Author: Chakradhar.kale

China has detained an employee of a Japanese firm on suspicion of espionage, according to a statement released by China’s Ministry of State Security on March 27. Japanese Firm Employee Arrested in Beijing The individual, whose identity has not been disclosed, was arrested in Beijing on March 15, and the Japanese Embassy in China has been notified of the arrest. The statement from China’s Ministry of State Security said that the individual was detained on suspicion of “endangering China’s national security.” It did not provide any further details about the allegations or the individual’s employer. The incident comes amid growing…

Unacademy to possibly merge with Aakash Unacademy is in talks regarding its possible merger with Aakash. Both of these edtechs are among India’s most valuable edtech firms. The deal in talks is a possible concoction of cash and stocks. The entity that will be formed as the outcome of this deal may march towards an IPO (Initial Public Offering) as opposed to any one of the firms applying for the same. The discussion is still in its nascent stage and the deal may still take some time to finalize. However, talks between the founders of the edtech firms have taken…

PhysicsWallah To Raise $250 Million Physics Wallah is soon going to raise $250 million in funding to increase its valuation. The company aims to expand its operations by opening more offline learning centres, offering more courses and focusing on branding. While the education sector is paralyzed with problems of reopening physical classes, The Company is in talks for raising funds at such a huge valuation. Alakh Pandey’s PhysicsWallah is expected to rise in terms of valuation to whopping $3.3 billion from its current valuation at $1.1 billion. The company has also been working closely with Private Equity (PE) investors. The…

Ola to raise $300 million for expansion in its two-wheeler operations and battery facility business. Ola Electric Mobility Pvt. Ltd. is India’s largest electric two-wheeler manufacturing company. Introduction To Ola’s new Fundraiser The company’s EBITDA (Earnings before interests, taxes, depreciation, and amortization) are expected to become positive in 2024. This is expected to make Ola Electric the biggest electric two-wheeler company in the country which will even surpass TVS Motors and Hero Motocorp in terms of valuation. This fundraiser shall be managed by Goldman Sachs. The funds will be raised from existing and marquee global investors. Hitherto, Ola Electric has…

Accenture is all set to acquire Flutura. Accenture is an IT and Consulting Company that is soon going to acquire an Artificial Intelligence Tech Company ‘Flutura’. On Tuesday, Ireland based IT and Consulting firm Accenture revealed that it was all set to acquire Bengaluru based AI firm Flutura. Deal size was not disclosed during the announcement. Why Accenture Acquire Flutura? Flutura is an Artificial Intelligence firm in Bengaluru that specializes in industrial data science services. Production and Manufacturing businesses form a major share of its existing clientele. Accenture’s spokespersons have said that the deal shall help Accenture in expanding its…

UBS (Union Bank of Switzerland) is all set to acquire Credit Suisse for $3.2 Billion. The Swiss Government stepped in to synthesize the deal which is expected to close by the end of 2024 . UBS bank has agreed to acquire Credit Suisse for $3.2 Billion along with $5.4 Billion in losses. The merger deal has been designed by Swiss authorities to avoid further turbulence in the Swiss market and in the global banking sector. The Swiss authorities were forced to participate in order to control the turmoil in the banking sector. This was done in an attempt to control…

Rajalxmi Vijay, the CEO of an IT and Telecommunication firm in Mumbai ‘Altruist Technologies’, was hit and knocked down by an over-speeding car which has led to her sudden demise. The accident happened at 6:30 am (Sunday) near Worli Milk Dairy. The lady was hurled away by a few metres when she was hit by the vehicle. She was declared dead when she was taken to a nearby hospital. According to the police “Her husband was also jogging near Shivaji Park at the same time.”.He rushed to the spot when the police called him. Later, the locals caught the TATA…

After the US Department Of Energy’s intelligence assessment asserted of an ‘accidental laboratory leak’ from one of Wuhan’s Virology Laboratory, an international team of researchers have reported a new theory, according to which, the traces dating back to the outbreak of the pandemic came from racoon dogs that were sold at The Huanan Seafood Wholesale Market in China’s Wuhan province. Traces of the SARS-CoV-2 virus were found in the genetic samples of raccoon dogs sold at one of the prominent seafood markets in central China’s Wuhan city. Experts are of the opinion that this evidence bolsters the issue of the…

PWB faces massive withdrawals soon after the SVB collapse. Pacific Western Bank reportedly noticed massive withdrawals after the collapse of the banking sector indices on Wall Street last weekend. The Collapse of SVB and Signature Bank led to panic withdrawals. The bank reported that they were mostly from their venture banking business line. Panic withdrawal movements were seen in Pacific Western Bank after the news of SVB and Signature Bank collapse struck the market. This generated decreased net outflows for the bank which then improved deposit balance to further soften the damages. Further, the bank claims to have insured their…