Latest news with #NikeshArora
Time of India
a day ago
- Business
- Time of India
Payments firms in limbo; CG Power's Wolfspeed problem
Payments firms in limbo; CG Power's Wolfspeed problem Also in the letter: Digital payment firms in a no-win game as margins hit rock bottom Driving the news: There are 54 licensed PAs today, all vying for a slice of the booming online commerce market. Venture-backed fintechs are undercutting aggressively to defend their turf. Smaller players are struggling to keep up with the scale and pricing power of bigger firms. Making sense: Large fintechs get subsidised rates from banks through subvention deals. Every major PA is chasing the same handful of large clients in travel, food delivery, and ecommerce. With little room left for tech-led innovation in core payments, the business has become largely commoditised. Also Read: Way forward: Easebuzz is going after the education sector. DigiO is betting on recurring payments via UPI or net banking mandates. PayGlocal and BriskPe are focused on cross-border transactions. Also Read: CG Power's chip plans rocked by turmoil at wafer company Wolfspeed What's the news: With Wolfspeed now teetering on the brink of default, Renesas faces not just financial strain but also the prospect of a disrupted supply chain. That spells uncertainty for CG Power's Sanand project, which hinges heavily on demand from Renesas. Industry voice: Impact ahead: Also Read: Details: Also Read: Early-stage VC Inflexor eyes Q2 first close of $150-million Fund-III In focus: Alongside its core interest areas, such as artificial intelligence (AI), the new fund will also invest in companies developing healthcare devices and advanced materials, including those used in electric vehicle (EV) batteries. Inflexor plans to invest in 25-27 startups through this fund. Gunuturu said the average cheque size will be around $2.5-3 million, in exchange for a 15% stake. Tell me more: Quote, unquote: ETtech Done Deals Wealthtech platform Syfe closes $80 million funding round: Cleantech asset financier StrideGreen raises $3.5 million: Other Top Stories By Our Reporters Uber appoints Palo Alto CEO Nikesh Arora to board: Google has handled people's deepest, darkest secrets responsibly: ETtech Explainer: Why WazirX's recovery plan hit a legal roadblock | The Trump-Musk rift: All that you need to know | Global Picks We Are Reading Happy Friday! Payment aggregators are cutting prices to stay competitive, as a crowded market, shrinking margins and limited innovation squeeze the sector. This and more in today's ETtech Morning Dispatch.■ Inflexor's new fund■ ETtech Done Deals■ Uber adds board muscleOnline payment aggregators (PAs) are locked in a race to the bottom on pricing, each trying to outbid the others to win market share in an increasingly cutthroat online PA space has seen frenetic activity over the past year, including new licenses issued, major players re-entering growth mode, and a couple of large fundraises.A few structural forces are pushing pricing PAs are carving out niche use cases to build sustainable potential bankruptcy of American Silicon Carbide (SiC) wafer maker Wolfspeed could have ripple effects on India's semiconductor ecosystem, particularly CG Power's upcoming chip facility in Sanand, backed by the Murugappa Power's partner for its outsourced semiconductor assembly and test (OSAT) project, Renesas, had entered a long-term SiC wafer supply agreement with Wolfspeed, worth $2 Faruqui, CEO of US-based chip investment advisory Fab Economics, said Wolfspeed's bankruptcy will send shockwaves through supply chains in Japan and China as well. "If Wolfspeed undergoes bankruptcy proceedings, Renesas will face significant accounting losses to recognise impairment losses because it will likely struggle to recover the advance payment of $2 billion."Another expert stated that if Renesas faces a prolonged downturn, CG Power's Sanand OSAT plant will need a complete reassessment, both in terms of technology and demand Power, a part of the Murugappa Group, holds 92.3% stake in the Sanand-based OSAT joint venture, with Renesas Electronics Corporation owning 6.8%. The Rs 7,600-crore plant in Sanand is expected to commence mass production in Krishna Gunturu, partner, Inflexor VenturesEarly-stage venture fund Inflexor Ventures expects to announce the first close of its $150 million (Rs 1,250 crore) Fund III by the end of the second quarter, partner Murali Krishna Gunturu told fund, which has previously backed consumer durables maker Atomberg, spacetech startup Bellatrix Aerospace, CredFlow, and Bioprime Agrisolutions, has also closed its Rs 350-crore Opportunities Fund . It did so by acquiring the entire portfolio of its first fund (Parampara Capital), thereby providing liquidity to its early investors."The pressure on exits is only going up, not just in India, but globally as well. Limited partners invested in many startups between 2020 and 2022 with high expectations from VCs (venture capitalists), seeking returns within five or so years. But now there is a sense of disillusionment," Gunturu, one of the founding members of Inflexor, told Arora, founder, SyfeThe Singapore-based wealth management platform Syfe has secured $53 million in a new funding round, led by two family offices from the UK. In August 2024, the company had raised $27 million as part of the same round, and this extension takes the total funds raised in the round to $80 a climate tech-focused asset financing and management platform, has raised $3.5 million in a funding round led by the clean mobility-focused Micelio Technology Fund. The funds will be utilised to strengthen StrideGreen's product offerings and expand its Arora, CEO, Palo AltoUber has appointed Nikesh Arora, the chief executive officer (CEO) of Palo Alto Networks, to its board of directors. The ride-hailing giant communicated this to the Securities and Exchange Commission (SEC) in a filing. Arora will serve on the Nominating and Governance Committee as well as the Compensation Sundar Pichai | Google CEO Sundar Pichai was recently asked during an interview why people should trust Big Tech companies like Google, considering these companies store their users' 'deepest and darkest secrets.'The Indian cryptocurrency exchange WazirX faced a significant setback on Wednesday when the Singapore High Court dismissed a restructuring plan submitted by its parent company, Zettai Pte Ltd, in November 2024. The proposal emerged just months after the platform suffered a massive $235 million cyber theft last July.A senior White House official recently told The Wall Street Journal that US President Donald Trump was displeased with Elon Musk's open criticism of his 'one, big, beautiful bill.' The official emphasised how baffled the president was given how closely they had collaborated for four months. But what prompted all this? ■ Trumpworld is fighting over 'official' crypto wallet ( Wired ■ Inside the collapse of Microsoft-backed UK tech unicorn Builder AI ( FT ■ Tech giants in the Gulf are building super-apps to dominate digital life ( Rest of World
Time of India
2 days ago
- Business
- Time of India
Palo Alto's Arora to join Uber's board
BENGALURU: Uber Technologies appointed Palo Alto Networks CEO Nikesh Arora to its board of directors, according to a regulatory filing with the US Securities and Exchange Commission (SEC). Arora will also join the company's nominating and governance committee and the compensation committee. TNN Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
2 days ago
- Business
- Yahoo
Uber Taps Palo Alto Chief Nikesh Arora For Directorship
Uber Technologies (NYSE:UBER) disclosed on Thursday that it appointed Nikesh Arora to the Board of Directors on May 31. Ron Sugar, chair of the board, said Nikesh is a business leader with deep experience in technology, finance, and cybersecurity. Sugar said his leadership in scaling innovative businesses and navigating complex international markets will help Uber grow and 57, has served as the Chairman of the Board and CEO of Palo Alto Networks (NASDAQ:PANW) since June 2018. On June 2, Pierre-Dimitri Gore-Coty, senior vice president of delivery and one of its longest-serving executives, departed. Gore-Coty joined the company in 2012. Uber stock surged over 32% year-to-date. To boost growth, the company forged partnerships with companies such as May Mobility Inc. and Volkswagen Group. Uber named Andrew Macdonald, senior vice president of mobility and business operations, the COO. Last week, Future Fund LLC's managing director, Gary Black, said that Tesla Inc's (NASDAQ:TSLA) June 12 Robotaxi launch posed no significant threat to Uber. Price Action: UBER stock is up 0.56% at $83.92 at last check Thursday. Read Next:Photo by JHVEPhoto via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Uber Taps Palo Alto Chief Nikesh Arora For Directorship originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
2 days ago
- Business
- Time of India
Quick commerce trade-off; Uber adds board muscle
Quick commerce trade-off; Uber adds board muscle Also in the letter: Quick commerce growth cannibalising other retail channels: Kearney report Driving the news: This cannibalisation is happening despite supermarkets and ecommerce platforms offering steeper discounts (13-18%) than quick commerce (6-9%) or kiranas (2-5%), the report added. Industry executives echoed the findings, saying platforms like Zepto, Blinkit, and Instamart are generating little or no net-new demand. Quick commerce success: Originally pitched as a top-up service for last-minute groceries and essentials, quick commerce has rapidly become the fastest-growing sales channel, especially for premium products. Its share of ecommerce is doubling every year, albeit from a low base. For most FMCG brands in India, quick commerce now accounts for 3-6% of online sales. In metro cities, online grocery shopping has surged: before the rise of quick commerce, only a third of shoppers preferred digital channels; that number has now increased to 87%, according to the report. Also Read: Future outlook: Also Read: Uber appoints Palo Alto CEO Nikesh Arora to board Who is Nikesh Arora: Uber top churn: Pradeep Parameswaran, former head of India and Asia Pacific, has been promoted to global head of mobility. Andrew Macdonald, a senior vice president, has been appointed chief operating officer (COO), overseeing the mobility, delivery, and autonomous units. Pierre-Dimitri Gore-Coty, head of delivery, will depart at the end of June. In October 2024, Uber named Sachin Kansal as chief product officer (CPO) and Praveen Naga as chief technology officer (CTO). Anirban Kundu, head of delivery engineering, has left to join Instacart. Also Read: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next Google's parent Alphabet to keep hiring engineers despite AI advances: Sundar Pichai Tech layoffs: Quote, unquote: Google earned users' trust: AI privacy concerns: Also Read: Loantap secures $6.2 million in fresh funding from July Ventures and existing investors Deal details: Existing investors, such as 3one4 Capital, Avaana Capital, Kae Capital, and the Swapurna Family Office, also participated in the round. This takes the company's total equity funding to around $26 million. LoanTap has also raised an additional $2.3 million in venture debt as part of the same round. Tell me more: Cleantech asset financier StrideGreen raises $3.5 million: Eminem's publishing company sues Meta over alleged copyright violation Driving the news: What's the damage: Pay up: Quick commerce is gaining popularity at the expense of sales in other retail channels. This and more in today's ETtech Top 5.■ Google still wants engineers■ ETtech Done Deals■ Meta's new rap battleJust 6-8% of quick commerce sales are truly incremental, with the bulk of the growth coming at the expense of other channels , chiefly modern trade and ecommerce, followed by local kirana stores, according to a Kearney this year, Unilever's global CEO, Fernando Fernandez, stated that he expects quick commerce to contribute 10-15% of sales in India over the next three to four years, up from its current 2-3% share.'India is a very special place because richer and poorer Indians live in close proximity. That basically provides both the demand and labour supply, making quick commerce a logical channel to grow,' he Arora, CEO, Palo AltoUber has appointed Nikesh Arora , the CEO of Palo Alto Networks, to its board of directors as part of a broader leadership shake-up. Arora will serve on both the Nominating and Governance Committee and the Compensation has led the cybersecurity firm Palo Alto Networks as chairman and CEO since June 2018. Between 2016 and 2018, Arora was an angel investor, following senior roles at SoftBank and currently sits on the board of the Swiss luxury goods group Compagnie Financière Richemont S.A. Interestingly, Arora was also among the contenders to replace Travis Kalanick as Uber's CEO in June 2017. However, the role eventually went to Dara Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees.: Interested? Reach out to us at spotlightpartner@ to explore sponsorship Pichai, CEO, GoogleAlphabet will continue hiring engineers through at least 2026, even as the Google parent ramps up investments in artificial intelligence, CEO Sundar Pichai said at the Bloomberg Tech tech giants, including Microsoft and Google , have recently cut jobs, partly a consequence of the massive capital being poured into AI. The layoffs have fuelled fears that the technology could replace certain roles altogether.'I just view this (AI coding) as making engineers dramatically more productive, getting a lot of the mundane aspects out of what they do,' Pichai | Google has handled people's deepest, darkest secrets responsibly, said CEO Sundar Pichai. The company has earned user trust, said Pichai, by protecting them from 'bad actors' and 'unwarranted requests'.Amid growing unease regarding how user data might be used to integrate AI into its products for a personalised experience, Pichai stated that Google is evolving its offerings based on direct user most common complaint about Gemini and Gmail? 'Why can't it write more like me?' said Pichai. 'It's an ask we are responding to.'Satyam Kumar, cofounder, LoantapPune-based digital lending platform Loantap has raised $6.2 million in new equity funding led by July fundraise comes at a time when the digital lending sector is facing challenges due to stricter regulations and a more cautious stance from banks and large non-banking finance a climate-tech asset financing and management platform, has bagged $3.5 million in a funding round led by clean mobility investor Micelio Technology Fund. Early-stage venture capital firm Incubate Fund Asia also participated in the EminemA publishing company affiliated with rapper Eminem has taken Meta to court , accusing the tech giant of copyright infringement across its platforms—Instagram, Facebook, and WhatsApp. Curiously, the rapper himself is not a party to the Mile Style, which manages Eminem's early catalogue, alleges that Meta unlawfully stored, reproduced, and exploited 243 of his tracks on its platforms without to the suit, Meta's tools, Original Audio and Reels, 'allow and encourage its users to steal' Eminem's music for videos 'without proper attribution or license.'Eight Mile Style asserts that the alleged infringement has reduced the value of copyrights, resulted in lost profits, and unfairly enriched Meta through unauthorised publisher is seeking the maximum statutory damages of $150,000 for each track, totalling $109.35 million.
Entrepreneur
2 days ago
- Automotive
- Entrepreneur
Nikesh Arora Joins Uber Board Amid Executive Reshuffle
"I'm honoured to join Uber's Board at such an exciting time, as the company plays a central role in commercialising autonomous mobility globally. Uber has already transformed how people and goods move through cities, and I look forward to supporting the company's continued growth," says Nikesh Arora, Chairman and CEO of Palo Alto Networks You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Uber Technologies has announced that Nikesh Arora, Chairman and CEO of Palo Alto Networks, is joining its board of directors. The appointment was disclosed in a regulatory filing on Wednesday and comes as part of a significant leadership shakeup at the ride-hailing giant. This week, Uber saw the departure of Pierre-Dimitri Gore-Coty, head of its delivery arm, after a 13-year tenure. In a move to consolidate leadership, Andrew Macdonald previously overseeing mobility has been promoted to President and Chief Operating Officer. This marks Uber's first COO appointment since 2019. Commenting on his appointment, Arora said, "I'm honoured to join Uber's Board at such an exciting time, as the company plays a central role in commercialising autonomous mobility globally. Uber has already transformed how people and goods move through cities, and I look forward to supporting the company's continued growth." Arora has led Palo Alto Networks since 2018 and previously held senior roles at SoftBank, Google, and T-Mobile. He brings extensive board experience, having served on the boards of SoftBank, Sprint, Colgate-Palmolive, and currently sits on the board of a Swiss luxury group. Welcoming Arora to the board, Uber CEO Dara Khosrowshahi noted,"Nikesh is one of the technology sector's outstanding leaders, a strategic and disciplined operator, and a fierce competitor. We're delighted to have him join us as we pursue our long-term vision." The leadership changes come as Uber navigates intensifying competition in the robotaxi and delivery sectors. Tesla is expected to unveil its long-anticipated robotaxi service in Austin on 12 June. Meanwhile, Alphabet-owned Waymo already a partner of Uber in Austin and Atlanta, recently hit 10 million paid driverless rides, with weekly demand rising by 150 per cent in under a year. In the food delivery space, rival DoorDash has been expanding aggressively, acquiring Deliveroo and booking platform SevenRooms in recent weeks. The elevation of Macdonald, who will now oversee delivery, mobility, and autonomy, is seen as an effort to free up Khosrowshahi to focus on broader strategic priorities. Since taking the helm in 2017, Khosrowshahi has led Uber through its IPO in 2019, delivered its first operating profit in 2021, and forged key partnerships in the autonomous vehicle space after divesting its in-house AV unit. Addressing internal speculation, Khosrowshahi reassured staff in a memo,"I recognise the changes might prompt questions about my future, so I'll be clear. I have no plans to go anywhere other than flying around the globe keeping up with our ever-expanding footprint." As part of his board role, Arora will receive an annual cash retainer of USD 60,000 (approximately INR 50 lakh), along with USD 300,000 (around INR 2.5 crore) in restricted stock units per year, as detailed in the company's filing.
