Priyanka | Pixr8 News

Wipro Chief Azim Premji Denies Media Report on Selling Wipro stake

6Jun By PriyankaNo Comments

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...

2Jun By PriyankaNo Comments

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

31May By PriyankaNo Comments

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...

India Online Education Market Will Worth Around $1.96 Billion By 2021: Google-KPMG Report

31May By PriyankaNo Comments

ANALYSIS

India Online Education Market Will Worth Around $1.96 Billion By 2021: Google-KPMG Report

The online education industry in India is poised to grow eight times to become a USD 1.96 billion industry by 2021 as an increasing number of students consume content through e-routes. According to a report by Google and KPMG, the paid user base is also forecast to grow 6X from 1.6 million users in 2016 to 9.6 million users in 2021. The report titled Online Education in India: 2021 is based on market research and insights from Google search. It found that over the last two years, there has been a 2X growth in online searches for education and a 3X increase in searches made from a mobile device. About 44 per cent of education-related searches came from beyond the top six metros. Also, there has been a 4X growth in education content consumption on YouTube in the last one year, th...

Swiggy Raises $80 Million From Naspers, Existing Investors

30May By PriyankaNo Comments

FUNDING

Swiggy Raises $80 Million From Naspers, Existing Investors

Online food delivery platform Swiggy today said it has raised USD 80 million (over Rs 517 crore) in series E funding led by global internet group and technology investor Naspers. The funding saw participation from other existing investors Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners. The funds will help Swiggy introduce new products and service offerings to enhance its customer experience, Swiggy said in a statement. Naspers has also invested into the parent company of Swiggy's rival foodpanada, Delivery Hero. The food ordering platform also said it plans to double its technology headcount and increase investments across core engineering, automation, data sciences, machine learning and personalisation. Besides, th...

TeamLease Acquire 30% Stake in Freshersworld.com

30May By PriyankaNo Comments

ACQUISITION

TeamLease Acquire 30% Stake in Freshersworld.com

Staffing services firm TeamLease Services will acquire 30 per cent stake in job portal Freshersworld.com at an enterprise valuation of Rs 18 crore, a move that will accelerate its hiring strategy. "Freshersworlds enterprise valuation is Rs 18 crore and we have taken 30 per cent stake towards that valuation and the acquisition of further stake in Freshersworld or complete exit is linked to future performance and key product milestones over the next three-year period," TeamLease Services executive vice-president Rituparna Chakraborty said. Generally, enterprise value is a measure of a companys value. The deal is structured as an all-cash tender financed with the existing cash reserves of TeamLease, a company release said, adding the transaction is subject to regulatory approvals and is...

Snapdeal Raises 113 Crore Emergency Fund From Nexus Ventures and Founders

30May By PriyankaNo Comments

FUNDING

Snapdeal Raises 113 Crore Emergency Fund From Nexus Ventures and Founders

Snapdeal has raised over Rs 113 crore from early investor Nexus Venture Partners and founders Kunal Bahl and Rohit Bansal, amid talks of a potential sale of the e-commerce firm to larger rival Flipkart. NVP pumped in Rs 96.26 crore in the round, while Bahl and Bansal contributed Rs 8.45 crore each, according to regulatory filing with the Ministry of Corporate Affairs. The shares were allotted on March 10, 2017, it added. Bahl and Bansal were allotted 1,300 Series J preference shares, while Nexus was given 14,810 preference shares, the filings showed. It is not clear how long the fresh financing round will help Snapdeal in continuing operations as it faces intense competition from rivals Flipkart and Amazon. E-mails sent to NVP and Snapdeal remained unanswered. The cash-strapped firm,...

InnerWave Ventures Looking To to Invest in 18-20 Startups in Next Three Years

26May By PriyankaNo Comments

FUNDING

InnerWave Ventures Looking To to Invest in 18-20 Startups in Next Three Years

A community of early-stage angel investors InnerWave Ventures today said it is planning to invest in 18-20 start-ups in next three years in the range of Rs 1-1.5 crore. Currently, InnerWave Ventures, which is managed by corporate advisory firm InnerWave, consists of 32 angel investors which are looking to help start-ups in need of additional capital. "A lot of the angels have built up their own businesses and may be sold them or are in a semi-retired stage and they want to pass on the knowledge that theyve picked up," InnerWave Ventures co-founder Varun Dhingra said. InnerWave Ventures said it will also be adding more angel investors to its network who are looking to invest in pre- screened start-ups. "The investment can come from a single angel or a group and it can range anyw...

Dubai Based Emaar Malls Acquire 51% Equity in E-commerce Website Namshi

24May By PriyankaNo Comments

ACQUISITION

Dubai Based Emaar Malls Acquire 51% Equity in E-commerce Website Namshi

Dubai based billionaire Mohamed Alabbar firm Emaar Malls acquires 51 percent stake in Rocket Internet backed e-commerce website Namshi.com for $151 million. This is a second acquisition in two months which shows a sign of growing demand for tech deals in the Middle East. After failing to acquire Souq.com, Emaar malls left no space for others this time. The 51 percent equity was belong to Rocket Internet. The recent move by Emaar malls comes on the prediction of the e-commerce in Middle east will grow to $20 billion by 2020. Both Emaar and GFG group (Namshi parent company) said they had agreed to jointly develop the business until a possible listing or a full takeover. Namshi, which operates in the GCC region like United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain...

24May By PriyankaNo Comments

FUNDING

Box8 Raises 7 Crores Additional Funding From Series B 50 Crores

BOX8, one of the India's fastest growing food delivery startups has raised Rs. 7 Cr in venture debt funding from Trifecta Capital, in addition to Rs. 50 crores raised in series B round raised from IIFL Seed Ventures Fund & Mayfield. Started by two IIT graduates, Amit Raj and Anshul Gupta, BOX8 is a full stack online food delivery player that specializes in preparing and delivering delicious Indian meals across Mumbai, Pune and Bengaluru. It serves around 14000 meals everyday through a network of 65 plus stores. "Venture debt is an excellent proposition; since it provides access to debt where traditional bank lending doesn't participate, and does that without diluting equity, unlike venture capital. This will help us maintain a balance in our financial structure and at the same ti...

Elon Musk Are You Listening, No local Sourcing Required For Manufacturing in India

23May By PriyankaNo Comments

News

Elon Musk Are You Listening, No local Sourcing Required For Manufacturing in India

The government today clarified that US-based electric car major Tesla will not have to source local components if it plans to set up a manufacturing unit in India. The government responded to apprehensions expressed by Tesla founder Elon Musk that the company would have to source a certain percentage of local components to set up plant here. The commerce and industry ministry through its Make in India Twitter handle stated that the foreign direct investment (FDI) policy does not mandate any such minimum sourcing of components by manufacturers. .@elonmusk With respect to news reports on launch plans of Tesla in India being delayed, please note some key clarifications#MakeInIndia pic.twitter.com/9RFICGM9Kk — Make in India (@makeinindia) May 23, 2017 As per the policy, after ma...

22May By PriyankaNo Comments

FUNDING

Delhi Based Logistics Firm Delhivery Raises $30 Million Funding

Logistics company Delhivery has received USD 30 million (about Rs 200 crore) funding from Chinese conglomerate Fosun International. This additional investment is a part of the bigger equity financing round where The Carlyle Group pumped in USD 100 mn to pick up a minority stake in the firm, according to a statement. The investment in Delhivery is reported to be among the largest in the tech-focused logistics space. It is a pointer to a likely boom in the logistics sector as the government moves ahead with the introduction of GST from July 1 and on the back of robust online retail sales. The Gurugram-based company was launched in 2011 by Sahil Barua, Mohit Tandon, and Suraj Saharan with an aim to disrupt the logistics supply chain market. Later, they were joined by Bhavesh Mangl...