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19Nov By Press Trust of IndiaNo Comments

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Flashdoor Raises Money From Former and Current Flipkart Executives

Bangalore-based on-demand laundry service platform, Flashdoor, has raised an undisclosed amount in angel funding, led by former Flipkart executive Sujeet Kumar. Flipkart's Chief Business Officer Ankit Nagori and Tracxn Labs also participated in the round. Kumar was head of Flipkart's largest seller and its captive logistics business WS Retail Pvt Ltd, before quitting in May. Ankit Agarwal, co-founder Flashdoor Internet Services, said, "The investors joining the board would be mentors and would be instrumental in guiding the company in marketing, understanding strategy and raising money. The funding is expected to be invested in building core team and upgrading technology. The company would go in for another round of fund raising to support its plans to expand footprint across the ...

Reliance Communication Acquires Sistemas Indian Telecom Business

2Nov By Press Trust of IndiaNo Comments

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Reliance Communication Acquires Sistemas Indian Telecom Business

Billionaire Anil Ambani-led Reliance Communications today said it will take over Russian conglomerate Sistema's Indian mobile telephony venture that operates under the MTS brand. While financial details of the deal were not immediately announced, RCom said Sistema Shyam Teleservices Ltd (SSTL) will hold a 10 percent equity stake in RCom as a result of the deal. In addition, RCom will assume the liability to pay the government installments for SSTL's spectrum, amounting to Rs 392 crore per annum for the next 10 years. "RCom will acquire approximately 9 million customers and approximately Rs 1,500 crore of annual revenues by virtue of the transaction," the company said in a statement. In addition, RCom will acquire SSTL's most valuable and superior 800/850 MHz band spectrum, idea...

Make in India: This Indian State Attracts Investments Of Over Rs 1.5 Lakh Cr

1Nov By Press Trust of IndiaNo Comments

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Make in India: This Indian State Attracts Investments Of Over Rs 1.5 Lakh Cr

In the run up to the Resurgent Rajasthan Partnership Summit, agreements worth over Rs 1.5 lakh crore have been signed with companies from solar, mining, textiles and petroleum sectors, as the state gears up to become a major investment destination. Resurgent Rajasthan Partnership Summit 2015 is slated to be held in Jaipur on November 19 and 20. "We have MoUs worth over Rs 1.5 lakh crore. A major chunk of the investments promised under the agreements are in solar energy sector, apart from petroleum and mines," Veenu Gupta, Principal Secretary, Industries, Government of Rajasthan said. "We have been able to attract major investments in the solar energy sector owing to our inherent climatic advantages," she added. Asked about comparisons with Madhya Pradesh and Gujarat, who have ...

Quikr Launches QuikrServices to Organize the Unorganized

29Oct By Press Trust of IndiaNo Comments

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Quikr Launches QuikrServices to Organize the Unorganized

Quikr, India’s No. 1 cross category classifieds business, has launched QuikrServices with a special focus on the unorganized sector of service providers across the country. Quikr has been facilitating buying, selling and rentals across 12 categories via its platform, and its new vertical provides easy access to reliable service providers across sub-categories such as home, travel, financial, health, fitness, beauty and event services. QuikrServices addresses customer needs by bridging the gap between the offline local home services ecosystem and online demand for the same. It reduces the time and effort taken to find technicians or experts in a given area through location based results that include verified listings and options to call service providers or request a call-back. The platf...

Lobbying for net neutrality, working on open framework: Zuckerberg

28Oct By Press Trust of IndiaNo Comments

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Lobbying for net neutrality, working on open framework: Zuckerberg

Facebook CEO Mark Zuckerberg on Wednesday said his firm is working on an open framework and continues to 'lobby' for net neutrality even as its plan to provide free Internet access to people under Free Basics programme faces criticism. "We do a lot to support (net neutrality) in terms of regulations, we are working on building an open framework..." Zucerkerbg said, while speaking at Townhall at IIT- Delhi. "We lobby for it (net neutrality) across the world but at the same time, we continue to push for access." he added. Facebook's Internet.org platform, which was recently rebranded as Free Basics, has come under fire from Internet activists for violating the principle of net neutrality that is against any priority being accorded to an entity in Internet traffic flow on account of ...

Modi didn’t start ‘Digital India’, it was Rajiv Gandhi: Sam Pitroda

21Oct By Press Trust of IndiaNo Comments

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Modi didn’t start ‘Digital India’, it was Rajiv Gandhi: Sam Pitroda

Noted technocrat Sam Pitroda, who is credited as the father of the nation's telecom revolution, on Tuesday flayed the Narendra Modi government for snatching away all the credit for the digital revolution started by Rajiv Gandhi, saying Modi "did not" initiate the digital India drive. "Modi didn't start digital India...It's a journey which started 25 years ago and it will take 20 more years," Pitroda, who was roped in by the then Prime Minister Rajiv Gandhi in 1984 as head of the Telecom Commission, said Sam Pitroda while launching his autobiography 'Dreaming Big: My Journey to Connect India', here this evening. The book was launched by Reliance Industries chairman Mukesh Ambani, who showered praise on Pitroda crediting his "friend, philosopher and guide" and "daring dreamer" to be a "pio...

Ola eyes on 3 million daily bookings by April next year

20Oct By Press Trust of IndiaNo Comments

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Ola eyes on 3 million daily bookings by April next year

India's leading taxi aggregator Ola is looking at a three-fold rise in the number of daily bookings through its platform to three million by April next year. Ola sees over one million daily booking requests at current scale and has served over 150 million cumulative bookings on its platform till date, it said in a statement. Currently, the Bengaluru-based company has operations in 102 cities with over 3.25 lakh vehicles are registered on its platform. "The company Ola has grown three times its size over the last six months from April 2015. We expect to clock three million booking requests a day, by April 2016," it added. Bhavish Aggarwal, co-founder and CEO of Ola, said the company has served 25 million unique customers in India. "Our next phase of growth will be ...

Wal-Mart paid millions of dollars in bribes in India

19Oct By Press Trust of IndiaNo Comments

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Wal-Mart paid millions of dollars in bribes in India

Washington, Oct 19 (PTI) America's multinational retail corporation Wal-Mart is suspected to have paid bribes worth millions of dollars in India, according to a media report. In a major report, The Wall Street Journal said Wal-Mart's "suspected bribery" unearthed in India involves thousands of small payments to low-level local officials to help move goods through customs or obtain real-estate permits. "The vast majority of the suspicious payments were less than USD 200, and some were as low as USD 5, the people said, but when added together they totalled millions of dollars," the daily said. In 2013, Wal-Mart shelved plans to open retail stores in India by severing a joint venture with Bharti Enterprises Ltd and instead decided to become solely a wholesaler there, th...

Housing.com appoints Mani Rangarajan as CFO

18Oct By Press Trust of IndiaNo Comments

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Housing.com appoints Mani Rangarajan as CFO

New Delhi: Realty portal Housing.com has appointed Mani Rangarajan as chief financial officer (CFO) to strengthen its senior management team. Mr Rangarajan has held executive level roles in companies such as Citigroup and Yahoo. He has also been involved with several start-ups in India in advisory roles, SoftBank-backed portal Housing.com said. (more…)

Ola opens up API for selected mobile apps

26Sep By Press Trust of IndiaNo Comments

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Ola opens up API for selected mobile apps

Taxi aggregator Ola today announced the public release of its API, allowing major mobile apps as well as individual developers to integrate the company's offering with their platforms. (more…)

Modi promises American CEOs faster decision process

26Sep By Press Trust of IndiaNo Comments

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Modi promises American CEOs faster decision process

As top American CEOs held no punches about the "obstacles" in ease of doing business in India, Prime Minister Narendra promised to fast-track the decision-making process, acknowledging that "the world is not going to wait for us". (more…)

Google CEO Pichai backs ‘Digital India’ initiative

24Sep By Press Trust of IndiaNo Comments

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Google CEO Pichai backs ‘Digital India’ initiative

India-born Google CEO Sundar Pichai on Thursday took to YouTube to back Prime Minister of India, Narendra Modi's 'Digital India' campaign focused on connecting 1.2 billion people in the country and said his company would play its part in supporting the initiative. (more…)