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WeWork Appoints Indian Origin CEO to start fresh chapter

3Feb By PriyankaNo Comments

News

WeWork Appoints Indian Origin CEO to start fresh chapter

New York, Feb 3, 2020: Embattled office-sharing firm WeWork has hired a new CEO to turn the page on Adam Neumann, its co-founder and former leader whose antics have finally tired investors. Indian origin Sandeep Mathrani, a real estate industry veteran, will officially take over on February 18, WeWork said in a statement published Saturday. He will be charged with the difficult task of relaunching WeWork, which had been one of America''s most celebrated startups that put a mammoth footprint in the commercial real estate of major cities around the globe. Its collapse led to Neumann''s departure and cost the main shareholder, Japanese billionaire Masayoshi Son, billions of dollars. Mathrani will replace Artie Minson and Sebastian Gunningham, who have been acting as interim CEOs ...

Digital Advertising Startup AdOnMo Raises $3 Million

3Feb By PriyankaNo Comments

News

Digital Advertising Startup AdOnMo Raises $3 Million

Media-tech startup AdOnMo, which claims to be the country's first contextually-targeted digital out-of-home (OOH) advertising firm, has raised USD 3 million (around Rs 21.4 crore) in pre-series round funding from Alibaba and others. The funding was led by Alibaba's holding firm Ant Financial-run BAce Capital and others like Astarc Ventures and Mumbai Angels Network, the Hyderabad-based firm said in a statement on Thursday. The company will use the fund to expand operations, acquire talent and accelerate product development. AdOnMo brings together online and outdoor advertising. Currently, it is operational in Mumbai, Hyderabad, New Delhi, and Bengaluru. Founded in 2017 by Sandeep Bommireddi and Sravanth Gajula, Adonmo helps advertisers reach their target audience at scale wit...

McDonald’s Global Sales Surpass 100 bln USD in 2019

30Jan By PriyankaNo Comments

BUSINESS

McDonald’s Global Sales Surpass 100 bln USD in 2019

Fast food retail chain McDonald said its annual sales surpassed 100 billion U.S. dollars for the first time. McDonald's Chief Executive Officer Chris Kempczinski, who took charge in November after the former CEO was dismissed, said global comparable sales growth in 2019 was the chain's highest in more than 10 years. "2019 marked a year of significant milestones for McDonald's including surpassing 100 billion dollars in Systemwide sales and achieving our highest global comparable sales growth in over a decade," said Kempczinski. The company said it would spend more on technology and research in 2020, as the world's largest burger chain bets on revamped stores and menu additions to lure diners and gain market share. The company returned 2.3 billion dollars to shareholders throug...

26Jan By PriyankaNo Comments

INDIA

Naukri.com Founder gets India’s Fourth Highest Civilian Award

New Delhi, 26th Jan, 2020: Sanjeev Bikhchandani, founder and vice-chairman of Naukri.com, India's leading job site, was on Saturday conferred with Padma Shri, one of the highest civilian awards. According to a home ministry statement, Bikhchandani has been given Padma Shri in the category of trade and industry. Soon after his name was announced, Sanjeev Bikhchandani tweeted, "Honoured and privileged to find my name in the Padma Shri list.While I have been given this award the truth is I owe it to the joint efforts and support of so many other people - colleagues, friends and family. Proud to represent the start up entrepreneur community in this list His company also runs Jeevansathi.com, 99acres.com, and Shiksha.com. In addition, it has made strategic investments in promising we...

Tesla Crosses $100 billion Market Valuation Mark

23Jan By PriyankaNo Comments

News

Tesla Crosses $100 billion Market Valuation Mark

NEW YORK, 22ND Jan 2020: Tesla's market value hit $100 billion for the first time, triggering a payout plan that could be worth billions for Elon Musk, founder and chief of the electric carmaker. Shares in Tesla rose some 4.8 percent in opening trade to extend the gains in the value of the fast-growing maker of electric vehicles. Under a compensation plan approved by Telsa's board in 2018, Musk is to be paid in stock awards based on the value of the company, which could be worth as much as $50 billion if Tesla reaches $650 billion. Musk agreed to the plan, which would pay him nothing until Tesla's value reached $100 billion. The package, using shares which "vest" based on certain criteria, gives Musk stock worth around one percent of the company for each of 12 milestones over ...

WeWork Completed Sales of Teem and Minority Stake in The Wing

23Jan By PriyankaNo Comments

ACQUISITION

WeWork Completed Sales of Teem and Minority Stake in The Wing

NEW YORK, 23rd Jan 2020--WeWork, the world’s leading co-working space announced that it has completed the sales of Teem and its minority stake in The Wing. The successful divestitures follow the December sale of Conductor and are part of WeWork’s strategy to focus on its core workspace business. “Last quarter, we articulated a long-term plan for disciplined growth and a clear path to profitability, and we continue to execute on this plan each day,” said co-CEO Artie Minson. “These sales mark the latest progress in WeWork’s evolution and allow our talented team to focus on the core business and delivering an exceptional experience for our members.” WeWork’s minority equity stake in The Wing, a network of work and community spaces designed for women, was acquired by a consortium ...

Why is Online Betting Industry So Hyped? 4 Facts About Online Betting That You Might Not Know

22Jan By PriyankaNo Comments

Story

Why is Online Betting Industry So Hyped? 4 Facts About Online Betting That You Might Not Know

22nd Jan, 2020: Online betting has become one of the biggest fads of the present era. However, there are many reasons behind the trend. For starters, everyone likes to earn money in easy and fun ways and online casino games like Poker and Roulette have given us an option to win legit money. Also, online betting is more convenient than offline betting as you can access your favorite casino games from anywhere and with any device. You don’t have to travel, wait for a table, or pay an entry fee. You can just sign up on any online gambling platform, even on your smartphone, and get started instantly. The following are some of the most interesting facts about online betting that you may not know: 1. Online Betting Isn’t Legal in Some Countries, but it Isn’t Illegal Either G...

Wipro Ventures Closes Second Fund of USD 150 mn

17Jan By PriyankaNo Comments

BUSINESS

Wipro Ventures Closes Second Fund of USD 150 mn

Wipro Ventures, the strategic investment arm of Wipro Limited has closed USD 150 million (about Rs 1,063 crore) Fund ll that will invest in enterprise software companies. "Buoyed by the success of its first USD 100 million fund launched in 2015, Wipro Ventures will continue to invest in early to mid-stage companies building innovative enterprise software solutions across key areas, including cybersecurity, application development, analytics, cloud infrastructure, test automation, and artificial intelligence," Wipro said in a regulatory filing. Wipro Ventures, managed by Biplab Adhya and Venu Pemmaraju, has invested in 16 early to mid-stage start-ups so far, including 11 in the US, 4 in Israel and 1 in India. ln addition to making direct equity investments, Wipro Ventures has also i...

12Jan By PriyankaNo Comments

FUNDING

Techbooze Consultancy Raises $15M Funding from Space Capital

New Delhi, 12th Jan 2020: Techbooze Consultancy, a leading Business Development, Consulting and “Funding” facilitator for Startups & Enterprise raises Series A funding of $15 million, led by Space Capital. Techbooze Consultancy Services has been in the market for over 4 years now, and has been raising capital for over 22 startups within the last few years. The company, according to Founder & CEO, Mr. Subhashis Kar, initiated this round of funding in order to expand its operations and raise the company valuation to over $300 million. The company anticipates this funding round to fuel its startup growth ambitions with the ultimate goal of creating an ecosystem friendly for the growth of the startups. As of now, Techbooze Consultancy Services facilitates investment ro...

10Jan By PriyankaNo Comments

FUNDING

Byju’s Raises $300 Million Funding From Tiger Global

NEW DELHI, 10 Jan, 2019: New York-based Tiger Global Management has invested $200 million in education app Byju’s, valuing the Bengaluru-headquartered company at about $8 billion. Tiger Global, one of the most influential investors in the Indian startup ecosystem, has been negotiating an investment in Byju’s for the past few months, said two people aware of the developments. They indicated that secondary transactions, estimated at $100-200 million, may also take place, providing exits to some of the early backers of the eight-year-old company. “We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long-term vision of creating an impact by changing the way students learn,” founder Byju Ravee...

Zomato Raises USD 150 mn from Existing Investor Ant Financial

10Jan By PriyankaNo Comments

FUNDING

Zomato Raises USD 150 mn from Existing Investor Ant Financial

New Delhi, Jan 10, 2019: India based Online restaurant guide and food ordering platform Zomato has raised USD 150 million (over Rs 1,065 crore) from existing investor Ant Financial as part of a larger funding round. According to a regulatory filing by Info Edge India, which is also an existing shareholder in Zomato, this transaction is at a pre-money valuation of USD 3 billion. The investment is part of a larger funding round of up to USD 600 million, announced by Zomato Founder and CEO Deepinder Goyal in December. "We have raised USD 150 million from Ant Financial as a part of a larger round. Ant Financial has been a steadfast partner in our journey towards achieving market leadership in on-demand food delivery in India, and dining out globally," a Zomato spokesperson said in a ...

Coaching Institute Aakash acquires Applect Learning for $14.5 Million

7Jan By PriyankaNo Comments

ACQUISITION

Coaching Institute Aakash acquires Applect Learning for $14.5 Million

Entrance test preparation services provider Aakash Educational Services Ltd has acquired ed-tech company Applect Learning Systems for around $14.5 million (Rs 100 crore). The company has entered into a definitive agreement with Info Edge (India) Ltd and other selling shareholders to acquire ALSPL, which offers learning programmes under the brand name 'Meritnation' catering to students of class I to XII, AESL said in a statement. When asked about the value of the deal, a company official said, 'it is around $14.5 million (Rs 100 crore) for the entire stake.' In October last year, Blackstone had picked up a 37.5 percent stake in Aakash Educational Services for Rs 1,350 crore and announced the intention to create a digitally enabled, omnichannel test preparation company. 'As part of...