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Rivigo raises $65 million from Warburg Pincus, SAIF Partners

12Jul By AdityaNo Comments

FUNDING

Rivigo raises $65 million from Warburg Pincus, SAIF Partners

Logistics firm Rivigo has raised USD 65 million (about Rs 450 crore) in a Series E funding round led by existing investors Warburg Pincus and SAIF Partners. The company plans to utilise the funds to further strengthen its technology and network coverage, Rivigo said in a statement. "Rivigo raised a funding of USD 65 million in the ongoing series E round led by existing investors Warburg Pincus and SAIF Partners," the Gurugram-based company said. Rivigo founder and CEO Deepak Garg said, the relay trucking model is now very well established, where relay truck pilots lead a better life and customers get exceptional service. "With technology and freight marketplace, the company now wants to bring relay to every truck in the country," he said. Rivigo's technological prowess and ...

Airbnb India Hosts Earned $28 million in 2018

9Jul By AdityaNo Comments

News

Airbnb India Hosts Earned $28 million in 2018

Airbnb hosts collectively earned almost $28 million (over ₹190 crore) and welcomed approximately 800,000 guests in 2018, the company said to Pixr8 News. Airbnb had an estimated direct economic impact of around $150 million (over ₹1,035 crore) in India in 2018. Guests in India, on an average spent $61 on a daily basis with total estimated guest spends for the year at around 120 million, it added. At a global level, Airbnb's host and guest community generated over $100 billion in estimated direct economic impact across 30 countries in 2018, Airbnb said. "Our people-powered community thrives on the success of both stakeholders," Airbnb India Country Manager Amanpreet Bajaj said. "While we strive to give travelers truly unique, tailored travel experienc...

German Bank Deutsche slash 18,000 jobs by 2022

8Jul By AdityaNo Comments

BUSINESS

German Bank Deutsche slash 18,000 jobs by 2022

Germany's biggest lender Deutsche Bank would stop all share trading activity & cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil. The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche. The bank said the layoffs would reduce annual costs by six billion euros ($6.7 billion) over the same period. "Today we have announced the most fundamental transformation of Deutsche Bank in decades," chief executive Christian Sewing said, dubbing the scheme "a restart for Deutsche Bank". The lender did not immediately make clear where the axe would fall. But with executives looking to find synergies in the integration of subsidiary Postbank and centr...

Mindtree Chairman, CEO quit after L&T takeover

5Jul By AdityaNo Comments

BUSINESS

Mindtree Chairman, CEO quit after L&T takeover

Within 48 hours of L&T gaining control of Mindtree, the IT firm's founders Krishnakumar Natarajan, Parthasarathy NS and Rostow Ravanan have resigned from the board and executive roles, paving the way for the new promoter to make appointments. Chairman Natarajan, vice chairman Parthasarathy NS and chief executive Ravanan have quit the company, the firm said in a regulatory filing Friday. The company said it will announce a new leadership team in due course. Over the past few weeks, there have been speculations about Ravanan quitting the company. Reports had suggested that the construction major wanted Ravanan to step down as new owners were preparing the grounds for a top management overhaul at the Bengaluru-based company. The founders had vehemently opposed the L&T bid...

2Jul By AdityaNo Comments

INDIA

TikTok refutes allegations of Indian politician over data sharing

Chinese video-sharing app TikTok refuted India's opposition leader allegations of collecting user data illegally. In a statement to media, Chinese firm ByteDance owned app said it abides by all local laws and regulations. The privacy and security of users are its top priority. The statement came in response to India's senior Congress leader Shashi Tharoor alleging in the Lok Sabha that the short video platform was illegally collecting data and sending to China. Tharoor had described it an issue of national security. TikTok termed the allegations as "untrue" and said it abides by local laws and regulations in the markets where it operates. It said the Chinese government has no access to TikTok users' data nor does it have any existing partnership with China Telecom. "These clai...

Affle Group Acquires US based Mobile Advertising platform RevX

27Jun By AdityaNo Comments

ACQUISITION

Affle Group Acquires US based Mobile Advertising platform RevX

Singapore based Affle acquires US-based RevX, a mobile advertising company with a fully self-serve programmatic platform for mobile marketing. As part of the deal, the platform, assets, brand name, intellectual property rights, business relationships and technical information of RevX will be acquired by Affle International by the end of June 2019. RevX offers a mobile only self-serve programmatic platform to drive new user acquisition and grow retargeting & re-engagement-based transactions for marketers. The platform is used by e-commerce and mobile app-driven companies globally. Earlier, Affle Group has acquired the Vizury Commerce Business in 2018 and together with this acquisition, Affle strengthens its position in the retargeting domain. Anuj Khanna Sohum, the Cha...

Uber Acquires AI platform to advance its Self-driving cars technology

26Jun By AdityaNo Comments

ACQUISITION

Uber Acquires AI platform to advance its Self-driving cars technology

Cab booking platform Uber has acquired computer vision startup Mighty AI to help advance its technology for self-driving cars. Terms of the acquisition were not disclosed, but the ride-hailing giant said 40 employees of the Seattle-based firm would join Uber soon. Mighty AI specialises in computer vision, a field within artificial intelligence that is used to better understand or "label" the surroundings of vehicles that will be deployed autonomously. "The team at Mighty AI has built technology to label at scale using the latest AI and user experience techniques," said Jon Thomason, vice president of software engineering for the Uber division. "Training our AI at increasing pace is critical to scaling our self-driving technology, and I look forward to bringing Mighty AI's tech...

Not IPO, driving e-commerce growth in India is Prime Focus: Flipkart

24Jun By AdityaNo Comments

News

Not IPO, driving e-commerce growth in India is Prime Focus: Flipkart

An initial public offering (IPO) is a long-term strategy, but our prime focus is getting 200-300 million new Indians into the e-commerce space, said India's leading e-commerce portal Flipkart (owned by Walmart). The statement comes amid reports that Flipkart is looking at tapping into the US share market by 2022. "An IPO has always been part of Flipkart's ambitions and long-term strategy but right now, we don't have a time frame on that. Flipkart is currently focused on driving the growth of e-commerce in India to get 200-300 million new customers into e-commerce fold," a Flipkart spokesperson said in an e-mailed statement. Walmart Inc in May last year had announced that it is buying 77 percent stake in Flipkart for about USD 16 billion (Rs 1.05 lakh crore), its biggest deal whic...

24Jun By AdityaNo Comments

Market

IndiaMart IPO Opens Today

India based B2B e-commerce platform IndiaMart initial public offer (IPO) launched today with a price band of Rs 970-973 to raise over Rs 474 crore. The company has offered 48,87,862 equity shares in the issue, which will close on June 26. The price band is set at Rs 970-973 per equity share of face value of Rs 10 each. "The floor price is 97 times the face value of equity shares and the cap price is 97.3 times the face of the equity shares," according to the announcement made by IndiaMart. The existing investors Intel Capital, Amadeus, DPF Limited along with promoter Dinesh Chandra Agarwal, are diluting some of their stake for the IPO. Intel Capital (Mauritius) has put up to 20,76,190 equity shares for sale in the offer, Amadeus 1,70,502 equity shares, Amadeus IV DPF limited 2...

22Jun By AdityaNo Comments

FUNDING

Indiamart Raises $30 Million funding before IPO

Indiamart, India's leading online marketplace app for business products and services, said it has raised more than $30 million from 15 anchor investors by allotting 21,95,038 equity shares at a price of Rs 973, the upper band of its IPO that opens on June 24. ICICI Mutual Fund, HDFC Mutual Fund, SBI Mutual Fund, Birla Mutual Fund, Hornbill Capital Advisers LLP are among the 15 anchor investors. IndiaMart said it will launch its initial public offering from June 24 and has fixed a price band of Rs 970973 per share. The initial public offering (IPO) is of up to 48,87,862 equity shares, according to a statement by the company. Promoters Dinesh Chandra Agarwal and Brijesh Kumar Agrawal will sell 14,30,109 shares through the issue, ...

Indian News Aggregator App Dailyhunt acquires LocalPlay

20Jun By AdityaNo Comments

ACQUISITION

Indian News Aggregator App Dailyhunt acquires LocalPlay

India's leading News discovery app Dailyhunt announced the acquisition of hyperlocal content platform LocalPlay for an undisclosed sum. Bengaluru-based Dailyhunt said, the acquisition underscores its aggressive strategy of attracting new users, residing in tier I, III and IV Indian cities and towns, who are always hungry to stay updated on all the latest hyperlocal happenings. Hyperlocal content is consumed by people that are located within a well-defined area, generally on the scale of a street, neighbourhood, community or city. "We saw the need of hyperlocal content is still largely untapped despite the presence of a host of traditional and new age content platforms in India," Dailyhunt Founder Virendra Gupta said. "The latest acquisition of LocalPlay is a part of our strate...

19Jun By AdityaNo Comments

FUNDING

Meero raises $230M funding, joins Unicorn club

Meero, a France based startup which offers online editing and production tools for photographers has raised $230 million funding from Eurazeo & others. Eurazeo invested $56 million out of $230 million, which brings Meero's valuation above the $1 billion threshold used by the tech industry to identify so-called "unicorns" the most valuable and promising startups. Investment companies Prime Ventures, Avenir Growth, Global Founders Capital, Aglae Ventures, Alven, White Star Capital and Idinvest Partners also participated in the fundraising, whose financial details were not disclosed. Meero was founded three years ago and is headquartered in Paris. Meero hopes to double its staff to 1,200 by the end of the year, according to French newspaper Les Echos, which interviewed the co...