Ankita | Pixr8 News

Axilor Ventures Tie-up With PayU India as Industry Partner For Its Accelerator Program

17Feb By AnkitaNo Comments

BUSINESS

Axilor Ventures Tie-up With PayU India as Industry Partner For Its Accelerator Program

Early stage fund, Axilor Ventures, bets on new opportunities around Fintech; signs up PayU India as the industry partner for its Accelerator Program. Axilor has recently announced doubling the intake for its Summer ’17 Accelerator Program. Fintech is one of the five focus areas for the cohort in the Summer '17 batch. Together with PayU India, Axilor aims to improve the odds of success of FinTech startups and make them investible faster. Ganapathy Venugopal, Cofounder and CEO of Axilor Ventures, said, “The recent changes have accelerated the adoption of digital services in both consumer and enterprise segments - financial services are one of the most underserved needs and will see rapid innovation. We are looking for Fintech startups that will drive this change.” “For startups in the pa...

SAIF Partners Sold Its Entire Shares in Makemytrip, Received 16x Returns Around $400 Million

16Feb By AnkitaNo Comments

News

SAIF Partners Sold Its Entire Shares in Makemytrip, Received 16x Returns Around $400 Million

One of the leading Venture capitalist SAIF Partners has sold its entire 11 percent stake in MakeMyTrip and the transactions are estimated to be 400 Million, a largest cash exit in India’s venture capital industry. The news was first reported by economic times. Founded in 2000 by Deep Kalra, Keyur Joshi and Rajesh Magow, Makemytrip shares surged by over 50 percent following its merger with the Ibibo Group. The Nasdaq-listed company’s received about USD 25 million in travel company’s series B and series C round of funding between 2005 and 2008 and owned 41 percent stake in the company when it debuted in Nasdaq in 2010. This is an exceptional investment exit as venture capital firms in India are facing difficulties to generate cash from the investment as only few of the companies have o...

For Mukesh Ambani Right Team and Using Investors Money Carefully is a Path To Success

15Feb By AnkitaNo Comments

Entrepreneurs Talk

For Mukesh Ambani Right Team and Using Investors Money Carefully is a Path To Success

Reliance Industries chairman Mukesh Ambani, who is betting big on data-driven telecom with his Jio Infocomm, today described the digital play sweeping the world as the fourth industrial revolution and said data is the "new oil". "The foundation of the fourth industrial revolution is connectivity and data. Data is the new natural resource. We are at the beginning of an era where data is the new oil," Ambani said at the opening day of 3-day Nasscom leadership forum here. Salient feature of this revolution is "convergence of the physical biological and digital sciences" and "we are on the verge of an exponential change", he said. Predicting that India will be a key player in this revolution, Ambani said with "our large talent base, we will have a competitive advantage in this era." ...

Indian Government Made No Provision to Allocate Funds to Startups Under Startup India Initiative

14Feb By AnkitaNo Comments

INDIA, News

Indian Government Made No Provision to Allocate Funds to Startups Under Startup India Initiative

The government has made no provision for its ambitious India Aspiration Fund, part of StartUp India initiative, for the next financial year and has reduced the allocation to Rs 100 crore from Rs 600 crore made earlier for the current fiscal. In order to provide support to startups through Fund of Fund operations, IAF, with a corpus of Rs 2,000 crore, was launched by Finance Minister Arun Jaitley in August 2015 to enhance the equity availability to MSMEs. LIC was also made partner and co-investor in the India Aspiration Fund managed by SIDBI. As per the Budget 2017-18 document, the government had made allocation of Rs 500 crore for 2015-16 when the fund was launched. In the following year, a provision of Rs 600 crore was made but reduced significantly to Rs 100 crore as per the ...

Credihealth Launches Online Ambulance Booking Service

13Feb By AnkitaNo Comments

News

Credihealth Launches Online Ambulance Booking Service

Leading medical assistance company Credihealth today launched a first-of-its-kind 24-hour online ambulance booking service in Gurgaon in National Capital Region (NCR). The service aims to bring emergency medical care to people's doorstep, the company said in a release issued here. Leading Gurgaon hospitals have partnered with Credihealth to be a part of this endeavour. "Most regular doctors are not accessible at night, but some medical conditions require immediate action. Any sort of delay can complicate the situation. This new feature is aimed to fulfil our goal of facilitating the access to convenient online healthcare service for the common man. We plan to follow-up on the launch of the first phase of our 24-hour ambulance service in Gurgaon by rolling out more such services ac...

Ola Hires Pranav Tiwari, Sanjay Kharb to Lead Its Engineering Operation

13Feb By AnkitaNo Comments

News

Ola Hires Pranav Tiwari, Sanjay Kharb to Lead Its Engineering Operation

Transportation app Ola today said it has roped in two new executives, Pranav Tiwari and Sanjay Kharb, to strengthen its core technology leadership. Tiwari, former CTO of Cellworks, has joined Ola as Vice President of Engineering and will work towards optimising growth and profitability by bringing in necessary efficiencies in the supply chain function, Ola said in a statement. An ex-Googler, he has over 35 patents in his name. Under him, the team will focus on building solutions that effectively optimise use of vehicles on the platform, reduce deviations in routes and improve customer-driver matching. Kharb, who was earlier VP Production Engineering at InMobi, has joined as Vice President of Engineering Infrastructure and will strengthen efficiencies in Ola's technology infrastruct...

Govt Issues Notices to RJio, Paytm For Using PM Photo in Advts

11Feb By AnkitaNo Comments

News

Govt Issues Notices to RJio, Paytm For Using PM Photo in Advts

The government has slapped notices on billionaire Mukesh Ambani-led Reliance Jio Infocomm and Paytm for using the Prime Minister's photograph in their advertisements. The Ministry of Consumer Affairs, which is custodian of prestige of High Offices like President and Prime Minister as well as historic figures, sent the notices under the Emblems and Names (Prevention of Improper Use) Act of 1950, which bars use of Prime Minister's name and picture for commercial use. "We have sent notices to both (the companies) for using PM's picture in their advertisement. We are yet to receive their response," Consumer Affairs Secretary Hem Pande told Pixr8. The Act provides for a nominal financial penalty for violations but more than the monetary fine holding guilty of for improper use o...

Online E-commerce Company Flipkart, Snapdeal & Amazon Raises Concern Over TCS Clause in GST

10Feb By AnkitaNo Comments

News

Online E-commerce Company Flipkart, Snapdeal & Amazon Raises Concern Over TCS Clause in GST

Online retailers Flipkart, Snapdeal and Amazon came together to raise concerns about the tax collection at source (TCS) clause under draft model GST law, saying it could result in a capital lock-down for sellers and discourage them from selling online. This is the first time that the three companies locked in intense competition for leadership of the booming Indian e-commerce market -- have come together to voice their concerns on an industry issue. In the past, they have even taken potshots at one another through social media platforms like Twitter and also offline. Stressing that GST is one of the most forward-looking tax initiatives, the players exuded confidence that it will have a transformative impact on the sector. However, the TCS clause would lead to a capital lock-down o...

9Feb By AnkitaNo Comments

FUNDING

MobiKwik Looking To Raise Fresh Funding in 3 Months

Digital payments firm MobiKwik today said it is looking at raising fresh funding in three months as it revs up expansion to compete head-on with rivals like Paytm. The company, which has raised over USD 85 million in funding so far, also expects to break-even by middle of next year. "We are looking at raising a decent amount of fund. While we are well-capitalised at this time, fresh funding will help us expand our customer base of merchants and consumers. We have grown at a massive pace in the weeks after demonetisation and the funds will help us strengthen our operations and expand," MobiKwik founder and CEO Bipin Preet Singh told PIXR8. He, however, declined to comment on the amount being raised as the discussions are still on. "We are talking to both new and existing investors....

Online Payments Firm PayPal Made Policy Changes For Employees in India

7Feb By AnkitaNo Comments

News

Online Payments Firm PayPal Made Policy Changes For Employees in India

Online payments firm PayPal today said it has enhanced the company's caregiving paid leave policies for its employees in India, including more than doubling its current maternity leave from 12 to 26 weeks and doubling its paternity leave from 5 to 10 days. The company has also introduced paid adoption leave of 16 weeks for its women employees, while the paternity policy has been adjusted to include adoption leave within its mandate, PayPal said in a release issued here. The extended caregiving leave policies are effective from January 1, 2017. "We believe that fostering an open, diverse and innovation-driven culture is essential for our employees to be at their creative best. As part of this effort, our extended caregiving policies not only enable women to come back to work after ...

4Feb By AnkitaNo Comments

News

India Continues to Be a Rather Large Investment For Us: Amazon

E-commerce giant Amazon remains bullish on India, introducing new features for customers and sellers, even as the region continues to weigh heavy on the US-based company's finance. For the December quarter, Amazon's International business posted an operating loss of USD 487 million, up significantly from USD 108 million in the year-ago period. Its North America business had an operating income of USD 816 million (up 28.3 per cent year-on-year), while that from AWS was higher by 59.6 per cent to USD 926 million during the said quarter. Overall, net sales was up 22 per cent to USD 43.7 billion, while net income grew 55.3 per cent to USD 749 million in the fourth quarter. "I'd point out India which continues to be a rather large investment for us... So, it's still very early. We cont...

With 5 Lakh Monthly Visit, Couponhaat Become Delhi’s Leading Coupon & Deals Website

3Feb By AnkitaNo Comments

Story

With 5 Lakh Monthly Visit, Couponhaat Become Delhi’s Leading Coupon & Deals Website

Hola amigos, people-who-love-discounts! We’re just kidding. We all love discounts as much as we love free food. Talking of discounts; there are vouchers, gift cards, buy 1 get 1 free things, cashback, and then to combine all these, we have COUPONS! Coupons and cashback bring happiness to us in loads. Especially for us, Indians, who love to save money and when demonetization is hitting us hard in the guts. Some stats also said that out of 39 million total online shoppers, online shoppers searched coupons and deals for a total of about 37.05 Million in India. Mobile internet use resulted in a 14.2% growth of traffic in the Indian online retail market. So Couponhaat a Delhi based startup which is India’s leading coupons and deals company helps online shoppers to discover the best deals ...