Skip to content
Search

Latest Stories

Start-up backed by Akshata Murty received government grant: report

Murty has a stake in Edutech firm Study Hall which received around £350,000 from the government

Start-up backed by Akshata Murty received government grant: report

Prime Minister Rishi Sunak's wife Akshata Murty is a shareholder in a UK start-up that was awarded around £350,000 as part of a government scheme to support entrepreneurs, reported The Times.

Murty's Catamaran Ventures UK Ltd has a stake in Edutech firm Study Hall, records at Companies House show.


The start-up received a government grant of £349,976 last year, through Innovate UK, as part of funding to support companies developing new products or services. The Innovate UK grant covers the period August 2022 to August 2023.

Murty’s investment interests raise fresh questions about her business dealings and the potential for a perceived conflict of interest, The Times report said.

Founded by Sofia Fenichell, Study Hall plans to harness the power of artificial intelligence (AI) in schools.

Fenichell's previous venture Mrs Wordsmith, which wanted to promote children’s literacy, collapsed in 2021 just six months after receiving state support.

Mrs Wordsmith received £650,000 of taxpayers’ money as a loan through the government’s Future Fund, which matched funding from private investors in equity-backed start-ups. Catamaran Ventures was also a minority shareholder in the firm.

More than 60 per cent of the funding was spent on paying off existing creditors.

According to Companies House records on August 31, 2022, Catamaran Ventures UK Ltd held 2,474 shares in Study Hall at the time of the confirmation statement. There are no subsequent documents indicating that they have been sold.

Sunak was criticised in March for failing to declare his wife’s shares in a childcare agency called Koru Kids that could benefit from policy announced in the budget.

The parliamentary watchdog responsible for upholding standards is investigating whether Sunak was open and frank when he declared his interests.

The prime minister subsequently updated the register of ministerial interests to include his wife's shares in a venture capital investment firm, Catamaran Ventures UK Ltd. However, there was no mention of her involvement in Study Hall.

The independent adviser on ministers' interests, Sir Laurie Magnus, has emphasised the need to be cautious when deciding which interests held by family members should be made public in the register to avoid unnecessary intrusion into their lives.

A spokesperson from Downing Street has stated that all interests were declared to the independent adviser, who has reviewed declarations made by ministers and is satisfied that any actual or potential conflicts have been or are being addressed.

Study Hall was incorporated in September 2021, six months after Mrs Wordsmith went into administration and just five days before the company was officially wound up.

When the company collapsed, the taxpayer was expected to receive only around £40,000 on its £650,000 investment, as its key assets were acquired by a hedge fund tycoon based in Monaco.

More For You

Bank of England

In a statement, the central bank pointed to a recent rise in energy prices, citing the 'escalation of the conflict in the Middle East' as a factor.

Getty Images

Bank of England holds interest rate at 4.25 per cent

THE BANK OF ENGLAND (BoE) kept its key interest rate at 4.25 per cent on Thursday, citing persistent inflation and rising risks from US tariffs and the conflict between Israel and Iran.

The decision, which was widely expected, came a day after the US Federal Reserve also left its interest rates unchanged, pointing to continued inflation and slowing growth in the United States.

Keep ReadingShow less
Pakistan army-backed firm joins race for national airline
FILE PHOTO: Passengers board a Pakistan International Airlines (PIA) flight at the airport in Kabul on September 13, 2021. (Photo by AAMIR QURESHI/AFP via Getty Images)

Pakistan army-backed firm joins race for national airline

TWO of Pakistan's leading business groups and a company backed by the powerful military will bid for the country's ailing national carrier, a divestment the government hopes will kickstart the privatisations of state-owned enterprises.

The sale of Pakistan International Airlines will be the first major privatisation for around two decades, with the sale of loss-making state-owned enterprises a condition of last year's $7 billion (£5.5bn) bailout by the International Monetary Fund.

Keep ReadingShow less
Fugitive jeweller Mehul Choksi accuses India of kidnapping
Choksi, accused in a bank fraud case in India, has been arrested in Belgium and plans to appeal for release, citing medical grounds. (Photo: Getty Images)

Fugitive jeweller Mehul Choksi accuses India of kidnapping

FUGITIVE jeweller Mehul Choksi accused India of orchestrating his kidnapping to extradite him on fraud allegations, with his lawyers telling London's High Court on Monday (16) that only India had the motivation and resources to do so.

Choksi – who was arrested in Belgium in April – is wanted in India over his alleged involvement in one of India's biggest bank frauds at Punjab National Bank, which in 2018 announced it had discovered alleged fraud worth $1.8 billion (£1.29bn).

Keep ReadingShow less
UK Inflation

The Consumer Prices Index (CPI) stood at 2.6 per cent in March, down from 2.8 per cent in February, the Office for National Statistics (ONS) said. (Representational image: iStock)

: iStock

Inflation eases to 3.4 per cent in May, stays above forecast

UK INFLATION eased slightly in May but remained above expectations, according to official figures released on Wednesday, adding to speculation that the Bank of England will keep interest rates unchanged this week.

The Consumer Prices Index fell to 3.4 per cent in May from 3.5 per cent in April, which had marked a 15-month high, the Office for National Statistics (ONS) said.

Keep ReadingShow less
Arun Srinivas

Meta considers India a key growth market

Meta

Arun Srinivas steps up as Meta’s Managing Director for India

Meta has announced the appointment of Arun Srinivas as the new Managing Director and Head of its India operations. He will assume the role from 1 July 2025, reporting to Sandhya Devanathan, who was recently promoted to oversee Meta's operations in both India and South East Asia.

Expanded role for Srinivas

In his new position, Srinivas will be responsible for aligning Meta’s business, innovation, and revenue priorities to better serve partners and clients across India. His focus will include strengthening strategic relationships with advertisers, developers, and brands, as well as continuing to support Meta’s long-term growth in the region.

Keep ReadingShow less