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1Jun By PriyankaNo Comments

INDIA

Indian Govt blocks file sharing website WeTransfer

New Delhi, May 30: The Indian government has ordered internet service providers to block the computer file-sharing website WeTransfer due to security reasons. However, the security reason has not been disclosed but as per our analysis, the situation could be connected with the Pakistan agency spying case in India. The order issued by the Department of Telecom on May 18 directed all ISP to block two download links on the Dutch website WeTransfer and also the entire website. 'Delhi Police had requested the IT ministry to block two download links and the entire We Transfer website immediately. Following which orders were issued to the website and links suggested by the Delhi Police,' an official source said. Meity asked the DoT to direct internet service providers to block the web...

Thierry Delaporte becomes new Wipro CEO and MD

29May By PriyankaNo Comments

News

Thierry Delaporte becomes new Wipro CEO and MD

IT services major Wipro has appointed Capgemini Group veteran Thierry Delaporte as its Chief Executive Officer and Managing Director, effective July 6, 2020. In January this year, the company had said its CEO and Managing Director Abidali Z Neemuchwala had decided to step down from the company. Abidali Neemuchwala will relinquish his position as CEO and MD on June 1. Rishad Premji will oversee the day-to-day operations of the company until July 5, Wipro said in a statement. "Until recently, Thierry Delaporte was the Chief Operating Officer of Capgemini Group and a member of its group executive board. During his 25 year career with Capgemini, he held several leadership roles," it said. He also oversaw Capgemini's India operations, and led the group's transformation agenda, c...

Patanjali going to issue its first debentures, looking to raise $33 million

27May By PriyankaNo Comments

Market

Patanjali going to issue its first debentures, looking to raise $33 million

NEW DELHI, 27th May 2020: India's leading natural product based FMCG company Patanjali Ayurved plans to issue $33 million (Rs 250 crore) debentures to meet its working capital requirements and strengthen supply chain network. This would be the first-ever issuance of debentures by the Haridwar-based firm, which has emerged as one of the leading companies in the FMCG segment in recent years. The non-convertible debentures (NCDs) will carry a coupon rate of 10.10 per cent with a tenure of three years. The maturity date is May 28, 2023. According to information, the bidding date would start on May 28 for NCDs, which would be listed on the stock exchanges and are redeemable. "In this pandemic, demand for Ayurveda-based products, which help in boosting immunity, along with other produc...

Ola Money raises $27 million from Matrix Partners, others

27May By PriyankaNo Comments

FUNDING

Ola Money raises $27 million from Matrix Partners, others

New Delhi, May 27, 2020: Ola Financial Services (OFS), which operates Ola Money, has raised $27 million (about Rs 205 crore) in funding from Matrix Partners and others as part of its maiden institutional financing round, as per regulatory documents. Gemini Investments LP, Arun Sarin's family office, and Alpha Wave Holdings also participated in the round, according to the documents. While Ola did not comment on the fund raise, sources close to the development said the transaction valued the company at about USD 250 million (about Rs 1,875 crore). The development comes even as OFS head Nitin Gupta has decided to move on from his active role at Ola. In an email to employees, Ola CEO Bhavish Aggarwal said, Harish Abhichandani will take over the role as the interim CEO of OFS. "N...

France Injects USD 8.8 billion in Electric Car Industry

27May By PriyankaNo Comments

Automobile

France Injects USD 8.8 billion in Electric Car Industry

Paris, May 27 (AP): France is injecting more than USD 8.8 billion to save the country's car industry from huge losses wrought by virus lockdowns, and wants to use the crisis to make France the No. 1 producer of electric vehicles in Europe. Starting next week, consumers can get up to 12,000 euros from the government for buying an electric car under the “historic” plan unveiled Tuesday by French President Emmanuel Macron. “Our country wouldn't be the same without its great brands Renault, Peugeot, Citroen,” Macron said, decrying an “unprecedented crisis” for the industry that has seen production plunge more than 90 percent in France alone. Carmakers and governments around the world are grappling with similar losses. Politicians are divided over whether and how to bail out an industr...

Hackers Release Jailbreak tool to Unlock iPhones

26May By PriyankaNo Comments

Tech

Hackers Release Jailbreak tool to Unlock iPhones

The latest tool released by an unknown hacker team can unlock any iPhone that runs iOS 11 and above, according to the TechCrunch report. A new tool is known as “jailbreak” that allows even the users of the latest version of iOS to install any software they want. Though Apple prohibits its users from using any unauthorized apps through its “walled garden” approach to iPhones. But hackers work hard to build these jailbreak tools to breach those restrictions by exploiting previously undisclosed vulnerability in iOS. However, there is no guarantee that this jailbreak will work forever as Apple works fast to close these patching flaws create by the Jailbreak making team. The vulnerability the hackers build in the latest jailbreak tool is unknown. However, Security experts of iPho...

ITC acquires 100 percent stake of Sunrise Foods

25May By PriyankaNo Comments

ACQUISITION

ITC acquires 100 percent stake of Sunrise Foods

Indian business entity ITC acquired 100 percent equity of spices manufacturer Sunrise Foods Private Ltd (SFPL). While the company did not disclose the value of the deal, but sources said it is valued around $237 million to $263 million (around Rs 1,800 crore to Rs 2,000 crore). The company said it has signed a share purchase agreement (SPA) with SFPL which will augment its product portfolio and is also aligned to its aspiration to significantly scale up its spices business and expand its footprint across the country. "Sunrise is a clear market leader in eastern India in the fast-growing spices category with a rich heritage and brand legacy of over 70 years," ITC said in a statement. Over the years, the brand has built a loyal consumer franchise, anchored on a differentiated pro...

Car Rental firm Hertz files for bankruptcy

23May By PriyankaNo Comments

News

Car Rental firm Hertz files for bankruptcy

ESTERO, Fla., May 22, 2020-- Car rantel firm Hertz today announced that its U.S. and Canadian subsidiaries have filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the Company's revenue and future bookings. Hertz took immediate actions to prioritize the health and safety of employees and customers, eliminate all non-essential spending, and preserve liquidity. However, uncertainty remains as to when revenue will return, and when the used-car market will fully re-open for sales, which necessitated today's action. The financial reorganization will provide Hertz a path toward a more robust financial structure that best pos...

New York based On-demand storage company MakeSpace Raises $55M in Series E

23May By PriyankaNo Comments

FUNDING

New York based On-demand storage company MakeSpace Raises $55M in Series E

NEW YORK, 23rd May 2020-- MakeSpace, the fastest-growing on-demand storage company in New York raises $55M in equity financing and debt funding from the global leader in storage and information management services, Iron Mountain, with participation from 8VC, Upfront Ventures, Maywic Select Investments, Ten Eighty, Provenio Capital, and CX Collective. This new funding follows a year of tremendous growth for MakeSpace, which included expansion to 20 additional markets in 2019 through its partnership with Iron Mountain, and its development of new product offerings such as disposal and shredding, and Seasonal Closet, which launched earlier this year. “It has been amazing to see what MakeSpace has accomplished in the past year alone, growing from 4 to 24 markets almost overnight, and add...

21May By PriyankaNo Comments

Story

The Success Story of Nykaa – India’s first beauty product based Unicorn startup

Before writing about this article, I would like to know how many eCommerce platforms become successful in India? Here successful means profitable. The answer is Zero. Either they got acquired (Walmart acquire Flipkart) or listed (like Infibeam) but none of them become profitable. Over 20+ eCommerce platform try their luck in India in 10 years but none of them become successful until Nykaa, a retailer brand selling beauty, wellness, and fashion products came into the online service. In 2015, the company expanded from online-only to an omnichannel model and began selling fashion products. Journey So far: Falguni Nayar, a former managing director at Kotak Mahindra Capital Company, founded Nykaa in 2012. It was launched as an eCommerce portal curating a range of ...

Foreign Investors pull out USD 26 billion from Asian economies

20May By PriyankaNo Comments

BUSINESS

Foreign Investors pull out USD 26 billion from Asian economies

Amidst global economic recession due to coronavirus, foreign investors have pulled out an estimated USD 26 billion from developing Asian economies. Foreign investors have pulled an estimated USD 26 billion out of developing Asian economies increasing concerns of a major economic recession in Asia, the latest report on global economic effects of COVID-19. In Europe, over 30 million people in Germany, France, the UK, Spain, and Italy have applied for state support, while first quarter 2020 data indicates that the eurozone economy contracted by 3.8 percent, the largest quarterly decline since the series started in 1995, it said. In the US, preliminary data indicated that the GDP fell by 4.8 per cent in the first quarter of 2020, the largest quarterly decline since the fourth quarter ...

20May By PriyankaNo Comments

FUNDING

Indian Ledger App Khatabook raises $60 million in funding by Facebook Cofounder

India's leading ledger app Khatabook raises $60 million in equity round funding led by Facebook co-founder Eduardo Saverin's B Capital Group & others. Started in 2018, Khatabook is an android app that helps Small Shopkeepers and Kirana owners manage Credit & Debit transactions using their digital ledger service. The total funding has raised by the firm is $87 million. The Series B round values Khatabook at between $275 million and $300 million. The funding round has also seen participation from existing investors, including Sequoia Capital, Partners of DST Global, Tencent, GGV Capital, and RTP Global, along with a number of prominent angel investors like Kevin Weil, Alexander Will, Cred founder Kunal Shah, and Snapdeal co-founders Kunal Bahl, Rohit Bansal. Kahatabo...