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Startup Running By an Indian Secretly Bought By Intel at $300 Million (2000 Crore)

18Sep By PriyankaNo Comments

ACQUISITION

Startup Running By an Indian Secretly Bought By Intel at $300 Million (2000 Crore)

Chip design maker Intel Corp. has secretly acquired silicon valley semiconductor startup called Soft Machines Inc about $300 million (cash-cum-stock deal ) to maintain its leadership position. The news was first reported by technology website The Register. The team of Soft Machines have become part of Intel from Thursday. This new deal is on the heals of Intel shedding as part of a spinout their security unit into a new company that will be owned in-part by private equity firm TPG. Intel will retain a 49 percent ownership stake of the entity with TPG taking the majority stake. In exchange, Intel will be receiving $3.1 billion in cash. Soft Machines is a semiconductor company co-developing VISC architecture-based processor and SoC products for all major performance computing platforms a...

TATA AIG, Paytm to Offer Health Insurance to Cab Drivers

16Sep By PriyankaNo Comments

BUSINESS

TATA AIG, Paytm to Offer Health Insurance to Cab Drivers

Tata AIG General Insurance and mobile payments firm Paytm have entered into an agreement to provide cab and auto drivers health insurance plans. This tie-up will enable cab and auto drivers, who are using Paytms digital wallet, to avail cashless health insurance through Tata AIG General Insurance, the private insurer said in a release issued here. Tata AIG General Insurance has designed cashless insurance scheme, as required by Paytm, to provide drivers, quality medical care as per their need and budget. While subscribing to the policy, the existing health condition of drivers will also be covered under this scheme. The new health insurance scheme will cover hospitalisation expenses of up to Rs 50,000. This initiative has already received a good response in Delhi and NCR, with ...

German Pharmaceutical and Chemical Giant Bayer Agrees to Buy Monsanto For $66 Billion

14Sep By PriyankaNo Comments

ACQUISITION

German Pharmaceutical and Chemical Giant Bayer Agrees to Buy Monsanto For $66 Billion

German pharmaceutical and chemical giant Bayer AG today announced it will acquire global seed major Monsanto for USD 66 billion in an all-cash deal. Both Bayer and Monsanto have presence in India. The deal marks a major consolidation in global seed business. Recently, Monsantos rival Syngenta was acquired by ChemChina. "Bayer and Monsanto today announced that they signed a definitive merger agreement under which Bayer will acquire Monsanto for USD 128 per share in an all-cash transaction," Bayer said in a statement. The board of the two companies have unanimously approved the agreement, it said. The offer of USD 128 per share is 44 per cent higher than the closing price of Monsantos share on May 9, the day before Bayers first written proposal to Monsanto. "USD 128 per share in a...

Godrej Interio to Launch E-commerce Platform in 2017

14Sep By PriyankaNo Comments

News

Godrej Interio to Launch E-commerce Platform in 2017

Furniture brand Godrej Interio would unveil its own e-commerce platform in India by April 2017 to help customers make choice from a wide range of products. Godrej Interio, which has entered into a tie-up with Mebelkart, Pepperfry, and Flipkart to serve online customers in the country, has done a three-year-long survey and prepared a roadmap for the purpose, Assistant Vice President, Integrated Marketing Godrej Interio Bedraj Tripathy said today. "We will have our e-commerce from next April. Though its a very small part of our business, we will soon come up with it," Tripathy said. However, venturing into e-commerce would have no channels-conflicts, the official said. "It will be an advantage for the customers. But we have planned it in such a manner that it does not affect our chan...

HP to Acquire Samsungs Printer Business For $1.05 Billion

12Sep By PriyankaNo Comments

ACQUISITION

HP to Acquire Samsungs Printer Business For $1.05 Billion

IT major HP today said it will acquire Samsung Electronics printer business in a deal valued at USD 1.05 billion, a move that will allow the US-based company further consolidate its position in the USD 55 billion A3 copier industry. The acquisition will bring an intellectual property portfolio of more than 6,500 printing patents and a workforce of about 6,000 employees globally, including nearly 1,300 researchers and engineers. Samsung has key engineering centre in South Korea with operations in the US, India, China, Japan, Russia, Canada, Brazil and other countries. HP, created as part of the breakup of Hewlett-Packard Co. last year, sells personal computers. However, it gets a significant chunk of its profit from supplying ink and toner for the printers it sells. However, HPs printi...

Digital Education Platform TopRankers Raises Rs. 4.5 Crore

10Sep By PriyankaNo Comments

FUNDING

Digital Education Platform TopRankers Raises Rs. 4.5 Crore

Digital Education platform TopRankers announced raising Rs. 4.5 crore funding from Careernet Consulting and Ideation Initiative Pvt. Ltd. The company plans to utilize the capital to upgrade its services by investing in innovative technology, and also expand its geographical presence in India. TopRankers is a Bengaluru-based online test preparation portal that enables students to prepare for competitive exams through an innovative platform. It offers comprehensive study materials, and elaborate tests for practice, which are carefully divided in to various chapters and topics. These can help students who are appearing for competitive exams to work on their weak areas and practice accordingly. Founded in 2014, the dynamic venture currently has offices in Bhopaland Delhiapart from Bengal...

Myntra Introduces Try and Buy New Feature

8Sep By PriyankaNo Comments

News

Myntra Introduces Try and Buy New Feature

Myntra announces the introduction of 'Try and Buy' (T&B), a new service option aimed at breaking the final barrier to shopping fashion online. Considered to be the Holy Grail for fashion E-commerce, T&B allows for the 'touch and feel' factor to seep into the world of online shopping, especially fashion, where it is expected to bring about a huge change in the way traditional buyers look at buying apparel online. Ashutosh Lawania, Co-founder, Myntra, said, "Try and Buy is an important step towards offering consumers a hassle-free online shopping experience and encouraging more offline buyers to shop online. This new concept will open up online fashion to a whole new section of buyers." Offline shoppers have expressed apprehension over the lack of touch and feel in the case of onli...

Simplilearn Appoints Ashish Virmani as VP – Marketing and Categories

7Sep By PriyankaNo Comments

News

Simplilearn Appoints Ashish Virmani as VP – Marketing and Categories

Global ed-tech company Simplilearn has further strengthened its leadership team by the appointment of Ashish Virmani as Vice President – Marketing and Categories. Ashish will focus on driving growth for the business through integrated plans across marketing and category functions. Ashish comes with over 11 years of diversified experience across India’s fastest growing start-ups and established FMCG brands as well. He joins Simplilearn from FreeCharge where he was the Associate Vice President – Marketing. Prior to that, he used to head Offline Marketing initiatives at Flipkart. The appointment is the latest in a series of strategic hires by Simplilearn, as a part of building a strong leadership team for its rapidly growing presence in India, U.S and other markets. In March this year, t...

PayU Hires Pradeep Shekhawat as Head of SMB Business

6Sep By PriyankaNo Comments

News

PayU Hires Pradeep Shekhawat as Head of SMB Business

Unique online payments solution PayU India has announced appointment of Pradeep Shekhawat to Head the SMB Business division of its operation. The decision follows suit with the growing aspirations of the brand to expand its line of Businessand deliver valuable products and services to small business, hence pivoting the current surge in FinTech services. Pradeep Shekhawat, an alumnus of IIT-Bombay and IIM-Bangalore, will have the pivotal task of looking after the strategic growth and expansion of SMB Business, a wing initiated towards the growing MSME and startup sector in India. "Our SMB Businessis one of our PremierBusinessin Indiaand it continues to be a key contributor to PayU India's success. Pradeep's broad experience, competencies and strong leadership skills make him the...

4Sep By PriyankaNo Comments

FUNDING

Coconut Entrepreneur From Gujarat Cracks the Dragons Den, Received $1 Million Funding

Dragons Den is a BBC Television Series in the UK where entrepreneurs get three minutes to pitch their business ideas to five multi-millionaires willing to invest their own cash. The Gujarati hopeful to enter the Den on Sunday the 21st August 2016 along with her business partner from Kerala was Manisha Solanki. Manisha lived most of her life in Paris, France and decided to move to London after spotting Cocofina in 2007 at the SIAL trade show in Paris. Having enjoyed the taste of coconut from a young age acquiring a 50% stake in the business was an easy choice. Cocofina won the coveted Excellence in Food and Drink Award in 2005and has never looked back since. Fast forward to 2016 and Cocofina now has a range of 30 products and is sold in thousands of stores in 28 countries including ic...

Facebook Satellite Blast During Launch of SpaceX Rocket

2Sep By PriyankaNo Comments

INDIA, News

Facebook Satellite Blast During Launch of SpaceX Rocket

AFP- An unmanned SpaceX Falcon 9 rocket exploded on the launch pad during a test in Florida on Thursday, destroying a satellite that Facebook planned to use to beam high-speed internet to Africa. The blast at Cape Canaveral — though it caused no injuries — marks a setback for the California-based private space firm and its founder, internet entrepreneur Elon Musk, who wants to revolutionize the launch industry by making rocket components reusable. Loss of Falcon vehicle today during propellant fill operation. Originated around upper stage oxygen tank. Cause still unknown. More soon. — Elon Musk (@elonmusk) September 1, 2016 Dramatic footage broadcast by ABC News showed the rocket burst into a roaring ball of flame amid what appeared to be a succession of blasts — sending its payl...

Droom Announces Budget of Rs. 100 Crore For Marketing

1Sep By PriyankaNo Comments

News

Droom Announces Budget of Rs. 100 Crore For Marketing

India's pioneering online automobile transactional marketplace Droom is geared to launch a mega promotional campaign with a budget of Rs. 100 crore. The new campaign is being launched for television, YouTube, print, digital and social media and will also be seen outdoors on billboards and external installations. The entire campaign is designed to drive traffic and increase consumer awareness and to enhance the sense of pride amongst Indian consumers when it comes to buying a pre-owned vehicle. Droom, which has reported more than 700 percent year-on-year revenue, plans to adopt an aggressive performance-linked marketing approach which will see country-wide spread of the advertisements. Automobiles, being a big-ticket item, have a significant gestation period which may last from a mini...