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15Jan By AdityaNo Comments

FUNDING

Payment Solution Firm Razorpay Raises $20M funding

India's payments solutions firm Razorpay has raised $20 million funding led by Tiger Global and Y Combinator with participation from Matrix Partners. However, company declined to disclose the company valuation post this fundraise. "We will use the funds for our next phase of growth by scaling products and bolstering our technology and expanding to newer markets like South East Asia," said Razorpay CEO & Co-Founder Harshil Mathur. With this funding, Razorpay has raised a total $31.5 million funding until now. It had earlier raised $11.5 million funding from a clutch of investors including Tiger Global, Y Combinator, Matrix Partners and 33 angel investors. MasterCard had also made a strategic investment in Razorpay in June 2016. This announcement comes at a time when global gian...

Canadian Investment Firms Pumped $20 billion in India

9Jan By AdityaNo Comments

ANALYSIS

Canadian Investment Firms Pumped $20 billion in India

Canadian funds/firms have pumped in a full USD 20 billion in India, mostly by way of equity funds over the past decade alone, while bilateral trade is clipping at 30 per cent, both are going to get a fillip with the new bilateral pact, says an official. Fund inflows are set for acceleration with the signing of the much-awaited of the Foreign Investment Promotion and Protection Agreement (FIPA) by the two nations which will further boost investor investment, Canadian consul general in Mumbai Jordan Reeves said. "Canadas investments in India have touched USD 20 billion by way of equity funds in a short span of 10 years. Several pension funds and institutional investors are looking at more investment opportunities here, including on project financing," Reeves said. Addressing an inte...

Paytm Payments Bank, IndusInd Tie-up For Fixed Deposit Facility

8Jan By AdityaNo Comments

News

Paytm Payments Bank, IndusInd Tie-up For Fixed Deposit Facility

NEW DELHI: Paytm Payments Bank on Saturday said it has partnered Induslnd Bank to introduce a facility to create a fixed deposit when the customer balance exceeds Rs 1 lakh at the end of day. Paytm Payments Bank customers can redeem their deposits instantly, anytime without paying any pre-closure or miscellaneous charges and can earn up to 6.85 per cent annual interest, the company said in a statement. Additionally, if a customer becomes a senior citizen before the maturity period, the account will be auto renewed under the senior citizen scheme, thus earning higher interest, it added. "Majority of Indians prefer safer investment options that offer them higher earning potential. Our offering will add the much-needed convenience of zero paperwork, instant redemption and no charges to...

India’s First Electric Car That Will Run 200 km On a Single Charge

4Jan By AdityaNo Comments

Story

India’s First Electric Car That Will Run 200 km On a Single Charge

Hriman Motors LLP, a Delhi-headquartered startup, is working on building a serious 2 Seater electric car with a battery that will never need to be replaced. The RT90 will offer a 4G Connected IoT platform, with 200 kms max travel range per charge. A single charge will take about 10 mins on a fast DC Charger and 1-2 hours on an AC Charger. Currently, the test horse is undergoing road trials and expect to see the car by mid of 2018. You may buy it and drive it at 50 paise per km or choose a Total Cost of Ownership model where you can expect getting an electric car in your home by paying just 6 to 8 rupees per km and no other hidden cost and zero down payment. People with good credit will be able to walk in a dealership swipe their credit card for 600 rupees and drive out with the IoT e...

4 Students From IIFT Received Record $150000 Package

4Jan By AdityaNo Comments

News

4 Students From IIFT Received Record $150000 Package

The Indian Institute of Foreign Trade has completed the Final Placements Process of its largest ever batch of 2016-18 in record time with offers from domain leaders of the industry, making it the fastest premier B-School to place its outgoing batch. A total of 31 students are placed in International Business roles in South America, Thailand, Africa and South-East countries with top notch recruiters a splendid 55% jump from the preceding year. Four students receiving a package of $150,000 per annum along with another layer of compensation of $80,000 being offered to 7 students, carves a new position for itself in the global scenario. The average compensation offered to the IIFT students is INR 19.23 LPA per annum, with the domestic average standing at INR 18.27 LPA. The highest domes...

Anand Mahindra Offers Help to Woman Entrepreneur Running Food Truck Business

30Dec By AdityaNo Comments

News

Anand Mahindra Offers Help to Woman Entrepreneur Running Food Truck Business

Noted industrialist and Chairman of diversified business conglomerate Mahindra Group, Anand Mahindra today said he was interested to invest in the mobile truck food business run by a woman entrepreneur in Mangaluru. Responding to a news report about how 34-year-old Shilpa was running a successful food truck on a Mahindra Bolero pick-up truck in Mangaluru, Mahindra said, he will personally invest for her expansion plans. According to the report, Shilpa is planning to start her second outlet to help her brother. "A terrific story of entrepreneurship to end the week with. At Mahindra, we call this a Rise story. Am so deligthed the Bolero played a small role. Can someone reach her & tell her I will personally invest in her expansion by supplying a Bolero for the second outlet shes...

2017 Was A Very Happy Year For Apple’s Tim Cook With A Total Payout Cheque Of $102M

28Dec By AdityaNo Comments

INSPIRATIONAL

2017 Was A Very Happy Year For Apple’s Tim Cook With A Total Payout Cheque Of $102M

Turns out the year 2017 for iPhone maker Apple Inc's chief executive officer Tim Cook was very happy. In a recent regulatory filing by Apple, it was revealed that Tim received a 74 percent increase in his annual bonus for fiscal 2017. Cook's incentive pay totaled around $9.3 million for the year ending September. He also took home $3.06 million in salary and a previously disclosed equity award of $89.2 million, bringing his total payout for the year to about $102 million. According to Bloomberg, his top five lieutenants each got bonuses of $3.11 million, bringing their total compensation to about $24.2 million each, including salaries and stock awards. Apple has increased the proportion of performance shares in its equity awards, which boosts potential future earnings for the ...

Breaking: First Indian Airline Which Operates Record 1000 Flights Daily

24Dec By AdityaNo Comments

BUSINESS

Breaking: First Indian Airline Which Operates Record 1000 Flights Daily

Budget carrier IndiGo has become the first Indian airline to operate over 1,000 daily flights across its domestic and international network. Besides, the Gurgaon-based airline has also attained a fleet size of 150 aircraft with the induction of one more A320 Neo plane, it said in a release today. The dual feat was achieved on Friday, it said. Flight 6E 185 from Mumbai to Cochin took off on December 22 at 23.15 pm to become 1,000th flight for the first time in the history of Indian civil aviation, the airline said. IndiGo also took the delivery of its 31st Airbus A-320 Neo aircraft on the same day, which raised its fleet size to 150 aircraft, it said. IndiGo is the second airline in the country with a fleet size of 150 planes after disinvestment-bound flag carrier Air India. ...

FinBucket Raises INR 12 Crore to Expand its Loan Offerings

18Dec By AdityaNo Comments

FUNDING

FinBucket Raises INR 12 Crore to Expand its Loan Offerings

FinBucket.com , a loans and investments marketplace, has raised INR 12 Crore ($2 million) from Impanix Capital. The FinBucket platform helps to connect lenders and borrowers in India more efficiently by providing a user-friendly experience for consumers. It leverages a broader set of data which was not traditionally available to financial institutions in the market. FinBucket currently offers personal loan, home loan, business loan, credit card and mutual funds. Their unique match machine algorithms increase the chances of loan approval by connecting consumers to the right lending partner. FinBucket intends to use these funds in the growth of their business and reaching out to people who are in need of secured loans as well as unsecured loans. FinBucket is dedicated to serve th...

SoftBank In Talks To Invest $500M In Paytm Mall

28Nov By AdityaNo Comments

FUNDING

SoftBank In Talks To Invest $500M In Paytm Mall

After investing in Indian e-commerce majors Flipkart and Snapdeal, Japanese multinational conglomerate SoftBank Group is now set to invest in another Indian e-commerce space Paytm Mall. It is estimated that Paytm Mall may receive a funding around $500-600 millions in a fresh round. As per the reports, SoftBank will put around $300 million into the e-commerce venture operated by Vijay Shekhar Sharma's Paytm E-commerce Pvt Ltd. Paytm Mall has already received funding from Chinese e-tailing company Alibaba, which now holds a majority stake in the company. Also, SoftBank is one of the investors of One97 Communications, the parent company of Paytm wallet and holds around 20 percent. The telecom conglomerate already holds majority stakes in Snapdeal, which it tried to merge with Flipkar...

Bengaluru Businessman Filed Complaint Against Fraud By Flipkart

27Nov By AdityaNo Comments

News

Bengaluru Businessman Filed Complaint Against Fraud By Flipkart

Flipkart founders Binny and Sachin Bansal and three other executives have found themselves into another legal battle. As per the recent report by TOI a Bengaluru businessman Naveen Kumar, owner of C-Store Company has filed an FIR against them for a Rs 9.96 crore fraud. The copy of FIR with TOI quoted sales director Hari, accounts managers Sumit Anand and Sharauque among other employees. In his complaint lodged on November 21, Naveen has said that he had entered into a contract with Flipkart to supply laptops and other electronic goods, and had supplied 14,000 laptops to the company between June 2015 and June 2016 for its Big Billion Day sale. "Flipkart returned 1,482 units but did not pay for the remaining units. TDS and shipping charges for those units too were not paid. When asked...

21Nov By AdityaNo Comments

FUNDING

Zoomcar To Raise $50M Funding From Existing And New Investors

Self-drive car rental service Zoomcar India Pvt Ltd is in talks to raise a funding of $50 million from new and existing investors, Mint reported. Citing two people aware of the development, the financial daily reported that Zoomcar's funding talks have progressed with M&M (Mahindra & Mahindra) the Indian multinational car manufacturing corporation headquartered in Mumbai. “They are in advanced talks with Mahindra and Mahindra, while there is interest from two other new investors, too,” the first person told the source. In its partnership with M&M, Zoomcar will be launching electric cars in Agra, Dehradun and Chandigarh.The company is currently running a pilot in Mysore, according to a third person familiar with the matter. The information has not yet been verified, as t...