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Alibaba’s Q1 Revenue Rose But Investments May Decrease Profits

24Aug By Gauri SinghNo Comments

BUSINESS

Alibaba’s Q1 Revenue Rose But Investments May Decrease Profits

China’s largest e-commerce player Alibaba Group Holding Ltd has shown a huge rise in the first-quarter revenue estimates which is majorly due to the growth in its core e-commerce business. However, the company has stated that the investments in the food delivery business are increasing and might overpower the profits. The revenue of the company increased 61 percent to 80.9 billion yuan ($11.77 billion) in the April-June period, as compared to the average estimate of 80.7 billion yuan in the previous quarter. Though the overall revenue rose, the net income attributable to shareholders decreased 41 percent to 8.7 billion yuan or 3.3 yuan per share. Alibaba’s U.S.-listed shares rose about 3 percent in premarket trade. The sales at the company’s core e-commerce business increased 61 p...

Haier to Invest Around Rs 3k Crore in New Manufacturing Units

23Aug By Gauri SinghNo Comments

BUSINESS

Haier to Invest Around Rs 3k Crore in New Manufacturing Units

The consumer electronics and home appliances company Haier has reportedly planned to invest Rs 3,069 crore for setting up fresh manufacturing units at an industrial township in Greater Noida, UP. The company also stated that is expected to generate direct employment for around 3,950 people with this programme as stated by the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC). They have been given 123.7 acres of land for this purpose in the DMIC Integrated Industrial Township Greater Noida (IITGN). All these manufacturing units will be built in the mentioned area. Along with Haier, Chinese Mobile maker Forme's Indian subsidiary Forme Trading has also been allotted 3.5 acres of land in IITGN for a similar purpose. "Forme Trading plans to invest Rs 100 crore in its n...

Paytm to Launch AI-powered Cloud Computing Platfotm in India

21Aug By Gauri SinghNo Comments

BUSINESS

Paytm to Launch AI-powered Cloud Computing Platfotm in India

The most popular digital payments firm Paytm’s parent company One97 Communications has announced that they are launching a new AI Cloud computing platform known as “Paytm AI Cloud for India” for developers, startups and enterprises. The basic purpose behind the launch of this platform is to offer business-centric apps for organizations that require high-quality solutions for cloud computing, automate their workflow, easy payments, messaging and customer engagement without the hassle of managing hardware and software. The company has stated that Paytm AI Cloud processes and collects all their consumer data locally in servers situated only in India and at the same time following the highest security and privacy standards. It has been reported that the company has invested around Rs 250...

After Reliance Jio, ZEE is Partnering with Bharti Airtel

20Aug By Gauri SinghNo Comments

BUSINESS

After Reliance Jio, ZEE is Partnering with Bharti Airtel

Soon after a disagreement and discontinuing the partnership with Reliance Jio, one of the largest Indian media platform Zee Entertainment Enterprises (ZEE) has entered into a 3-year multi-layered association with the largest telecom player Bharti Airtel. Following this partnership, Zee and Airtel will work together closely and create exclusive video content for Airtel’s video-on-demand app Airtel TV as well as for ZEE’s over-the-top (OTT) app ZEE5. Along with this, around 50 million Airtel TV app users will get access to ZEE5 content constituting ZEE5 Originals, movies, TV shows, plays and more as the subscription cost will be patched under Airtel TV’s plan. “It’s a larger partnership and a win-win for both of us. Airtel brings a huge consumer base, which today, potentially, is not ...

Vivo Expanding Its Indian Manufacturing Unit To Increase The Production of Smartphones

18Aug By NitishNo Comments

BUSINESS

Vivo Expanding Its Indian Manufacturing Unit To Increase The Production of Smartphones

Chinese Smartphone company Vivo announce the expansion of its India manufacturing operations at the hi-tech manufacturing facility in Greater Noida. With an investment of INR 300 crores till date, the facility has increased production to more than 2 million units per month, re-iterating Vivo’s commitment to ‘Make in India’. The newly added SMT lines are catering to the growing demand for Vivo smartphones in the country. With more than 5000 employees, the Greater Noida plant has a capacity of manufacturing almost 25 million products in a year. Besides manufacturing, the Greater Noida plants also resides a ‘Test Lab’ where the manufactured products undergo more than 1000 stringent levels of quality and durability tests. Vivo NEX has been completely made in India and seen much succes...

ISRO to Launch Incubators for Grooming Space Startups

13Aug By Gauri SinghNo Comments

BUSINESS

ISRO to Launch Incubators for Grooming Space Startups

Indian Space Research Organisation (ISRO) is planning to launch incubators across the country for the purpose of grooming the startups that build fresh solutions in rocketry, communication satellites and applications from remote sensing data. The basic motive is to assist the space startups to establish themselves and also create a strong local commercial space ecosystem in the country. As of now, ISRO has got involved with various startups through its commercial arm Antrix Corp. Some of these companies include Bellatrix Aerospace, Aniara Communications and Exseed Space. At present, the research organization is looking forward to incubate startups that would set up applications, offer services and products which it can use internally and help them grow. “We are looking at multipl...

JBL Launches its Online Store, Enters Indian e-commerce Space

7Aug By Gauri SinghNo Comments

BUSINESS

JBL Launches its Online Store, Enters Indian e-commerce Space

HARMAN International, a hardware-focused company which owns Los Angeles-based JBL has launched an online store in India that will include loudspeakers and associated electronics from manufacturer JBL. As of now, JBL’s products were available in India only at Snapdeal, Amazon, and Flipkart, but now it can be shopped through its official website too. The company has launched two new JBL products – JBL Go+ Bluetooth speaker and JBL T205BT headphones – on its official website as a source of the inaugural promotion. JBL Go+ will transmit music through Bluetooth from smartphones and tablets. It is powered by a rechargeable battery which would offer up to five hours of playtime, on the other hand, JBL T205 BT is a compact headphone with premium metalized housing and headphone. This makes...

7Aug By Gauri SinghNo Comments

BUSINESS

Now Book Ola Cab Service in England Too

Soon after launching its services in Australia, the cab-hailing major Ola is planning to foray into the United Kingdom (UK) market and has also received a license to operate in South Wales and Greater Manchester regions. The company is planning to launch its operations in the UK within the next month and claims that it would be the only ride-hailing player there that can legally offer customers both private hire and black cabs on its platform. Furthermore, it would expand more in the UK by the end of this year. “Ola is excited to announce its plans for the UK, one of the world’s most evolved transportation markets. The UK is a fantastic place to do business and we look forward to providing a responsible, compelling, new service that can help the country meet its ever demanding mobility...

Softbank Net Profit Surges Record 50 Fold After Flipkart Acquisition

7Aug By PriyankaNo Comments

BUSINESS

Softbank Net Profit Surges Record 50 Fold After Flipkart Acquisition

Masayoshi Son led Japanese leading tech company SoftBank net profit soared more than 50-fold from a year earlier to 313.7 billion yen (USD 2.8 billion) in the latest quarter thanks to Flipkart acquisition and coworking space Wework growth in India. Last year in the same quarter, SoftBank's profits slumped to 5.5 billion yen due to its investment in Chinese e-commerce company Alibaba. Sales in the April-June quarter edged up 4 percent to 2.3 trillion yen. The value of the fund's stake in Flipkart increased 164.3 billion yen after Walmart agreed in May to buy it. Sales were flat at SoftBank's U.S. mobile provider Sprint, dropping 0.4 percent to USD 8.1 billion. The Tokyo-based company realized a one-time gain of 161.3 billion yen from the sale of a large share in the Chinese o...

Xiaomi to Utilize a Part of IPO Funds in Indian Operations

6Aug By Gauri SinghNo Comments

BUSINESS

Xiaomi to Utilize a Part of IPO Funds in Indian Operations

The Chinese smartphone giant Xiaomi is reportedly planning to invest a part of the capital it raised from its recent IPO, into its Indian operations. The purpose behind this move is to build the ecosystem of internet services, make more startup investments and build India-specific IoT devices as stated by company’s India head Manu Kumar Jain. Along with this, the smartphone maker is also expecting to foray into the premium smartphone space in India which is currently being led by another Chinese giant OnePlus. “Some part of the global expansion money will be spent in India,” Jain stated in his first press interaction following the IPO. “We have had a great journey for smartphones, powerbanks and for Mi.com in India, but we can do a lot more on internet services, startup investments and...

WeWork To Expand its Existence to 20 Locations in India

1Aug By Gauri SinghNo Comments

BUSINESS

WeWork To Expand its Existence to 20 Locations in India

WeWork, a popular co-working venture which is a US-based firm is accelerating up to expand its existence in India. The firm is planning to set up more locations in areas such as Bengaluru, Mumbai and Gurugram with an aim to have over 35,000 seats in the country by the end of this year. Currently, the firm has its existence in only three of these cities in the country with about 12,000 seats. However, now it is also looking to establish co-working spaces in Chennai, Pune and Hyderabad next year. "We have been open for a year and we have grown very quickly. We started with 2,200 desks and we are now over 10,000 members which is pretty amazing," said Ryan Bennett, Chief WeWork Officer. These days co-working has become a very convenient option for not only startups but big companies as we...

After Zomato, Swiggy Launches its Subscription Program

31Jul By Gauri SinghNo Comments

BUSINESS

After Zomato, Swiggy Launches its Subscription Program

Soon after the foodtech platform Zomato started its subscription-driven playbook to bolster the food technology market, Swiggy also followed the same path and has now rolled out its first-ever membership program under the name ‘Swiggy Super’. The Bengaluru based food startup has forayed into the paid subscription-based offerings space in which the membership will provide the facility of reduced delivery fees on the platform for customers. Under this subscription, Swiggy Super will offer the customers unlimited free deliveries across all 35,000 restaurants listed on the platform, irrespective of the distance or time of day. Also, the program will ensure no surge fee (applicable during peak hours or rainy days) for the user and a quicker resolution mechanism through a dedicated custome...