Startup
CCI approves equity stake allotment in Aakash to Ranjan Pai’s Manipal Group
The Competition Commission of India (CCI) has given the green light for an allotment of equity stake in the test preparation firm Aakash Educational Services Limited to Ranjan Pai’s Manipal Group.
“CCI approves acquisition by Manipal Health Systems Private Limited and MEMG Family Office LLP in Aakash Educational Services Limited,” it said in a statement on July 23, announcing the approval while noting that a detailed order from the Commission will follow.
Last November, Pai—the Chairman of Manipal Education and Medical Group—bought Rs 1,400 crore of debt in Aakash to help BYJU’S settle a debt owed to the US-based lender Davidson Kempner Capital Management. This debt was secured in May 2023, with BYJU’S using its Aakash shareholding as collateral.
In January, the Aakash board reportedly approved the conversion of the $300 million investment made by Pai in 2023 into equity.
In 2021, BYJU’S acquired AESL for approximately $950 million, with around 70% of the deal paid in cash and the remaining portion meant to be adjusted against its parent Think and Learn Private Limited’s equity.
The Delhi-based test preparation firm is now valued at approximately $700 million, with Ranjan Pai becoming the largest shareholder, holding a 40% stake.
In April, reports emerged that the MEMG Family Office initiated arbitration proceedings to protect its rights, based on an undertaking given by BYJU’S when securing the loan.
That same month, Aakash appointed Deepak Mehrotra as its Managing Director and Chief Executive Officer.
The test-prep firm reported a profit of Rs 79.5 crore in FY22, up 82.2% from Rs 43.6 crore in the earlier fiscal year. Meanwhile, its operating revenue surged 44.6% to Rs 1,421.3 crore in FY22, compared to Rs 982.7 crore in FY21.
Aakash’s network of centres provides preparation services for students gearing up for medical and engineering entrance examinations, school board exams, and competitive tests such as NTSE and Olympiad. With a nationwide presence, it has over 310 centres and currently serves more than 400,000 enrolled students.
Meanwhile, cash-strapped BYJU’S is engaged in multiple legal battles with its investors and lenders.
Startup
BrowserStack launches AI-driven Low Code Automation tool
Software testing platform
has rolled out Low Code Automation, a solution to simplify test automation for quality assurance teams, developers, and non-technical users.The newly launched solution will address challenges faced by software teams, including manual testing delays and complex automation frameworks, BrowserStack said in a statement.
While traditional test automation requires coding expertise by often limiting non-technical testers to contribute, this tool allows user—irrespective of their technical background—to create and manage AI-driven automated tests without writing code. Users can also use BrowserStack’s cloud infrastructure for reliable test execution.
“(The AI-powered Low-Code Automation (LCA) simplifies the process of building and maintaining test automation suites compared to traditional tools like Selenium. It reduces the steep learning curve and complexity often associated with automation projects, leading to a quicker return on investment (ROI),” Chintan Doshi, Director of Product Management at BrowserStack, told YourStory.
To support development teams worldwide, Low Code Automation speeds up testing cycles, boosts product quality, and enhances user experience by reducing technical barriers.
“Citizen testers—such as business analysts, product managers, and customer support teams—can easily add validations and create automated tests with the test recorder, without requiring coding skills. This reduces their dependency on developers and QAs and empowers them to actively contribute to testing efforts,” Doshi explained.
Founded in 2011 by Ritesh Arora and Nakul Aggarwal, BrowserStack provides a cloud-based platform for developers to test websites and mobile apps across devices, operating systems, and browsers on demand.
With headquarters in San Francisco and Mumbai, the company has expanded its product line to include over 15 products, of which 10 were launched in the past 18 months.
In August, the Accel-backed firm acquired Berlin-based Bird Eats Bug, an advanced bug-reporting tool. The acquisition aims to address the existing gaps in bug reporting and streamline fragmented testing workflows.
Startup
Flipkart’s delivery arm Instakart reports widening losses, lower revenue in FY24
Flipkart’s delivery service arm Instakart’s FY24 losses increased multifold to Rs 1718.4 crore, from Rs 324.6 crore in the previous year, hurt by higher expenses and marginally lower revenues.
The company, which is in the logistics, warehouse, courier and allied services business, clocked an operating revenue of Rs 12,115.3 crore in FY24, 5% lower than Rs 12,787.4 crore it posted a year ago, according to filings made with Toefler.
During the period, the company’s total expenses increased 6% to Rs 14,149.4 crore, mainly driven by employee benefit and other expenses.
Logistics services accounted for the majority (about 78%) of Instakart’s total operating revenues, with Rs 9,429.8 crore, marginally lower than what it collected in the previous year.
Warehousing services, which accounted for about 10% of total operating revenues, witnessed a 28.4% drop in revenue, while collection services, which accounted for 12%, remained stable.
Just a week ago, Flipkart Internet reported a 21% rise in FY24 revenue at Rs 17,907.3 crore helped by rising income from its advertising services.
Flipkart India Ltd, which is Flipkart’s business-to-business (B2B) arm, reported a 26.4% rise in revenue from operations at Rs 70,541.9 crore in FY24.
Startup
Google Cloud to boost support for early-stage AI startups with new programmes, partnerships
has rolled out a range of programmes and partnerships to accelerate the growth of AI startups In India. The initiatives, announced at an AI Startups Summit in Bengaluru, will support early-stage AI founders in building, scaling, and expanding their customer base through the utilisation of Google Cloud services.
The tech giant recently introduced Emerging ISV Partner Springboard—a 12-week programme designed to fuel growth for AI startups. Participants will benefit from hands-on support in creating go-to-market assets, consultations with Google AI experts for product refinement, guidance on technical architecture best practices, and streamlined onboarding to Google Cloud Marketplace.
“Google is committed to empowering AI startups to drive innovation and growth. These initiatives demonstrate our dedication to providing critical support and resources to early-stage founders, helping them build and scale successful AI-powered businesses,” said Manish Gupta, Senior Director, Research, Google DeepMind.
During a fireside chat at the Global Google Cloud Summit, Google Cloud CEO Thomas Kurian applauded startups leveraging AI and cloud technology.
“At Google Cloud, our mission is to support these pioneers by providing the essential tools, resources, and mentorship they need to thrive. Through strategic partnerships, tailored programs, and advanced infrastructure, we are committed to enabling businesses to scale their impact and drive the next wave of digital transformation,” said Kurian.
Early-stage founders will receive enhanced support through the Google for Startups Cloud Program, which will offer $200,000 in Google Cloud credits over two years. AI-based startups will receive even greater support, receiving $350,000 in credits to address the demanding computational needs of advanced AI development, the company said in a statement.
In addition, Google has collaborated with Y Combinator to provide exclusive access to NVIDIA H100 GPUs and Google Cloud TPUs, along with cloud credits, support, and mentorship for its Summer 2024 group of AI-focused startups.
Furthermore, the tech giant is also joining forces with early-stage accelerators and incubators such as 500, StartX, and Berkeley Skydeck to provide early-stage founders with a special package, including Google Cloud credits, expert advice, and technical workshops
Earlier, the California-headquartered firm also announced the launch of Startup School: GenAI, a four-week training programme designed to help startups leverage AI.
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