Friday, March 29

Author: Priyanka

Accused of Sexual Harassment, Arunabh Kumar Quits as TVF CEO
News

Accused of Sexual Harassment, Arunabh Kumar Quits as TVF CEO

Facing allegations of molestation, Arunabh Kumar on Friday stepped down as the chief executive officer of web entertainment channel The Viral Fever. In a statement posted on his Twitter handle, Kumar said he had decided to quit as he believes the organisation is bigger than the individual. 'I have decided to step down as TVF CEO. A lot has happened in the last three months which has mentally and emotionally drained me. However, I have faith and confidence that eventually truth will prevail,' he wrote on Twitter. Kumar was replaced by Dhawal Gusain, who has been with the company since 2015 as the COO. 'Lot of people wanted me to say something or tell my side of the story, but I did not because I learend the hard way what happens when you say anything in haste. 'We made a grav...
Here is How To Celebrate Fathers Day on Facebook
News

Here is How To Celebrate Fathers Day on Facebook

People come to Facebook to share life's most important moments and experiences — for dads, it's a place to celebrate fatherhood with friends and family and be celebrated for all the things they do. Over the past year, more than 185,000 new dads took to Facebook to commemorate their first days as a father with a life event.* And last Father's Day (June 19th, 2016), people showed their gratitude and appreciation for dad by posting photos and videos on Facebook, with over 830 million photos and videos being shared.** This year, Facebook is providing new ways for you to celebrate your dad or a father figure in your life: Send a personalized card: Celebrate or say congratulations with a card. This Sunday, you might see a message from Facebook in your News Feed letting you know it's Fat...
Saudi Prince Invested $62 Million Dollar in Middle East Based Taxi Aggregator Careem
FUNDING

Saudi Prince Invested $62 Million Dollar in Middle East Based Taxi Aggregator Careem

Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, acquired a 7% stake in ride hailing service Careem through a Secondary Share purchase as well as participating in the latest Round E funding to a total transaction value of $62M. The transaction makes KHC one of the largest holders of Preferred Shares in Careem and will grant KHC a board seat on Careem's board of directors. KHC's CEO Eng. Talal Ibrahim Al Maiman said, "Our investment in Careem is a continuation of our strategy to invest in new technologies as we have done with our investments in Twitter, JD.com and Lyft. As the leading ride hailing company in the region, and positioned with excellent growth prospects, Careem sets an example for regional businesses by providing employment opport...
Fintech Startup MoneyTap Raises $12.3 Million From Sequoia India
FUNDING

Fintech Startup MoneyTap Raises $12.3 Million From Sequoia India

Fintech firm MoneyTap today said it has raised USD 12.3 million (over Rs 78 crore) from Sequoia India and existing investors, NEA and Prime Venture Partners. "With this fresh funding, MoneyTap plans to solidify its leadership position by improving credit accessibility for other segments of customers, partnering with six other banks and NBFCs and expanding to 50 cities in India by the end of 2017," MoneyTap said in a statement sent to Pixr8. It added that the company is also on target to issue credit lines worth Rs 300 crore by the end of the current fiscal. The app-based consumer credit line has over three lakh users. The Indian consumer finance market is estimated to grow at a compounded growth rate of 18 per cent to become a USD 1.2 trillion opportunity by 2020, it said. With close t...
E-commerce Technology Provider Shopmatic Raises $5.7 Million Funding
FUNDING

E-commerce Technology Provider Shopmatic Raises $5.7 Million Funding

E-commerce technology provider Shopmatic today said it has raised USD 5.7 million from a group of investors led by venture capitalist firm ACP Pte Ltd and Spring Seeds Capital. The company will use this fund to expand its global footprint. "Shopmatic..has raised USD 5.7 million of Series AA funding led by ACP Pte Ltd, a technology focussed Venture Capital firm, and Sping Seeds Capital Pte," the company said in a statement. The technology firm at present has operators in India, Singapore and Hong Kong. "After having successfully scaled its operations in India, Singapore and Hong Kong, Shopmatic will be using the funds to expand into other markets in Indonesia, the Philippines and the Middle East," the statement said. As part of this round of funding, ACP Managing Partner Same...
Amit Sinha Appointed as a Chief Operating Officer of Paytm Mall
News

Amit Sinha Appointed as a Chief Operating Officer of Paytm Mall

Amit Sinha has been appointed the Chief Operating Officer (COO) of Paytm Mall. He will now be responsible for its overall operations, including expanding its team to ensure customers across India are able to buy the widest range of products and accept deliveries through our efficient partner logistics network. Amit was serving as the Sr. Vice President of Business in his earlier role. He has looked after HR & financial processes and has been with Paytm since 2008, helping build several new businesses. “Our goal is to build the country’s largest platform that enables trusted partners including brand and merchants in growing their business. We are innovating on multiple aspects of business and offering newer business opportunities for sellers”, said Amit. Paytm have de-merged it...
Tata Communications Inked a Deal with Alibaba Cloud
News

Tata Communications Inked a Deal with Alibaba Cloud

Tata Communications today inked a deal with Alibaba Cloud to enable customers from India and 150 other countries to connect to the Chinese e-commerce giants Express Connect platform for a fast, stable and secure network. The Express Connect will be linked through Tata Communications IZO Private Connect service. This collaboration was announced at Alibaba Clouds Computing Conference in Shanghai today. It is particularly focused towards enterprise customers from over 150 countries, including India, who employ the services of Alibaba Cloud. Under the deal, the global enterprises will now have immediate access to a secure connection between the Virtual Private Clouds (VPC), the Internet and end-users own networks. Yeming Wang, Deputy General Manager of Alibaba Cloud Global said...
Infosys Denies Reports of Co-founders Selling Stake
News

Infosys Denies Reports of Co-founders Selling Stake

IT major Infosys today denied media reports suggesting that its co-founders, including N R Narayana Murthy, were planning to sell their entire stake in the company. "We would like to clarify reports in media speculating on plans of stake sale by the promoters. This speculation has already been denied categorically by the promoters," the company said in a statement. The country' s second largest IT services firm was reacting to a media report that Murthy and other co-founders Nandan Nilekani, Kris Gopalakrishnan, S D Shibulal and K Dinesh were looking to sell their entire stake in the company worth about Rs 28,000 crore. "The company further reiterates that it has no information on any such development. We would like to appeal to the media not to fuel such speculative stories as th...
NetApp Launches NetApp Accelerator in India
News

NetApp Launches NetApp Accelerator in India

NetApp today announced launch  of NetApp Accelerator programme, the company's first startup  accelerator here, which will provide startups with access to  productivity tools and networking opportunities with potential investors. The programme will provide an equity-free grant of USD 15,000 to these startups on completion of the programme,  NetApp India Senior Vice President and Managing Director Deepak Visweswaraiah said in a statement here. "What is more is that the startups can own their IP  (Intellectual Property) and NetApp would not seek a stake in  the same," he added. The programme will provide startups with access to  collaboration and productivity tools, co-working space out of  the company?s global centre of excellence in Bengaluru as well as networking opportunities wit...
Wipro Chief Azim Premji Denies Media Report on Selling Wipro stake
News

Wipro Chief Azim Premji Denies Media Report on Selling Wipro stake

Wipro Limited Chairman Azim Premji has denied a media report that promoters of the IT company were evaluating sale of their holdings and said he "remains committed to Wipro." In his letter to Wiproites, he had termed the news article reportedly published in this regard as "baseless and malicious." A news website had yesterday quoting banking sources reported that the promoters of the Indias third-largest IT services company are in the early stages of evaluating the sale of the company or some of its units, and have even approached investment banks. In the letter sent out late last night to its employees, Premji said he continued to be "incredibly excited" about the potential of the IT industry and Wipro. "Over the past 50 years, I have seen Wipro grow from a small regional play...
Indian State Telangana launches Its Own e-wallet
INDIA

Indian State Telangana launches Its Own e-wallet

One of India's leading technology based developed state Telangana has launched country's first official state e-wallet called T-wallet. The newly launched e-wallet offers any digital payments with in the state with no additional charge for the citizens. The Microsoft Accelerator alum startup Transaction Analysts has partnered with Telangana to develop T-Wallet which uses two factor authentications, through Aadhaar+Biometric or Aadhaar+OTP to Aadhaar linked mobile number, for feature and no phone users. Using this platform, citizens not only can make payments to government and private organisations towards various services but also receive the benefits from government like pensions, scholarships and MGNREGS wages. Unique Identification Authority of India (UIDAI) chairman J. Saty...
Uber Will Hire Indian Techies For Its Engineering Center
News

Uber Will Hire Indian Techies For Its Engineering Center

US-based cab aggregator Uber is hiring more techies for its engineering centres in the country as it looks to roll out more innovations from India in areas like payments, bookings and rider and driver experience. The company is also in discussion with National Payments Corporation of India (NPCI) to enable customers pay for rides using UPI. "We are hiring rapidly. We are looking for product managers, data scientists, designers etc," Uber India Head of Engineering Apurva Dalal told reporters here. Uber has two engineering centres in India in Bengaluru and Hyderabad. The teams work on areas like safety, payments, driver growth, maps, vehicle telematics and rider experience, among others. It currently has about 100 people in these two centres. Dalal, however, did not comment on ho...