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Vidooly Raises $1.4 Million From GVFL, Times Internet

10May By Press Trust of IndiaNo Comments

FUNDING

Vidooly Raises $1.4 Million From GVFL, Times Internet

Video intelligence startup Vidooly has raised USD 1.4 million (Rs 8.9 crore) in funding from GVFL and Times Internet. Vidooly will utilise the series A funds towards product engineering, marketing, and enhancing sales and distribution channels, it said in a statement. Previously, the company has raised about USD 1 million. "Video consumption over the last couple of years has exploded given faster and affordable internet access and also the rising demand for devices and high quality online content," Vidooly co-founder Nishant Radia said. The aim is to be a dominant player in this space globally, he added. "We plan to utilise the funds raised to expand in attractive markets such as the US, Europe and Asia and also strengthen the team at Vidooly," he said. Vidooly was also a par...

Snapdeal Sale: Softbank a Step Closer to Bring Nexus on Board

10May By Press Trust of IndiaNo Comments

News

Snapdeal Sale: Softbank a Step Closer to Bring Nexus on Board

Japans SoftBank is believed to have moved a step closer to securing the consent of co- investor Nexus Venture Partners (NVP) for selling Snapdeal to Indias largest e-commerce firm Flipkart. A meeting was held today and the impasse over the sale could end soon, people familiar with the matter said. SoftBank the largest shareholder in Snapdeal has been making all efforts to get NVP on board for the sale of Snapdeal, and a breakthrough could come as early as this week. They added that while attempts have been going on for the past few weeks, NVP finally seems to be warming up to the idea. A board meeting is expected to take place tomorrow to deliberate upon the issue. E-mails sent to Snapdeal, SoftBank and NVP did not elicit any response. An yes from NVP is crucial for the deal to...

Tata Technologies Acquire Europe Based Escenda Engineering

8May By Press Trust of IndiaNo Comments

ACQUISITION

Tata Technologies Acquire Europe Based Escenda Engineering

Engineering services company Tata Technologies today said it has entered into a definitive agreement to acquire Escenda Engineering AB. "The acquisition helps Tata Technologies accelerate its plans to expand in Europe due to the rapid growth opportunity the region offers in both the automotive and industrial machinery sectors," the company said in a statement issued here. Following the acquisition, Escenda Engineering will become a wholly owned subsidiary of Tata Technologies Europe, However, the company will maintain the same management team and full workforce under the new ownership. "Through this acquisition, Tata Technologies will leverage its global expertise in engineering services to support key accounts in Sweden and the European market and help them create better products...

Indian-origin girl in UK gets 162 IQ points, more than Einstein

6May By Press Trust of IndiaNo Comments

INSPIRATIONAL

Indian-origin girl in UK gets 162 IQ points, more than Einstein

LONDON: A 12-year-old Indian-origin girl in England, who secured two points higher than geniuses Albert Hawking in the British Mensa IQ test, has been invited to join the coveted society as a member. Rajgauri Pawar appeared in the British Mensa IQ Test in Manchester last month, and scored 162 - the highest possible IQ for someone under the age of 18. She has been invited to join the coveted Mensa IQ test with the highest possible score. Pawar of Cheshire county is among the one per cent of those who sit in the Mensa test and achieve the maximum mark, with the 'genius' benchmark set at 140. She secured 162, two points higher than Einstein and Hawking. She is one of only 20,000 people to achieve the score worldwide, Mensa said. "I was a little nervous before the test but it wa...

6May By Press Trust of IndiaNo Comments

INDIA

Indian Government Will Launch Online Platform To File Sexual Harassment Case

An e-platform that will enable women employees of the central government to file sexual harassment complaints online is likely to be launched this month. "We have worked vigorously in the last two-three years in this area. We are going to launch an online platform where women can file sexual harassment-related complaints," Women and Child Development (WCD) Minister Maneka Gandhi told reporters on the sidelines of a workshop here today. "We have just been waiting for the NIC (National Information Centre) to establish it. It (platform) should be here this month," Gandhi, who was addressing heads of Internal Complaints Committees (ICC) of various ministries and departments, added. The decision to host an online platform for sexual harassment cases was taken by the WCD ministry last O...

5May By Press Trust of IndiaNo Comments

CHINA

Chinas First Passenger Plane Makes Maiden Flight

Chinas first large homemade passenger jet, touted as a competitor to Boeing and Airbus, made its maiden flight from Shanghai today, signalling the Communist giants entry into the global aviation industry. The 158-seater C919 took to the skies from Shanghai Pudong International Airport and made China the fourth jumbo jet producer after the US, Europe and Russia. The twin-engine plane departed with five crew members on board but without any passengers. The "C" in the aircrafts name stands for both China and COMAC, while 9 symbolises "forever" in Chinese culture and 19 represents the maximum 190 seats capacity. With a standard range of 4,075 kilometres, the narrow- body jet is comparable with updated Airbus 320 and Boeings new generation 737, signalling the countrys entry into the...

Indian Startup Funding Sees Major Slowdown in Jan-Mar

4May By Press Trust of IndiaNo Comments

ANALYSIS

Indian Startup Funding Sees Major Slowdown in Jan-Mar

The startup sector is not completely out of the woods as it saw a drop in investment of 36 per cent year on year at USD 236.81 million for the March quarter as investors are wary of early and mid-stage funding. According to a News Corp VCCEdge report, the startup sector saw 165 deals worth USD 236.81 million in the January- March quarter of 2017 while in the same period last year, it stood at USD 368.68 million by way of 314 deals. The report noted that early-stage funding went down as investors preferred to pump in money late. Angel and seed investments slumped both in volume and value terms, with deal volumes down to half with 120 deals in January-March compared to 245 in the same period of 2016. "A rise in Series-B funding even as seed and Series-A funding trends show a decl...

Amazon to Add 7 New Warehouses in India, Hire 4,000 people

3May By Press Trust of IndiaNo Comments

BUSINESS, News

Amazon to Add 7 New Warehouses in India, Hire 4,000 people

E-commerce giant Amazon continues to aggressively expand its operations in the country with the addition of seven new warehouses, a move that will provide employment to about 4,000 people. The US-based company, which has committed an investment of USD 5 billion in the Indian market, will have 41 warehouses or Fulfilment Centres (FCs) by the end of June this year. Amazon, which is locked in an intense battle with local rival, Flipkart, has been pumping in funds to expand infrastructure and technology platform in the country. "This (new FCs) will double our storage capacity this year as compared to last year. We continue to invest in strengthening our infrastructure to match our pace of business expansion in India," Amazon India Customer Fulfilment Vice President Akhil Saxena told P...

1May By Press Trust of IndiaNo Comments

INDIA

India Will Receive $35-40 Billion Worth Impact Investments By 2025

India is projected to see impact investments worth up to USD 40 billion by 2025 as the country is in a "sweet spot" with high potential to deliver solutions for various problems, according to global grouping GIIN. Based in New York, the Global Impact Investing Network (GIIN) is a not-for-profit group that works to promote impact investments and has around 230 members. Generally, impact investments refer to those made with the aim of having a social and environmental impact along with the investors getting financial returns. GIINs Advisor for South Asia, Anil Sinha said, there has been tremendous development in India around impact investing activities in the last five years and the country is in a sweet spot. "In India, about USD 4 billion has been invested as part of impact inv...

536 Million Users to Log Onto Internet in Indian Languages by 2021

30Apr By Press Trust of IndiaNo Comments

ANALYSIS

536 Million Users to Log Onto Internet in Indian Languages by 2021

An estimated 536 million Indians are expected to use regional languages while online by 2021, complemented by increasing affordability of devices and data charges and availability of more local content, a report by Google-KPMG says. The report estimates that Hindi Internet users (at 201 million) will outnumber those accessing the web in English at 199 million by 2021. India is expected to have 735 million Internet users by the same time from 409 million in 2016. Interestingly, a significant number of Indian language Internet users already access government services, classifieds, news and payment services "exclusively online". Indic language users are not just accessing chat apps and digital entertainment but are also opting for digital payments methods. In 2016, the ...

Reliance Jio Net Loss Jumps to Rs 22.5 Crore in October-March

25Apr By Press Trust of IndiaNo Comments

BUSINESS

Reliance Jio Net Loss Jumps to Rs 22.5 Crore in October-March

Billionaire Mukesh Ambani-led Reliance Jio today reported widening of its net loss to Rs 22.50 crore in the six months to March, a period when the company virtually had no revenue and ran two back-to-back promotional offers. Net loss stood at Rs 7.46 crore in the same period a year ago, Reliance Jio Infocomm said in an exchange filing. Jio, which launched its services in September, had no revenue from operations during October 2016 to March 2017 while other income fell to Rs 0.54 crore from Rs 2.23 crore in the same six months of 2015-16. Jio is an unlisted arm of Reliance Industries and as per law is not required to put out quarterly numbers. Since its launch, it ran two back-to-back offerings of free data and voice and the only charge it took from the 120 million subscribers ...

TCS Hired 11,500 People in Offshore Markets in FY17

23Apr By Press Trust of IndiaNo Comments

News

TCS Hired 11,500 People in Offshore Markets in FY17

Tata Consultancy Services (TCS) recruited over 11,500 people outside India during 2016-17, including graduates from engineering and B-schools in the US, as it ramps up local hiring in offshore markets to tackle visa-related challenges. The country's largest software services firm added 79,000 employees (gross) and 33,380 employees (net), taking its employee base to 3.87 lakh at the end of March. Hiring locals in overseas markets often pushes up operational costs for IT outsourcing companies. However, with the governments in markets like the US, Australia and New Zealand tightening their work visa norms, Indian IT companies are hiring more local talents in offshore markets to ensure compliance with rules. "Our local hiring programmes in various geographies are progressing well. ...