From Gensol’s independent director’s resignation to Ola Electric’s response to government queries, we bring you today’s headlines that highlight significant developments across industries.
Featured stories
Gensol’s independent director resigns, says company needs guidance in ‘fast-growth environment’
Gensol Engineering’s independent director Rajesh Jain has resigned amid liquidity concerns at the renewable energy company.
In his resignation letter dated March 13, filed on the NSE by Gensol Engineering, Jain has remarked on the current focus of the company, calling for the need for a mentor or an advisor to provide necessary guidance as the company scales.
“There is much to cater to, in the company. Whilst promoters are well focused on business growth, there may be a need for a mentor/advisor to provide necessary guidance in such a fast growth environment,” he noted.
The resignation comes weeks after the company’s Chief Financial Officer, Ankit Jain, left the company citing personal reasons. The company has appointed Jabirmahendi Aga as its new CFO. Read more.
Focus on long-term growth over short-term profits: Plum CEO Abhishek Poddar
Bengaluru-based insurtech startup Plum is inching closer to profitability, but its key focus is on long-term growth, according to its founder Abhishek Poddar.
The company, which provides health insurance and wellness benefits to businesses, reported operating revenue of Rs 41 crore for the year and expects to maintain a similar growth trajectory over the next three years, Poddar said.
The startup’s upward trajectory comes after it cut its losses in half in FY24, fuelled by a 150% surge in revenue.
“We have been contribution margin positive for almost a year now, and we have been EBITDA profitable for the last three months,” Poddar told YourStory in a recent interview. “We are looking to be EBITDA profitable on a full-year basis in the next financial year. But our focus remains on reinvesting in growth and building new products rather than prioritizing short-term profitability.” Read more.
Latest news
Ola Electric confirms getting queries from govt
Ola Electric has received inquiries from the Ministry of Heavy Industries (MHI) and the Ministry of Road Transport and Highways of India (MORTH) over discrepancies in sales data and non-compliance with trade requirement certificates, the company said in a stock exchange filing on Friday.
The company also said it is in the process of responding to the emails from MHI and MORTH.
However, Ola Electric said there are no ongoing regulatory or legal proceedings, further clarifying that the sales data mismatch was due to a “temporary registration backlog.” Read more.
Funding news
Kraftshala raises undisclosed pre-Series A round
Edtech company Kraftshala raised an undisclosed amount in its pre-Series A funding round from a mix of existing and new investors, including Phanindra Sama (Founder and ex-CEO, redBus), Sujayath Ali (co-founder and COO, ShopUp), Pallav Jain (co-founder and ex- CEO, Performics India), and TiE Nizamabad.
The company plans to use the fresh capital to launch new offerings, with Kraftshala’s core business being profitable.
(The copy will be updated with the latest news throughout the day)
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