Thursday, March 28

Author: Aditya

Infosys Founders Will Sell 13000 Crore Worth Stake
News

Infosys Founders Will Sell 13000 Crore Worth Stake

Infosys founders are likely to sell some of their stake in the company's under Rs 13,000-crore share buyback programme, the company said today. The promoters keenness to participate in the buyback comes within days of a silent coup by founders led by N R Narayana Murthy to seize control of Indias second-biggest software services firm. The founders and their families between them hold some 12.75 per cent (29.28 crore shares) of Infosys. Murthy declined to comment on if he would participate in the buyback. The buyback price of Rs 1,150 is higher than the current stock trading price of Rs 941.15 and is considered "reasonably good" by the firms former CFO V Balakrishnan. Founded in 1981 by seven engineers, all former employees of Patni Computer Systems with an initial capital of $2...
SoftBank Makes Biggest Ever Investment In Indian Internet Space In Flipkart
FUNDING, News

SoftBank Makes Biggest Ever Investment In Indian Internet Space In Flipkart

Indian ecommerce giant Flipkart has raised a record breaking funding of at least $2.5 billion from SoftBank Vision Fund, making its rival Amazon a huge blow and claiming its dominance in the market. The latest round of funding takes Flipkart’s cash reserves to more than $4 billion. Although, Flipkart didn’t disclose the amount, but said that the SoftBank investment comprises a mix of primary (investment in the company) and secondary capital (purchase of shares from existing shareholders). The amount invested will be somewhere around $2.5 billion in Flipkart, 3 people from the inside told, upon the condition of anonymity. There have been reports about the SoftBank's interest in investing in Indian ecommerce giant Flipkart, after the acquisition of Snapdeal by Flipkart didn't work out....
Ad-Tech Company Fork Media Acquires Majority Stakes In Rappio Advertising
ACQUISITION

Ad-Tech Company Fork Media Acquires Majority Stakes In Rappio Advertising

Marking its entry in into the space of large-scale audio-based advertising, Fork Media has acquired a majority stake in digital audio advertising startup Rappio Advertising. Rappio offers advertisers and brands a targeted advertising platform to reach mobile consumers through audio advertisements. It replaces the ringtone of a mobile phone by an advertisement jingle and the users earn money on the go for every incoming call. Users can select from a variety of "ad ringtones" provided by Rappio and set it as their ringtone. According to the startup, users are incentivised each time their phone rings playing out an ad tune.   "Fork Media and Rappio have a common vision for innovating and driving the advertising experience through alternate inventories in the digital medium," s...
Talks For Acquisition Of Snapdeal By Flipkart Hits Roadblock
News

Talks For Acquisition Of Snapdeal By Flipkart Hits Roadblock

Talks for the proposed acquisition of the beleaguered Snapdeal by larger rival Flipkart seem to have broken down after almost six months of negotiations, with the fate of the deal likely to be decided by the end of the day, according to company sources. (more…)
WeWork Launches Its China Unit, Backed By Hony, SoftBank
CHINA, News

WeWork Launches Its China Unit, Backed By Hony, SoftBank

Co-working space WeWork is all set to launch its Chinese unit after it raised $500 million from Hony Capital and SoftBankGroup, one of China's largest private-equity firms. WeWork will tap into booming demand for shared office space in the world's second-largest economy. With the funds raised, it will expand its services to at least 5 other locations in the next 12 months. Currently it is available in Beijing and Shanghai. State-owned real estate developer Greenland Group and hospitality company Jin Jiang International - parent of Hong Kong-listed Shanghai Jin Jiang International Hotels Group - will also invest in the local unit,said  WeWork co-founder and CEO Adam Neumann. "By creating local entities we allow ourselves to take local management, give them local equity, incentivize t...
Axis Bank Cracks The Deal To Buy Freecharge From Snapdeal
ACQUISITION

Axis Bank Cracks The Deal To Buy Freecharge From Snapdeal

India's third largest private sector lender Axis Bank Ltd is all set to buy digital payments platform Freecharge from Snapdeal for amount nearing Rs 400 Cr, a much needed relief for Snapdeal. This payments platform has been seeking a suitable buyer since long, even as its parent company negotiates the terms for its own sale. By this acquisition, Axis Bank will get a popular digital payments platform and access to high-quality tech, which will give it an upper-hand over other banks. Axis Bank and Freecharge are likely to announce the deal this week, two people familiar with the matter said, on condition of anonymity. Paytm was also in the lead to acquire Freecharge but Freecharge chose to go with Axis Bank, due to higher bid. The sale of Freecharge will mark the most stunning co...
Paytm Forms Joint Venture With AGTech Media To Develop Games
News

Paytm Forms Joint Venture With AGTech Media To Develop Games

One97 Communications Ltd. owned Paytm has recently formed a joint venture with Hong Kong's company AGTech Media to develop mobile games for Indian consumers,  AGTech Holdings Ltd said in a regulatory filing to the Hong Kong stock exchange on Monday, reported Mint. AGTech Holdings Ltd owns AGTech Media, which serves integrated lottery technology and services in China, and is a platform of Alibaba Group and Ant Financial Group for lottery. “The joint venture will offer innovative mobile games and user engagement activities to Indian consumers by leveraging the group’s decade-long experience in creating mobile entertainment products and Paytm Group’s massive distribution network to develop mobile games in India,” said AGTech. With this joint venture, AGTech Media will hold 45%, Paytm bei...
Kailash Satyarthi Says Use Technology To Solve Social Problems
INDIA, INSPIRATIONAL

Kailash Satyarthi Says Use Technology To Solve Social Problems

Nobel laureate Kailash Satyarthi has asked professionals to use technology to solve social problems in addition to their business requirements. "The world is at your fingertips," Satyarthi said at an event hosted by social networking platform for professionals, LinkedIn India here yesterday to interact with its employees in Bengaluru, Delhi and Mumbai about his work against the sexual exploitation and trafficking of children. Satyarthi also spoke about the challenges, struggles and opposition he faced when he started his journey, 37 years ago. He reminisced about how at the time, India did not have a law when it came to protecting children from abuse and trafficking and how far it has come today. "It is easy to walk on the available path, its difficult to walk on an unexplored path or t...
Social Media Is The Key For Staffing Companies To Drive Biz: Report
ANALYSIS

Social Media Is The Key For Staffing Companies To Drive Biz: Report

Social media presence is increasingly becoming important for staffing companies to drive business as over 83 per cent corporates depend on this platform while deciding their staffing partner, says a report. According to a report by Indian Staffing Federation, an apex body of flexi staffing industry in India, social media has become an impertinent tool not only for managing networking but also to improve brand recall. Though corporates are depending on social media presence to make business partnership decisions, only 67 per cent flexi staffing companies consider social media as an important tool to engage with their customers for driving business. A little over 17 per cent do not even use social media as an important marketing tool, the report said. Staffing companies, who have...