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Paytm Appoints Renu Satti as a CEO of Paytm Bank, Shinjini Kumar Quits

17May By AnkitaNo Comments

News

Paytm Appoints Renu Satti as a CEO of Paytm Bank, Shinjini Kumar Quits

After months of delay, Paytm is now set to commence its payments bank operations from May 23, having received the final approval from the Reserve Bank of India. The digital payments and commerce firm has named Renu Satti as its new CEO, following the departure of Shinjini Kumar. "Paytm Payments Bank Ltd (PPBL) has received the final licence from the RBI and would commence its operations on May 23, 2017," it said in a public notice. A Paytm spokesperson said: "We recently received approval from RBI for Renu Satti to be the CEO." Satti had joined Paytm in 2006 as manager human resources and over the years, has been involved with various departments at the company. Most recently, she was heading the movie ticketing business as vice president. Before Paytm, she has worked with M...

Fynd Raises Series A of USD 500k From Silicon Valley Based Rocketship

15May By AnkitaNo Comments

FUNDING

Fynd Raises Series A of USD 500k From Silicon Valley Based Rocketship

Mumbai, May 15th, 2017: Underlining its commitment to offer superior customer experiences with real time fashion discovery, Fynd, the unique fashion e-commerce portal, recently raised follow-up funds of USD 500k from Silicon Valley-based Rocketship. This new capital has been raised in an extension of the Series A funding round wherein the fashion e-commerce portal had raised USD 500k from Venture Catalysts in March. Fynd seeks to chiefly utilise the funds to strengthen its tech backbone, optimize its operations and further enhance its customer offerings as well as strategies. Fynd will leverage the VC firm’s expertise in data mining and machine learning capabilities to emerge as a household name in the fashion e-commerce space. The Series A funding comes close on the heels of the compan...

Indian IT Industry Will Layoff 2 Lakh Engineers For Next 3 Years

14May By AnkitaNo Comments

ANALYSIS

Indian IT Industry Will Layoff 2 Lakh Engineers For Next 3 Years

Executive search firm Head Hunters India today said the job cuts in IT sector will be between 1.75 lakh and 2 lakh annually for next three years due to under-preparedness in adapting to newer technologies. "Contrary to media reports of 56,000 IT professionals to lose jobs this year, the actual job cuts will be between 1.75 lakh and 2 lakh per year in next three years, due to under- preparedness in adapting to newer technologies," Head Hunters India Founder-Chairman and MD K Lakshmikanth told PIXR8, analysing a report submitted by McKinsey & Company at the Nasscom India Leadership Forum on February 17. McKinsey & Company report had said nearly half of the workforce in the IT services firms will be "irrelevant" over the next 3-4 years. McKinsey India Managing Director Noshir...

13May By AnkitaNo Comments

CHINA

Peak Releases China’s First 3D Printed Running Shoes

China's leading professional sports brand Peak released its first 3D printed running shoes, "FUTURE I", which are being sold on Tmall at the price of RMB1299. Peak becomes the third sports brand to release and sell 3D printed running shoes after Adidas and Under Armour. At the press conference, Zhihua Xu, general manger of Peak Sport said, "This pair of 3D printed shoes is Peak's latest outcome of Peak Innovation Strategy, our goal is to build Peak as the most international, professional and innovative sports brand in China." 3D printed running shoes are based on the most popular Peak FLY V, with 3D printed technology applied to achieve technological innovation. The comfortable and breathable shoes are made with special lattice structure as insole by using 3D technology, and SLS lase...

SoftBank Suffered Rs 9,000 Cr Valuation Loss From Ola, Snapdeal

10May By AnkitaNo Comments

News

SoftBank Suffered Rs 9,000 Cr Valuation Loss From Ola, Snapdeal

Japanese conglomerate SoftBank Group has booked a valuation loss of USD 1.4 billion or over Rs 9,000 crore on its investments in Snapdeal and Ola as the startups faced heat from foreign rivals with deep pockets. SoftBank said it suffered a loss of USD 1 billion (Rs 6,500 crore) on its investment in Snapdeal, almost matching the money it has put in the home-grown marketplace during 2016-17. "Highly competitive e-commerce market in India has made a trend of the companys business performance lower than initially anticipated," SoftBank said in its earnings statement. SoftBank which has committed investments of USD 10 billion in India has been working on a plan to sell Snapdeal to larger rival Flipkart. While it has got most board members of Snapdeal to agree to the proposal, it is ...

10May By AnkitaNo Comments

INDIA

Indian Railway Started Delivery of Train Tickets at Doorstep

IRCTC has offered delivery of rail tickets allowing passengers to make payment through any payment mode, including cash. Broad-basing the customer service, the Indian Railway Catering and Tourism Corporation has now introduced pay-on- delivery service allowing passengers to book train tickets online and pay at the time of delivery. IRCTC through its website and mobile app has now introduced pay-on-delivery as one of the payment options for its customers, said a senior IRCTC official. Delivering tickets at the consumers doorstep by offering the pay-on-delivery (PoD) option will facilitate those consumers who book through travel agents to move to online medium. It will also encourage people who book at railway reservation counters to move to online medium as there is a cost and e...

Chaayos Will Open 20-30 Outlets in Few Months

9May By AnkitaNo Comments

News

Chaayos Will Open 20-30 Outlets in Few Months

Homegrown tea cafe chain Chaayos is looking to scale up its presence in Mumbai and Delhi, and plans to open about 20-30 outlets in the next few months. "We are looking at expanding in and around our current hubs Delhi and Mumbai. We are looking to open about 20-30 outlets in the next few months," Chaayos co-founder Raghav Verma told Pixr8. Chaayos currently runs 31 outlets across Delhi-NCR and Mumbai. "We can open another 15-20 outlets in Mumbai itself going forward, as it is under-penetrated. We are looking to open outlets in Pune, Gujarat, Goa, Chandigarh, Jaipur, and highways around NCR this year," he added. The Tiger Global-backed company is also betting big on the deliveries business, Verma said. "Our deliveries business is growing rapidly at almost 20 per cent mo...

Online Match Making Platform Matrimony.com Files For Rs 350 Crore IPO

8May By AnkitaNo Comments

BUSINESS

Online Match Making Platform Matrimony.com Files For Rs 350 Crore IPO

Matrimony.Com, which runs online match making business under BharatMatrimony brand, today filed draft papers with markets regulator Sebi to raise an estimated Rs 350 crore through an IPO. The initial public offer (IPO) consists of a fresh issue aggregating up to Rs 130 crore and an offer for sale of up to 3,767,254 equity shares. Proceeds from the issue will be utilised for advertising and business promotion activities, purchase of land for construction of office premises in Chennai, repayment of overdraft facilities and general corporate purposes. According to sources, the company is expected to garner Rs 350 crore through the public offer. Axis Capital and ICICI Securities are the book running lead managers to the issue. Matrimony business currently comprises two segments ...

Urban Ladder Launches First Exclusive Sofa Lounge

7May By AnkitaNo Comments

News

Urban Ladder Launches First Exclusive Sofa Lounge

Urban Ladder, a leading consumer brand in the home furnishing space, today launched another unique offline store format. Exclusively designed for Sofas, Urban Ladder’s first sofa lounge is located in HSR Layout, Bangalore, the heart of the city’s largest new home belt. Redefining the sofa buying process, the 600 sq. ft. store has been innovatively designed to showcase 60% of Urban Ladder’s highest selling category. The store is supported with a strong digital interface providing customers a cumulative Urban Ladder experience. The physical experience of buying a sofa involves various ergonomic factors such as overall comfort, cushion density, fabric quality, colour etc. Customers can now physically experience the quality and comfort of the range, assess dimensions and fabric preferences....

6May By AnkitaNo Comments

USA

TCS Open Drones Research Lab in US

Countrys largest IT exporter TCS today said it has opened a special facility in Ohio, US to conduct research on drone usage across industries. "Forward-thinking companies worldwide are at different stages of exploring drone technology to reimagine existing operational processes and transform the way they do business," its chief technology officer K Ananth Krishnan said. The TCS Drones Research Lab at Cincinnatis Seven Hills Park Innovation Center includes indoor labs, showcase, warehouse, and outdoor terrain footprints, a company statement said. The lab provides experimentation and co-innovation environment for customers to build solutions for specific industry problems in accelerated 30-60-90-day delivery cycles, it added. It can be noted that the unmanned aerial vehicles are ...

4May By AnkitaNo Comments

ACQUISITION

CarTrade.com Acquires Adroit Inspection

Online auto classifieds platform CarTrade has acquired vehicle inspection and valuation company Adroit Inspection for an undisclosed amount. Adroit Inspection has tie-ups with banks and insurance companies and has team of over 300 field inspectors spread across the country. The acquisition of the inspection and valuation company will further strengthen its services in the new and used car segment, the company said in a statement today. CarTrade, post its merger with Carwale in 2015, claims to be the leading automobile marketplace that helps consumers to buy and sell new and used cars. CarTrade Founder and CEO Vinay Sanghi said: "There are immense opportunities waiting to be tapped in the vehicle inspection and valuation space. The Adroit team undoubtedly is the best in the mark...

Cisco to Acquire Indian Origin CEO Led Startup For $610 Million

4May By AnkitaNo Comments

ACQUISITION

Cisco to Acquire Indian Origin CEO Led Startup For $610 Million

American technology giant Cisco has said it will pay USD 610 million in cash to acquire a networking start-up led by an Indian-origin software industry veteran. Cisco will buy Viptela, a privately held software-defined wide area network (SD-WAN) company based in San Jose, a move that will expand its portfolio. Viptela CEO Praveen Akkiraju, a University of Madras and Harvard Business School alumnus said, "the companys fabric, as it relates to SD-WAN and cloud networking, fits in as an important piece of Ciscos Enterprise Networking strategy which is driving an industry-wide transition to a software centric architecture and business model." Viptela was founded by 2012 by former Cisco engineers, some of them hailing from the Indian sub-continent. Cisco will buy Viptela for USD 610 mil...