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27Jan By AnkitaNo Comments

ACQUISITION

Giftxoxo Acquires Mumbai-Based Actizone

BENGALURU: Bangalore-based Giftxoxo a gifting company, has acquired Mumbai-based, Actizone, an online marketplace for extracurricular activities classes for kids for an undisclosed amount. "Actizone will help us cater to the large kids activities market in India. It'll add to our existing portfolio of activities in different categories," said Manoj Agarwal, cofounder of Giftxoxo, owned by Nreach Online Services Pvt. Ltd. Giftxoxo, a four-year-old startup, has an app called Frogo that helps customers discover and book activities, experiences and professionals around their city or a travel destination. This move is expected to help Frogo to cater to the kids activities market in India. As per the deal, Actizone co-founder, Rajat Varma, will join Nreach and will lead the sales and bu...

Nalanda Capital Acquired More Stakes in Just Dial For Around $18M

25Jan By AnkitaNo Comments

ACQUISITION

Nalanda Capital Acquired More Stakes in Just Dial For Around $18M

Nalanda Capital, a Singapore-based public market-focused private equity style investment firm has increased its stakeholding in Mumbai-based Just Dial Ltd. Nalanda Capital has acquired 2.04 percent stake in the company for an estimated Rs 115-120 crore ($18 million) last week. it had also acquired some shares last month. ALSO READ: Big Startups Are Ready to Big Startups Are Ready to Enter Into the Indian Share Market In December 2015, Sequoia Capital reduced its shares in the company selling another chunk of its stake in the company. This is its third part-exit. Tiger Global and SAIF Partners had also trimmed its holding part in the company. About Justdial- Founded by VSS Mani in 1994, Just Dial is a local search firm that provides both B2C and B2B li...

22Jan By AnkitaNo Comments

FUNDING

Adult Products Based Portal IMbesharam, Has Raised Series A Funding

An Adult products based portal IMbesharam, has raised Series A funding worth $4 million from US-based investors Pavel Vassiliev and Rafiq Hirani. The company was founded by Salim Rajan and Raj Armani in 2011 and claims to have 120 international brands (and 4,000 SKUs) across apparel, adult toys, jewelry, accessories, cosmetics and gift cards for both men and women. The company will launch a US store, 4 warehouses in India, hire employees in India and the US and launch a responsive website this year with the funding. It also plans to use $1 million for a marketing campaign, according to the report. IMBesharam explains why it chose the name on its website, “..We believe we all are Besharam, whether we like to accept it is another story… Because we want to educate people about sex, g...

Puneet Dalmia Invests in “Online Citizen Engagement Platform LocalCircles”

22Jan By AnkitaNo Comments

FUNDING

Puneet Dalmia Invests in “Online Citizen Engagement Platform LocalCircles”

After getting funded by leading industrialists, Anand Mahindra and Nadir Godrej, online citizen engagement platform LocalCircles said Dalmia Group Managing Director Puneet Dalmia has become an investor in the company. LocalCircles, which enables citizens to connect with national and local governance, will use the funds to expand its presence, strengthen technology and recruit more talent, LocalCircles Chief Strategy Officer K Yatish Rajawat said. He, however, declined to comment on details of the investment. "We have a user base of about one million users. We see this growing to about 30 million in the next 3-5 years. We will use the funds to double our presence to 200 cities," he added. Sachin Taparia, Chairman and CEO, LocalCircles said the company represents Social M...

FreeCharge Launched New Virtual Card ‘FreeCharge Go’, in Partnership With Yes Bank and MasterCard

21Jan By AnkitaNo Comments

News

FreeCharge Launched New Virtual Card ‘FreeCharge Go’, in Partnership With Yes Bank and MasterCard

One of the Leading Mobile wallet players in India, FreeCharge has launched its new virtual card 'FreeCharge Go', in collaboration with Yes Bank and powered by MasterCard. The integration of "Freecharge Go" is now live, and enables universal payments of its app online and offline through a prepaid virtual card, which can be activated in a few seconds, the company said. We were able to get a virtual card generated in no time by logging on to a FreeCharge account on the web, where entering an MPIN was all it took to generate a FreeCharge Go card. Users can top up this card by adding money to FreeCharge wallet, and use it to make payments on Indian e-commerce websites, the company said. We've reached out to the company for a comment on whether the card will facilitate payments on services re...

21Jan By AnkitaNo Comments

INDIA

A Gift from Indian Railway, First CNG Train Has Been Launched in Haryana

New Delhi - A new chapter added in the history of Indian Railway today. The first CNG train of Indian railway started between Rewari to Rohtak cities, comes under Haryana, a state of India. Using Remote Control the Railway Minister of India, Mr. Suresh Prabhu, inaugurated this CNG Train. This CNG DMU Train also has the option to run using Diesel System. The use of CNG will create more energy resources and less consumption of Diesel - said Indian Railway Minister. He also said that creating more options will decrease our dependency to use traditional energy resources. 1400 Horsepower Engine For Diesel-CNG train, Indian Railways specifically commissioned a 1400 horsepower engine. As per the estimates, Rewari Passenger Train will use more than 20 per cent of CNG to cover 81 km ...

First Store Chain in Japan to Use China’s Online Payment Solution Alipay

19Jan By AnkitaNo Comments

BUSINESS

First Store Chain in Japan to Use China’s Online Payment Solution Alipay

Japanese department store chain Kintetsu announced on Monday that it will introduce China's online payment solution Alipay in four of its department stores in Osaka so as to attract more Chinese tourists. According to Kintetsu, it would be the first department store chain in Japan to use Alipay, though the well-known Chinese online payment solution has already been used by the discount chain store Don Quijote and the consumer electronics retailer Yamada Denki in Japan since last year. "Alipay is a payment platform with over 400 million users in China. Chinese customers will be able to use the Alipay app on their cellphones to pay for the commodities they have bought in our department stores, which will be very convenient for them." said Aki Shokyoku, foreign business dire...

Russian Inventor designed ‘detachable cabins’ that can save lives during plane crash

19Jan By AnkitaNo Comments

News

Russian Inventor designed ‘detachable cabins’ that can save lives during plane crash

A Russian inventor claims that he has perfect plan for "detachable cabins", which could save lives in a plane crash. Vladimir Tatarenko unveiled the patented concept, which he’s been working on for three years. The early stages of his concept in a video that sees the capsule detach from the cockpit of the plane. “Surviving a plane crash is possible. While aircraft engineers all over the world are trying to make planes safer, they can do nothing about the human factor,” he reportedly told LiveLeak. The demonstration shows how the cabin can detach at any time throughout the flight, including takeoff and landing, and, with the help of parachutes, safely land on water or ground. Passengers may be pleased to learn the cabin would also include the undercarriage of the plane, ...

Govt to announce friendly tax regime for start-ups in Budget: Arun Jaitely

16Jan By AnkitaNo Comments

INDIA

Govt to announce friendly tax regime for start-ups in Budget: Arun Jaitely

“ Government in the Budget next month will announce a friendly tax regime that will encourage setting up of startups in the country ” Government in the Budget next month will announce a friendly tax regime that will encourage setting up of startups in the country, Finance Minister Arun Jaitley said today. "We have already worked upon an entrepreneur-friendly taxation regime. There are some steps, which can be taken up by notifications, which would be taken forthwith. Others require legislative provisions, which can only come as part of the Finance Bill when Budget is presented in order to create a friendly taxation regime for startups," he said at the Start Up India conference here. Recognising the need to encourage startups, a fund was suggested in the Budget last year, he...

Chinese Shoppers Spent USD 128 Per Person On Overseas Purchases: Alipay Report

15Jan By AnkitaNo Comments

ANALYSIS

Chinese Shoppers Spent USD 128 Per Person On Overseas Purchases: Alipay Report

On Tuesday, Ant Financial, Alibaba’s financial service affiliate, released its 2015 Alipay consumer spending report. Alipay is a business operated by Ant Financial and China’s largest third-party online payment service provider. This annual report sheds light on the online consumption behavior of Chinese people and the penetration of mobile internet in China. 1. Shanghai tops the list Shanghai residents topped the list by spending an average of RMB 104,155 (USD 15,832) per person on Alipay in 2015, more than any other provincial-level regions in China. Zhejiang province followed closely at RMB 94,192, with Beijing, Jiangsu province and Fujian province tailing behind. In terms of total payment volume by provincial-level regions, Guangdong, Zhejiang, Jiangsu, Shanghai and Beij...

14Jan By AnkitaNo Comments

INDIA

Himachal Will Become First Indian State To Run Zero Emission Buses

SHIMLA- Himachal Pradesh will soon be the first state in India to introduce inter-state zero-emission electric buses. The Central government sanctioned Rs 35 crore for the project and the process of tender has started. We will receive funds to introduce environment friendly electric bus service. Charging stations will be set up at bus stands soon,said Transport Minister GS Bali. The Government of India is to pay 75% of the funds for the project with the state to cover 25%. However, the state government wants the Centre to pay 90% and will take it up with the Union government. We believe that the funds should be sanctioned to us in 90:10 ratio. I will meet Union transport minister to discuss the issue. The buses, each costing Rs 1.75 crore, will be imported. These ...

CarTrade.com raises Rs950 crore investment

13Jan By AnkitaNo Comments

FUNDING

CarTrade.com raises Rs950 crore investment

Mumbai: Cartrade.com, an online auto classifieds company also known as MXC solutions Pvt. Ltd has raised Rs.950 crore funding led by Singapore-based investment firm Temasek and March Capital, with participation from existing investor Warburg Pincus. The company had raised $30 million in 2014 from a group of investors that included Tiger Global, Warburg and Canaan Partners. The company was founded in 2009 by Vinay Sanghi. Earlier it had raised $30 million from Tiger Global, Warburg and Canaan Partners. The funding will use to expand its offerings for users and dealers. The company will be looking at a few more acquisitions to strengthen its position in the market. The company operated only on the space of used cars until in November 2015 it acquired Carwale to enter into the new cars s...