Jupiter seeks RBI nod, Ola Electric’s shares dropped following CEO's public spat and more | The Arc Pulse
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Jupiter seeks RBI nod for stake in SBM Bank India
Neobanking startup Jupiter is pursuing talks to acquire a stake of up to 26% in SBM Bank India, a subsidiary of Mauritius-based SBM Group, said two people familiar with the development. The deal, subject to approval from the banking regulator RBI, may materialise in tranches and include an option for Jupiter to increase its stake in SBM Bank India.
To date, Jupiter has raised $170 million from investors such as Peak XV Partners (formerly Sequoia India), Z47 (earlier Matrix India), Tiger Global Management and 3one4 Capital. It was last valued at about $700 million.
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Ola Electric down 10% on market share loss, rising complaints
Ola Electric’s shares dropped by close to 10% following a series of challenges, including a public spat between CEO Bhavish Aggarwal and comedian Kunal Kamra on social media platform X, reports of declining market share, rising consumer complaints, and increasing competition from rivals like Bajaj.
Aggarwal offered Kamra a job, stating, “If you care so much, come and help us out. I’ll even pay you more than you earned for this paid tweet or from your failed comedy career.” He went on to urge Kamra to "sit quiet" if he wasn’t willing to help, while reassuring that Ola was working on addressing "real customer issues."
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FY24: Groww’s stockbroking revenues up 124% to $346 mn
Investment platform Groww’s flagship stockbroking unit saw net operating income jump by 124% from Rs 1,294 crore ($155 million) in FY23 to Rs 2,900 crore ($346 million) in FY24, according to provisional figures filed with credit rating agency ICRA.
“Groww was ranked 1st in terms of NSE active clients as of August 2024, with a market share of ~25%........ Its cash broking volumes market share (excluding proprietary turnover) stood at ~7% in FY2024 and ~6% in FY2023,” according to the ICRA note. “While the Group has initiated diversification into other lines of business like MTF……any downturn in the capital markets or any adverse regulatory action to curtail retail investor participation in the derivatives market may impact GIT’s financial performance.”
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