Friday, March 29

Author: Aditya

World’s No. 1 Footwear Maker Nike Reported Better Quarterly Revenue
BUSINESS

World’s No. 1 Footwear Maker Nike Reported Better Quarterly Revenue

Nike Inc, the world's No. 1 footwear maker, reported better-than-expected quarterly revenue, helped by higher demand from Western Europe, Greater China and emerging markets. The company's shares were up 4 percent at USD53.89 in after-market trading on Tuesday. Nike's net income rose to USD842 million, or 50 cents per share, in the second quarter ended Nov. 30, from USD785 million, or 45 cents per share, a year earlier. Revenue climbed to USD8.18 billion from USD7.69 billion. Analysts on average had expected revenue of USD8.09 billion, according to Thomson Reuters.
NoBroker.com Raises Rs 50 Crore Funding in Series B, Total Received Funding is Now 122 Crores
FUNDING

NoBroker.com Raises Rs 50 Crore Funding in Series B, Total Received Funding is Now 122 Crores

NoBroker.com has raised USD 7 million (about Rs 50 crore) as part of its series B funding. This is the extension of the USD 10 million Series B round announced few months back this year, taking cumulative amount to USD 17 million. This extension round is led by Korean investor KTB Network and saw participation from existing investors - SAIF Partners, BEENEXT and Digital Garage, it said in a statement adding that the total funding raised till date by NoBroker.com amounts to USD 20 million. "Our aim is to use these funds to expand rapidly and move towards becoming the number one online real estate player in India in terms of closed transactions in next 24 months," NoBroker.com CTO and co-founder Akhil Gupta said. The consumer-to-consumer platform provides a select number of owner contac...
Moglix, a Leading B2B Commerce Company Launches GST Technology for the Manufacturing Sector
News

Moglix, a Leading B2B Commerce Company Launches GST Technology for the Manufacturing Sector

Leading B2B commerce start-up Moglix, today announced the launch of its GST (Goods and Services Tax) technology for the manufacturing sector. In its endeavor to boost the manufacturing sector, Moglix aims to empower SME to large suppliers and buyers through its GST technology (business.moglix.com) to file indirect taxes seamlessly, while maintaining a close vigil on the 100% reconcilability of the entire value chain. Recently, Moglix partnered with a couple of GSP applicants to demonstrate its GST technology to the GSTN (Goods and Services Tax Network) panel for taxpayers and businesses to achieve 100% compliance. Moglix has been working with 200+ large enterprises and 40,000+ SMEs on their supply chain and B2B commerce, powering them with its integrated digital supply chain technology....
Indian Govt Will Release Aadhaar Linked e-payments App Soon
INDIA, News

Indian Govt Will Release Aadhaar Linked e-payments App Soon

Government will soon launch a mobile application to facilitate Aadhaar-linked digital payments and roll out a nation-wide programme to train over 1 crore people on e-payments. "We are going to promote Aadhaar-enabled payment system (AEPS) in coordination with Finance Ministry. About 40 crore bank accounts have been linked to Aadhaar," IT and Law Minister Ravi Shankar Prasad told reporters today. He said that the government is working on a plan to connect rest of the accounts with Aadhaar numbers. He said that there are biometric devices which can be connected to smartphones and convert a smartphone into a Point of Sale (PoS) machine. "We are developing a UPI enabled mobile application. It will be available in 2-4 days. Customer feed Aadhaar number, scan finger on the biometric,...
India’s Leading IT Giant Infosys Invested in Drone Making Startup Ideaforge
FUNDING

India’s Leading IT Giant Infosys Invested in Drone Making Startup Ideaforge

Infosys, a global leader in consulting, technology, outsourcing and next-generation services, today announced that it has made an investment from its Innovation Fund in Mumbai based ideaForge, an Indian startup focused on Unmanned Aerial Vehicle (UAV) solutions. The total amount invested was 70 crores with participation from other investors as well. "We are very excited to have Infosys as an investor and a partner for exploring UAV services and solutions for global customers. This partnership will play an important role in our industrial expansion to address a wide variety of data acquisition and analysis needs," said Ankit Mehta, Co-founder and Chief Executive Officer at ideaForge. ideaForge has built a world-class UAV solution featuring fully autonomous operation, cutting edge fail...
Digital Payment News: Paytm Processes Rs 220 cr Payment, MobiKwik Tie-up With JNU, IIT-Delhi
News

Digital Payment News: Paytm Processes Rs 220 cr Payment, MobiKwik Tie-up With JNU, IIT-Delhi

Digital payments platform Paytm today said it has processed sales of over Rs 220 crore at retail partner outlets during its four-day campaign. The Alibaba-backed company registered three-time surge in payment transactions across offline partner stores during its 12/12 Cashfree Festival, processing over Rs 220 crore in retail sales at partner stores during four days (December 9-12), it said in a statement. The company was processing over 3 lakh transactions per day in offline retail transactions worth around Rs 15-16 crore before the event, a company spokesperson said. "During the festival, we processed more than one million transactions every day worth close to Rs 55-60 crore," she added. Paytm had partnered with several major offline stores including Big Bazaar, Pantaloons, Spenc...
Delhi Based Startup Fresh Food Concepts Secures $2 Million in Pre-series A Funding
FUNDING

Delhi Based Startup Fresh Food Concepts Secures $2 Million in Pre-series A Funding

North India's leading startup for cold-pressed juices, Fresh Food Concepts has secured $2 million in a pre-series A round led by Angel investors Siddhartha Gupta and Ashvin Chadha. This announcement comes as the Delhi-NCR-based startup moves its flagship product Juice Up into the next phase of expansion. Available in over 250 locations across Delhi NCR, Juice Up offers a range of 100% raw and fresh cold pressed juices. Speaking about recent developments, Riju Gupta, Founder CEO, Fresh Food Concepts said, "We are on target to hit 75,000 bottles per month so the timing of this investment is very strategic. Delhi NCR has 50 million people, making it bigger than many countries in the world. This gives us a great opportunity to grow 20X in this region alone." The current round of funding will ...
Apple Looking to Invest $1 Billion in SoftBank Tech Fund
News

Apple Looking to Invest $1 Billion in SoftBank Tech Fund

Apple Inc has held talks to invest up to USD 1 billion in a new USD 100 billion tech fund being set up by Japan's SoftBank Group Corp, a source familiar with the matter told Reuters. SoftBank is investing at least USD 25 billion in the fund and has been in talks with Saudi Arabia's Public Investment Fund (PIF) for an investment that could go up to USD 45 billion. SoftBank has said it plans to make future large-scale investments via the tech fund, rather than on its own. Some of SoftBank's moves have caused concern among analysts, as the firm wrestles with a 13.7 trillion-yen (USD 119 billion) debt pile. SoftBank and Apple were not immediately available for comment. Through the investment, Apple would hope to gain insight on emerging technologies, the Journal said, adding that the...
Paytm to Complete 2 Billion Transactions This Year: VSS, Paytm CEO
Entrepreneurs Talk

Paytm to Complete 2 Billion Transactions This Year: VSS, Paytm CEO

On its way to complete two billion transactions this year surpassing its own expectations, Digital payments platform Paytm today said it aims to become universal payments app across every bank account. The company also said it aspires to enter the US market in the long run as it sees an opportunity there. "Today Paytm is on the way to complete 2 billion transactions this year. I personally did not expect 2016 to end on such number. Our numbers are at 2 billion transactions this year, which in turn will enable us to become really the transaction layer on top of every bank account," Paytm Founder and CEO Vijay Shekhar Sharma told reporters here. He said, "With connectivity with the UPI (Unified Payment Interface)we will become the payment app for every bank account. With UPI support Paytm ...
Indore Based Fitness App Froyofit Raises Pre-Series A Funding From Indian Actress
FUNDING

Indore Based Fitness App Froyofit Raises Pre-Series A Funding From Indian Actress

Indore-based fitness discovery platform, Froyofit has raised an undisclosed amount of Pre-series A funding in a round led by Dr. Pooja Gandhi, who is an Indian actress and producer and works mainly in Kannada and Tamil cinema and has two Filmfare awards to her name. Pooja will also be the face of Froyofit in South Indian market. Froyofit is a fitness app available on Android and iOSplatforms and caters mainly to the tier-2 market of fitness enthusiasts. "This capital will give us additional resources to expand strategically into new markets, innovate rapidly, and deliver on our vision to make fitness discovery easy and accessible to everyone," said Piyush Jain, Founder of Froyofit. "The response to the concept of fitness discovery is really overwhelming in tier-2 markets and we consi...
Visa to Acquire CardinalCommerce to Secure and Accelerate Digital Commerce
ACQUISITION

Visa to Acquire CardinalCommerce to Secure and Accelerate Digital Commerce

Visa today announced an agreement to acquire CardinalCommerce, an industry leader in e-commerce payment authentication. The acquisition will enable more secure, seamless payments, whether made through a browser, mobile app, or connected device, and will help Visa’s clients and merchant partners accelerate digital commerce. “This strategic acquisition combines Visa’s industry expertise and Cardinal’s critical role in payment authentication to bring added security to online transactions, reduce fraud, and support digital commerce which is the fastest growing commerce segment today,” said Mark Nelsen, senior vice president of Risk and Authentication Products at Visa. “By helping merchants, acquirers, and issuers better distinguish between good and bad transactions, Visa is in an even bette...
Global IT firm Ericsson Willing to Mentor Startups in India
News

Global IT firm Ericsson Willing to Mentor Startups in India

Global IT firm Ericsson today said it is willing to extend helping hand to mentor start-ups in India. "The start-up economy in India is booming. In the next couple of years, it will be huge," Ericsson India Global Services managing director Amitabh Ray told Pixr8 on the sidelines of Infocom ICT seminar here. He said Ericsson is studying how the start-up ecosystem is being built in India. "We want to see how the start-ups are doing and what kind of disruptions can it bring. If we find that any start-up needs mentoring, we can think of it," Ray said. When pointed out 99 per cent of the start-ups were failing, he added VCs hire people who were expert in killing companies which do not have a future in order to stop the drainage of resources. To a query, he said Ericsson does not ha...