U.S. satellite broadband provider Hughes Network Systems has agreed to invest $50mn in the British government and Bharti-backed consortium buying collapsed satellite operator Oneweb. Hughes previously partnered with OneWeb, which collapsed in late March with 74 out of a planned 650 satellites launched after top backer SoftBank Group Corp declined to provide further funding. “This…
Softbank-backed fintech unicorn Lemonade recently announced that it has filed for an Initial Public Offering on the New York Stock Exchange (NSE) for an indeterminate amount. The company estimates that it will be able to raise $100mn. Several venture capitalists have estimated that the company is worth $2.1bn currently in valuation. The company says it’s…
Chinese transportation company, DiDi recently announced that it has completed a $500mn fundraising round for its self-driving unit. The funding round was led by Masoyoshi Son-led SoftBank’s Vision Fund 2. The ride hailing giant said in a statement that the round marked the first time DiDi’s self-driving business had brought in external funding since it…
Layoffs have become a common phenomenon in these unprecedented times. The coronavirus has impacted several businesses, forcing them to resort to tough measures like cost cutting and downsizing. The recent company to fall in the crisis is shared office space startup, WeWork. Recently, WeWork India said that it has laid off nearly 20% of its…
Softbank-backed car subscription startup Fair.com recently announced that it has appointed Bradley Stewart as the company’s new Chief Executive Officer. Stewart joins the car subscription startup after being associated with aviation startup XOJet from 2013 to 2019 as Chairman and CEO. The company was later acquired by Vista Global. Announcing his appointment on LinkedIn, Stewart…
The hospitality sector is one of the most affected by the ongoing coronavirus pandemic. With travel of any kind coming to a halt and governments imposing lockdowns, companies in the sector are bracing for severe impact. Recently, there has been multiple reports about layoffs and furloughs in the industry by the companies to save cost.…
The coronavirus pandemic has impacted several jobs globally with nearly 10 mn people filing for unemployment benefits in America alone. The pandemic has forced businesses to close operations and employees have been sent on furloughs for indefinite periods. The International Labour Organization has predicted that globally around 2.5mn jobs would be lost due to the…
Goldman Sachs alumnus Taiichi Hoshino to lead investment planning department at Softbank SoftBank Group Corp, announced the appointment of ex Goldman Sachs banker Taiichi Hoshino as head of a new investment planning department at the investment major. The move comes in the backdrop of increased scrutiny of the group over ventures backed by the group,…
Softbank-backed American online small business lender Kabbage is furloughing a “significant number” of its 500-strong US team. It is also completely closing down its office in Bangalore, and executive staff is taking a “considerable” pay cut, according to a report by TechCrunch. The company CEO Rob Frohwein has cited, “economic fallout of this virus has…
OneWeb, the satellite internet start-up backed by Japan’s SoftBank Group, is filing for Chapter 11 bankruptcy. The company has since its inception launched 74 satellites and has 44 ground station to power its communication service using low earth orbit satellites. In their statement the company said that the Company and certain of its controlled affiliates…