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Snapchat Will Sack More than 120 Engineers

10Mar By Sheldan RungasamyNo Comments

News

Snapchat Will Sack More than 120 Engineers

Snapchat parent company, Snap Inc, sent a memo to employees on Thursday stating they were going to lay off 120 engineers from their team and reorganize it, according to Reuters. The maker of the smartphone app popular for disappearing images has had a rough start to the year 2018 and are now under pressure from investors to reduce spendings after analyst expectations during Snap’s first year as a publicly traded company came short of the predicted figures. The company based in southern California will, however, offer a package of benefits to all those getting the sack, according to the memo from Jerry Hunter, senior vice president for engineering. It is still unclear who are those who will be laid off and Snap scheduled a staff meeting for March 14 to explain the reorganization and a...

10Mar By Sheldan RungasamyNo Comments

BUSINESS

JSW Now 50% Partner in Delhi Daredevils

A day after announcing their captain for the 2018 edition of Vivo Indian Premier League, GMR Group, owners of Delhi Daredevils announced they put ink on paper with JSW sports for an equal (50-50) partnership in their IPL franchise. The amount of the deal, however, remained confidential and the purchase is still subject to approval from the BCCI and other customary conditions proceedings. The IPL Governing Council is scheduled to meet on March 16 to seek into the matter but it only looks like a mere formality before a definitive confirmation. After investing in football, wrestling, and kabaddi, JSW Sports now ventures in the money-laden Indian Premier League following their investment in the Delhi Daredevils. The move does not come as a surprise as Sajjan Jindal's son Parth had previousl...

Airtel Payments Bank Receives 5 Crore Fine From RBI

10Mar By Sheldan RungasamyNo Comments

INDIA

Airtel Payments Bank Receives 5 Crore Fine From RBI

Airtel Payments Bank is seeing red this week after the Reserve Bank of India imposed a Rs 5 Cr penalty on the company for violation of operating guidelines and Know Your Customer (KYC) norms. After receiving several complaints and media reports asserting that the bank had opened customer accounts without the explicit consent of the customers, the RBI conducted an administrative visit to the bank on November 20-22, 2017. The fine was later imposed after RBI inspected the banks documents related to the opening of accounts. "The Reserve Bank of India (RBI) has imposed, on March 7, 2018, a monetary penalty of Rs 50 million on Airtel Payments Bank Limited (the bank) for contravening the ?Operating Guidelines for Payments Banks and directions issued by RBI on Know Your Customer (KYC) norms...

Travis Kalanick Launch 10100 Funds to Invest in Indian Startups

9Mar By Sheldan RungasamyNo Comments

News

Travis Kalanick Launch 10100 Funds to Invest in Indian Startups

Nine months after being ousted from one of the world’s most successful startups, Uber founder Travis Kalanick is back in business with a brand new project. Kalanick is now launching a 10100 fund from his personal fortune to invest in startups, “for-profit and not-for-profit work.” Kalanick has already started working on investing in startups by making several investments over the past few months and working with various company boards and engaging with entrepreneurs and non-profits. He made angel investments in startups such as software firm Pantheon, social media platform Blippy, online artwork community Deviant Art and medical startup Kareo. However, the interesting part is that Travis Kalanick is going to focus a large sum of his investments fund, named 10100 (pronounced ten-one-h...

Electric Bike Manufacturer Raises 2.8 Crore From Founder of Zoho

9Mar By Sheldan RungasamyNo Comments

FUNDING

Electric Bike Manufacturer Raises 2.8 Crore From Founder of Zoho

Ultraviolette Automotive Private Ltd., a Bangalore-based electric bike company was allotted 3,848 equity shares of INR 10/- at a premium of INR 7,399/- in February according to regulatory filings. After which, Kumar Vembu’s founder of Zoho & Go-frugal Technologies invested INR 2.8 Crore in the company. Back in December, TVS announced to have bought a 14.78% stake in startup Ultraviolette Automotive Pvt. Ltd. The company already tested three prototypes despite not launching any electric two-wheelers yet. It has already crafted its business model which projects the delivery of motorcycles by the end of 2018. They amassed a total revenue of INR 3.21 lakhs in 2016-17 and only generated INR 31,570 in 2015-16. The automotive company believes in the future with clean energy and sustaina...

9Mar By Sheldan RungasamyNo Comments

FUNDING

Yuvraj Singh Backed Healthians Raises New Funding

Expedient Healthcare Marketing Pvt. Ltd, which runs an online diagnostics and wellness startup called Healthians.com, indicated on regulatory filings that the company has allotted 50,540 debentures of INR 1000 each on February 06, 2018. The investors consist of Walter T Beach, Director-The Bancorp Inc, Jean Pierrie Mastroiaani, Vietnam-based Angel Investor, existing investor Mamoru Taniya and Founding Partner Asuka Asset Management. The company previously raised INR 51 Cr from a set of investors which included Asuka Holdings, Beenext, Beenos, Digital Garage, M&S Partners, and YouWeCan Ventures. Healthians is also backed by cricketer Yuvraj Singh from an early-stage funding from his YouWeCan Ventures. The company, founded by Deepak Sahni is an asset-light diagnostics and healthcar...

NITI Aayog Launches Platform For Women Entrepreneurs

9Mar By Sheldan RungasamyNo Comments

INDIA

NITI Aayog Launches Platform For Women Entrepreneurs

NITI Aayog, the policy institute of the Government of India launched the Women Entrepreneurship Platform (WEP) yesterday, to mark the International Women’s Day. This project aims at building a sustainable environment for women across India to realize their entrepreneurial objectives, substantially increase state-of-the-art initiatives and initiate long-term and sustainable business strategies for their companies. The vision of this plan is to involve more women in the economical dynamics of this country and empower them with the necessary tools and knowledge to contribute to the development of a modern India. “The platform aspires to substantially increase the number of women entrepreneurs who will create and empower a dynamic new India,” said Anna Roy, head of Nasscom’s WEP. CEO of N...

8Mar By Sheldan RungasamyNo Comments

FUNDING

PictureTime, a Movie Theater For Rural Areas Raises 25 Crore Funding

PictureTime, a mobile digital movie theater startup received a Rs 25 Crore investment at an unrevealed valuation in a Pre Series A funding round. The funds will serve to provide up to 100 operational additional digiplex cinema theaters by March 2019. PictureTime offers cinema service in rural and semi-urban areas by converting a truck into a fireproof inflatable cinema theater where up to 120-150 people can watch a movie. It takes two hours for the digiplex cinema to be fully set up. PictureTime offers a mobile cinema with seating arrangements and digital projectors and 5.1 Dolby surround sound for a high-quality cinema experience. Tickets range between Rs30-50. Outside the digiplex are installed local food courts, gaming activities and entertainment to provide peopl...

OLX Generates 3 Times Revenue With Pre-Owned Cars Category

8Mar By Sheldan RungasamyNo Comments

BUSINESS

OLX Generates 3 Times Revenue With Pre-Owned Cars Category

India's Online marketplace Olx has triple its revenue in the second-hand cars selling category by doubling its business seller base in 2017. The automobile category, which comprises of cars and bikes, is the most active section on the mobile platform and accounts for 45% of total user visits. 15,000 cars are up for sale on the app daily and each car obtains an average of above 1000 views. Additionally, in 65% of cases, a week is all it takes to sell a vehicle on the app. The market size for pre-owned cars in India presently stands at 3.8 Million units and OLX claimed to hold 77% of the market despite competing with CarDekho, CarTrade, Droom, Quikr, etc…. Moreover, OLX currently possesses 85% market share in consumer-to-consumer online trade and presently registers 6 billion page view...

8 Indian Women Billionaires in Forbes 2018 List

8Mar By Sheldan RungasamyNo Comments

INSPIRATIONAL

8 Indian Women Billionaires in Forbes 2018 List

This year, eight Indian women are featuring in Forbes ‘World’s Billionaires’ list which includes a total of 256 women billionaires, an unprecedented record. The cumulative net worth of the women billionaires featuring in the list soared above $1 trillion, a 20% progress from last year. While most of the women in the standings inherited their wealth, 72 of them are self-made tycoons, another record. Last year only 52 of them could claim this achievement. 1) Savitri Jindal with a net worth of $8.8 billion is the richest Indian woman billionaire and is ranked 176th globally. She is the chairperson of Emrietus, Jindal Steel & Power Ltd. In 1970, she married O.P Jindal, founder of the Jindal group, a steel and power multinational. 2) Founder of Biocon, Kiran Mazumdar-Shaw is the se...

Donald Trump’s Forbes Ranking Drops by 200 places

7Mar By Sheldan RungasamyNo Comments

USA

Donald Trump’s Forbes Ranking Drops by 200 places

President of United States Donald Trump has seen a significant drop on Forbes list of the wealthiest people in the world. The business mogul plummeted down more than 200 places in the famous magazine’s list after losing around $400 million in his net worth since last year. He is currently ranked 766th while he stood at the 544th place in last year’s standings. Forbes attributed his drop to “a tough New York real estate market, particularly for retail locations; a costly lawsuit and an expensive presidential campaign.” Moreover, President Donald Trump lost a billion US dollars in net worth in 2017. Trump Tower, the President’s New York home, lost around $41 million in value in 2017. He is also losing a longtime renter on his 65,000 square-foot property on 6 East 57th Street. as tenant...

Women Entrepreneurs Earned $20 Billion Using Airbnb

7Mar By Sheldan RungasamyNo Comments

News

Women Entrepreneurs Earned $20 Billion Using Airbnb

To celebrate the upcoming International Women’s Day, an online marketplace and hospitality service Airbnb stated that women hosts using their platform have earned nearly USD 20 billion since its creation in 2008. The American company proudly stated that they are satisfied with their work in women empowerment towards financial, professional and social freedom. “Last year, we were proud to announce that women made $10 billion on Airbnb since the company was founded in 2008. This year, we are thrilled to share that in the past year alone, women have made almost an additional $10 billion and represent more than half of the Airbnb community,” said the statement from Airbnb. The statement revealed that while women earned $10 billion between 2008 and 2017, in the last year alone, women hosts ea...