Latest news with #PrakharSrivastava
Zawya
4 days ago
- Business
- Zawya
From start-up to standout: Why investing in techpreneurs is investing in the future?
In May 2025, GoodApp, a South African-born home services platform, was named Start-Up of the Year at the prestigious Intelligent ICT Awards, an honour that not only recognises technical achievement but also affirms the growing momentum behind purpose-driven African innovation. Founded with a bold vision to reimagine how communities' access essential services, GoodApp is quickly becoming a case study in what's possible when local talent meets global ambition. More than just a service marketplace, it is a digital infrastructure layer that connects customers with vetted professionals ranging from electricians and plumbers to beauticians, handymen, massage therapists, and more, all at the tap of a button. At the helm of the company's technological evolution is Prakhar Srivastava, Chief Executive Officer, whose product leadership has enabled the platform to scale rapidly across South Africa's urban hubs. 'We believe technology should be transformational, not just functional,' says Srivastava. 'GoodApp was created to remove friction from everyday life and unlock opportunity for both users and service providers.' The team's journey from a bootstrapped concept to an award-winning platform underscores the broader need for more investment in African tech ecosystems. While recognition is valuable, Srivastava emphasises that startups need more than applause, they need capital, infrastructure, mentorship, and regulatory environments that allow innovation to thrive. Across the continent, a new generation of techpreneurs is building solutions that are locally grounded yet globally scalable. From fintech and agritech to healthtech and edtech, African founders are no longer just responding to problems, they're anticipating them. 'It takes an ecosystem,' notes Srivastava. 'Investors, regulators, customers, and collaborators must come together with a shared belief that tech is not just an industry, but a vehicle for inclusive growth.' GoodApp's rise is a testament to that philosophy. Its platform prioritises trust, quality, and community upliftment, with every service provider undergoing rigorous vetting, background checks, and performance monitoring. Customer ratings and reviews ensure transparency, while technology enables seamless access for users across income levels and geographies. Srivastava concludes: 'As African digital economies continue to expand, platforms like GoodApp show what's possible when ambition meets support – and when startups are given the resources to scale. To policymakers: build frameworks that encourage innovation. To investors: look beyond the spreadsheet – see the vision. To founders: build with purpose, and build for people. Because the next global tech success story won't just come from Silicon Valley. It will come from Soweto, Nairobi, Lagos, or Khayelitsha. And when it does, it will be because someone chose to back an idea that mattered.'
Yahoo
26-03-2025
- Business
- Yahoo
Israel's eToro files for US IPO as retail trading boom boosts commissions
By Manya Saini and Prakhar Srivastava (Reuters) -Israel's eToro reported a 46% surge in commissions for 2024 as the retail trading platform filed for a U.S. initial public offering late on Monday, joining a wave of firms seeking to test investor appetite for fresh listings. After years of sluggish activity, the IPO market is expected to see a long-awaited revival in 2025, with a pipeline of high-growth companies aiming to go public. Easing interest rates and renewed risk-taking have increased optimism, but analysts say the market's rebound hinges on the success of marquee listings. "Management and owners are clearly seeing a 'window of opportunity' to take their companies public now," said Josef Schuster, CEO of IPO-focused investment indexes, IPOX. Retail trading surged in 2024 as equity markets hit record highs, fueled by a resurgence in risk appetite among investors. Enthusiasm for stocks and cryptocurrencies was amplified by easing recession fears, strong corporate earnings and expectations of Federal Reserve rate cuts. Online brokerage firms reported a sharp uptick in trading volumes, with options and speculative bets gaining traction as individual investors returned to the market in force. Founded in 2007, eToro operates a trading platform that allows users to invest in stocks, cryptocurrencies and other assets while mirroring the strategies of top investors. Its total commission jumped to $931 million in the year ended December 31, compared with $639 million a year earlier. Profit was $192.4 million versus $15.3 million in the year-ago period. "The IPO will provide the company with the flexibility to potentially expand beyond crypto to capture the generational opportunities opening up from the rise of the retail investor globally," Schuster said. The trading platform had scrapped plans to go public in 2022, after eToro and Betsy Cohen-backed FinTech Acquisition mutually agreed to terminate their merger deal through a special purpose acquisition company. Strong debuts from buzzy tech and consumer-facing firms could reignite broader dealmaking, while a lukewarm reception may keep issuers on the sidelines. In March 2023, eToro raised $250 million in a funding round that valued the online brokerage at $3.5 billion. The company plans to list on the Nasdaq under the ticker symbol "ETOR". Goldman Sachs, Jefferies, UBS and Citigroup are the lead underwriters of the offering. Sign in to access your portfolio
Yahoo
08-02-2025
- Business
- Yahoo
Exchange operator Cboe's quarterly profit climbs as hedging activity surges
By Prakhar Srivastava and Laura Matthews (Reuters) -Exchange operator Cboe Global Markets reported a rise in fourth-quarter adjusted profit on Friday, driven by increased options trading as investors sought to hedge against risks from economic and geopolitical uncertainties. Cboe's options trading segment revenue grew 3% in the quarter, compared with last year, while futures revenue fell 7%. Heightened concerns about interest-rate cuts, a potential trade war and geopolitical tensions kept investors on edge despite a strong market rally, driving demand for hedging. "With our diverse suite of products, we are well situated to help market participants navigate the elevated uncertainty we're witnessing across the market and geopolitical environment," said Fredric Tomczyk, chief executive officer at Cboe, on a call with analysts. Tomczyk said the "markedly different tone" from the new administration in Washington, with deregulation and tax cuts, was fostering bullish sentiment. However, he cautioned that significant geopolitical uncertainty remains, which along with recent tariffs and a record number of executive orders is injecting volatility into the market. Shares in Cboe were up around 2.4% at $211.91 at 1623 GMT. Average daily volumes in S&P 500 index options increased 7%, while those of options linked to the VIX Volatility Index, Wall Street's "fear gauge", rose 12% from a year earlier. Average daily volumes in total company options increased to 15.7 million contracts in the reported quarter from 14.9 million a year earlier. Demand for options contracts opened on the same day they expire, or 0DTE (zero-days-to-expiry), rose 6%. On an adjusted basis, the exchange operator's net income allocated to common shareholders totaled $221.2 million, or $2.10 per share. Analysts on average were expecting earnings of $2.11 per share, according to data compiled by LSEG. Cboe's fourth-quarter net revenue rose 5% to $524.5 million, also broadly in line with expectations for $525.88 million. Revenue from North America equities rose 10% to $94.9 million. SUCCESSION Tomczyk said he and the board engaged a search firm late last year to assist with finding his successor, with both internal and external candidates being considered. Tomczyk became CEO in September 2023 when Edward Tilly resigned after failing to disclose personal relationships with colleagues, bringing his decade of leadership of the company to an abrupt end. Once a new CEO is appointed Tomczyk plans to remain a director on the board, he said.
Reuters
30-01-2025
- Business
- Reuters
Weight-loss drug developer Metsera raises $275 million in US IPO
Jan 30 (Reuters) - Weight-loss drug developer Metsera has raised $275 million after pricing its U.S. initial public offering at $18 per share, above its targeted range, the ARCH Venture Partners-backed biotech company said on Thursday. Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here. Reporting by Prakhar Srivastava and Kanjyik Ghosh in Bengaluru; Editing by Alan Barona
Yahoo
27-01-2025
- Business
- Yahoo
Weight-loss drug developer Metsera targets up to $1.78 billion valuation in US IPO
By Prakhar Srivastava and Pritam Biswas (Reuters) -Metsera, which is developing weight-loss drugs, said on Monday it is seeking a valuation of up to $1.78 billion in its U.S. IPO, aiming to capitalize on Wall Street's insatiable appetite for such treatments. Hopes of a soft landing for the U.S. economy and expectations of a more business-friendly regulatory environment for deals and offerings under the Donald Trump administration have spurred companies' interest in going public in 2025. "In 2025, early signs have been encouraging — Metsera is one of 6 companies that announced IPO plans in January," said William Pickering, senior analyst at Bernstein. "But we don't expect a dramatic uptick for the full year given continued high interest rates," Pickering added and signaled companies' poor post-IPO performances in 2023 and 2024. Despite this, the global weight-loss drug market, expected to be worth about $150 billion by the early 2030s, has drawn increased investor interest in companies targeting the fast-growing segment. New York City-based Metsera is aiming to raise up to $292.2 million by offering 17.19 million shares, priced between $15 and $17 each. Biotech firms such as BioAge Labs and MBX Biosciences were well received on their respective debuts, but have lost ground to trade much lower than their IPO price, as of Jan. 27. Founded in 2022 by venture capital firm ARCH Venture and investment company Population Health Partners, Metsera is developing injectable and oral drugs to treat obesity, based on the GLP-1 mechanism and other biological targets. GLP-1 drugs, which help slow digestion and reduce hunger by triggering a feeling of fullness, are now being studied to see if they can improve health in other ways too. Metsera expects its shares will trade on the Nasdaq Global Market under the ticker symbol "MTSR". BofA Securities, Goldman Sachs, Evercore ISI, Guggenheim Securities and Cantor are the underwriters for the offering.
