Profitable

Facing calls for a management overhaul at the troubled edtech firm, a combative Byju’s has asserted that investors lack the authority to remove its CEO. More on this in today’s ETtech Top 5.Also in this letter:■ Paytm to work after Feb 29: CEO■ Amazon, Meta, Apple earnings■ ETtech Deals DigestInvestors have no voting rights to remove CEO: Byju’s Facing calls for leadership changes from an investor group, Byju's defended its current management structure in a communication to employees. Investors lack…

Insurtech startup Acko aims to achieve profitability by fiscal year 2026-27 (FY27) on the back of its general and health insurance segment tuning earnings positive, founder and chief executive Varun Dua said in an interview with investment bank UBS Global. According to Dua, Acko is targeting to close FY24 with a premium of Rs 2,000 crore and expects the business to grow 35% year on year. For the nine-month period ended December, Acko has already clocked premiums of Rs 1,360 crore. Elevate Your Tech Prowess with High-Value…

Wide electrification of its fleet and premiumisation will drive growth for ride-hailing company Ola Cabs, new chief executive Hemant Bakshi said on Thursday. The firm, he said, had turned profitable based on earnings before interest, taxes, depreciation and amortisation (Ebitda) in the fiscal year ended March 31, 2023.The standalone ride-hailing business posted Ebitda of Rs 250 crore, Bakshi said, against an Ebitda-level loss of Rs 66 crore in the preceding fiscal year. Revenue grew 58% to Rs 2,135 crore in FY23, he said,…

After a year of people throwing money at AI companies, investors are now looking for startups that are more solid and viable. That could prove daunting for AI founders: AI is expensive to build and maintain. Full TechCrunch+ articles are only available to members.Use discount code TCPLUSROUNDUP to save 20% off a one- or two-year subscription. SymphonyAI CEO Sanjay Dhawan offers some tips on how to build a strong foundation for a profitable AI startup. His first tip? Be realistic about your…

Twitch CEO Dan Clancy has claimed the streaming platform isn’t profitable, following massive layoffs at the company. Earlier this week, Twitch announced it would be laying off 35 per cent of its workforce, with over 500 members of staff being let go. It comes after 400 workers were laid off at the start of 2023. In a letter to staff, Clancy said, “it has become clear that our organisation is still meaningfully larger than it needs to be given the size of our business,” before confirming that the company had paid out over…

Stellantis CEO Carlos Tavares, the leader behind brands including Jeep, Ram, Dodge, Fiat, and several others, has a warning for other automakers. Tavares said EVs must be affordable but profitable, or they will be “in trouble very, very soon.” To attract middle-class shoppers, lower EV prices are needed. “You can only solve this if you reduce cost,” Tavares said at the Goldman Sach conference, adding, “and this is something we are reasonably good at.” Tavares pointed to cheaper EVs, including…

BookMyShow, an online entertainment ticketing platform, swung to a net profit in FY23 from a year-earlier loss, as it rebounded from the impact of the pandemic-induced lockdowns and challenges to its operations in the last couple of years.BookMyShow’s operating revenue surged more than threefold to Rs 976 crore in the year ended March 31, from Rs 277 crore in FY22, showed financial documents sourced from company data and intelligence platform Tofler.Elevate Your Tech Prowess with High-Value Skill CoursesOffering…

Car care services startup Park+ expects to turn profitable by the January-March 2024 quarter and close the current fiscal with over Rs 200 crore, a senior company official said. Park+ founder and CEO Amit Lakhotia said that the company at present has operations in about 30 cities and plans to expand to over 100 cities by 2024. The Epiq Capital backed company has raised $55 million till date to fund its operation which is sufficient for the company to fund operations as well as planned expansion. Elevate Your Tech Prowess…

Credit: Unsplash/CC0 Public Domain We must "bulldoze through" the planning system to "get Britain building again". So said Sir Keir Starmer at the Labour party's last annual conference. He argued it's time to "fight the blockers" and build the 1.5 million homes that he thinks Britain needs. But it is simplistic to lay all the blame…

Customers hold shopping bags outside the Shein Tokyo showroom in Tokyo, Nov. 13, 2022.Noriko Hayashi | Bloomberg | Getty ImagesShein notched its highest profit ever during the first half of this year, the company told investors in a letter, as rumors swirl over whether the fast-fashion juggernaut will file for a U.S. initial public offering.The missive Wednesday from Executive Vice Chairman Donald Tang, which was obtained by CNBC, noted sales volume growth accelerated and profits improved during the first half of 2023…