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HDFC Bank Chief Aditya Puri Says Wallet Players Like Paytm Have No Future

18Feb By NitishNo Comments

Entrepreneurs Talk

HDFC Bank Chief Aditya Puri Says Wallet Players Like Paytm Have No Future

In one of the sharpest comments against prepaid wallets like Paytm, HDFC Bank chief Aditya Puri today said such companies which hold on to customers through cash-backs are loss-making and have "no future". "I think wallets have no future. There is not enough margin in the payment business for the wallets to have a future," Puri, the managing director and chief executive of the second largest private sector lender, said at the annual Nasscom summit here. "Wallets as a valid economic proposition is doubtful. There is no money in the payments business. The current loss reported by market leader Paytm is Rs 1,651 crore. You cannot have a business that says pay a Rs 500 bill and take Rs 250 cash-back," Puri said. Wallet companies cannot "copy" the "Alibaba model" as well, as the domest...

How Much Profit ISRO Made on The Launch of World Record 104 Satellites?

16Feb By PriyankaNo Comments

INDIA

How Much Profit ISRO Made on The Launch of World Record 104 Satellites?

Yesterday, ISRO (India Space Research Organisation) has launched record 104 satellites beating Russia's record which was 37 satellites in one go. The record launch has established more credibility of ISRO in international space market. Apart from technology and its 100% successful foreign satellite launches, ISRO also challenging other international players on the pricing point. As per the data available, for a satellite launch SpaceX (company owned by Elon Musk) charge around USD 60 million, while ISRO charged an average of USD 3 million per satellite between 2013 and 2015. Last year in FY16, ISRO made 239 crore through commercial launch. The forex revenue for ISRO's commercial arm, Antrix Corporation, went up 204.9 percent in 2015. In 2016, ISRO launched 10 Indian satellites and 22...

15Feb By Press Trust of IndiaNo Comments

INDIA

Indian Government Approves Merger of 5 Associate Banks With SBI

The Cabinet today gave go-ahead to the merger of State Bank of India (SBI) and its associate lenders that would make the state-owned lender a global-sized bank. India's largest lender SBI had last month mooted the proposal for merger of its five subsidiary banks with itself and acquisition of the newly set up Bharatiya Mahila Bank. SBI has five associate lenders -- State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad. "Kindly await a structured briefing on that," Telecom Minister Ravi Shankar Prasad said when asked if the Cabinet approved the merger of associate banks with the SBI. Meanwhile, SBI Chairperson Arundhati Bhattacharya said, merger of SBI and its associate banks is a win-win for both the sides....

UAE-India Venture Capital Fund Idein Ventures Recruits Ex-Co-founder of Zoomcar as an Advisor

14Feb By AdityaNo Comments

News

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...

Poeir Jets- India’s First Ever Jet Engine Developed By a Private Firm

13Feb By PriyankaNo Comments

News

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...

Indian PM Modi Led Cabinet Approved 2351 Crore For Digital Saksharta Abhiyan

10Feb By PriyankaNo Comments

INDIA, News

Indian PM Modi Led Cabinet Approved 2351 Crore For Digital Saksharta Abhiyan

The Cabinet today approved 'Pradhan Mantri Gramin Digital Saksharta Abhiyan' with an outlay of Rs 2,351.38 crore to make 6 crore rural households digitally literate by March 2019. "The Union Cabinet chaired by Prime Minister Narendra Modi has approved 'Pradhan Mantri Gramin Digital Saksharta Abhiyan' (PMGDISHA) to make 6 crore rural households digitally literate. The outlay for this project is Rs 2,351.38 crore to usher in digital literacy in rural India by March 2019," an official statement said. This is in line with the announcement made by the Finance Minister in the Union Budget 2017, it added. "PMGDISHA is expected to be one of the largest digital literacy programmes in the world," the statement said. Under the scheme, 25 lakh candidates will be trained in the fiscal year ...

RTI Revealed How Much Narendra Modi Government Spent Over Skill Development And The Number is Quite Shocking

8Feb By NitishNo Comments

INDIA

RTI Revealed How Much Narendra Modi Government Spent Over Skill Development And The Number is Quite Shocking

Prafful Sarda, very young Pune Based RTI Activist & owner of an Event management company had filed an RTI application with NSDC (National Skill Development Corporation) on following issues: 1) How much money allotted to NSDC in last 2 years 2) How much money spent in last 2 years (Through NSDC) 3) State-wise distribution Details 4) How much money allotted and Spent during 2004-2014 After Formation of Modi Govt, first time NSDC has been allotted with independent ministry, headed by Rajiv Pratap Rudy. As per BJP manifesto, Hon. Prime-minister Narendra Modi kept his word & allotted handsome fund for skill development to support people who are willing to work hard but lack of education they are not able to earn their daily bread & butter. Minister Rajiv Pratap Rud...

Indian Government Receives Over 1,300 Complaints Against E-commerce Company

8Feb By NitishNo Comments

INDIA, News

Indian Government Receives Over 1,300 Complaints Against E-commerce Company

Government has received over 1,300 complaints against direct selling and e-commerce companies till December 2016, Parliament was informed today. It also made clear that there is no proposal to bring in a separate law to regulate e-commerce platforms. Placing the details of complaints received by its National Consumer Helpline against direct selling and e-commerce companies in the Lok Sabha, Minister of State for Consumer Affairs C R Chaudhary said, "The received complaints were dealt with as per consumer grievance redressal procedure." A consumer can file a complaint relating to e-commerce transactions in the appropriate consumer forum established under the provisions of the Consumer Protection Act, he said in his written reply to the Lower House. As per the data, 1,386 complaints...

Indian Police Bust $550 Million Internet Scam That Duped Thousands

4Feb By NitishNo Comments

News

Indian Police Bust $550 Million Internet Scam That Duped Thousands

Indian police have busted an internet scam in which around 650,000 people lost a combined 37 billion rupees ($549 million) after sending money to a company that promised they would earn cash by clicking on web links, police said on Friday. Police, who described the pyramid-style scheme as one of India's biggest ever, said they had arrested three ringleaders on the outskirts of New Delhi, the capital, and seized more than 5 billion rupees ($74 million) from bank accounts. "They learned that if you give some money back to members, the investments would go up exponentially," Amit Pathak, head of a police cyber crime unit in India's populous northern state of Uttar Pradesh, told Reuters. The men ran a series of websites that promised would-be subscribers a chance to earn five rupees (...

4Feb By AnkitaNo Comments

News

India Continues to Be a Rather Large Investment For Us: Amazon

E-commerce giant Amazon remains bullish on India, introducing new features for customers and sellers, even as the region continues to weigh heavy on the US-based company's finance. For the December quarter, Amazon's International business posted an operating loss of USD 487 million, up significantly from USD 108 million in the year-ago period. Its North America business had an operating income of USD 816 million (up 28.3 per cent year-on-year), while that from AWS was higher by 59.6 per cent to USD 926 million during the said quarter. Overall, net sales was up 22 per cent to USD 43.7 billion, while net income grew 55.3 per cent to USD 749 million in the fourth quarter. "I'd point out India which continues to be a rather large investment for us... So, it's still very early. We cont...

Mark Zuckerberg Criticises Donald Trump on Immigration Limit, Gave Example of His Wife

28Jan By NitishNo Comments

News

Mark Zuckerberg Criticises Donald Trump on Immigration Limit, Gave Example of His Wife

America is a nation of immigrants and should be proud of it, Facebook CEO Mark Zuckerberg said as he criticised President Donald Trump's decision to severely limit immigrants and refugees from certain Muslim-majority countries. "Like many of you, I'm concerned about the impact of the recent executive orders signed by President Trump," Zuckerberg wrote on his Facebook page. "We need to keep this country safe, but we should do that by focusing on people who actually pose a threat ... We should also keep our doors open to refugees and those who need help. That's who we are." "We should also keep our doors open to refugees and those who need help. That's who we are. Had we turned away refugees a few decades ago, Priscilla's family wouldn't be here today," he wrote of his wife, Priscilla ...

Wipro Acquired Brazil Based IT Services Provider

26Jan By NitishNo Comments

ACQUISITION

Wipro Acquired Brazil Based IT Services Provider

Wipro Ltd. a leading global information technology, consulting and business process services company today signed an agreement to acquire InfoSERVER S.A. for BRL 27.6 Million (USD 8.7Mn). InfoSERVER, an IT services provider, which is focussed on the Brazilian market, provides custom application development and software deployment services. Two-decade old InfoSERVER, which counts some of the largest Brazilian banks as its clients, will help Wipro in expanding its presence in the country’s highly traditional and competitive Banking, Financial Services & Insurance market besides adding invaluable domain and process knowledge on the sector. This acquisition closely aligns with Wipro’s vision to localise, expand its presence and become a significant partner of choice in the LATAM ma...