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ByjuS Acquired U.S. based Learning Games Developer

20Jan By AdityaNo Comments

ACQUISITION

ByjuS Acquired U.S. based Learning Games Developer

India's leading education startup Byju’s acquired a U.S. based developer of learning games called Osmo, making it the latest Indian unicorn to expand overseas. Byju's, one of India’s most valuable education startups, bought Osmo for $120 million. Though Osmo will continue as a brand once the deal is completed. “Osmo makes learning more effective and engaging, which is very important with younger children,” Byju Raveendran, Byju’s founder and chief executive officer told Bloomberg. “It takes us into a new age demographic of younger kids as well as fitting into our plans for a bold global expansion.” Founded in 2013, Osmo uses augmented reality and artificial intelligence to bring physical toys into the digital world. The startup backed by Accel Partners and Mattel Inc. has so far ...

India’s Mutual Fund & Stock Investment Platform Orowealth Acquires the WealthTrust Platform

19Jan By AdityaNo Comments

ACQUISITION

India’s Mutual Fund & Stock Investment Platform Orowealth Acquires the WealthTrust Platform

Orowealth, one of India's leading Direct Mutual Fund platforms, recently announced that it has acquired the WealthTrust platform, including the product and all its users. Orowealth is a one-stop solution for all your investment needs from investing in stocks and direct mutual funds, to financial planning, goal advisory and more. WealthTrust, also one of the India's fastest growing 'Zero Commission Wealth Management' platforms, always aimed to make investment simple and hassle-free. Mr. Nisarg Gandhi, co-founder and CEO of WealthTrust said to Pixr8 team that we evaluated several partners before finally joining forces with Orowealth, which stood out as the best option for their users. The two companies now have a combined user base of 3 lakh registered users, and their asset...

Flipkart founder Sachin Bansal Invested $21 Million in Ola

14Jan By AdityaNo Comments

FUNDING

Flipkart founder Sachin Bansal Invested $21 Million in Ola

Flipkart co-founder Sachin Bansal has pumped in about Rs 150 crore in ride-hailing platform Ola, though the flipkart founder committed 650 crore in Ola. According to documents filed with the Corporate Affairs Ministry."... 70,588 fully and compulsorily convertible, cumulative 'Series J' Preference Shares' having face value of Rs 10 having the rights, privileges and preferences... is hereby allotted at a subscription price of Rs 21,250," the documents showed. This translates into an investment of about Rs 650 crore by Bansal, who left Flipkart after the US retail giant Walmart picked up 77 per cent stake in the e-commerce company for $16 billion. The resolution was passed at a board meeting of ANI Technologies, the entity that runs Ola, on January 12, according to the documents. ...

Facebook considered selling Users’ data for $250,000 in 2012: Report

12Jan By AdityaNo Comments

News

Facebook considered selling Users’ data for $250,000 in 2012: Report

IANS: Facebook considered selling users' data to companies some years ago but later decided to act against it, the media reported. According to Arstechnica.com that viewed an unredacted court document, Facebook staff in 2012 considered charging companies at least $250,000 for "access to one of its primary troves of user data -- the Graph API". "In April 2014, Facebook changed the way the previously permissive Graph API works. "The social media giant restricted some data access and eliminated all access to the earlier version by June 2015," the report said on Friday. The Wall Street Journal also reported that "Facebook employees discussed pushing some advertisers to spend more in return for increased access to user information". A failure on Facebook's part to adequately red...

New York Second Most Famous Skyscraper Chrysler Building is up for sale

11Jan By AdityaNo Comments

USA

New York Second Most Famous Skyscraper Chrysler Building is up for sale

New York iconic and second most famous Skyscraper Chrysler Building that featured in movies like Spider-Man, Men In Black 3 is up for sale. The minority owner and a broker company stacom hired to sell the property informed media. The 77-story skyscraper, briefly the world’s tallest building after it was finished in 1930, is 90% owned by the Abu Dhabi sovereign wealth fund, with developer Tishman Speyer owning the rest 10%. Now it is the 8th tallest building in the city at 318.9 metres. The Chrysler Building was constructed by Walter Chrysler, head of Chrysler Corporation. It was the home of the American automaker until 1953. The 1.26m sq ft building underwent a $100m renovation after Tishman acquired the property in 1997. Tishman later reduced its holding. The sovereig...

Kuwait Vehicle Leasing Business Will Grow More Than 9% From 2018-2023

10Jan By AdityaNo Comments

MIDDLE EAST

Kuwait Vehicle Leasing Business Will Grow More Than 9% From 2018-2023

Analyst at Ken Research suggests that demand for long term leasing services in the Kuwait will grow at a positive growth rate. With slump in Oil and Gas sector in the past few years, the vehicle leasing industry have been increasingly focusing on non-oil sectors such as FMCG, Telecom, Healthcare, Logistics, Construction to boost their revenue and expand market share. For more information Kuwait Long Term Vehicle Leasing Market During the period 2013-2018, Kuwait vehicle leasing market grew at a positive growth rate. There were several factors that influenced the growth such as growth of end user industries, increase in number of new establishments, focus on non-oil sector end users and other factors. The growth in non-oil sector/industries and stable constr...

WeWork Raises $2 billion after SoftBank cuts $20 billion Planned Investment

9Jan By AdityaNo Comments

FUNDING

WeWork Raises $2 billion after SoftBank cuts $20 billion Planned Investment

World's leading co-working space provider WeWork raises $2 billion from Softbank in a deal that is billions of dollars below what WeWork hoped. The initial amount that WeWork and Softbank discussed was $20 billion funding to fund the growth of the company and buy out existing shareholders. With the recent funding round, Softbank Group Corp’s invested total $10.4 billion in WeWork including $4.4 billion in 2017 and $6 billion in 2018 and 2019. The initial plan was to invest $10 billion in SoftBank money to fund WeWork’s growth plans and use another $10 billion to buy out employees and other existing investors, according to a person familiar with the matter. That proposal would have given SoftBank majority control of WeWork. Reducing the investment leaves WeWork with $1 billi...

World Bank President Jim Yong Kim announces his departure

9Jan By AdityaNo Comments

News

World Bank President Jim Yong Kim announces his departure

Jim Yong Kim, the president of the World Bank, announced he is resigning at the end of January. Kim's unexpected departure three years before his term was set to expire is likely to set off a fierce battle between the Trump administration and other countries who have complained about the influence the United States exerts over the World Bank. In a letter to bank staff, Kim said that he has long believed that the key to bridging the gap between the massive financing needs of developing countries and the amount of support available was to work with the private sector. "I have therefore decided that it's time for me to take on new challenges and fully focus my efforts on leveraging private finance for the benefit of people around the work," Kim said in his note to staff. Kim's de...

How China’s ByteDance Owned TikTok App Affecting Parents Life

7Jan By AdityaNo Comments

Story

How China’s ByteDance Owned TikTok App Affecting Parents Life

AFP, Paris: Millions of teenagers seeking their 15 seconds of fame are flocking to TikTok, but many of their parents are only now learning about the express-yourself video app often to their dismay. The social network became the most downloaded on Apple’s App Store in the first half of this year according to market analysis firm Sensor Tower, beating out titans like Facebook, Instagram and Snapchat. The site, owned by China’s ByteDance, boasted 500 million users as of June following its purchase last year of Musical.ly, which greatly expanded its reach in the US. Analysts say it filled the void left by Vine, which introduced countless numbers of teens to the creative possibilities of ultrashort videos but failed to find a sustainable business model. “TikTok capitalises on shor...

2Jan By AdityaNo Comments

INDIA

‘161 Indian IPO’s garner $5.52 bn till November in 2018’

Indian stock exchanges ranked second globally in terms of number of initial public offerings (IPOs), raising USD 5.52 billion from 161 offerings till November this year, according to a report. At the BSE and the National Stock Exchange, there were only two IPOs in fourth quarter of this calendar year, compared with nine and three in fourth quarter of 2017 and third quarter of 2018, respectively, said EY India IPO Trends: Q4 2018 report. A similar trend was witnessed in the small and medium enterprise (SME) market. There were eight IPOs in fourth quarter of 2018, compared with 31 and 42 in fourth quarter of 2017 and third quarter of 2018, respectively, showing a drop of 74 per cent and 81 per cent, respectively, it said. Industrial sector -- construction and engineering -- was the...

ROPOSO Raises $10 mn from Tiger Global, Bertelsmann India Investments

12Dec By AdityaNo Comments

FUNDING

ROPOSO Raises $10 mn from Tiger Global, Bertelsmann India Investments

Short-video platform ROPOSO Tuesday said it has secured USD 10 million in funding, led by existing investors Tiger Global Management and Bertelsmann India Investments (BII). The company aims to leverage the capital infusion toward product technology, talent acquisition, and further expanding its 25 million-member community, ROPOSO said in a statement. ROPOSO has raised USD 31 million till date. We are growing at a phenomenal pace with our personalisation engine that caters to different types of audiences simultaneously... (We have) a monthly active user base of 7.5 million. At this rate, we are set to grow exponentially in the coming six months," Roposo CEO and co-founder Mayank Bhangadia said. Roposo has extensive plans to enter the micro markets of India, and build up resour...

Car Electronics Systems Company Pioneer Bought by Hong-Kong Fund

7Dec By AdityaNo Comments

ACQUISITION

Car Electronics Systems Company Pioneer Bought by Hong-Kong Fund

Japanese electronics firm Pioneer become a wholly owned unit of a Hong Kong-based fund in a deal worth $904 million. Pioneer, known for its audio equipment as well as car electronics systems, said Baring Private Equity Asia has agreed on a 102-billion-yen ($904 million) plan to revive the struggling Tokyo-based company. Baring will make a 77-billion-yen investment in Pioneer, along with a 25-billion-yen offer to buy existing shares from shareholders. "These steps will secure working capital vital for Pioneer's business operations," a joint statement from the two firms said. "Once privatised, a range of significant changes will be made to revitalise Pioneer, including reviews of the company's business lines as well as structural reforms and an overhaul of the management team," i...