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Narayana Murthy Dismissed Threats From Artificial Intelligence, Call it “More Hype than Reality”

24Dec By PriyankaNo Comments

News

Narayana Murthy Dismissed Threats From Artificial Intelligence, Call it “More Hype than Reality”

Infosys co-founder NR Narayana Murthy has flayed the high wage hikes that senior managements have been apportioning to themselves when the software industry is in trying times and has advised them to make "sacrifices" to maintain common mans faith in capitalism. Conceding that times are difficult for the IT services sector, Murthy dismissed the commonly attributed threats of artificial intelligence and automation as "more hype than reality". Terming the trend of no hikes for juniors and freshers as "worrisome," Murthy rued that the senior level people have been taking handsome hikes. "I think that is not the way to make capitalism acceptable to the larger masses in a country that has huge poverty," he said, speaking at the IIT-Bombay over the weekend. "If we believe in capitalism, ...

TCS Secures Record $2.25 Billion Deal From Nielsen

23Dec By PriyankaNo Comments

INDIA

TCS Secures Record $2.25 Billion Deal From Nielsen

Those who are saying that the days of Indian IT industries are over are now yet to rethink because one of India's leading IT exporter Tata Consultancy Services (TCS) has bagged a record USD 2.25-billion outsourcing contract from Nielsen, a television rating measurement firm. The partnership, signed in October this year, is a renewal of TCS existing collaboration with Nielsen. The two companies had struck a 10-year deal in 2008 for USD 1.2 billion, which was expanded to USD 2.5 billion in 2013. Under the new deal, the terms of the agreement have been extended for an additional five years so as to expire on December 31, 2025, with three one-year renewal options granted to Nielsen, the TV rating company said in a regulatory filing to the US SEC. "Nielsen has committed to purchase servic...

Bitcoin Further Falls Below $13,000 Investors Sweat

22Dec By PriyankaNo Comments

News

Bitcoin Further Falls Below $13,000 Investors Sweat

Bitcoin dipped further 21 percent on Friday, adding up to its loss towards 40 percent, the investors look worried. The world's most popular cryptocurrency dropped to $12,191.80 before trading at $12,975.50 as of 3:47 p.m. in Hong Kong. The Bitcoin has been tumbling from its peak of $19,511, but still 1100% of what it started at the year start. Other cryptocurrencies also plunged, with bitcoin cash crashing 38 percent and ethereum losing 26 percent over the past 24 hours, according to coinmarketcap.com. Investors are having a "reality check," said Stephen Innes, head of trading for Asia Pacific at Oanda Corp. "At the heart of the matter was a frenzied demand for coins with limited supply has now led to unsophisticated investors holding the bag at the top." The plunge comes amid gro...

21Dec By PriyankaNo Comments

FUNDING

Content platform YourQuote raises $1M seed funding led by IDG Ventures

YourQuote, an original content and digital community platform, today said it has secured USD 1 million in seed funding, led by IDG Ventures India. The round also saw participation from Atul Goel of Essel City Group and Axilor, founded by Infosys co-founders Kris Gopalakrishnan and S D Shibhulal, a statement said. Started by IIT-Delhi alumni Harsh Snehanshu and Ashish Singh in early 2017, YourQuote has an overall user base of over 500,000 users from across India. With over 4.5 million posts (original video and written content) in more than 15 languages, the platform has seen monthly growth of 20-30 per cent. "There is a very apparent dearth of expression-oriented original content platforms in India. YourQuote was started off to plug that gap by giving Indians a stage for self- e...

20Dec By PriyankaNo Comments

FUNDING

P2P Lending Platform Faircent Raises Series B Round Of Funding

Peer-to-peer lending platform Faircent has raised $4 million in a Series B round of funding from Belgium based impact investor Incofin Investment Management. The round also saw participation from non-banking finance company Muthoot Fincorp, NY based Elevate Innovation Partners, Japanese investment fund Das Capital, and Singapore-based early-stage investor Starharbor Asia Pte Ltd, a press release by the company stated. Its existing investors JM Financial Services, 3one4 Capital, Aarin Capital and M&S Partners were also present in the funding round. Founded back in 2013, by Rajat Gandhi, Vinay Mathews and Nitin Gupta, the Faircent marketplace connects curated and verified borrowers and lenders. The company had earlier raised around $2.08 million. “These are exciting times ...

17Dec By PriyankaNo Comments

INDIA

Indian Government Will Bear Merchant Charges On Debit Cards To Promote Digital Transactions

Indian government is trying to encourage small shopkeepers to accept electronic payments, by bearing the merchant charges, that one needs to pay to the banks, on purchases of up to Rs 2,000 starting January 1, 2018. The subsidy will be provided to the small shop owners who now need to pay a fees to the banks for transactions through Debit cards, BHIM or Aadhaar. In India, where the average debit transaction value is just Rs 1,500, accepting debit cards for payments will become as cheap as accepting cards for small merchants. This news was announced by IT minister Ravi Shankar Prasad, saying that government is implementing measures to accelerate digital payments in the country. Also a committee of secretaries has been set-up to ensure that no misuse of subsidy occurs and that benefits...

15Dec By PriyankaNo Comments

FUNDING

Tea Selling Startup Teabox Raises Fresh Funding From Ratan Tata, Others

Siliguri and Bengalure based online premium tea selling startup Teabox raised $7 million in a series B fresh round of funding from a clutch of investors including Accel Partners and Ratan Tata. The startup will use the funding to expand its geographic reach, and further penetrate in US. “Online and offline expansion will be a major area of focus for us. The US continues to be our biggest market, generating about 40% of our overall revenues, but we’ve also seen demand from India pick up considerably over the past year or so,” said Dugar. Teabox had earlier raised funding of $6 million in 2015 and the current round may further increase to $10 million as the talks still continue with the investors, a financial daily reported. Teabox currently ships tea to over 100 countries from its ...

12Dec By PriyankaNo Comments

FUNDING

Online Furniture Startup Furlenco Bags Funding From Bollywood Celeb Aamir Khan

After Amitabh Bachchan, Hrithik Roshan and many others, Aamir Khan has shown interest in startup ecosystem by funding $1.2 million in an online furniture renting startup Furlenco. Bengaluru based furniture renting marketplace, run by Kieraya Furnishing Solutions Pvt Ltd, was founded back in 2011 by Ajith Karimpana, and offers furniture on a subscription based model in Delhi NCR, Bengaluru, Mumbai and Pune. The funiture rental platform has raised $30 million in total equity and debt funding from Lightbox Ventures, Hong Kong-based venture capital fund Axis Capital and others till date. Actors and sports celebrities are often given equity in lieu of being brand ambassadors for that startup, but in this case Aamir Khan will not be the brand ambassador for the company. Bollywood cel...

Comic Character Creator Graphic India Secures $5M Funding

4Dec By PriyankaNo Comments

News

Comic Character Creator Graphic India Secures $5M Funding

Comic characters and story creator for digital and mobile platform startup Graphic India Pte Ltd has raised $5 million funding from Liquid Comics LLC. Start Media LLC, 3One4 Capital, Julian Farrior, co-founder of Backflip Studios Inc., and Neeraj Bhargava, founder of Zodius Capital were also present in the round. The raised development will be utilised to launch its animated characters on a global scale and penetration in TV/film distribution and VR content. The company is currently in the business of of digital comics creation and animation content in partnership with celebrities and animators including Stan Lee, Amitabh Bachchan, Grant Morrison, S.S. Rajamouli, and Arka Mediaworks reported a financial daily. It has developed fantasy characters and shows including Chakra: The Inv...

2Dec By PriyankaNo Comments

FUNDING

Air Pollution Controller Startup Strata Enviro Raises Funding

[dropcap]S[/dropcap]tartup accelerator ScaleMinds has invested an undisclosed amount in outdoor air pollution control manufacturer and installer Strata Enviro Pvt Ltd. Founded back in July 2016, by Amol Chaphekar, the startup installs air pollution controllers at airports, traffic signals, toll booths and traffic congestion zones. Pune-based startup has already installed pollution controllers in Pune, Mumbai, Hyderabad and Delhi. It has also exported several units offshore, as reported by a financial daily. The controllers also provides display at the top of the unit that ensures that the unit's maintenance is taken well care of. Strata Enviro was selected during an investor pitch at FundTonic Pune Startup Marathon 2017. Also Recommended Indian Government Issued Warning Ag...

Now Uber Investor Shervin Pishevar Accused Of Sexual Misconduct

1Dec By PriyankaNo Comments

USA

Now Uber Investor Shervin Pishevar Accused Of Sexual Misconduct

Multiple women have accused Uber investor Shervin Pishevar of sexual misconduct, in a talk with Bloomberg. Pishevar, an early investor of San Francisco based ride-hailing company has been alleged with the misconduct, that he outdid in December 2014. Uber held a holiday party on an unfurnished floor at its headquarters in San Francisco, which was attended by its investors and employees. They came in flamboyant attire from the “Roaring ‘20s” and drank at an open bar into the early morning hours. Venture capitalist Shervin Pishevar, several attendees recall, brought a live pony on a leash. According to the attendees of the party, the then-40-years-old Shervin approached Uber's 30-years-old Austin Geidt, head of global expansion. During his moves, he placed his hand on her legs and tri...

30Nov By PriyankaNo Comments

FUNDING

SoftBank Group To Acquire More Stakes In Flipkart, Valuing It At $10B

Japanese multinational telecommunications corporation SoftBank Group has offered to buy shares from investors and former and existing employees of Indian e-commerce website Flipkart, valuing it around $9-10 billion. SoftBank has offered to buy Flipkart shares at $85-89 per share, Mint reported. The price range values Flipkart slightly lower than the pre-money valuation it clinched in two funding rounds of $1.4 billion each, one from SoftBank in August and the other from eBay Inc., Microsoft Corp. and Tencent Holdings Ltd in April. SoftBank's move is a part of its August commitment to pick up additional stakes in the e-commerce giant. Out of the total $2.5 billion investment commitment, SoftBank will use around $1.2-1.4 billion in buying out shares of other investors and employees....