Dec 06 2023, 07:29
4 insights to kick-start the day, Bira91's latest plans:
Bira91 asks for a refill:
B9 Beverages, Bira91's parent company, plans to raise fresh funds worth INR400 crore, as per a report by The Economic Times.
Ankur Jain, founder of Bira91, declined to comment on the same, fresh funds are expected to help the company expand its business. Jain had earlier told, that he intends to expand Beer Café (the restaurant business) outlets from 37 as of August this year to 75.The company aims to be Ebitda positive by FY24 and plans to do so with the help of expanding their beer portfolio and their restaurant business.
The company currently has five streams of revenue which include the Bira91 brand which contributes nearly 89% to its revenue.
Fresh funds are expected to come from a mix of existing investors and a new one. As of November 2022, founders hold 6.7% of the company, Sequoia Capital owns 25.9% and Kirin Holdings has 21.3%, as per Tracxn's data.
Trai pulls soft:
Telecom Regulatory Authority of India (Trai) asks Airtel, Jio to state terms of unlimited 5G plans.
Pronouncing its verdict on the predatory pricing complaint raised by Vodafone-Idea regarding Airtel and Jio's unlimited 5G data plans, Trai said the plans are not predatory in nature as the tariffs are not below the cost.
Mutual Funds:
Online entertainment ticketing company BookMyShow has recorded a multi-fold rise in its revenue and profit for FY23.
BookMyShow has managed to stay resilient and navigated the entertainment industry's turbulent times by diversifying its entertainment offerings. Emerging from pandemic-related challenges, it has made a comeback in FY23. BookMyShow's operating revenue surged to INR976 crore, a substantial rise from INR277 crore in FY22, driven largely by increased demand for ticket bookings. A number of blockbuster movies like Pathaan, Jawan, OMG 2 and Gadar 2 also increased the demand for online ticket bookings. Ticket sales accounted for 63% of their revenue, soaring to INR613 crore from INR218 crore in FY22.
The platform was able to expand its live events business with income from live events increasing to INR237 crore, which was only INR25 crore in FY22.
ReNew's debt;
ReNew Energy Global signs an MoU with Asian Development Bank (ADB) for USD5.3 billion worth of financing for its green energy projects over the next five years at COP28 in Dubai.
The ReNew- ADB MOU, a first-of-its-kind for India's renewable sector.
source: et
Dec 06 2023, 09:17