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Nissan Invests $303 Million in Japanese Plant for EV Production

28Nov By PriyankaNo Comments

Automobile

Nissan Invests $303 Million in Japanese Plant for EV Production

Nissan is investing $303 million in its flagship auto plant in Japan's Tochigi prefecture in a first rollout of a production system geared toward electric vehicles. Nissan Motor Co. Executive Vice President Hideyuki Sakamoto said that manufacturing methods must change because vehicles increasingly have both hybrid and electric engines and new parts for connectivity and artificial intelligence services. Sakamoto said the production changes, set to be completed next year, use robotics and sensors to decrease physical stress on assembly-line workers. They are tailored for a workforce increasingly manned by senior workers and women. Among the innovations for Nissan's so-called intelligent factory is a powertrain mounting system that allows at least 27 configurations to be installed i...

24Nov By PriyankaNo Comments

FUNDING

CasaOne Raises $16 Mn in Funding led by Accel & Others

SAN FRANCISCO-- CasaOne, the San Francisco-headquartered furniture rental company has raised $16 million Series B round of financing led by Accel and existing investors JLL Spark, Freestyle Capital, NextWorld Capital, and Array Ventures. New investors include Quiet Capital, HNI and WeWork and a few prominent angel investors including Lydia Jett from Softbank’s Vision Fund. This round of financing will help CasaOne expand to new geographies, further invest in hiring technology and engineering talent and expand into adjacent product categories. CasaOne launched its category-defining furniture rental solution in 2017 that eliminated big points of friction that comes with sourcing, designing, set-up and maintenance of furniture, furnishings and equipment be it at a residence or an o...

22Nov By PriyankaNo Comments

FUNDING

Robotics Platform Automation Anywhere Raises USD 290 Mn Funding

Automation Anywhere, a provider of robotic process automation raises USD 290 million (Rs 2,080 crore) in funding, led by Salesforce Ventures. The series B round, which puts a post-money valuation of USD 6.8 billion on the company, also saw participation from existing investors including Softbank Investment Advisers and Goldman Sachs, a statement said. "The new capital will help Automation Anywhere accelerate its vision to empower customers to automate end-to-end business processes, bridging the gap between the front and back offices with an artificial intelligence-powered intelligent automation platform," it added. In addition, the funding will advance the company's focus on improving human-to-bot collaboration through attended automation, it said. Last year, Automation Anywhe...

US based UST Global invests in Indian startup Cogniphi Technologies

20Nov By PriyankaNo Comments

FUNDING

US based UST Global invests in Indian startup Cogniphi Technologies

US-based tech company UST Global invested in Cogniphi Technologies, an AI and cognitive technology startup in India. The strategic investment will accelerate the development and advanced research of Cogniphi's Artificial Intelligence and Vision (AIVI) platform, and the companies will formalise a joint go-to-market strategy, a statement said. Cogniphi's AI solutions are used by manufacturing, retail, surveillance, public sector, healthcare, and logistics companies. The Trivandrum-based startup also has ongoing projects in telematics, security, and surveillance through its associate company, Ideas and Innovations Squared Technologies (II2). "Investing in Cogniphi Technologies reflects our continued commitment to offer the best of technologies for our clients. At Cogniphi, we have s...

18Nov By PriyankaNo Comments

FUNDING

Medical Online Venture MedikaBazaar Raises $15.8 Million Funding

Medical supply company Medikabazaar has raised $15.8 million (Rs 112 crore) Series B funding from a clutch of investors from Belgium, Japan and India with an eye on business expansion. The Series B funding round was led by healthcare centric VC firm, Health Quad, Belgian group Ackermans and van Haaren, Japanese investors Rebright Partners and Toppan Printing Co, the company said in a statement. "We have 17 fulfillment centers pan-India, and the current investment will help us grow this number over the next few years by establishing a larger number of distribution hubs," Vivek Tiwari, founder, and CEO of MedikaBazaar said. Existing investors CBC co, Elan Corporation, Mitsui Sumitomo Insurance Venture Capital, Kois Invest from Belgium, angel investors Sunil Kalra and Arun Venkata...

Spending on U.S. Credit, Debit, and Prepaid Cards to Top $10 trillion

12Nov By PriyankaNo Comments

USA

Spending on U.S. Credit, Debit, and Prepaid Cards to Top $10 trillion

CARPINTERIA, Calif., Nov. 11, 2019- Spending for goods and services initiated by credit, debit, and prepaid cards issued in the United States, which totaled $7.266 trillion in 2018, is projected to reach $10.086 trillion in 2023 according to statistics released this week from The Nilson Report, the leading card, and mobile payment industry trade publication. At the end of 2018, there were 6.96 billion credit, debit, and prepaid cards in circulation in the U.S. That total is expected to reach 8.02 billion at the end of 2023. "When nearly 7 billion payment cards generate more than $7 trillion in purchases of goods and services…you have to conclude the state of the card business is very good," said David Robertson, Publisher of The Nilson Report. Credit cards accounted for 54.17% o...

Ferrari Collaborates with Armani over Merchandise, Entertainment & others

5Nov By PriyankaNo Comments

BUSINESS

Ferrari Collaborates with Armani over Merchandise, Entertainment & others

Sportscar maker Ferrari said Monday it was starting a fashion collaboration with Giorgio Armani as part of its long-awaited strategy to spread its brand to other sectors and squeeze more value out of it. CEO Louis Camilleri told analysts that Ferrari aims to earn 10% of earnings before interest and taxes in seven to 10 years from three new areas like apparel, entertainment and luxury services.The Italian company aims to both increase and retain a greater portion of the 800 million euros (USD 892 million) in products bearing the carmaker's name, the CEO said. "This is not just about profit, this is about enhancing our brand equity and the vitality and vibrancy of the brand," Camilleri said. He said Ferrari will focus the use of its brand, reducing licenses by half and eliminating ...

McD CEO Fired Over Relationship With Employee

4Nov By PriyankaNo Comments

News

McD CEO Fired Over Relationship With Employee

McDonald's chief executive officer has been pushed out of the company after violating company policy by engaging in a consensual relationship with an employee, the corporation said. McDonald said former president and CEO Steve Easterbrook demonstrated poor judgment, and that McDonald's forbids managers from having romantic relationships with direct or indirect subordinates. In an email to employees, Easterbrook acknowledged he had a relationship with an employee and said it was a mistake."Given the values of the company, I agree with the board that it is time for me to move on,". McDonald's board of directors voted on Easterbrook's departure after conducting a thorough review. Details of Easterbrook's separation package will be released Monday in a federal filing, according to a ...

Facebook Profit Climbs Even After Criticism over Data

1Nov By PriyankaNo Comments

News

Facebook Profit Climbs Even After Criticism over Data

31st Oct, 2019-- Leading Social media platform Facebook reported that its profit topped $6 billion on revenue that climbed 28 percent to $17.4 billion in the quarter that ended on September 30. Meanwhile, the number of active monthly users increased eight percent from a year ago to 2.45 billion. "We had a good quarter and our community and business continue to grow," said Facebook chief and co-founder Mark Zuckerberg. "We are focused on making progress on major social issues and building new experiences that improve people's lives around the world."Facebook shares rose more than four percent in after-market trades that followed the release of the earnings figures, which beat Wall Street expectations. "Advertisers continue to support Facebook, despite the many controversies swirli...

31Oct By PriyankaNo Comments

ACQUISITION

Singapore Qoo10 acquires Indian eCommerce Platform Shopclues

Indian e-commerce firm ShopClues has inked an all stock-deal with Qoo10 to merge operations with the Singapore-based firm. The collaboration presents "new strategic opportunities for both companies as it opens up cross border opportunities for consumers and sellers across Asia", ShopClues said in a statement. While the terms of the deal were not disclosed, the development would come as a breather for the Indian e-commerce platform that has been struggling to control costs in the hyper-competitive online shopping segment in India. Qoo10 is an e-commerce platform in South East Asia that serves small and medium enterprises (SMEs) via its localized online marketplaces in Singapore, Indonesia, Malaysia, China, and Hong Kong. Qoo10 also has plans to expand into other Asian countries...

30Oct By PriyankaNo Comments

FUNDING

Jungle Ventures Raises $240 Million

SINGAPORE, Oct. 29, 2019-- Jungle Ventures, one of Southeast Asia's largest early-stage venture capital firms closed its third fund Jungle Ventures III. The firm raised a total of $240 million, which includes $40 million raised in separately managed account commitments, for investments in innovative technology and digital-driven consumer businesses across Southeast Asia. Jungle raised more than double the amount of its previous fund, Jungle Ventures II (2016), with nearly 60% of committed capital coming from outside Asia. More than 90% of the capital came from institutional investors spanning North America, Europe, the Middle East, and Asia, with new investors accounting for nearly 70% of the fundraising, and returning investors for the rest. Investors range from endowments, fun...

Flipkart Registered $540 Million Loss in 2018-19

29Oct By PriyankaNo Comments

BUSINESS

Flipkart Registered $540 Million Loss in 2018-19

Flipkart India, the B2B arm of Walmart-owned Flipkart, has registered a higher loss of Rs 3,836.8 crore ($540 Million) during 2018-19 as compared to the previous financial year, according to regulatory documents. The unit had posted a loss of Rs 2,063.8 crore for the financial year ended March 31, 2018, documents filed by Flipkart India to the corporate affairs ministry showed. "...company incurred a net loss of Rs 38,368 million during the financial year under review as against the net loss of Rs 20,638 million in the previous financial year. There has been an increase in the net loss by 85.91 percent," the documents sourced by Paper.vc said. Flipkart India's revenue from operations, however, saw a 42.82 percent jump to Rs 30,931 crore in 2018-19 from Rs 21,657.7 crore in the pr...