Priyanka | Pixr8 News

Saudi Aramco IPO starts Trading, Gains 10%

11Dec By PriyankaNo Comments

Market

Saudi Aramco IPO starts Trading, Gains 10%

Saudi Arabia's oil company Aramco began trading, gaining 10% in its debut at the Saudi Tadawul stock exchange. The initial launch pushed it's growth 10% valued to USD 1.88 trillion, higher than any other listed company in the world. Trading for Aramco shares began at 10:30 am in Riyadh. The state-owned oil giant started a mammoth USD 25.6 billion IPO that set the record as the biggest ever in history. The company had announced a sale of 1.5 percent of its shares at 32 Saudi riyals a share, or what is $8.53. At a pre-trading auction earlier in the morning, bids for Aramco's shares reached the 10 percent limit on stock price fluctuation allowed by the Tadawul stock exchange. That pushed the price of Aramco shares to 35.2 riyals, or USD 9.39 a share. This makes Aramco more...

11Dec By PriyankaNo Comments

FUNDING

KredX Raises USD 26 mn in Series B funding

KredX, an invoice discounting platform has raised USD 26 million (about Rs 187 crore) in a funding round led by Tiger Global Management. The series B round also saw participation from an existing investor for a minority stake in the company, a statement said. KredX was founded by Manish Kumar and Anurag Jain in 2015 to help businesses meet their short-term working capital needs by facilitating discounting of their unpaid invoices. As on date, KredX has processed over five lakh invoices helping more than 5,000 suppliers through 10,000-plus investors across 36 cities. We are excited to partner with KredX and believe the company has created an efficient and trusted lending marketplace connecting Indian companies with institutional investors," Tiger Global Partner Scott Shleifer s...

Volvo Group Invests in Autonomous Mobility Software Apex.AI

9Dec By PriyankaNo Comments

FUNDING

Volvo Group Invests in Autonomous Mobility Software Apex.AI

Volvo Group Venture Capital AB has invested in Apex.AI, a leading software company in autonomous mobility. The investment will fund the development of a safety-certified software framework for autonomous systems. Apex.AI, a Palo Alto, California-based company founded in 2017, is building an automotive-grade version of ROS (Robot Operating System), an established open source software framework commonly used in robotics and autonomous systems research. By providing a safer and more reliable version of ROS that will be certified according to the functional safety standard ISO 26262, Apex.AI enables companies to take their autonomous vehicle projects into production. “We are excited to invest in a company that enables easier development of safety-certified systems,” says Anna Westerber...

Adobe Acquires Oculus VR Tool Medium from Facebook

9Dec By PriyankaNo Comments

ACQUISITION

Adobe Acquires Oculus VR Tool Medium from Facebook

In one of the biggest development in the VR industry, Social media platform Facebook-owned virtual reality firm Oculus sell-off its 3D sculpting tool 'Medium' to Adobe. The size of the deal has not been disclosed yet. Launched in 2016, Medium enables users to build their own 3D models in a VR, where you can sculpt, paint and simulate action and with Adobe’s support, Medium will be able to better help creators thrive and shape their 3D visions than ever before. The move of selling the Oculus tool surprised everyone but according to sources of Pixr8, maintaining the Medium team was becoming too expensive for Facebook given that Oculus had pumped in a lot of money in its tool. Also, the deal from Adobe was lucrative that Facebook can't refuse. As per the statement, the O...

TripAdvisor Acquires Menu Management Company SinglePlatform

6Dec By PriyankaNo Comments

ACQUISITION

TripAdvisor Acquires Menu Management Company SinglePlatform

NEEDHAM, Mass., Dec. 6, 2019-- TripAdvisor, the world's largest travel platform acquired leading menu management company SinglePlatform to help the more than five million restaurants listed on TripAdvisor attract more diners and offer a better guest experience. Today, 93 percent of diners check menus online before choosing a place to eat, but for restaurants, keeping their menus up-to-date everywhere on the Internet is a challenging and time-consuming process. SinglePlatform works with restaurants to easily publish and manage their menus and other key information such as their business name, opening hours and contact information on main search and discovery sites like Google and Facebook. Upon completion of the integration, restaurants will be able to subscribe to the service and conve...

Saudi Aramco Launched World’s biggest IPO

5Dec By PriyankaNo Comments

Market

Saudi Aramco Launched World’s biggest IPO

Saudi Oil company Aramco launched its initial public offering (IPO), which will be the biggest in history. Aramco priced its IPO at 32 riyals ($8.53) per share, raising $25.6 billion and beating Alibaba’s record of $25 billion NYSE listing in 2014. However, the IPO valuation is still significantly short of $2 trillion valuations sought by Saudi Crown Prince Mohammed bin Salman. Aramco has declined to comment on the IPO pricing until the article is going live. Aramco market valuation of $1.7 trillion overtaking Apple as the world’s most valuable listed firm. As per the news, Saudi Arabia relied on domestic and regional investors to sell its 1.5% stake because of climate change concerns, political risk and a lack of corporate transparency put foreign investors off the offeri...

HuffPost Closes North Africa Edition after 6 Years of Launch

4Dec By PriyankaNo Comments

News

HuffPost Closes North Africa Edition after 6 Years of Launch

The North Africa edition of US news site HuffPost, covering Morocco, Tunisia, and Algeria, announced its closure, six years after it launched. "As of December 3rd, HuffPost Maghreb will no longer be publishing content," the site's homepage read, inviting readers to visit the US version. HuffPost Maghreb was the first version of HuffPost formerly Huffington Post to cater specifically to an African audience. Launched in the United States in 2005 and since rolled out in several other countries, HuffPost has since 2015 been owned by US telecoms firm Verizon. The North African version had offices in Rabat, Tunis and Algiers, and posted content written by its own teams and outside contributors in a blog section. No explanation was given for the closure apart from it "based on str...

Jungle Ventures invests in BookMyShow’s Southeast Asia Business

3Dec By PriyankaNo Comments

FUNDING

Jungle Ventures invests in BookMyShow’s Southeast Asia Business

Bigtree Entertainment Singapore Pte Ltd, which owns and operates BookMyShow's South East Asia business said Singapore-based Jungle Ventures has invested in the company. The company however, did not disclose the financial details of the transaction. The capital will be used to strengthen BookMyShow SEA's technology operations and grow its capabilities to cater to the rising entertainment demands in the Southeast Asian region, a company statement said. With this first external fund raise for the firm's Southeast Asian business, BookMyShow SEA will shift its headquarters to Singapore, it added. Pursuant this investment, BookMyShow SEA aims to expand its geographic footprint across the Southeast Asian market to become the leading out-of-home entertainment platform for the region, ...

3Dec By PriyankaNo Comments

BUSINESS

Accel India Raises $550 Million Fund

Founded in Silicon Valley 35 years ago, VC firm Accel Indian subsidiary Accel India raises its sixth $550 fund. This is the largest fund amount Accel India has raised so far. "Accel India raises its first fund in 2005, the world was a very different place. Just one in 50 Indians had access to the internet and mobile phone ownership was nascent,” the company said in a press statement. India now has 600 million internet users and the country is also the home of more than 10,000 startups. Over the last 15 years, Accel has invested in more than 100 of these startups. “When we partnered with Freshworks in 2011, software-as-a-service as a category from India was almost non-existent. Our first cheque was $1 million when the company had six employees. Today, it has more than 2,500 emplo...

US Online Sales Set to Hit New Record on ‘Cyber Monday’

2Dec By PriyankaNo Comments

USA

US Online Sales Set to Hit New Record on ‘Cyber Monday’

US online sales are set to hit a new record on this week's 'Cyber Monday', Adobe Analytics said, as e-commerce outlets gear up to lure shoppers in the opening days of the holiday season. Internet purchases are expected to reach USD 9.4 billion, a jump of nearly 19 percent over last year's record-setting USD 7.9 billion take, according to a Sunday estimate from the company, which measures transactions from 80 of the 100 largest US online retailers. US merchants have long viewed the days after the Thursday Thanksgiving holiday as a prime time to part shoppers from their money, particularly during the 'Black Friday' sales following the holiday. This year's expected record-setting shopping comes as Price Waterhouse Cooper found for the first time that a majority of people surveyed sa...

2Dec By PriyankaNo Comments

FUNDING

Yulu Raises $8 Mn Funding from Bajaj Auto

Shared e-mobility service provider Yulu has secured $8 million (approximately Rs 57.2 crore) investment from two-wheeler major Bajaj Auto. As part of the tie-up, Yulu will source electric two-wheelers from Bajaj Auto which have been co-designed and manufactured exclusively for shared micro-mobility, Yulu said in a statement. Bajaj Auto will also consider facilitating vehicle finance needs of Yulu for a large-scale deployment of its micro-mobility electric vehicles, it added. “We believe that… congestion reduction and pollution control will drive the segment of shared micro-mobility in the future,” Bajaj Auto Managing Director Rajiv Bajaj said. That, coupled with the expansion of mass rapid transport systems like Metro in large cities, will further boost the demand for flexible...

28Nov By PriyankaNo Comments

FUNDING

Corporate Travel Management Company Tripeur Raises $1M Funding

Tripeur, the world's smartest corporate travel management company, raised $1 Million funding from SenseAI, Better Capital, Alacrity India, Patni Wealth Advisors, and others. Existing investors Incubate Fund and Rajul Garg also participated. Tripeur's AI platform has powered over 1.4 lakh corporate travel transactions for over 50,000 business travelers and set new standards in corporate travel booking experience. The company is on track for yet another year of stellar growth and is planning to use the fund to grow 5X, further strengthen its Artificial Intelligence capabilities and explore international markets. "We are noticing that the corporates, small and large, are spending 20% to 30% more than what they ideally should on travel. Our singular purpose is to help corporates to cont...