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Malaysian Billionaire Set to Lose $7 billion after Aircel’s Bankruptcy Filing

2Mar By Sheldan RungasamyNo Comments

News

Malaysian Billionaire Set to Lose $7 billion after Aircel’s Bankruptcy Filing

Malaysian billionaire T. Ananda Krishnan’s company is set to make a loss of around $7 billion from a failed 12-year investment in the Indian telecom company Aircel Ltd, which officially announced the start of insolvency proceedings on Wednesday. Krishnan’s holding company Maxis Communcations Bhd had spent about $3.4 billion in shareholder rights to Aircel; amount which they will never see again. A person close to the company said anonymously that the holding company has also spent around 1.2 billion in Aircel in return for common stock. They also subscribed to $1.6 billion of redeemable preference shares. The estimates of losses also include the first $800 million Krishnan injected in the company when he first bought the firm in 2006. At that time, less than 10% of India’s 1.1 bil...

1Mar By Sheldan RungasamyNo Comments

FUNDING

AI Chatbot Triliyo Raises Funding From Yuvraj Singh backed Startup Buddy

Triliyo received $250,000 in an investment round led by Startup Buddy. Startup buddy is backed by Yuvraj Singh. Several other investors such as Pulse Venture Capital, private equity professional Amit Manocha and a few HNIs also contributed to this funding round. The money drawn out from the investments will be used to measure operations in India and Southeast Asia. Founded by Abhishek Moharama and Gaurav Gambhir in 2015, Triliyo is an AI-enabled chatbot company which provides ‘software as a service’ (SaaS) solutions to business-to-business (B2B) e-commerce clients working in hotel management. The software provides solutions both by voice and chat. Prontus Technologies owns and directs the company. Founder Abhishek Moharana used to work with PwC and L&T infrastructure while EY, Ba...

Samsung Network and Reliance Jio Will Expand 4G Coverage to all Over India

1Mar By Sheldan RungasamyNo Comments

News

Samsung Network and Reliance Jio Will Expand 4G Coverage to all Over India

Mukesh Ambani led Reliance Jio is collaborating again with South Korean company Samsung Networks to set up a nationwide Internet of Things (IoT) through phone network by Diwali. Samsung Networks is also contributing in setting up Jio’s LTE network to cover almost every Indian individual. Reliance Jio and Samsung networks however didn’t disclose the value of the new contract. Samsung Networks bagged another huge deal in 4G LTE expansion from its sole customer in India. The deal aims at increasing Jio’s 4G network penetration to 99% of the population while the network only covers 75% of the population currently. Youngky Kim, Samsung Electronics President and Head of Networks Business said, “We are delighted to contribute to Jio’s success story and rapid growth. We have been striving...

28Feb By Sheldan RungasamyNo Comments

FUNDING

Gaana Raises $115 Million Funding From Tencent and Times Internet

Tencent Holdings, China’s internet mastodon is again making sensation in the Indian market with another colossal investment. Indeed, after investing an eye-dropping $1.1 billion in cab-hailing firm Ola, back in October last year, Tencent Holdings are spilling the cash for yet another Indian firm. Gaana, a music streaming app is raising $115 million funding from the Chinese Internet investment company. Times Internet was also participated in this round. A branch of the Times Group, Gaana.com, wishes to utilize the funding to invest in artificial intelligence (AI). The investment in this new technology aims at personalizing customers’ musical experience. The artificial intelligence will also upgrade the service of subscription for paying users. Gaana also aims at developing the music e...