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JustDial’s CFO Ramkumar Krishnamachari Steps Down

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The chief financial officer of the online local business search engine JustDial, Ramkumar Krishnamachari has announced his resignation from the firm. In a stock exchange filing, JustDial announced the CFO will be relieved of his duties with effect from 30 September 2017.

This is the second high profile exit of a JustDial executive following which there was a 5% dip in their shares. Krishnamachari joined JustDail in 2010 led the firm’s finance, legal, taxation and secretarial functions. He laid the foundations for the firm’s initial public offering (IPO) in 2013 and was responsible for investor relations and stakeholder management.

The company posted a net profit of Rs. 25.3 crore for the fourth quarter and recorded a 37.2% dip in their net profit for the quarter ended 31 March 2017. The stock of the company ended at Rs. 363.15, down 4.90% on NSE and reached an intra day low of Rs. 360.60. Their market valuation also saw a decline of Rs. 129.13 crore to Rs. 2,525.15 crore. Global investment banking and diversified financial services group Macquarie said that CFO’s exit comes at a difficult time given that the company continues to grapple with execution issues.

JustDial’s database consists of approximately 17.9 million listings and their app is available on Android, iOS, Blackberry and Windows platforms. Founded by V.S.S. Mani, JustDial provides search services aimed at making several day to day tasks conveniently actionable and accessible to the users. SAIF Partners, Sequoia Capital, Tiger Global, EGCS and SAP Ventures have invested in this company. Amitabh Bachchan also made an investment of Rs. 6.27 lakh in the company by buying 62,794 shares at Rs. 10 per share in 2013.

The company has conducted around 435,360 campaigns for paid advertisers as of March 2017, compared to the 368,800 campaigns as of March 2016, thereby representing a growth of 18% year on year. The company’s database also represented a year on year growth of 9.5%.

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MPL to Lay Off 60% of India Workforce Following Online Gaming Ban

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MPL

Mobile Premier League (MPL), one of India’s top online gaming platforms, is set to lay off about 60% of its India workforce following the government’s ban on paid online games. The move, confirmed by MPL CEO Sai Srinivas through an internal email, will impact around 300 employees across multiple departments including marketing, finance, operations, engineering, and legal. This decision comes as a direct result of the Promotion and Regulation of Online Gaming Bill, 2025, which restricts paid online games involving monetary stakes to address concerns over financial risks and addiction among young users.

India contributed nearly half of MPL’s revenues, estimated at around $100 million in the 2024-25 fiscal year. With the ban on paid gaming, MPL’s primary revenue source in India has been effectively cut off, prompting the company to shift focus towards free-to-play games and expand its presence in overseas markets such as the United States and Brazil. Despite the layoffs, MPL has pledged to support the affected employees through the transition period. CEO Sai Srinivas expressed regret over the downsizing but highlighted the company’s commitment to developing new business models for the Indian market amid the regulatory changes.

This development significantly disrupts the Indian online gaming industry, which was on track to grow into a $3.6 billion sector by 2029 before the introduction of the ban. While competitors like Dream11 have adapted by discontinuing paid games and avoiding layoffs, the ban has forced many gaming startups in India to rethink their operations. The government’s regulation targets all games involving real money stakes, including fantasy sports and popular card games like rummy and poker, reshaping the future landscape for the country’s gaming ecosystem and its workforce.

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NCLT Approves Amalgamaxtion of Info Edge Subsidiary Makesense with PB Fintech

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Info Edge - PB

The National Company Law Tribunal (NCLT) has granted approval for the amalgamation of Info Edge’s subsidiary, Makesense Technologies, with PB Fintech as of August 29, 2025, in a significant move for India’s fintech sector. This strategic merger aligns with Info Edge’s ongoing focus on streamlining its corporate structure and supports PB Fintech’s growth trajectory as the operator of leading platforms such as Policybazaar and Paisabazaar. The amalgamation, cleared by NCLT’s Chandigarh bench, took place without winding up either company, enabling a seamless blending of assets and expertise for greater operational efficiency.

In the specifics of this deal, Makesense Technologies—holding a 13.04% stake in PB Fintech as of June 2025—will see its shareholders allotted 59,750 equity shares and 60,030 compulsorily convertible preference shares from PB Fintech, with no change to Info Edge’s underlying economic interest. The consolidation is expected to cut compliance and administrative costs, simplify the equity structure, and enable both companies to focus on core business strengths without duplication of resources. This move is designed to strengthen PB Fintech’s position in India’s fast-evolving fintech and insurance market, while keeping Info Edge’s investment objectives intact.

The NCLT-approved merger highlights a broader trend of consolidation within India’s tech-driven industries, as major players seek to boost competitiveness and achieve sustainable growth through mergers and amalgamations. Stakeholders—including shareholders and employees—are set to benefit from the new, streamlined structure, increased transparency, and the promise of enhanced value creation going forward. The unification of Makesense Technologies and PB Fintech is expected to make a positive impact on the broader fintech ecosystem, reinforcing both companies’ leadership and innovation agendas.

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ShareChat Appoints Neha Markanda as CBO

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ShareChat, one of India’s premier social media platforms, has strengthened its leadership by appointing Neha Markanda as Chief Business Officer for both its flagship ShareChat platform and the popular short video app Moj. Markanda, previously Head of Industry, E-commerce at Google India, brings over 22 years of expertise across renowned companies like Meta, GSK Consumer Healthcare, PepsiCo, and ITC. At Google India, she led transformative strategies in e-commerce and health tech, ensuring market growth and technological innovation for global brands. Her proven track record uniquely positions her to drive ShareChat’s revenue strategy, business expansion, and partnerships with advertisers and regional stakeholders.

Markanda’s appointment comes at a pivotal time for ShareChat, which recently achieved profitability and has projected a robust ₹1,200 crore revenue run rate for the year. The platforms boast a combined monthly active user base of more than 325 million, making ShareChat and Moj essential tools for marketers seeking to increase engagement across India’s diverse regions. Markanda’s expertise is expected to further accelerate ShareChat’s business growth, opening doors for brand collaborations and hyper-targeted influencer campaigns, which can connect marketers to local audiences in a culturally relevant manner.

With advanced degrees from the Indian Institute of Foreign Trade and Lady Shri Ram College, Markanda’s leadership is set to reinforce ShareChat’s momentum as India’s go-to platform for marketers and creators looking for trusted, brand-safe environments. Her focus on vernacular content and building robust partnerships will complement ShareChat and Moj’s mission to empower regional creators and deliver authentic engagement. Industry experts have lauded this strategic move, anticipating that Markanda’s vision will help ShareChat and Moj maintain their edge in India’s social media landscape.

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