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Alibaba, Myntra and Future Group Trying To Lay Hands On Jabong!

4Jul By RishabhNo Comments

BUSINESS

Alibaba, Myntra and Future Group Trying To Lay Hands On Jabong!

Jabong.com, an online retail store owned by AB Kinnevik and Rocket Internet found itself in a hot-seat when Alibaba, Future Group, Flipkart's unit Myntra and Aditya Birla's ecommerce ventureAbof tried to acquire it. (more…)

Paytm Tie-Up With Suzuki Motorcycle For Two-Wheelers Booking

29Jun By AnkitaNo Comments

BUSINESS

Paytm Tie-Up With Suzuki Motorcycle For Two-Wheelers Booking

India's largest mobile payment and commerce platform Paytm announced its strategic partnership with Suzuki Motorcycle India Pvt. Ltd. to offer its customers the largest assortment of bike and scooter models across all transactional platforms in India. With over 400+ Suzuki dealers on-board, the Paytm marketplace will now enable booking of all Suzuki two-wheeler models on its platform across India. As part of the association, Suzuki will also have a brand store on Paytm for higher consumer engagement guaranteeing an enhanced consumer experience. With the alliance, Paytm projects registering sales of more than 10,000 units to be sold on the platform within this calendar year. Paytm will also enable vehicle financing to provide higher degree of assistance to consumers while b...

Microsoft Accelerator In a Joint Initiative With Tata Launched Startups Accelerator Center

27Jun By AdityaNo Comments

BUSINESS

Microsoft Accelerator In a Joint Initiative With Tata Launched Startups Accelerator Center

Microsoft Accelerator in India and TCS Co-Innovation Network have announced a joint initiative to create a platform that provides a boost to the Indian startup ecosystem. Under the collaboration, an open innovation framework will be created to mentor and engage with startups to bring their innovative solutions to market. The announcement was made at Think Next Summer 2016, Microsoft Accelerator’s flagship forum, which brings together thought leaders in technology who are driving transformation via innovation. “The progress India has made in IT and entrepreneurship over the past four decades, has radically changed the landscape offering new entrepreneurs unmatched opportunities. As one of the contributors to the startup ecosystem in India, we felt it was a story worth telling. It has tak...

PepsiCo Indian Franchisee Varun Beverages Files For IPO

25Jun By Press Trust of IndiaNo Comments

BUSINESS

PepsiCo Indian Franchisee Varun Beverages Files For IPO

Varun Beverages, franchise for soft drinks maker PepsiCo, today filed preliminary papers with Sebi for an IPO to raise over Rs 1,000 crore. The IPO entails sale of up to 2.5 crore shares, including fresh issue of 1.5 crore shares and offloading of stake by promoters. The company has filed the draft red herring prospectus with the Securities and Exchange Board of India (Sebi), it said in a release. Sources said Varun Beverages expects to raise more than Rs 1,000 crore through the initial public offer. Apart from fresh issue of 1.5 crore equity shares, there would be offer for sale of up to 5,000,000 shares each by Varun Jaipuria and Ravi Kant Jaipuria & Sons (HUF), the release said. A portion of shares in the IPO would be reserved for eligible employees not exceeding five per...

Stayzilla Signs MoU With Madhya Pradesh Government

22Jun By NitishNo Comments

BUSINESS

Stayzilla Signs MoU With Madhya Pradesh Government

Stayzilla.com, one of the leading platforms (website and app) for verified homestays and alternate stays and Madhya Pradesh State Tourism Development Corporation (MPSTDC) signed a memorandum of understanding (MoU) for joint promotion and development of homestays in Madhya Pradesh. The MoU was signed in the presence of the Hon'ble Chief Minister of MadhyaPradesh, Shri Shivraj Singh Chouhan, Ms.Tanvi Sundrayal, Additional Managing Director, MPSTDC and Mr. Yogendra Vasupal, Founder and CEO, Stayzilla.com. Under this agreement, Stayzilla will support verification procedures, jointly boost homestays in cities and places of interest within Madhya Pradesh. All homestays registered with MPSTDC will receive technical support in the form of inventory management and software applications to ensur...

Nokia Signs $1.5 Billion Framework Deal With China Mobile

14Jun By reutersNo Comments

BUSINESS

Nokia Signs $1.5 Billion Framework Deal With China Mobile

Nokia has signed a 1.36 billion euro ($1.5 bln) one-year framework deal with China Mobile, the Finnish company said on Monday, easing fears that it would lose market share while it merges operations with Alcatel-Lucent. Shares in the company were up 0.2 percent as of 1120 GMT versus a Helsinki bourse down 1.42 percent. Nokia's network equipment sales fell more than expected in the first quarter as buyers held off due to the Alcatel integration process.China Mobile is Nokia's biggest customer in China. "In the light of this announcement, China is not the market which one should be very worried about this year. They've managed to hold on to the positions of old Nokia and old Alcatel," said Nordea analyst Sami Sarkamies, who holds a 'buy' rating on the stock. He added that N...

Sony Generates 1200 Cr Revenue From IPL 9

6Jun By PriyankaNo Comments

BUSINESS

Sony Generates 1200 Cr Revenue From IPL 9

Broadcaster Sony Pictures Networks India (SPN) has mopped up Rs 1,200 crore in advertising revenue from Indian Premier Leagues (IPL) ninth season, a growth of 20 per cent over last year. It had clocked an advertising revenue of Rs 1,000 crore from IPL 8. "We have had a 20 per cent growth in revenue. This was largely based on the change in (advertising) rates," SPN India President Rohit Gupta said. SPN had hiked its advertisement rate by 15 per cent for IPL this year. The spot rate for sponsors was Rs 5.25 lakh. The spot buy rate was Rs 5.75 lakh for standard definition channels, while for HD, price was between Rs 1.50 lakh to Rs 1.80 lakh for 10-seconds. Gupta had earlier said that there was an unprecedented interest from advertisers for this years IPL and it was for...

Micromax Said Will Earn Money In India and Burn Money in China

4Jun By AnkitaNo Comments

BUSINESS

Micromax Said Will Earn Money In India and Burn Money in China

India’s home-grown mobile phone giant Micromax is looking east. Micromax Informatics has successfully seen off Chinese rivals on its home turf, which is now being hailed as the world’s most important smartphone market. But to realize its lofty ambition to be a top five global handset maker by 2020 the Gurgaon-based company will also need to sell in China. That’s exactly what Micromax plans to do, Co-Founder Vikas Jain revealed during an on-stage conversation at the RISE conference in Hong Kong. India’s smartphone market is rapidly catching up with its larger neighbour. Shipments grew 135 percent in the two years until December, five times the rate of growth in China, according to data from IDC. Micromax, which churns out over 30 new handset models a year and also makes tablets and tel...

Chinese Investments in India Increased By Six Times

24May By Press Trust of IndiaNo Comments

BUSINESS

Chinese Investments in India Increased By Six Times

Chinese investments in India grew six-fold in 2015 to USD 870 million from the previous year while more investments are in the pipeline following easing of restrictions on Chinese firms and favourable tax rates, a state-run daily said ahead of President Pranab Mukherjees visit. Investment in India by Chinese companies in 2015 reportedly rose six-fold from 2014, partly thanks to low investment restrictions and favourable tax and land rent policies in the country, Global Times quoted Chinese business experts as saying. China's investment soared to around USD 870 million in 2015, six times that in 2014, the report said noting that the figure for 2015 was also twice the amount from April 2000 to the end of 2014. Indian trade officials say that the figures reflect how Chinese investments t...

UrbanClap, Industrybuying Tie Up to Offer Toolkits to Service Orofessionals

23May By AdityaNo Comments

BUSINESS

UrbanClap, Industrybuying Tie Up to Offer Toolkits to Service Orofessionals

UrbanClap, India's leading marketplace for trusted services has teamed up with leading B2B e-commerce platform Industrybuying for its service professionals to offer them toolkits at subsidized prices, catering to the plumbers, electricians, carpenters, and appliance repair technicians registered on the UrbanClap platform. Both company have seen significant interest from investors in their respective segments. While Industrybuying focuses on solving inefficiencies in industry supply operations and offer reliable procurement of industrial products, similarly UrbanClap is seeking to solve the problem of the unorganized services marketplace in India. "Industrybuying's emphasis on standard, reliable products is in line with our strong focus on providing high quality services. But, along w...

21May By AdityaNo Comments

BUSINESS

Justdial Profit Decline 25% in Q4

Local search engine Just Dial today reported 25.08 per cent decline in net profit at Rs 35.33 crore for the quarter ended March 31. The company had reported a net profit of Rs 47.16 crore in the corresponding quarter a year ago. Just Dial Ltds total income from operations grew 14.92 per cent to Rs 179.61 crore in the quarter under review as against Rs 156.28 crore in the year-ago period, it said in a BSE filing. Its overall expenses stood at Rs 143.02 crore, up 19.29 per cent as compared to Rs 119.89 crore in the third quarter of the previous fiscal. During the entire 2015-16 fiscal, the companys net profit stood at Rs 141.8 crore as against Rs 138.89 crore in the year-ago period. Net sales during 2015-16 fiscal grew to Rs 690.83 crore as against Rs 589.8 crore a year ago.

AskMe Grocery Targets Rs 1,800 cr GMV By March

15May By Press Trust of IndiaNo Comments

BUSINESS

AskMe Grocery Targets Rs 1,800 cr GMV By March

Confident of the success of online sale of groceries, AskMe Grocery has said it expects the value of merchandise sold through its platform to touch Rs 1,800 crore by March next year. The growth is expected to come on the back of addition of new partners and expansion of its fresh food category, AskMe Grocery Co-founder Ankit Jain told PTI. "Grocery online has a lot of potential when the business is at a scale. We have been doing well and our average cart size is about Rs 1,900 and we are already processing 20,000 orders daily. The hyperlocal delivery model has really helped us," Jain said. He further said the company works with kirana store owners to offer convenience, comparison and more deals for the consumers. "We expect our annual GMV (by the end of March 2017) to touch Rs 1,800 c...