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Google drops Healofy app from Play Store

30May By AdityaNo Comments

News

Google drops Healofy app from Play Store

Bengaluru based Healofy app was removed by Google for violation of its developer policy. The exact violation of Play Store policy is not revealed by the company. The app of Healofy has now been unavailable for over 72 hours from Google Play store. Healofy is a social networking app focused on pregnancy and parenting had raised over $11 million from investors. Google in its response said any violation of its developer policies invites such action. But according to industry insiders like entrepreneurs and app developers, removing an app from play store is a very harsh step for policy violation. “Our users are the core of our product and we take user privacy and data very seriously. We are working with Google, who have been very cooperative, towards reinstating the app o...

29May By AdityaNo Comments

FUNDING

Electric Scooter Startup Ather Energy Raises $51 million funding

Bengaluru based electric scooter startup Ather Energy has raised $51 million funding, led by Flipkart co-founder Sachin Bansal & others. Sachin Bansal invested $32 million, Hero MotoCorp converted its Convertible Debt of $19 million as a part of this round. “Electric vehicles are here to stay and Ather is playing a leading role in driving this change. Sachin has been part of our growth journey and this investment is a strong endorsement of the momentum we’ve built over these years. Post the successful launch in Bengaluru, we are eager to reach out to consumers in other cities and to build more products that will excite consumers to switch to electric vehicles. The changing landscape of personal transport has also offered us more opportunities and you will hear about the new bus...

Social Enterprise Platform Sistema.bio raises USD 12 mn

28May By AdityaNo Comments

FUNDING

Social Enterprise Platform Sistema.bio raises USD 12 mn

Social enterprise Sistema.bio Monday said it has raised USD 12 million from investors and the amount would be used to help two lakh farmers in many countries, including India, over the next three years. "Shell Foundation, DILA CAPITAL, Engie RDE Fund, EcoEnterprise Fund, EDFIMC (ElectriFI), Endeavor Catalyst Fund, CoCapital, Triodos, Alpha Mundi, and Lendahand are among the investors and creditors participating in the round," the company said in a statement. It plans to impact two lakh smallholder farmers in India, Kenya, Mexico and South America with biodigester technology over the next three years. Sistema.bio is an international social enterprise that works with smallholder farmers to address the challenges such as poverty, food security, and climate change, providing access t...

26May By AdityaNo Comments

CHINA

Jack Ma New Advice for Sex ‘669’

After advocating people to follow the spirit of "996" (9 am to 9 pm, six days a week at the workplace), Alibaba founder Jack Ma now has given another advice for an improved life, Follow the spirit of "669" (sex for six days, six times, with duration being the key). According to a report, Jack ma gave this advice to the employees during Alibaba staff's group wedding in the country. "At work, we emphasize the spirit of '996'. In life, we should follow '669,'" Ma said. The 54-year-old Ma was speaking at his company's mass wedding which takes place every year on 'Ali Day' on May 10 at the company's headquarters in Hangzhou. The "996" work philosophy was criticised by the tech industry. The "669" philosophy has also created a social media storm, with many net users calling it lewd....

Infosys completes Acquisition of ABN AMRO Bank Subsidiary

26May By AdityaNo Comments

BUSINESS

Infosys completes Acquisition of ABN AMRO Bank Subsidiary

IT services major Infosys said it has completed the acquisition of 75% shareholding in ABN AMRO Bank's wholly-owned cNV. In March, the country's second largest IT services firm had said it will acquire 75 per cent stake in Stater for 127.5 million euros (about ₹989 crore). ABN AMRO continues to hold the remaining 25 per cent. "This partnership strengthens Infosys' position as a leading technology and business process management provider across the mortgage services value chain, improving experience and operational efficiencies..." Infosys said in a statement. It added that the deal further enhances its strategy to help clients navigate their next digital transformation journeys. "The specialised knowledge and experience of Stater in the mortgage services market, combined with ...

22May By AdityaNo Comments

ACQUISITION

Snapdeal set to acquire Shopclues

New Delhi: Online e-commerce platform Snapdeal is in talks to acquire rival ShopClues in a deal likely to be pegged around $200-$250 million, according to sources. Snapdeal has started the due-diligence process and is likely to take a call on the acquisition over the next few weeks, the sources close to the development said. When contacted, a Snapdeal spokesperson declined to comment, while ShopClues said the company does not comment on market rumours. The two e-commerce companies have engaged in such discussions in the past as well, but this is the first time that it has made it to the due-diligence phase. The deal will be an all-stock deal and is expected to be valued between $200 and $250 million, the sources added. ShopClues' investors, including Singapore’s sovereign w...

Britain food delivery startup raises $575 million from Amazon and others

17May By AdityaNo Comments

FUNDING

Britain food delivery startup raises $575 million from Amazon and others

The British food delivery startup Deliveroo raises $575 million funding from e-commerce giant Amazon and others, a press release said on Friday. Other participants include existing Deliveroo investors T Rowe Price, Fidelity Management and Research Company, and Greenoaks. Amazon is the single largest investor in a $575-million (514-million-euro) financing round, Deliveroo said in a statement. "This new investment will help Deliveroo to grow and to offer customers even more choice, tailored to their personal tastes, offer restaurants greater opportunities to grow and expand their businesses, and to create more flexible, well-paid work for riders," said Deliveroo founder and CEO Will Shu. "Amazon has been an inspiration to me personally and to the company, and we look forw...

Tesla’s ‘Autopilot’ engaged in Florida fatal crash: Report

16May By AdityaNo Comments

USA

Tesla’s ‘Autopilot’ engaged in Florida fatal crash: Report

AFP- Tesla's "Autopilot" system was engaged by a driver who was killed in a March crash in Florida, according to an initial accident report released Thursday. Preliminary data showed the Tesla driver engaged "Autopilot" about 10 second before the crash and that the device was active at the time the vehicle was struck by a truck-tractor semitrailer, the National Transportation Safety Board said. The accident, the latest involving Autopilot, left the Tesla driver, a 50-year-old male dead and the combination vehicle driver uninjured. The report did not conclude who was at fault for the crash. Tesla's website describes Autopilot as an "advanced driver system" that enhances safety with external cameras, sensors and radar but demands a "fully attentive driver" at all times.The accid...

14May By AdityaNo Comments

FUNDING

Brain imaging AI company raises $18 million funding

LEUVEN, Belgium and GENEVA and BOSTON-- icometrix, the global expert in brain imaging Artificial Intelligence solutions, has raised $18 million through a partnership led by Forestay Capital alongside Optum Ventures and existing investor Capricorn Venture Partners. icometrix's icobrain software extracts meaningful information from brain MRI and CT scans of patients with neurological disorders, such as multiple Sclerosis, Alzheimer's disease and dementia, and traumatic brain injury. The icobrain AI solutions are already used in more than 100 hospitals and imaging center networks worldwide, and in clinical studies by 4 out of the Top 5 pharmaceutical companies. "With icobrain, medical images can be read faster, more consistently and in a...

Ernst & Young probes Cashback fraud at Paytm Mall

14May By AdityaNo Comments

News

Ernst & Young probes Cashback fraud at Paytm Mall

E-commerce platform Paytm Mall has engaged consulting and audit major EY to investigate a cashback fraud involving some of its employees and merchants, according to sources. Some employees of the Alibaba-backed company allegedly worked with third-party vendors and created fake orders to siphon off cashback offers. According to sources close to the development, the investigation has been going on for almost a fortnight and some employees have also been fired. When contacted, Paytm Mall in an e-mailed statement said, under the partnership, EY will "undertake frequent audits to identify, analyse and monitor various in-built and outsourced processes". It will also recommend global practices that will be applied to build a tech-driven fraud prevention system. Admitting that its ...

13May By AdityaNo Comments

ACQUISITION

Visa Acquires Control of Earthport

London, United Kingdom & San Francisco, United States: Visa Inc acquired control of Earthport, a company that provides cross-border payment services to banks, money transfer service providers and businesses via the world’s largest independent ACH network. Currently, Visa enables payments to be sent to or from Visa cards. The acquisition will make it possible for Visa clients to enable individuals, businesses and governments to utilize Visa to send and/or receive money through bank accounts around the world. With the acquisition of Earthport, Visa expects to be able to reach the vast majority of the world’s banked population and allow them to easily, quickly and securely move money worldwide. Nearly $80 trillion (US) of money is sent via a wire transfer or bank account globally t...

NCLT reserves order of Patanjali bid for Ruchi Soya, seeks funding details again

11May By AdityaNo Comments

News

NCLT reserves order of Patanjali bid for Ruchi Soya, seeks funding details again

Mumbai: The National Company Law Tribunal (NCLT) reserved its order on the Rs 4,350-crore offer by Patanjali to take over the crippled edible oil firm Ruchi Soya and again sought clarity on Rs 600-crore of part-funding committed as internal accruals for the acquisition. This is the second time that the tribunal has sought details of Rs 600 crore, and asked them to file written submission on the same. The counsel for the Haridwar-headquartered Patanjali reiterated that Rs 600 crore of the Rs 4,350-crore fund will be met through internal accruals and offered to submit a written submission on the same. The counsel for the Haridwar-headquartered Patanjali reiterated that Rs 600 crore of the Rs 4,350-crore fund will be met through internal accruals and offered to submit a written s...