Thursday, March 28

News

Reliance Capital Will Monetize 1% Stake in Paytm
News

Reliance Capital Will Monetize 1% Stake in Paytm

According to the sources, Reliance Capital will sold its 1% share in Paytm to stay focus on its core business. Reliance capital owned 1% in Paytm and the valuation of the e-wallet company was valued at USD 4.8 billion. The news was first published by Moneycontrol website. The leading investor in the Paytm, Alibaba Group is the potential buyer of the share. In December Paytm CEO has sold his 1% equity of Paytm’s parent firm One97 Communications for about Rs 325 crore to invest in its new venture Paytm payment bank. Paytm, which is run by One97 Communications, created two separate entities -Paytm E-commerce and Paytm Payments Bank. The e-wallet business will connect with payment bank in future using payment bank. On the question of Alibaba shares in Payment Bank, Paytm CEO denied an...
SAIF Partners Sold Its Entire Shares in Makemytrip, Received 16x Returns Around $400 Million
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SAIF Partners Sold Its Entire Shares in Makemytrip, Received 16x Returns Around $400 Million

One of the leading Venture capitalist SAIF Partners has sold its entire 11 percent stake in MakeMyTrip and the transactions are estimated to be 400 Million, a largest cash exit in India’s venture capital industry. The news was first reported by economic times. Founded in 2000 by Deep Kalra, Keyur Joshi and Rajesh Magow, Makemytrip shares surged by over 50 percent following its merger with the Ibibo Group. The Nasdaq-listed company’s received about USD 25 million in travel company’s series B and series C round of funding between 2005 and 2008 and owned 41 percent stake in the company when it debuted in Nasdaq in 2010. This is an exceptional investment exit as venture capital firms in India are facing difficulties to generate cash from the investment as only few of the companies have o...
A Software Professional From Bhubaneswar Won Muvi Hackathon
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A Software Professional From Bhubaneswar Won Muvi Hackathon

Bhubaneswar, Odisha, India– Hackathons are a great way to encourage developers’ communities in any geography and also to bring out the hidden talent in limelight. One such interesting event was conducted by a first of its kind PaaS based product company based out of Bhubaneswar - Muvi. Muvi, a prominent international video streaming platform provider, having a Head office in New York and development center in Bhubaneswar, successfully conducted a 12-hour coding hackathon on 11th of February at their Bhubaneswar office, hosting passionate coders from the region. The company was overwhelmed by the response it received from developers’ community in and around the city and thanks all 250+ registrants and participants of the event for their support. The 12-hour non-stop marathon started a...
Eyeing on 300 Crore Profit, Indian Railways Will Allow Space For App Based Cab Service
INDIA, News

Eyeing on 300 Crore Profit, Indian Railways Will Allow Space For App Based Cab Service

Encashing the growing demand for application-based cab services, the Indian Railways is all set to provide space for such facility at about 500 major stations, eyeing an annual profit of Rs 300 crores. Railway Minister Suresh Prabhu will unveil the new policy for app-based cab service next month along with providing parking space and kiosks near major stations. The Railways at present earns about Rs 122 crores a year from parking spaces across the country. With the new policy, the national transporter envisages Rs 200 crores more annually from these parking spaces, a senior official said. Though a passenger can still avail Ola or Uber service through the mobile application, allowing a kiosk and adequate parking space near busy stations is expected to ensure good business for the a...
UAE-India Venture Capital Fund Idein Ventures Recruits Ex-Co-founder of Zoomcar as an Advisor
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UAE-India Venture Capital Fund Idein Ventures Recruits Ex-Co-founder of Zoomcar as an Advisor

The Co-Founder of Zoomcar, David Back has Been Tapped to Advise the UAE-India Venture Capital Fund and its Portfolio Companies. Idein Ventures is a seed-stage VC fund with offices in the United Arab Emirates, Mumbai, and Hyderabad. David Back co-founded Zoomcar, the first company in India to offer 'self-drive' car rentals with no chauffeur. Zoomcar launched in Bangalore exactly 4 years ago today, on February 14, 2013. When David left India almost 3 years later, Zoom had grown from 7 cars to almost 1,500 vehicles in 6 cities. It continues to expand and now has about 2,500 vehicles in 17 Indian cities. David has worked as a consultant at McKinsey, as an investment manager at Goldman Sachs, and as a research analyst at the Kauffman Foundation. He is currently an Expert Advisor with Alph...
Indian Government Made No Provision to Allocate Funds to Startups Under Startup India Initiative
INDIA, News

Indian Government Made No Provision to Allocate Funds to Startups Under Startup India Initiative

The government has made no provision for its ambitious India Aspiration Fund, part of StartUp India initiative, for the next financial year and has reduced the allocation to Rs 100 crore from Rs 600 crore made earlier for the current fiscal. In order to provide support to startups through Fund of Fund operations, IAF, with a corpus of Rs 2,000 crore, was launched by Finance Minister Arun Jaitley in August 2015 to enhance the equity availability to MSMEs. LIC was also made partner and co-investor in the India Aspiration Fund managed by SIDBI. As per the Budget 2017-18 document, the government had made allocation of Rs 500 crore for 2015-16 when the fund was launched. In the following year, a provision of Rs 600 crore was made but reduced significantly to Rs 100 crore as per the ...
Credihealth Launches Online Ambulance Booking Service
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Credihealth Launches Online Ambulance Booking Service

Leading medical assistance company Credihealth today launched a first-of-its-kind 24-hour online ambulance booking service in Gurgaon in National Capital Region (NCR). The service aims to bring emergency medical care to people's doorstep, the company said in a release issued here. Leading Gurgaon hospitals have partnered with Credihealth to be a part of this endeavour. "Most regular doctors are not accessible at night, but some medical conditions require immediate action. Any sort of delay can complicate the situation. This new feature is aimed to fulfil our goal of facilitating the access to convenient online healthcare service for the common man. We plan to follow-up on the launch of the first phase of our 24-hour ambulance service in Gurgaon by rolling out more such services ac...
Jugnoo the Auto-Rickshaw Aggregator Announced its Entry Into Taxi Aggregation Business
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Jugnoo the Auto-Rickshaw Aggregator Announced its Entry Into Taxi Aggregation Business

Founded in late 2014 by a bunch of IITans,Jugnoo, the auto-rickshaw aggregator, announced its entry into the taxi aggregation business on Sunday to take on other Taxi aggregators like Ola and Uber. Apart from Taxi aggregator, Jugnoo also entered the market as an hyperlocal businesses food and grocery delivery service. As per the company, they are awaiting the right moment to enter into taxi aggregation business for some time. Launched as a pilot in Gurugram, Jugnoo intends to soon expand into other cities. "Jugnoo’s strategy to diversify its offerings and enter into the business vertical comes at a time when drivers are looking for an alternative to resolve their earnings and incentive issues," the company said in a press release. Beginning its operations in November 2014, Jugnoo ...
Ola Hires Pranav Tiwari, Sanjay Kharb to Lead Its Engineering Operation
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Ola Hires Pranav Tiwari, Sanjay Kharb to Lead Its Engineering Operation

Transportation app Ola today said it has roped in two new executives, Pranav Tiwari and Sanjay Kharb, to strengthen its core technology leadership. Tiwari, former CTO of Cellworks, has joined Ola as Vice President of Engineering and will work towards optimising growth and profitability by bringing in necessary efficiencies in the supply chain function, Ola said in a statement. An ex-Googler, he has over 35 patents in his name. Under him, the team will focus on building solutions that effectively optimise use of vehicles on the platform, reduce deviations in routes and improve customer-driver matching. Kharb, who was earlier VP Production Engineering at InMobi, has joined as Vice President of Engineering Infrastructure and will strengthen efficiencies in Ola's technology infrastruct...
Poeir Jets- India’s First Ever Jet Engine Developed By a Private Firm
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Poeir Jets- India’s First Ever Jet Engine Developed By a Private Firm

INTECH DMLS Pvt. Ltd. India’s largest Metal 3D printing provider and Metal Additive Manufacturing Establishment in aviation announced the launch of India’s first indigenously developed Jet Engine series. This is symbolic as it is India’s first ever Jet Engine that has been developed by a private establishment and augurs well for the industry in looking inwards for innovation in the high technology aviation sector. India is the first country in Asia and only the fourth country after the US, Europe and Israel to indigenously develop such an engine in the private space. Under the brand name Poeir Jets, promoted by M/s.Poeir Jets Private Limited an R&D subsidiary of INTECH DMLS has unveiled its first series of Jet Engines for Unmanned Aerial Vehicles (UAVs) & Remote Controlled (R...
Govt Issues Notices to RJio, Paytm For Using PM Photo in Advts
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Govt Issues Notices to RJio, Paytm For Using PM Photo in Advts

The government has slapped notices on billionaire Mukesh Ambani-led Reliance Jio Infocomm and Paytm for using the Prime Minister's photograph in their advertisements. The Ministry of Consumer Affairs, which is custodian of prestige of High Offices like President and Prime Minister as well as historic figures, sent the notices under the Emblems and Names (Prevention of Improper Use) Act of 1950, which bars use of Prime Minister's name and picture for commercial use. "We have sent notices to both (the companies) for using PM's picture in their advertisement. We are yet to receive their response," Consumer Affairs Secretary Hem Pande told Pixr8. The Act provides for a nominal financial penalty for violations but more than the monetary fine holding guilty of for improper use o...
Axilor Ventures Plans to Accelerate Investments in Early Stage Startups
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Axilor Ventures Plans to Accelerate Investments in Early Stage Startups

Axilor Ventures today announced that it plans to accelerate its investments in early stage startups. It is looking to double the intake of startups for its 100-day accelerator program, the applications for which are currently open. In the last two years since inception Axilor has supported 30 startups through its accelerator program and invested in over 20 startups through its investment programs. Axilor’s fast growing portfolio now includes startups in AI, Enterprise, Fintech, Consumer Internet and Healthtech. Talking about the outlook for startups, Kris Gopalakrishnan, Chairman of Axilor Ventures said, "We are getting ready for the second wave of startups. A fast growing base of online consumers, an enabling public digital infrastructure, growing pool of founders with prior startup e...