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San Jose-based GlobalLogic Looks Forward to Active Acquisitions
23Nov By Gauri SinghNo Comments
BUSINESS

San Jose-based GlobalLogic Looks Forward to Active Acquisitions

San Jose-based GlobalLogic, an engineering services company has reported that it will now actively look forward to acquisitions in cybersecurity, retail, medtech and automotive sector. The idea behind this is to grow to a $2 billion business in the next five years. The IT outsourcing firm is on track to clock $650 million in revenue for the current fiscal and is growing at over 24% organically. In the current fiscal, the company recorded 5 percent sequential growth in the first two quarters of the current fiscal. “Organically at 23-25% organic growth, I can achieve the $1 billion mark. I want M&A not for my numbers,” said Shashank Samant, chief executive of GlobalLogic. “At present we are working on three areas where we need to get further advantage: a security company, a company i...
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Tech Investor SoftBank Group Invests $450 million in Delhivery
21Nov By Gauri SinghNo Comments
BUSINESS

Tech Investor SoftBank Group Invests $450 million in Delhivery

The global technology investor SoftBank Group Corp is in its final stage of investing a huge amount of $450 million in Delhivery, which is India's largest e-commerce-centric logistics company by revenue. This particular deal is expected to value the company at over $1 billion, entering into the unicorn club. Through its Vision Fund, SoftBank is set to invest an estimated $350 million (about Rs 2,500 crore) in fresh capital into the company. Along with this, the Tokyo-headquartered strategic holding investor is expected to undertake secondary transactions, estimated at $100 million, to further bump up its stake in the company. As part of secondary exits, the company’s founders are likely to abolish their ownership substantially. SoftBank will emerge as the single largest shareholde...
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BigBasket Aims 40% Revenue from Private Labels Next Fiscal
21Nov By Gauri SinghNo Comments
BUSINESS

BigBasket Aims 40% Revenue from Private Labels Next Fiscal

The online grocery player BigBasket that aims to be a billion-dollar company by the next fiscal year, is expecting 40 percent of its projected revenue to come in from its private labels. The company is expecting to clock Rs 3,500 crore in sales this fiscal year, up from Rs 2,000 crore last year. "Private labels are around 34 per cent of our business now and we plan to scale this to 40 per cent in about a year. The incremental 6 percentage points of revenue will come from non-fruits and vegetables and non-staples," said BigBasket co-founder and chief executive Hari Menon. The Bengaluru-based company is also looking to add a lot of categories to the private labels vertical. BigBasket said that the FMCG sales overall (food and non-food) contributes over 50 per cent of its business...
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Xiaomi Gobbles up Selfie Smartphone Brand Meitu
20Nov By Gauri SinghNo Comments
BUSINESS

Xiaomi Gobbles up Selfie Smartphone Brand Meitu

The Chinese smartphone major Xiaomi is recently diversifying into a new range of phones as the Chinese smartphone maker announced impressive growth with its latest financials. With this, the company has announced its plans to take over selfie app maker Meitu’s smartphone business to go after new demographics. This is being done particularly keeping in focus the women, while it lodged impressive 49 percent revenue growth in Q3. Xiaomi posted a net profit of 2.481 billion RMB ($357 million) for the quarter on total sales of 50.846 billion RMB ($7.3 billion). The majority of those phones are sold in China, but the company said that international revenue overall was up by 113 percent year-on-year. Also, the very well-known for its ‘beautification’ selfie apps, Meitu sells smartphones ...
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Health Tech Firm CitiusTech Eyes $500M Revenue in Five Years
20Nov By Gauri SinghNo Comments
BUSINESS

Health Tech Firm CitiusTech Eyes $500M Revenue in Five Years

Healthcare technology firm CitiusTech is looking to more than double its revenue to $500 million in five years on the back of growing investments by hospitals, insurance firms and service providers in the US and Europe in harnessing data to improve services. The firm expects to close this fiscal with revenues of $175-180 million, including income from FluidEdge, which it acquired earlier this year. “We have been growing at 25% annually over the last few years, so even if we continue to grow at this rate, we would reach our goal of becoming a $500 million company in five years,” said CitiusTech CEO Rizwan Koita.  The company has just set up an advisory board comprising veterans from the healthcare industry to offer strategic guidance to the management to drive innovation across key...
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Myntra & Jabong Merge, Lay off 150 Employees
17Nov By Gauri SinghNo Comments
BUSINESS

Myntra & Jabong Merge, Lay off 150 Employees

The e-commerce fashion players Myntra and Jabing that have played a major role in the industry are reportedly merging and this has come days after Walmart put the two fashion businesses of the Flipkart Group under direct control of CEO Kalyan Krishnamurthy. "Since Myntra’s purchase of Jabong in mid-2016, the two brands have been steadily integrating key business functions and streamlining processes. This has resulted in revenue growth and a significant improvement in the customer experience.As the next step in this process, Myntra and Jabong will now fully integrate all the remaining functions including technology, marketing, category, revenue, finance and creative teams," the company stated. As a part of the deal, Narayanan will continue to lead the team and also the company's independe...
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After Lyft, Uber Launches its Loyalty Program Uber Rewards
15Nov By Gauri SinghNo Comments
BUSINESS

After Lyft, Uber Launches its Loyalty Program Uber Rewards

Soon after ride-hailing service Lyft launched its loyalty program, Uber has also come up with Uber Rewards in nine cities before rolling out to the whole U.S. in the next few months, with points for scooters and bikes coming soon. Under this program, riders will earn points for all the money they spend on Uber and Uber Eats that score them $5 credits, upgrades tAo nicer cars, access to premium support and even flexible cancellations that waive the fee if they rebook within 15 minutes. Along with this, it retroactively counts your last six months of Uber activity to give you perks as soon as you sign up for free for Uber Rewards. The program has been currently launched in Miami, Denver, Tampa, New York, Washington, DC, Philadelphia, Atlanta, San Diego or anywhere in New Jersey. “As p...
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Infosys to Open an Innovative & Tech Hub in the US state of Texas
15Nov By Gauri SinghNo Comments
BUSINESS

Infosys to Open an Innovative & Tech Hub in the US state of Texas

Infosys has reportedly announced that it would open a technology and innovation hub in the US state of Texas and hire 500 workers by 2020, its latest expansion in its largest market. Also, in May 2017, Infosys had said it would hire 10,000 American workers by 2019. So far, the company has hired 6,200 American workers. The company also mentioned that the new office would be located in Richardson, Texas and would focus on the telecommunication, retail and banking sectors. “We are excited to announce the expansion of our presence in Texas, which is another important step in our continued investment in driving digital transformation for American businesses. Digital is rapidly changing every industry, and our Hubs will allow us to co-locate, co-innovate and co-create alongside our clients...
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SoftBank Corp Invests in the Co-working Giant WeWork Yet Again
14Nov By Gauri SinghNo Comments
BUSINESS

SoftBank Corp Invests in the Co-working Giant WeWork Yet Again

SoftBank Corp has reportedly invested another $3 billion in financing into the co-working major WeWork. The deal comes in the form of a warrant, allowing SoftBank to pay $3 billion for the opportunity to buy shares before September 2019 at a price of $110 or higher. This will value WeWork at $42 billion minimum. In August, SoftBank Corp invested $1 billion in WeWork in the form of a convertible note. Following this deal, SoftBank will pay WeWork $1.5 billion on January 15, 2019 and another $1.5 billion on April 15. SoftBank is far and away WeWork’s biggest investor, with SoftBank Vision Fund having poured $4.4 billion into the company just last year. More than physical land, WeWork wants to be the central connective tissue for work in general. The company often strikes deals with ...
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Cab Aggregator Lyft to Launch its Loyalty Program in the US
13Nov By Gauri SinghNo Comments
BUSINESS

Cab Aggregator Lyft to Launch its Loyalty Program in the US

San Francisco based cab aggregator Lyft has planned to launch a new loyalty program for riders which will be known as Lyft Rewards. The particular program will start rolling out next month to select riders across the U.S. It will let riders earn points for each dollar spent, which can then be used for upgrades to nicer cars or savings on future rides, among other things.  Along with this, the ride-hailing company caters to its regular riders in several ways, including through its recently launched subscription service. It is a program that rewards business users, and its partnership with Delta that allows riders to earn Delta airline miles with Lyft. The upcoming reward program will be aiming everyday riders, in order better retain their business as a part of Lyft’s larger battle wit...
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Travel App Ixigo Settles GMV of $250 million
12Nov By Gauri SinghNo Comments
BUSINESS

Travel App Ixigo Settles GMV of $250 million

Travel meta search firm Ixigo has settled gross transactions of $250 million (about Rs 182 crore) by the end of the current financial year. “In FY 2017-18, we did GMV of $100 million, and in the year before that (FY 2016-17), we had done $25 million. Next year, we should comfortably exceed $500 million,” Aloke Bajpai, chief executive of Ixigo said. The co-founder of the company believes that the growth of the company is being led by a combination of greater acceptance by consumers and the company’s decision last year to start monetising its railway and bus-ticketing app. While Ixigo’s flagship air travel and hotel reservation app continues to target consumers emanating from tier-1 cities, the railway app has been projected for the budget traveller, which allows the company to cross-se...
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