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India has wage problem, not job problem: Mohandas Pai

17Jun By Press Trust of IndiaNo Comments

Entrepreneurs Talk

India has wage problem, not job problem: Mohandas Pai

Bengaluru: Former Infosys CFO and multi-sector investor T V Mohandas Pai said India does not face a job problem, but one of the wages, as a lot of low paid jobs being created do not find favour with degree holders. "India is not producing good jobs, but creating a lot of ₹10,000- ₹15,000 low-paid jobs which are not fancied by degree holders. India has a wage problem, not a job problem," Pai said. Also, India has regional and geographical problems, Pai said. Pai suggested that India adopt the Chinese model of opening up labour-intensive industries and building infrastructure near coasts, besides investing heavily in hitech R&D to meet the aspirations of job-seekers. "We should look at what China has done. They first opened up the labour intensive industry invited the rest o...

30May By NitishNo Comments

FUNDING

Bengaluru based Payment Platform Raises $10 Million Funding From Amazon

Bengaluru based ToneTag, a contactless payment platform has raised $8-10 million from investors like Amazon Inc. and Mastercard etc. Founded in 2013, ToneTag enables contactless digital transactions on mobile phones, card swiping machines, automated teller machines and other payment-enabling devices. The payment platform enables existing POS devices to accept payments using sound. Tonetag was founded by Kumar Abhishek and Vivek Singh and currently have a 47-member team constantly working to bring innovation to its technology. ToneTag has filed 7 global patents for a variety of exciting use cases in the payments ecosystem and the offline retail space and has touched the lives of its over 50 million global consumers. The startup collaborated over 250,000 merchants to made thei...

Mohandas Pai Backs Narayana Murthy; Says COO Payment is Huge But Not Performance

3Apr By AdityaNo Comments

Entrepreneurs Talk

Mohandas Pai Backs Narayana Murthy; Says COO Payment is Huge But Not Performance

Backing Infosys co-founder N R Narayana Murthy's view on pay hike to COO U B Pravin Rao being "not proper," company's ex-director T V Mohandas Pai today said the salary in this case is "spectacular" but performance is not. Alleging that Infosys' board was "misguided", Pai said the ""fundamental problem" was the pay hike given earlier to CEO Vishal Sikka "without any justification", because of which other executives were also expecting higher pay. He said salary levels in India cannot be compared with that in the US. "I totally agree with Murthy that it was not proper. We should have Indian norm for compensation; we can't follow American norm, we (Infosys) are not an American company," Pai, who was also formerly Chief Finance Officer of Infosys, told in a telephonic interview. T...

Mohandas Pai Warns Indian Businessmen For Not Investing in Indian Startups

20Nov By NitishNo Comments

Entrepreneurs Talk

Mohandas Pai Warns Indian Businessmen For Not Investing in Indian Startups

With China and the US pumping in massive foreign capital into India's digital economy, a top Indian investor and educationist has warned that the country could become a "digital colony" unless Indian businesses start investing in it. "India could become a digital colony," warned Mohandas Pai, chairman of Manipal Global Education, referred to possible consequences of the massive money being pumped into India's digital economy by the US and China. "There is a fight between US and China to dominate digitally. And the Indian capital where they are, buying real estate in California?" he asked. "If you miss this digital revolution, our big companies would be controlled by Chinese capital which is very dangerous," Pai warned. India, which has the world's third largest startup eco system, has ...

Nandan Nilekani, Mohandas Pai Invests in Tracxn

18Feb By AnkitaNo Comments

FUNDING

Nandan Nilekani, Mohandas Pai Invests in Tracxn

BENGALURU: Founded in 2013 by Neha Singh (ex-Sequoia Capital) and Abhishek Goyal (ex-Accel Partners), Tracxn a startup research platform has raised a new round of angel funding from Nandan Nilekani, Mohandas Pai, Neeraj Arora and Junglee Cofounder Anand Rajaraman. Tracxn had earlier raised funding from Ratan Tata, Flipkart's Sachin and Binny Bansal and Delhivery cofounder Sahil Barua besides a $3.5 million series-A round from venture capital firm SAIF Partners. Tracxn have database over 100 sectors including enterprise infrastructure, enterprise applications, tech, consumer, mobile, digital marketing, health, and education across major countries like the US, India, China and Southeast Asia The company grew its customer base by over 400% in the last year with client base including...