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Infosys CEO Vishal Sikka takes home Rs 43 cr in FY17

15Apr By AdityaNo Comments

BUSINESS

Infosys CEO Vishal Sikka takes home Rs 43 cr in FY17

Infosys CEO Vishal Sikka, whose pay package was one of the contentions raised by the founders, has drawn USD 6.68 million (about Rs 43 crore) or 61 per cent of the promised compensation for the 2016-17 fiscal. Sikka was eligible for a USD 11 million pay including basic salary, variable pay, restricted stock units (RSUs) and performance stock options for the year. Incidentally, this is also lower than what Sikka drew in the previous financial year when he took home Rs 48.73 crore. According to Infosys' financial statements that outline compensation to key executives, Sikka received only USD 3.68 million of the USD 8 million variable component that he was promised. One of the highest paid executives in the Indian IT industry, Sikka took home USD 0.82 million in variable pay, USD ...

Flipkart Offers Additional ESOPs to Eligible Employees

13Apr By AdityaNo Comments

News

Flipkart Offers Additional ESOPs to Eligible Employees

E-commerce major Flipkart will issue additional shares to eligible employees in efforts to ensure their stake remains at a "steady level" after the latest fund raising round that came at a lower valuation. The Bengaluru-based firm, which competes with the likes of Amazon and Snapdeal, has recently raised USD 1.4 billion at a valuation of USD 11.6 billion. This is lower than the previous funding raised in 2015, when Flipkart was valued at USD 15.2 billion. Employees who are part of ESOP (employee stock option plan) programmes across the Flipkart group, including Myntra and PhonePe, were informed of the move through an email. Flipkart Group CEO Binny Bansal said the differential grant was being made, so that the total dollar value of options allotted to an employee remain unchang...

Snapdeal Will Roll Out 15% Pay Hike of Employees Amid Sell-off

13Apr By AdityaNo Comments

News

Snapdeal Will Roll Out 15% Pay Hike of Employees Amid Sell-off

E-commerce major Snapdeal will shell out an average pay hike of 12-15 percent as it looks to assure employees amid the online marketplace scouting for a potential buyer. According to sources, the pay revision will be effective from April 1 and will see salaries of employees at the mid and junior-level go up by an average 12-15 percent. For senior management, the hike will be 9-12 percent, but the company may offer 20-25 percent raise to exceptional performers, they added. The cash-strapped company is also believed to be distributing nearly 1 percent of its stock to about 150 employees. Earlier this year, the company's founders had admitted to have made mistakes and said they would take a "100 percent cut" in their own salaries. The decision to give such a good pay hike has b...

BigBasket to Invest Rs 50 Cr in B2B Food Services Business

13Apr By AdityaNo Comments

News

BigBasket to Invest Rs 50 Cr in B2B Food Services Business

Online grocery store BigBasket today said it plans to invest Rs 50 crore over the next 12 months to scale up revenues coming from hotels and restaurants segment. The company, which started supplying grocery to hotels, restaurants and caterers (HoReCa) segment from June last year, aims to clock a revenue run rate of Rs 500 crore from the segment by March 2018. Revenue run rate is a term used in online retailing to indicate total value of merchandise sold over a time-frame to predict future performance. "BigBasket is setting up dedicated distribution centres across eight cities to scale up the business and has plans to achieve Rs 500 crore exit rate by end of FY 2018," BigBasket co-founder and Head (New Initiatives) Abhinay Choudhari said in a statement. At the end of March this ...

Flipkart Acquired Ebay India, Also Received $500 Million Cash Investment From Ebay

10Apr By AdityaNo Comments

ACQUISITION

Flipkart Acquired Ebay India, Also Received $500 Million Cash Investment From Ebay

eBay Inc. (NASDAQ: EBAY), a global commerce leader, and Flipkart, a leading eCommerce company in India, have agreed to jointly pursue eCommerce opportunities in the Indian market. In exchange for an equity stake in Flipkart, eBay will make a $500 million cash investment in and sell its eBay.in business to Flipkart. Flipkart will own and operate the eBay.in business upon the close of the transaction. eBay and Flipkart have also entered into an exclusive agreement in which they will jointly pursue cross-border trade opportunities to make eBay's global inventory accessible to more India consumers, while eBay's millions of active buyers globally will have access to more unique Indian inventory provided by Flipkart. "The combination of eBay's position as a leading global eCommerce company...

Hyperloop One Unveils its Vision for America, Details 11 Routes as a Part of Global Challenge

8Apr By AdityaNo Comments

USA

Hyperloop One Unveils its Vision for America, Details 11 Routes as a Part of Global Challenge

Executives from Hyperloop One joined leading policymakers and transportation experts here today to reveal details of select Hyperloop routes in the United States and to initiate a nationwide conversation about the future of American transportation. Of more than 2,600 participants in the Hyperloop One Global Challenge, 11 teams presented routes, linking 35 states and covering more than 4,200 miles. They join 24 other teams from around the globe, each vying to be among 12 finalists. Three eventual winners will work closely with Hyperloop One engineering and business development teams to explore project development and financing. "Hyperloop One is the only company in the world building an operational commercial Hyperloop system," said Rob Lloyd, Chief Executive Officer of Hyperloop One....

Google Backed Online Healthcare Startup Practo Lays Off 150 Employees

7Apr By AdityaNo Comments

News

Google Backed Online Healthcare Startup Practo Lays Off 150 Employees

Online healthcare platform Practo has laid off around 10% of its workforce amounting to 150 employees as part of its annual performance appraisal and redundancies due to acquisitions. “Yesterday, 150 of our colleagues left the company to pursue opportunities outside. This is a combination of natural redundancies that emerge as we integrate our 5 acquisitions and evolve our businesses, as well as the performance required for the next phase of Practo’s growth,” a company spokesperson said in an email response. In line with the company’s policy, it provides employees with two months pay, employment and outplacement services to help them find their next great opportunity, the statement added. Practo has acquired five firms -- FitHo, Genii, Insta Health Solutions, Qikwell and Enlightik...

IIT Bombay incubated Startup Raises 2 Crore

6Apr By AdityaNo Comments

FUNDING

IIT Bombay incubated Startup Raises 2 Crore

Nanosniff Technologies, an IIT Bombay incubated company, has raised Rs 2 crore (about USD 300,000) from 1Crowd and its investor community. Nanosniff is a deep technology company working on high impact offerings in MEMS domain with applications in healthcare and security markets. "Nanosniff is an exemplary case where genuine IP has been created from robust R&D to address healthcare and security markets," 1Crowd co-founder Anil Gudibande said in a statement. It had previously raised an undisclosed amount from a group of angel investors.

Public Pension Capital Acquires Viteos Fund Services

5Apr By AdityaNo Comments

ACQUISITION

Public Pension Capital Acquires Viteos Fund Services

Public Pension Capital (PPC) and FiveW Capital today announced they, together with Viteos management, have acquired Viteos Fund Services, a leading provider of middle- and back-office technology and services for the investment management industry. The transaction brings together a group of financial and strategic investors experienced in building and growing technology and service providers. The Viteos management team will continue to lead the company. Viteos, founded in 2003, provides customized straight-through-processing and integrates post-trade operations for the investment management industry in the United States, Europe and Asia. It is a leader in shadow-accounting services and offers a full range of middle- and back-office outsourcing through its 500+ employees and straight-thro...

Venture Capital Aspada Invests in Fruits and Vegetables Distribution Startup Waycool

4Apr By AdityaNo Comments

FUNDING

Venture Capital Aspada Invests in Fruits and Vegetables Distribution Startup Waycool

Aspada Investment Company has made a $2.7 million investment in Chennai-based Waycool Foods and Products PrivateLimited (Waycool) Waycool is a fresh produce distribution company that sources fruits and vegetables from small-hold farmers and aggregators and sells through multiple distribution channels spanning small local shops, modern retail outlets, and HORECA (hotels, restaurants and catering establishments). Waycool currently operates predominantly in Tamil Nadu via a distribution hub in Chennai. With Aspada's investment, Waycool will extend its reach to other major cities, including Bangalore and Hyderabad, build atechnology platform to reduce inefficiencies in the supply chain, and augment the company's existing infrastructure. Aspada's investment in Waycool adds significant op...

Infosys Denied Any Partiality in COO Salary Increment, Released its Statement

4Apr By AdityaNo Comments

News

Infosys Denied Any Partiality in COO Salary Increment, Released its Statement

Bangalore – April 3, 2017: Infosys has the responsibility to attract and retain top quality talent to be effective in the transformation journey that the company has embarked upon. In this context, the company undertook a comprehensive survey of best practices and benchmarked senior management compensation with key Indian and global companies. The compensation structure revised thereafter reduces the proportion of cash component in the total compensation and has introduced higher stock incentives (to be vested over a 4-year period); it was rolled out for the entire senior leadership including Mr. Pravin Rao, Chief Operating Officer. The details were disclosed in the stock exchange filings on October 14, 2016. Mr. Pravin Rao's compensation revision reflects the philosophy of aligning the...

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...