Tuesday, May 21

Author: Gauri Singh

New-York based TrueFacet Raises $10 Million in Funding
FUNDING

New-York based TrueFacet Raises $10 Million in Funding

New-York based TrueFacet that sells pre-owned authenticated watches and jewellery has reportedly raised funds amounting to $10 million in a fresh funding round. This round was led by partner Jason Stoffer, who also happens to sit on the board of Dolls Kill, an edgy clothing marketplace. The company claims to have more than 40,000 watches and 55,000 pieces of pre-owned authenticated watches and jewelry for sale at its site, and that has more recently begun offering pre-owned timepieces directly through brands like Fendi Timepieces, Raymond Weil and Roberto Coin. TrueFacet has some tough competition in the space, including Crown & Caliber, a six-year-old, Atlanta, Ga.-based company that has never announced outside funding, and 15-year-old, Germany-based Chrono24, which has raised...
US based Netflix to Open India HQ on Lease in Mumbai
BUSINESS

US based Netflix to Open India HQ on Lease in Mumbai

US based video streaming service provider Netflix has reportedly picked up 1.5 lakh sq ft office space in Bandra-Kurla Complex (BKC), Mumbai's new business district, on long-term lease to set up its India head office. The video streaming giant leased the office space spread over two floors in commercial tower Godrej BKC from promoters of D'decor Home Fabrics. Netflix will be paying a rent of 265 per sq ft a month for this office space taking the total annual pay-out to 47.70 crore. The total tenure of the lease is nine years and the contract includes a clause to cover 15% rental escalation at the end of every three years. India is one of the most lucrative markets for Netflix and it is looking to expand here and focus on original content for the local market. ...
Internet Access in India has Surpassed 50-crore Mark
INDIA

Internet Access in India has Surpassed 50-crore Mark

The number of internet connections in India has grown by 65% from March 2016 to cross the 50 crore mark in 2018, in line with the target set by the Narendra Modi government three years ago. As per the latest information from the Telecom Regulatory Authority of India (Trai), by the end of September 2018, there were 56 crore narrowband and broadband connections in India. Comparatively, there were just 34 crore connections as of March 31, 2016, which increased to 42 crore by March 31, 2017. By March 31, 2018, the total number of internet connections stood at 49 crore. That number increased to 51 crore internet connections at the end of June this year before the figure touched 56 crore as of September 30, 2018. Union telecom minister Ravi Shankar Prasad had stated, “My...
Foxconn will now Assemble Top-end Apple iPhones in India
News

Foxconn will now Assemble Top-end Apple iPhones in India

Apple will begin assembling its top-end iPhones in India through the local unit of Foxconn as early as 2019, the first time the Taiwanese contract manufacturer will have made the product in the country, according to a source familiar with the matter. Importantly, Foxconn will be assembling the most expensive models, such as devices in the flagship iPhone X family, the source said, potentially taking Apple's business in India to a new level. The work will take place at Foxconn's plant in Sriperumbudur town in the southern state of Tamil Nadu, said the source, who is not authorised to speak to the media and so declined to be named. Foxconn, which already makes phones for Xiaomi in India, will invest Rs 2500 crore ($356 million) to expand the plant, including investme...
Bloom Hotels Raises Rs 100 crore in a Fresh Funding Round
FUNDING

Bloom Hotels Raises Rs 100 crore in a Fresh Funding Round

Bloom Hotels has reportedly raised funds amounting to Rs 100 crore in a fresh round of funding. This round was led by Samena Capital, taking the principal investment group's stake in the company to 45%. Samena Capital had earlier invested Rs 100 crore in Bloom Hotels for 35% stake in the company in April this year. "With a view on keeping up with the company's accelerated growth and management's effective on the ground execution, Samena Capital has raised its Series B investment to Rs 200 crore within a few months after the initial investment into the company," Bloom Hotels said in a statement. The company is targeting signing a 100 hotels within the next 18 to 24 months as part of its first phase growth, it added. The additional capital will be utilised to complet...
Kishore Biyani Looks for an Opportunity to Create an Indian Amazon/Alibaba
News

Kishore Biyani Looks for an Opportunity to Create an Indian Amazon/Alibaba

The founder of Future Group Kishore Biryani is looking forward to grab the opportunity to build an Indian Amazon or Alibaba. This has come up after the government has banned online marketplaces from selling products by companies in which they hold stakes and also curbed exclusive marketing arrangements that could influence product prices. “It’s a game-changer for us. This is not really a policy but more of a clarification and every retailer will have to adhere to it. They can’t build brands now,” said Biyani. Biyani, who’s never made a secret of his disdain for e-commerce rivals for their predatory pricing, said most online companies will have to contend with being just a marketplace that connects buyers and sellers through technology. “There was no chance we could have...
Amazon adds “Tens of Millions” of New Prime Subscribers on its Platform
Tech

Amazon adds “Tens of Millions” of New Prime Subscribers on its Platform

Amazon has announced that it added “tens of millions” of people who signed up for Prime memberships, both paid and on a trial basis. Its worldwide customers also shopped and ordered more items than ever before, including “millions more Amazon devices” compared with this time last year. The device best-sellers, as on Black Friday, again included Amazon Echo speakers and Fire TV. Specifically, Amazon said its top devices sold over the holidays were the Echo Dot, Fire TV Stick 4K and the Echo. Millions of Fire TV devices, Fire tablets and Kindle devices were also sold. Smart home devices sold in record numbers as well, with best sellers including Amazon Smart Plug, Ring Video Doorbell 2, TP-Link Kasa Smart Plug Mini Outlet and the iRobot Roomba 690. The lower-cost Echo Dot has...
Apple’s Taiwanese supplier Wistron Plans Capital Infusion
BUSINESS

Apple’s Taiwanese supplier Wistron Plans Capital Infusion

Apple’s Taiwanese supplier Wistron Infocomm Manufacturing India is planning capital infusion and has increased the authorized share capital of the company from Rs 185 crore to Rs 3,000 crore that signals a fresh round of capital infusion into its India unit. Wistron India, at its EGM recently, approved the altered capital clause wherein the authorized share capital of Rs 3,000 crore is divided in 300-crore equity shares with face value of Rs 10, showed a recent Registrar of Companies (RoC) filing.  Wistron’s wholly-owned subsidiary SMS Infocomm Singapore has been allocated 10.3 crore shares worth Rs 102.9 crore. An email sent to Wistron on the enhanced authorized share capital didn’t elicit a response. Wistron India, the original equipment manufacturer (OEM) and origina...
Electric Scooter Maker Ather Energy Eyeing to Raise Funds for Development
FUNDING

Electric Scooter Maker Ather Energy Eyeing to Raise Funds for Development

Ather Energy is reportedly planning to raise an amount of Rs 200 crore - Rs 300 crore over the next year to expand to new markets and further its product development plans. Ather Energy had launched two scooters, Ather 450 and Ather 340, in June this year and had begun deliveries of Ather 450 in Bengaluru in September this year. This launch came nearly two years after it was first unveiled in February 2016. "We are looking at around 5-6 months to deliver our first production lot that will about around 2,000 vehicles" Ather Energy chief executive Tarun Mehta had stated. While both the scooters featured similar hardware at launch, Mehta had said they will be making a few hardware changes to differentiate the offerings in due course of time. T...
Uber Ties Up with Delhi Metro For Last Mile Connectivity
INDIA

Uber Ties Up with Delhi Metro For Last Mile Connectivity

US based hide hailing major Uber has partnered with Delhi Metro Rail Corporation (DMRC) to improve first-mile/last-mile connectivity.  As part of this partnership, Uber will set-up kiosks across designated metro stations for Uber Rider Assistants to facilitate riders to book an Uber ride even without the App. It will also place signages at selected locations in the stations and have an earmarked area for Driver-Partners that will help create a dedicated pick-up area. Mangu Singh, Managing Director, Delhi Metro Rail Corporation (DMRC), said that their agenda is to make mobility seamless by providing access to feeder transportation and to help their passengers reach their ultimate destinations. "With this collaborative partnership with cab aggregators like...
Bike Tax Service Baxi Plans to Roll Out a Hyperlocal Delivery Model
Automobile, News

Bike Tax Service Baxi Plans to Roll Out a Hyperlocal Delivery Model

Gurgaon-based 74 BC Technologies, which owned and operated bike taxi service Baxi, is reportedly in the process to launch a hyper-local delivery model. For this, the company has tied up with two major FMCG brands. Baxi had raised Rs 10 crore in 2015 from a host of well-known early-stage investors and is in the final stages of launching its hyper-local delivery service, which is expected to go live in January. The company has also partnered with home-grown consumer goods brand Patanjali Industries and dairy major Mother Dairy. As part of the pivot, Baxi will rebrand as B-fresh, and will deliver goods, across the dairy, fruits and vegetables, drugs and other household items to consumers spread across Gurgaon and certain parts of Delhi. “The idea was to tie up wi...
Facebook Hikes Legal and Advertising Expenses in India
INDIA

Facebook Hikes Legal and Advertising Expenses in India

The social networking giant Facebook has doubled its annual spending on legal and advertising expenses and investment in India, underlying the complexity of challenges it faces from regulators to deal with the enormous amounts of incendiary messages exchanged on its platform. The Menlo Park-based company is going through one of its toughest years after its image took a drubbing for privacy breaches and data misuse. In India, the government and regulators are watching how the social-media giant is dealing with privacy concerns, especially when the country goes to the polls next year. For 2017-18, Facebook India’s advertising and promotional spends went up by as much as 122% to Rs 94 crore, while its legal department saw costs shooting up by around 85% to Rs 78 crore. ...