Dec 21 2023, 08:30
3 insights to kick-start the day, featuring Google's massive fine
Google to pay USD700 million in settlement; Sony- Zee merger hangs in balance; FistCry to file IPO papers.
Alphabet Inc, Google's parent company, will pay USD700 million for PlayStore settlement.
The settlement comes following a class action suit filed by 50 US states and consumers in 2021 alleging that the tech giant had a monopoly in the Android app-store market. Of the USD700 million, USD630 million will go to consumers and the remaining to the states. The changes will be allowing alternative in-app billing systems for five years, third-party app stores on Android, sideloading for seven years, and OEMs will not need Google's consent before pre- loading third party app stores.
Suspense thriller:
The future of the Sony-Zee merger hangs in balance as Sony India is yet to approve Zee's request for an extension of the merger deadline.
Zee acknowledged missing the December 21, 2023-deadline, triggering discussions on extending it as per contractual provision. Sony Pictures Network India (Culver Max Entertainment Private Ltd) is yet to agree on the extension as it awaits ZEEL's proposals to fulfil closing conditions. However, Elara Capital's research analyst Karan Taurani remains optimistic about the merger as he believes it could proceed without Goenka.
FirstCry to file for IPO, to raise USD500 million-USD600 million.
Close on the heels of a successful public offering by D2C brand Mamaearth, another consumer startup wants to hit the bourses.
SoftBank-backed FirstCry is expected to file draft IPO papers in a few days to raise USD500 million- USD600 million. The company which specialises in kids' products has created a niche in this market through its online and offline strategy. FirstCry reported a profit in FY21 but slipped into a loss the next year. However, this came in line with significant growth in scale, leading to higher expenses across verticals. It generated a revenue of INR2,401 crore, reflecting a 50% growth.
source:et
Dec 21 2023, 10:37