeCred has filed a criminal complaint against Bizongo for alleged misappropriation of funds. This and more in today's ETtech Top 5.■ Apple teeters under China pressure■ Microsoft, TikTok layoffs■ Indian techie's 'side hustle'TradeCred has filed a criminal complaint against Bizongo , accusing the startup of misappropriating at least Rs 69 crore. The complaint, submitted to the Mumbai Police's Economic Offences Wing, names Bizongo's founders, CEO, and major investors, including Accel, B Capital, Chiratae, and IFC.Despite receiving funds from invoice buyers via a controlled escrow mechanism, Bizongo allegedly collected the actual payments from customers directly into its own bank accounts rather than routing them through designated escrow accounts as contractually required, as per TradeCred's complaint.Bizongo has already come under fire for weak financial controls, which triggered senior exits and a pivot away from supply chain financing. The latest dispute highlights growing concerns about governance in India's booming private credit and invoice discounting space.Bizongo said that it has been repaying its dues to TradeCred and has reduced the outstanding principal from Rs 250 crore to Rs 66 crore now. The company said it has already presented a settlement plan to TradeCred.The case shines a light on how fast-paced growth and opaque business models in startup-led finance can leave retail investors dangerously exposed. TradeCred's move could trigger oversight of platforms offering invoice-based investment products.Ecommerce unicorn Meesho has confidentially filed its draft red herring prospectus with Sebi for a Rs 4,250 crore ($500 million) IPO.Backed by SoftBank and Prosus, Meesho recently moved its domicile from the US to India. The company reported revenue of Rs 7,615 crore for FY24, a 33% year-on-year increase, while slashing its adjusted loss by 97% to Rs 53 crore.Meesho joins a growing queue of Indian tech firms gearing up to go public, including Groww, Pine Labs, and Urban Company. In FY25, the company processed 1.8 billion orders, demonstrating strong user adoption despite facing valuation markdowns.If all goes to plan, Meesho could become the first horizontal ecommerce platform to list on Indian exchanges. The IPO will be closely watched as a barometer for public investor interest in the scaled consumer businesses, ahead of Flipkart's much-anticipated listing next year.President Donald Trump's threat to slap tariffs on Apple products manufactured outside the US has jolted the tech giant's global supply chain. China, sensing an opportunity, is moving fast to stymie Apple's India plans.Foxconn, Apple's largest supplier, has quietly withdrawn hundreds of Chinese engineers and technicians from its Indian plants. Over 300 Chinese workers have exited Foxconn's iPhone assembly facilities in India in the past two months, according to Bloomberg. But Beijing isn't stopping there.It is also curbing technology transfers and tightening controls on equipment exports to India and Southeast Asia, Apple's key hubs outside China. The goal is clear: protect China's long-term leverage if fresh trade walls go up in the West.India relies on both a skilled workforce and high-end tech from China. So far, the impact has been limited, but it could worsen. New Delhi is betting on Apple to become a pillar of its manufacturing ambitions.The company is gearing up to make the iPhone 17. India already accounts for 20% of global iPhone output and was hoping to scale further. With Trump targeting Southeast Asia with higher tariffs, India appeared best placed to pick up the slack.But Vietnam, another key Apple outpost, has moved faster, striking a deal with Washington that allows duty-free American imports and caps tariffs on Vietnamese goods at 20%, far below Trump's proposed 46%. India, meanwhile, is still waiting for its interim trade agreement ahead of the July 9 deadline.The second half of the year has begun much like the first, with more layoffs in the tech sector . Microsoft and TikTok are the latest to trim headcount as Big Tech continues to tighten belts.Microsoft is letting go of another 4% of its workforce, or around 9000 employees, just a month after cutting 6,000 roles . Bloomberg reports that King, its Barcelona-based gaming unit behind Candy Crush, is shedding 200 staffers.Over at TikTok, job cuts are expected at its ecommerce vertical, TikTok Shop. The company said it is undergoing 'organisational and personnel changes', aimed at boosting efficiency.Microsoft says it wants to flatten its organisational structure, reduce management layers, and sharpen its 'agility.' It's also funnelling big money into artificial intelligence (AI), which means shifting people and capital, and dropping jobs.TikTok also stated that the move follows "careful analysis of how to create more efficient operating models for the team's long-term growth."Soham ParekhWhile most engineers juggle one demanding job, Indian techie Soham Parekh managed to work with several startups at once—many backed by Y Combinator—without telling a soul.A graduate of the University of Mumbai and Georgia Institute of Technology in the US, Parekh had the credentials and the charm. He aced interviews, delivered work on time, and raised no flags. But his loyalty was split across startups.Suhail Doshi, founder of Playground AI, Mixpanel and Mighty, blew the whistle on X. 'There's a guy named Soham Parekh (in India) who works at 3-4 startups at the same time. He's been preying on YC companies and more. Beware.'Doshi's post lit a fire. Founders piled in, saying they'd interviewed or even briefly hired Parekh. One employer messaged Doshi saying he'd just fired him after reading the thread.Parekh, caught in the storm, reached out to Doshi for advice. His message: 'Have I completely sabotaged my career?'
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Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads At 7:30 on a sweltering summer evening in New York City, the Garment District is winding down. The frantic activity of the Big Apple 's fashion hub gives way to a quieter time of day. But the air still hums with the excitement of secrets to be revealed. Times Square is to the north with its bright lights and heaving crowds, while the Empire State Building is unmissable, awash with colour from the lights. The mannequins in the shop windows, draped in sequined fabric, seem glimmeringly sentient. Tucked away on West 37th Street, a storefront announces Chatti in a flamboyant italic script and, in smaller but no less confident font, By Regi is the celebrated Indian chef's toddy shop-inspired, Kerala-style kitchen. And it's part of a wave. New York is in the throes of a spice-sprinkled gourmet glasnost that is unapologetically city's Indian food scene used to be split, only half-jokingly, into butter chicken for the masses, molecular gastronomy for the those extremes lay an arid vacuum. The ground has shifted with a bunch of intrepid, creative chefs serving Indian food that's uncompromisingly hyperlocal and high concept to NYC. Diners can't get enough of it. And the food critics, powerful enough to make or break restaurants in this part of the world, are the first time in its nearly century long history, the New York Times anointed an Indian restaurant—Semma—as No. 1 in its Top 100 Restaurants in NYC South Indian fine-dining destination, helmed by chef Vijay Kumar (formerly of California's Michelin-starred Rasa) and backed by restaurateurs Roni Mazumdar and Chintan Pandya of Unapologetic Foods, has emerged as an unmistakable disruptor in fine dining. Alongside Semma, several other Indian restaurants made it to the Times' Top 100, including Dhamaka, known for its fiery, rustic menu from the Indian hinterlands; Masalawala undefined Bungalow , a newer entrant from celebrity chef Vikas Khanna blending artful plating with deep-rooted Punjabi flavours; and Dera, a Jackson Heights staple offering a rich blend of Indian, Pakistani, and Bangladeshi Foods is at the heart of this spice-splashed revolution. Pandya has also won the much sought-after James Beard prize for chefs. Most importantly, their growing empire—Semma, Dhamaka, Adda, Masalawala & Sons and Rowdy Rooster—doesn't pander to Western palates. Dhamaka and Semma are booked months in advance. Diners are lucky if they can snag a reservation on Resy.'The Indian food scene right now is as exciting as it's ever been in New York City,' says veteran food writer Andrea Strong. 'And that's in large part because of Chintan and Roni and Vijay.'Bungalow is Vikas Khanna's most personal offering to date.'This is my last restaurant,' he says, a culinary venture that caps off a 41-year career. 'New York is not an easy restaurant space, of course; it's the greatest, and it's also the toughest.'With Bungalow, he's reclaiming memory, an ode to what his late sister told him after admonishing him for 'chasing lists.''I have so many failed businesses where I could not break the code,' he says, but Bungalow is his York has had great South Asian food for quite some time, says Ryan Sutton, a food critic who has spent over two decades writing about food for Eater and now publishes The Lo Times. 'I remember going to a wedding at the original Junoon about a decade ago—probably the best wedding food I've ever had.'There was also Hemant Mathur's now-closed Tulsi, which had a Michelin star, like Junoon. 'And of course Indian Accent rolled into town a while back, and that venue (like the late Floyd Cardoz's shuttered Tabla) proved that New Yorkers were willing to pay a serious premium for really good South Asian fare,' remembers Sutton. But admittedly, what's going on is more exciting than just trendy amuse Chatti, the room is filling up fast. Within the hour, it's packed—tables claimed, voices rising in a familiar rhythm. For a moment, it doesn't feel like New York anymore.'For so long, people only knew one kind of Indian food,' says Mathew. 'People become like a community… good food in smaller portions. Now, they're discovering the flavours of Kerala. They're discovering our stories.'Stories that—until a few years back—weren't an option in the fine dining circuit of New York's food scene. These ideas were mostly pushed to the confines of the immigrant-reliant borough of Queens.'What's happening is not a trend,' says Pandya, who fired up the kitchen at Dhamaka, listed as a Michelin Bib Gourmand restaurant. 'I think it took a lot of crazy steps, almost, that didn't make logical or business sense for us to arrive at this point, and those were the breakthroughs that we needed.'What is happening differently with Indian food, and specifically in their restaurants, is that they are serving the real thing. 'Food we've been cooking for a long time—at our households, at our events—but it was never represented,' says March 2017, common friends had introduced Mazumdar and Pandya to each other. Pandya says Mazumdar was 'a crazy entrepreneur' who wanted someone to partner with.'We knew one thing—our cuisine needed a radical shift,' Mazumdar says. 'Chintan had spent his whole career in fine dining. I came in with a disruptive mindset. That's where we connected. We didn't have a white paper or a protocol.'It was uncharted territory. Indian food had never really worked in this city. 'So we asked, what do we do about it?'Whether that meant serving gurda kapoora (goat kidney and testicles) or refusing to do takeout at the pandemic-born Dhamaka.'The very first time when you open the lid of a freshly cooked dish and that steam comes out—that's a dhamaka,' Pandya says. 'I cannot recreate that in a plastic container.'Currently, Semma is what every Indian wants to talk about. Kumar has taken the city by storm, given that it's unprecedented for a Tamil food-centric restaurant to get a Michelin Kumar wasn't hired to build Semma. He had written to Mazumdar when Rahi launched, saying he would love to join them he finally joined the kitchen at Rahi, his dishes stood out. At that point, Mazumdar said if they end up serving this, they would end up confusing Rahi's core consumers. So Semma was born. Rahi has since closed.'Semma showcases Tamil Nadu. 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Time of India
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'India remains attractive to long-term global investors'
MUMBAI: India is increasingly becoming central to the global investment landscape as mega forces that reshape economies and markets, like demographic change, digitalisation, energy transition and global supply chain realignment combine to bring in long-term changes for the high growth economy, a report by BlackRock Investment Institute has said. The authors of the report said that they are neutral on Indian stocks in the short term but advocate for "above-benchmark allocations to Indian equities within strategic portfolios with investment horizons of five years as (India's) economic transformation unfolds." They feel India equities "aren't immune to global risk-off episodes, yet over the long-term, we see compelling overlaps between India's development priorities" and BlackRock arm's global investment themes. The BlackRock Investment Institute's 2025 Midyear Global Outlook said that India's scale, expanding digital infrastructure and demographic profile now place the country at the heart of technological adoption. "Relatively stable policy and rising domestic demand have drawn strong investor interest, even as equity valuations have moved higher. India faces external risks like any open economy, but its long-term case is compelling. " Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
19 minutes ago
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India Methodically Building Own Electronics Capabilities
India is developing 'its own capabilities' in electronics manufacturing in a 'very methodical and sustained way' and is poised to achieve its value-addition target of 38% within the next five years, said Ashwini Vaishnaw , union minister for electronics and IT, railways and information and broadcasting. Currently, China's value addition stands at about 38%. The minister was responding to queries on reports of Apple's key supplier Foxconn repatriating about 300 Chinese engineers from its factories in India. 'De-risking is learning the skills and making it here and developing our own supply chain, which is what we are doing,' he said at an ET Roundtable in New Delhi on Thursday. Support is coming to the electronics manufacturing ecosystem from countries such as Taiwan, the US and South Korea along with the country's own engineers, he said, downplaying dependence on China and its technical personnel. Vaishnaw said countries are moving toward making social media more responsible for content, responding to whether regulation is needed to rein in misinformation. India is trying to build a political consensus on the issue and will be open to changing its legal framework if required, he said. India has significantly expanded its mobile manufacturing ecosystem and is now building its semiconductor capabilities through the ₹76,000 crore India Semiconductor Mission and the ₹23,000 crore components incentive programme announced earlier this year. India's electronics manufacturing is worth about $145 billion and that's increasing at a compound annual growth rate (CAGR) of 20%, he said. 'We know that there will be challenges in every growth path, but we have the confidence that we will be able to sustain our growth,' the minister said. As per a Bloomberg report, Foxconn has recalled over 300 Chinese engineers and technicians from its Indian iPhone production facilities, reportedly due to Chinese government directives aimed at curbing technology and talent outflow. This is expected to create operational hurdles for Foxconn, potentially impacting the efficiency of assembly lines and delaying the training of local Indian workers as Apple scales its iPhone production in India. While the report said that the talent gap is being offset by Taiwanese staff, the move underscores the challenges Foxconn faces in diversifying its supply chain amid current geopolitical tensions. The highest value addition in any one country (China) is 38% and India has already crossed 20% within a time frame of six to seven years. 'We are on a clear path to crossing 30% in the coming two to three years, and reaching 38% within the next five years is a very reasonable target,' he said. The Tata Electronics chip assembly plant in Assam will service telecom manufacturers globally, Micron unit in Gujarat will be supplying memory chips, while power electronics will come from the CG plant, also in Gujarat, he said. India has to be self-reliant in every domain to safeguard itself from geopolitical upheaval. 'We have to get into every machine, every component,' he said. 'We must go into every part of it and start manufacturing them.' Almost all the complex things in the world are designed in our country. This is a very big strength which very few countries have. So we should build upon that.
