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CouponDunia Eyes $20 mn Revenue in FY17, Launches Cashback

29Apr By Press Trust of IndiaNo Comments

News

CouponDunia Eyes $20 mn Revenue in FY17, Launches Cashback

Online couponing platform CouponDunia aims to grow revenue by fourfold to USD 20 million this fiscal as it launches new services such as cashback for customers. The company, which counts e-commerce firms like, Flipkart, Amazon, eBay and Jabong, among its clients, is also aiming to expand the total value of transactions through its platforms (GMV) to Rs 4,000 crore by the end of March 2017. "Our aim has always been to be the pre-shopping destination that consumers visit before making any transaction online. With cashback, we are a step closer to that goal," CouponDunia Chief Operating Officer Ankita Tandon told PTI. With cashback, customers will be able to make additional savings on their transactions over and above any other deals or discounts that the online store provide...

India bans import of milk, some mobile phones from China

25Apr By Press Trust of IndiaNo Comments

News

India bans import of milk, some mobile phones from China

India has banned import of milk and milk products, certain mobile phones and a few other items from China after finding them sub-standard or not following security codes. Commerce Minister Nirmala Sitharaman said in Lok Sabha that India banned import of milk and milk products from China as their quality was unacceptable. Sitharaman said some mobile phones, which do not carry International Mobile Station Equipment Identity number or other security features, and some steel products have also been banned from importing from China. "Complete ban of import from any country is not possible now due to WTO rules even if we have problems diplomatically, territorially or militarily," she said. The Minister said India's trade deficit with China stood at $48.68 billion (nearly Rs 32.4 lakh...

Learn How to Invest in Mutual Funds Using Comics Character Suppandi

24Apr By Press Trust of IndiaNo Comments

News

Learn How to Invest in Mutual Funds Using Comics Character Suppandi

Tata Mutual Fund has collaborated with Tinkle Digest to curate a 32-page comic that seeks to "educate people about mutual funds." The book that consists of a series of 11 stories depicts Professor Simply Simple introducing and explaining to Suppandi concepts related to investing using everyday examples from the common mans life. "Suppandi is the quintessential common man, taking everything at face value. The idea that our creative team and TMF?s marketing team came up with was that their brand mascot Professor Simply Simple would explain these concepts to Suppandi. If Suppandi can understand them, then so can everybody else," says Sanjay Dhar, President, Content Solutions Group. Designed in the signature style of Amar Chitra Kathas "Suppandi and Friends," the comic was circulated with...

Delhi Govt Puts on Hold Bike-Taxi and Rent-a-Bike Schemes

22Apr By Press Trust of IndiaNo Comments

News

Delhi Govt Puts on Hold Bike-Taxi and Rent-a-Bike Schemes

The city government has put on hold its bike-taxi and rent-a-bike schemes after authorities in Gurgaon and Bengaluru launched a crackdown over rampant violations in their operations. The AAP government had in February last year approved the rent-a-bike scheme but not notified it. It was aimed at providing last mile connectivity to tourists and individual in the city. The Bike-taxi scheme was, however, under consideration. "In Gurgaon and Benguluru, operators of rent-a-bike and bike-taxi schemes were running private vehicles which is in violation of rules. Only commercial vehicles are allowed under the scheme," said a senior official. The official said that in view of this, the transport department will study the scheme and then come out with a final notification. "We have put on...

Uber officials meet Arvind Kejriwal, Discuss Surge Pricing

22Apr By Press Trust of IndiaNo Comments

INDIA

Uber officials meet Arvind Kejriwal, Discuss Surge Pricing

With operation of app-based taxis in the national capital on Delhi governments radar due to surge pricing, some officials of taxi-aggregator Uber today met Chief Minister and apprised him of his business model. "Some officials from Uber today met the Delhi Chief Minister at Delhi Secretariat and discussed a range of issues including surge pricing, diesel cars and permits," an official said. Sources said that apart from surge pricing, government has objection on per minute charge and vehicles which are registered outside Delhi. Transport minister Gopal Rai today again clarified that ban on surge pricing will continue. Yesterday, Kejriwal had termed as "daylight robbery" the surge pricing by app-based taxi operators, and said overcharging and blackmailing wont be allowed in the national...

Phase of Exuberance in Ecommerce Sector Over: TV Mohandas Pai

21Apr By Press Trust of IndiaNo Comments

Entrepreneurs Talk

Phase of Exuberance in Ecommerce Sector Over: TV Mohandas Pai

From a period of exuberance, India’s e-commerce sector has entered a reality check phase with players focussing on cost cutting and business viability as investors seek performance, tech investor T V Mohandas Pai said today. Pai, ex-CFO of software major Infosys, said 2015 was a year of exuberance as a lot of money flowed into the sector but it is no longer the scene now. “Now, the funds have become very costlier. Now, they (investors) are demanding performance. Capital is also becoming scarce driven by interest rates in the US and potential meltdown in demand in China. Europe is not growing and Japan is not doing well and there is fear. “That’s why venture capital flows have come down. They (investors) have become very selective. People are now beginning to ask questions as to wh...

20Apr By Press Trust of IndiaNo Comments

FUNDING

Rapido Raises Funding From Pawan Munjal, Rajan Anandan & Others

Bike taxi operator Rapido has received undisclosed amount of funding from a clutch of investors, including Hero MotoCorp Chairman Pawan Munjal, Google India head Rajan Anandan and early stage investment firms AdvantEdge Partners, Astarc Ventures and Tesellate Ventures among others. "Rapido is a commendable initiative and has the potential to generate significant employment, besides making convenient motorised transport accessible to the masses. With their strong background and passion, I believe that the founders of Rapido are well positioned to deliver on their promise," Munjal, who invested in his personal capacity, said Munjal, who invested in his personal capacity, said. Other investors include People group founder Anupam Mittal, Smile Group Partners; former Flipkart chief business o...

Payments Banks Do Not Have a Viable Business Model: SBI Chief

19Apr By Press Trust of IndiaNo Comments

News

Payments Banks Do Not Have a Viable Business Model: SBI Chief

Small and payments banks have not yet devised a business model which can be termed viable, SBI Chairperson Arundhati Bhattacharya said today. "Neither the payments banks nor small finance banks seem to have as yet devised a business model that can be said as viable," said Bhattacharya, whose bank has tied up with Reliance Industries for a payments bank venture. Addressing a banking seminar organised by industry lobby IMC here, she added, "...a mobile banking customer, who is also a customer for payment services, will be less free to migrate to a competition for mobile services. Hence, it is hard to see payment banks taking away customers or income from commercial banks in a big way. Similar arguments hold for small finance banks. "Admitting that the entry of other non-banking co...

Jabong Narrows Down Gross Loss to 46.7 cr in 2015

15Apr By Press Trust of IndiaNo Comments

BUSINESS

Jabong Narrows Down Gross Loss to 46.7 cr in 2015

Online lifestyle retailer Jabong has narrowed down its gross loss to Rs 46.7 crore for 2015 on the back of lower level of discounts. The gross loss of the company stood at Rs 159.5 crore in 2014, the company's parent Rocket Internet said in an investor presentation today. The company's net revenue rose 7.1 per cent to Rs 869.1 crore for the reported year compared with Rs 811.4 crore in 2014. "Gross profit margin improved by 14 pp (percentage point) driven by lower level of discounts," the company said. For the fourth quarter of 2015, the companys gross loss declined to Rs 1.9 crore as against Rs 45.9 crore in the same quarter last year. "The increased focus on gross profit margin, unit economics and overall profitability resulted in net revenue and GMV decline in Q4 ...

Wildcraft Enter in Wearable Space, Launched Tracking Device “SPOT”

13Apr By Press Trust of IndiaNo Comments

News

Wildcraft Enter in Wearable Space, Launched Tracking Device “SPOT”

Outdoor gear, apparel and footwear company Wildcraft has launched a GPS tracking device called SPOT, a location monitoring device via app on smartphone. A portable device, SPOT can be worn on the wrist as a band or hooked onto backpack via a clip, the company said. "The launch of SPOT is a first step into the exciting arena of wearable. By allowing you to see the location of your loved ones, SPOT takes away the stress of not knowing where they are if theyve been out of touch", Gaurav Dublish, Director of Wildcraft, said in a release here. "Weve got a host of parents expressing interest in the device from a safety standpoint," the release said. SPOT device comes as a kit with a dual mode technology, GPS + LBS enabling accuracy of up to 10 meters, it said in a release here. Wi...

12Apr By Press Trust of IndiaNo Comments

BUSINESS

PureCircle to Invest $200 mn in India

Malaysia-based natural sweetener firm PureCircle will invest USD 200 million (about Rs 1,330 crore) over 5 years in India as it forays into the country. PureCircle, which sells zero-calorie natural sweetener, stevia across the world, received FSSAI nod in December 2015. "We will invest USD 200 million over the next five years in India in supply/value chain, increasing cultivation, getting insights and so on. We are already in talks with multinational food and beverage companies," PureCircle Senior Director South Asia Region Ajay Chandran told PTI. Chandran said the companys clients in markets outside India includes Nestle, Pepsi, Coca Cola and Danone. The company plans to partner with Indian farmers for 5,000 hectares Stevia cultivation in India. Stevia is called Meeth...

BSNL Testing Wi-Fi Technology to Connect 1 Lakh Panchayats in a Year

11Apr By Press Trust of IndiaNo Comments

INDIA

BSNL Testing Wi-Fi Technology to Connect 1 Lakh Panchayats in a Year

As the government's rural broadband project is facing long delays, telecom PSU BSNL is testing an alternative Wi-Fi-based network to connect about 1 lakh village panchayats in a year with high-speed Internet. "The process of laying fibre network calls for huge amount of physical labour. We have started a pilot to test broadband connectivity to village panchayats using Wi-Fi network. With this we are hopeful of connecting about 1 lakh village panchayats in a year," BSNL Chairman and Managing Director Anupam Shrivastava told PTI. The state-run firm is testing sustainability of technology in three villages in Alwar district of Rajasthan. "We have written to the Department of Telecom about this project and looking for support of USO fund for it. Once we get the approval, we will start...