Tag Archives: crore

India gears up to conduct the next Lok Sabha elections with the Election Commission stating over 96 crore citizens are now eligible to cast their ballot and shape the 18th parliament. This massive electorate includes nearly 47 crore women voters, while 1.73 crore are 18 to 19 year old first-time voters.

To facilitate polling at this unprecedented scale, more than 12 lakh booths will be setup nationwide. Around 1.5 crore polling personnel are also set to be deployed by the Election Commission of India (ECI) for smooth conduct of the crucial polls and counting processes.

Steady Increase in Voter Base Over Decades

A letter recently shared by ECI with political parties revealed India had just 17.32 crore registered electors back in the 1951 election. This number gradually rose to 19.37…

Industry body CAIT has estimated merchandise sales, services trade and spending around the upcoming Ayodhya Ram Mandir inauguration could touch ₹1 lakh crore – double its initial projection of ₹50,000 crore.

The revised forecast underscores the unprecedented fervor surrounding the January 22nd temple consecration ceremonies led by PM Modi. CAIT compiled data from trade associations in 30 cities to reach the number.

National Secretary Praveen Khandelwal attributed the exponential business surge to the event resonating deeply with religious sentiments across communities countrywide.

Frenzied Demand for Ram Mandir Merchandise

Markets are recording booming demand for Lord Ram images, Ayodhya temple replicas, saffron flags, t-shirts, customized attire and related memorabilia.

Over 5…

SoftBank seeks to sue a social app it had once invested in, IRL at a $1.1 billion valuation.

It is suing the now-defunct company for fraud, alleging $150 million in damages.

Background

IRL had the potential to become an event organizing alternative for Gen Z, who are using Facebook less and less.

It sought to materialize on this and its self-reported numbers were impressive enough to earn a $170 million Series C funding led by SoftBank in 2021.

However, earlier this summer, an internal investigation by its own board of directors found that 95% of the app’s users were fake.

False user download claims

SoftBank explains that it was encouraged to invest due to its impressive user numbers.

The app claimed it had been downloaded by 25% of U.S. teens under 28 years old and was growing at…

Food delivery app Zomato has finally turned profitable, reporting a consolidated net profit of Rs 2 crore for the quarter ended June 2023.

Great surge in revenue

It reported a loss of Rs 189 crore in the quarter ended March.

However, revenue from operations stood at Rs 2,416 crore, up nearly 71% YoY against Rs 1,414 crore reported in the year-ago period.

Blinkit turns positive

The company said that Blinkit, the quick commerce business it owns, has turned contributive positive for the first time ever in the month of June.

The adjusted revenue excluding the quick commerce business stood at Rs 2,402 crore which was up 33% YoY.

Gross order value

Gross order value (GOV) went up to Rs 7,318 crore as opposed to Rs 6,425 crore in the corresponding quarter of the previous fiscal.

It also…

The Hyderabad police have achieved a major breakthrough by arresting nine individuals allegedly involved in a massive investment fraud worth a staggering Rs 712 crore. 

The scam has been reportedly  masterminded by Chinese citizens operating from Dubai, targeting victims through enticing online part-time job offers on the popular messaging app, Telegram.

Hyderabad Citizen Scammed of Rs. 28 Lakh in Online Job Fraud

The investigation began after a complaint was filed by a resident of Hyderabad in April, reporting a loss of Rs 28 lakh. The victim fell for promises of easy profits through “rate and review” tasks. The fraudsters enticed him to invest money upfront and perform various online assignments with lucrative returns. 

However, when he attempted to withdraw his earnings, he…