Tag Archives: Founders

PM Keir Stramer has prepared the public for a tough budget announcement in October, revealing a shortfall of £22 billion in public finances. During his speech at Downing Street, he said that the wealthiest would be hit the hardest. Starmer stressed that while the upcoming budget measures might be unpopular, they are necessary to correct past fiscal mismanagement. He reassured that his administration wants to avoid taking income tax, national insurance or VAT up further. Instead, they intend to focus on more targeted fiscal strategies.

What Are The Reactions To This Announcement

The response to Starmer’s preview of the budget has been mixed, with some being worried about the economic impact this cut will have. Critics, particularly from the Conservative party, argue…

Throughout the last century, the Gulf Cooperation Council (GCC), comprising Arab States in the region, has been helping meet the world’s voracious appetite for energy through the supply of fossil fuels. Hundreds of millions of barrels of oil have helped the world move forward, though this has come at a cost. 

The GCC region has an acute understanding of the need to start working towards alternatives to the carbon-heavy fuels of yesterday as well as starting the revolution to pull down gigatonnes of carbon (CO2) that have already made their way into the atmosphere. 

Hosting COP28 is just a small indication of the region’s leadership and appetite for taking the proverbial climate bull by the horns and starting to wrestle it down into the ground. 

Those who have stepped…

Quick-commerce startup Zepto is now a quick-commerce unicorn, the first one in India this year. 

It has raised $200 million at a valuation of $1.4 billion, the first to turn a unicorn after an 11-month unicorn drought.

The funding round was led by the StepStone Group, a US asset management firm and included Goodwater Capital and some existing investors.

This round is significant for making Zepto the first unicorn, or startup valued at over $1 billion, to be minted in India this year.

Ending unicorn drought

Zepto is the first unicorn, or startup valued at over $1 billion, to be minted in India this year since last September.

The last startup in India to turn unicorn was Molbio Diagnostics in September 2022.

Before that, at the peak of the funding boom in 2021, the country added a…

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…