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India is Poor Country To Exapnd Snapchat: Evan Spiegel

15Apr By PriyankaNo Comments

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India is Poor Country To Exapnd Snapchat: Evan Spiegel

Evan Spiegel, Snapchat founder & CEO making controversy saying India is 'too poor' to consider expansion of its user base. According to one of their ex-employee, the founder of US fastest growing social media app Snapchat said that, "This app is only for rich people. I don't want to expand into poor countries like India and Spain,". The ex-employee said that during a user growth meeting in 2015, Evan Spiegel put emphasis on acquiring only premium users. The ex-employee is currently engaged in a lawsuit against Snapchat after he accused the company of presenting misleading inflated statistics of user data to its investors. According to the lawsuit, Pompliano worked at the firm for three weeks before he was fired for uncovering ‘massive internal systematic failure’ and reporting...

Uber Posts $2.8 Billion Loss in 2016, Revenue at $6.5 Billion

15Apr By reutersNo Comments

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Uber Posts $2.8 Billion Loss in 2016, Revenue at $6.5 Billion

Ride-hailing service Uber generated $6.5 billion in revenue last year and its gross bookings doubled to $20 billion, the company said on Friday. Its adjusted net loss was $2.8 billion, excluding the operation in China it sold last year, Uber said. As a private company, now worth $68 billion, Uber does not report its financial results publicly. It confirmed the figures in an emailed statement after Bloomberg reported the results. Uber did not provide first quarter figures, but a spokeswoman said they "seem to be in line with expectations." For the final quarter of 2016, gross bookings increased 28% from the previous quarter, to $6.9 billion. But Uber's losses grew to $991 million in the period, as revenues grew 74% to $2.9 billion from the third quarter. In a separate emailed...

Paytm, Savlon Express Trains on Tracks Soon

14Apr By PriyankaNo Comments

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Paytm, Savlon Express Trains on Tracks Soon

Paytm Express and Savlon Swachh Bharat Express will soon chug along the tracks as the Indians Railways roll out brand trains. Brands will find prominence on trains as the railways have offered the inside and the outside of compartments for showcasing products. Coaches of premier trains will be used for vinyl advertising of various brands including mobile e-company Paytm and Savlon of ITC, a railway official said. In an attempt to shore up its non-tariff revenue, railways will award advertising contracts of all Rajdhani, Shatabdi and Duronto Express shortly. Railways, which has earned Rs 10,181 cr from non-fare revenue sector in the 2016-17, set an ambitious target of Rs 14,000 cr in the current fiscal. Earnings from advertising on rail over bridge, rail under bridge, station...

Axilor Ventures Announces 20 Startups that Made To Its Fifth Accelerator Batch

14Apr By PriyankaNo Comments

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Axilor Ventures Announces 20 Startups that Made To Its Fifth Accelerator Batch

Bangalore, April 13, 2017: Axilor Ventures announced the list of 20 startups that made it to its Summer'17 accelerator batch. This is its fifth batch and is the largest accelerator cohort in India. Talking of the new accelerator cohort, Ganapathy Venugopal, Co-founder and CEO of Axilor said, “The institutional capacity to support early stage startups in India is quite low - whether it is the structured programs to systematically improve the odds of success of startups, the market access that they need in their early days or the angel investment capacity. This has been Axilor's mission and by doubling the capacity of this batch to 20 startups we have taken one more step to bridge these gaps. We are very excited to work with the new cohort. The cohort of 20 startups and 52 founders mak...

13Apr By RishabhNo Comments

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Amazon India Gets RBI Nod For Mobile Wallet

Online marketplace Amazon India has secured a licence to operate pre-paid payment instrument (PPI) or mobile wallet in the country as it tries to compete more aggressively against rivals Snapdeal and Paytm. The approval will help the US-based giant to cash in on the booming digital payments market in India. "We are pleased to receive our PPI license from the RBI (Reserve Bank of India). Our focus is providing customers a convenient and trusted cashless payments experience," Amazon India said in a statement yesterday. In December, Amazon had launched its Pay Balance service to cash in on the digital payments boom. Similar to other mobile wallet services, the payment mechanism, however, was restricted to transactions made on Amazon's platform. Amazon Pay runs on the PPI licence issue...

Flipkart Offers Additional ESOPs to Eligible Employees

13Apr By AdityaNo Comments

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Flipkart Offers Additional ESOPs to Eligible Employees

E-commerce major Flipkart will issue additional shares to eligible employees in efforts to ensure their stake remains at a "steady level" after the latest fund raising round that came at a lower valuation. The Bengaluru-based firm, which competes with the likes of Amazon and Snapdeal, has recently raised USD 1.4 billion at a valuation of USD 11.6 billion. This is lower than the previous funding raised in 2015, when Flipkart was valued at USD 15.2 billion. Employees who are part of ESOP (employee stock option plan) programmes across the Flipkart group, including Myntra and PhonePe, were informed of the move through an email. Flipkart Group CEO Binny Bansal said the differential grant was being made, so that the total dollar value of options allotted to an employee remain unchang...

Facebook Messenger Crosses 1.2 Billion Monthly Active Users

13Apr By PriyankaNo Comments

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Facebook Messenger Crosses 1.2 Billion Monthly Active Users

Facebook's Messenger today said it has crossed 1.2 billion monthly active users milestone with the addition of about 200 million new users in last eight months. "We now have over 1.2 billion people actively using Messenger every month," Facebook Head of Messenger David Marcus said in a post on the social networking platform. In July last year, Facebook had said it had 1 billion users of Messenger, its messaging service on the social networking platform. Facebook has seen similar traction for its other products as well with India being a key consumer. WhatsApp, its mobile messaging app, has over one billion users of which about 200 million are from India. Its photo-sharing app Instagram has about 600 million users globally. Reports suggest Facebook's flagship app has 1.74 billion m...

Snapdeal Will Roll Out 15% Pay Hike of Employees Amid Sell-off

13Apr By AdityaNo Comments

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Snapdeal Will Roll Out 15% Pay Hike of Employees Amid Sell-off

E-commerce major Snapdeal will shell out an average pay hike of 12-15 percent as it looks to assure employees amid the online marketplace scouting for a potential buyer. According to sources, the pay revision will be effective from April 1 and will see salaries of employees at the mid and junior-level go up by an average 12-15 percent. For senior management, the hike will be 9-12 percent, but the company may offer 20-25 percent raise to exceptional performers, they added. The cash-strapped company is also believed to be distributing nearly 1 percent of its stock to about 150 employees. Earlier this year, the company's founders had admitted to have made mistakes and said they would take a "100 percent cut" in their own salaries. The decision to give such a good pay hike has b...

BigBasket to Invest Rs 50 Cr in B2B Food Services Business

13Apr By AdityaNo Comments

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BigBasket to Invest Rs 50 Cr in B2B Food Services Business

Online grocery store BigBasket today said it plans to invest Rs 50 crore over the next 12 months to scale up revenues coming from hotels and restaurants segment. The company, which started supplying grocery to hotels, restaurants and caterers (HoReCa) segment from June last year, aims to clock a revenue run rate of Rs 500 crore from the segment by March 2018. Revenue run rate is a term used in online retailing to indicate total value of merchandise sold over a time-frame to predict future performance. "BigBasket is setting up dedicated distribution centres across eight cities to scale up the business and has plans to achieve Rs 500 crore exit rate by end of FY 2018," BigBasket co-founder and Head (New Initiatives) Abhinay Choudhari said in a statement. At the end of March this ...

Startup Stayzilla CEO Yogendra Vasupal Gets Bail

11Apr By PriyankaNo Comments

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Startup Stayzilla CEO Yogendra Vasupal Gets Bail

The Madras High Court today granted bail to start-up firm Stayzilla CEO Yogendra Vasupal nearly a month after he was arrested on charges of cheating. Justice S Bhaskaran granted bail to Vasaupal on a personal bond Rs 40 lakh. The Stayzilla CEO was arrested on March 14 on a complaint by city-based advertisement firm that it had been defrauded by the online home stay aggregator Stayzilla to the tune of Rs 1.69 crore. When the complainant firm Jigsaw Advertising and Solutions sought a direction for a mediated settlement to the issue, the judge said it was a clear case of business transaction between two entrepreneurs. He said it was for the parties to work out such a remedy. Earlier Vasupal’s bail plea had been turned down twice, first by the special CB-CID court on March 23 an...

Cisco to Make India Hub For Global Hardware Export

11Apr By AnkitaNo Comments

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Cisco to Make India Hub For Global Hardware Export

Networking giant Cisco today said it plans to make India a global export hub for its products, after recently having started manufacturing access points and routers at a facility in Pune. The US-based company also expects to complete 50 digitisation projects by the end of the year across India, which is part of its USD 100 million investment announced last year. "Our roadmap is very clear. Our first intention was to start with 5 or 6 products that we wanted to make in India for domestic market such as access points, routers etc. "The second stage is to make that centre (Pune) a global export hub. That is the next stage we are working on right now," Cisco President India and SAARC Dinesh Malkani said at the Cisco India Summit 2017. In March, Cisco had unveiled its first 'Made in...

Sportskeeda Announces Appointment of Samarth Sharma as Chief Ideation Officer

11Apr By PriyankaNo Comments

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Sportskeeda Announces Appointment of Samarth Sharma as Chief Ideation Officer

An alumnus of I.I.T. Delhi, Samarth has several years of experience in Strategy, Business Development and Expansion with global multi-national corporations of repute namely Hewitt Associates, Cognizant, Deutsche Bank and TransUnion. Having worked in multiple sectors and geographies in different roles, Samarth brings with him the skills that Sportskeeda needs to scale their business to greater heights. Besides professional achievements, Samarth runs one of India’s most popular social media accounts in the name of “The-Lying-Lama” that boasts of an audience of over 100K people grown organically in a very short span of time. He is known for producing viral creative content across diverse areas of interest namely sports, entertainment and politics and his content is covered by all media pla...