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Swiggy Pumped up to Expand Delivery Diversification Strategy

30Jul By Gauri SinghNo Comments

BUSINESS

Swiggy Pumped up to Expand Delivery Diversification Strategy

After all the expansion and growth plans of one of the biggest online food delivery platform Swiggy, the company is all geared up to expand its delivery diversification strategy. The firm is now planning to start deliveries for various different categories including medicines and grocery and now the company is all set to acquire a bigger portion of the delivery space by increasing the service across the entire hyperlocal delivery market. “Swiggy is launching a concierge-like service and will enable buying and delivery of products from any store in the city including pharmacies, electronics, groceries and even flower shops, gift shops,” a person familiar to the matter said. “It will also feature a customer-to-customer pick up and drop service. “Swiggy is expecting to grow this busines...

28Jul By Gauri SinghNo Comments

BUSINESS

Hershey Sells 2 International Businesses to Focus on US Snacking

Hershey has reportedly announced the sale of two of its international businesses as it continues to shift its efforts to U.S. snacking. The chocolate company has been focusing on expanding its snacks business. It recently acquired Skinny Pop parent Amplify Brands for $1.6 billion. Those efforts came after previous attempts at expanding internationally stumbled. The company stated that it sold Shanghai Golden Monkey, the Chinese candy company that it purchased in 2014, as well Tyrrells, the U.K. chip business it acquired through its purchase of Amplify. Shanghai Golden Monkey Food Joint Stock in China, meant to be a launching pad for Hershey in the region, faltered when the founder left early on and the chocolate market dipped. At present, in this space, the global market is being dom...

Paytm Joins Hands With Softbank to Launch ‘PayPay’ In Japan

27Jul By AnkitaNo Comments

BUSINESS

Paytm Joins Hands With Softbank to Launch ‘PayPay’ In Japan

One of the major Indian digital funds platforms Paytm has now expanded its operations to Japan in partnership with PayPay Company. PayPay Corporation, a joint venture established by SoftBank Corp. (“SoftBank”) and Yahoo Japan Corporation (“Yahoo Japan”), recently announced that the company will launch “PayPay” smartphone payment services using barcodes (QR code) in fall 2018. PayPay Corporation is joining its hands with India's largest digital payment company Paytm, a SoftBank Vision Fund portfolio company, to utilize Paytm's technology and expertise in mobile payments. Founder of Paytm Mr Vijay Shekhar Sharma mentioned,“It’s an honour to work with Masa Son. He’s a visionary entrepreneur who has seen all of it: PC, telecom, cell web and now Synthetic Intelligence, which is th...

Airtel Reported First Ever Loss in Indian Telecom Sector

27Jul By NitishNo Comments

BUSINESS

Airtel Reported First Ever Loss in Indian Telecom Sector

India's one of the leading telecom company Bharti Airtel reported first ever loss of Rs 940 crore in the first quarter (June 2018) from its Telecom business. Airtel bleeds to retain market dominance in the face of free voice calls and dirt cheap tariffs from Reliance Jio, Vodaphone & idea. Bharti Airtel's India performance continued to face turbulence from the ongoing tariff war despite high level of investments and increase in usage of services. The average revenue per user on Bharti Airtel's India network declined by around 32 percent to Rs 105 from Rs 154 per network on a year-on-year basis. With the acquisition of Telenor's India business, the mobile subscriber base of Airtel increased by 28 percent to 344.6 million as on June 30, 2018, compared to 280.6 million in the ...

Women Community POPxo Launches its E-commerce Platform

26Jul By Gauri SinghNo Comments

BUSINESS

Women Community POPxo Launches its E-commerce Platform

POPxo, the popular digital community for women which is based in New Delhi has geared up to introduce its e-commerce platform to sell private label merchandise, said the company’s top executive. To attract the millennial population, the content platform is entering into selling products ranging from mugs and laptop bags to pouches and tote bags. POPxo is an emerging platform related to fashion, beauty, lifestyle - everything the modern Indian woman needs. “E-commerce is a natural step because we already have a large user base because of all the content we produce,” Priyanka Gill, chief executive of POPxo stated. “We realise that there is no strong female millennial product brand in the market right now and that’s why we decided to use the information we have to create a collection of ...

IT Firm Hexaware Technologies Profit Up 25.4%

25Jul By AnkitaNo Comments

BUSINESS

IT Firm Hexaware Technologies Profit Up 25.4%

Hexaware Technologies, an IT services firm recently reported a profit after tax of Rs 153.6 cr for the second quarter of 2018, up 14.3% sequentially and 25.4% year on year. The revenues reported by the company are of Rs 1136.7 cr, up 8.4% sequentially and 15.4% YoY. In dollar terms, constant currency revenue was at $169.8, up 4.7% QoQ, and PAT at $22.7M; up 9.5% QoQ, 19.5% YoY Hexaware Technologies is an information technology and business process outsourcing service provider company based in Navi Mumbai, India. Founded in 1990, the company provides software services in, -Banking -Financial Services -Capital Markets -Healthcare -Insurance -Manufacturing -Retail -Education -Telecom -Professional services (Tax, Audit, Accounting and Legal) -Travel -T...

OnePlus All Set To Open Offline Stores In India

24Jul By AnkitaNo Comments

BUSINESS

OnePlus All Set To Open Offline Stores In India

Chinese smartphone Company OnePlus recently announced that it is all set to launch three new offline retail stores with an aim to expand its footprint in India. OnePlus has built its business around the online-exclusive model. The company had launched an offline store in Bengaluru last year, and has announced that it is adding three more stores on 28th July 2018 in, -Bengaluru -Mumbai -Kolkata The stores will be open in 4th Block, Jayanagar in Bengaluru, Central Mall in Mumbai, and South City Mall in Kolkata. This move has been taken to allow the company’s users get better access to offline stores and service centres in order to enhance the customer experience in the country. The company has also opened a registration page and it will offer assured gifts on the purch...

Wipro Grabs Outsourcing Contract Worth $1 Billion From Alight Solutions

23Jul By Gauri SinghNo Comments

BUSINESS

Wipro Grabs Outsourcing Contract Worth $1 Billion From Alight Solutions

One of the leading information technology (IT) companies Wipro has reportedly won an outsourcing contract worth $1 billion from Alight Solutions. Bengaluru-based Wipro purchased Alight Solutions’ IT business for $117 million on Friday, and is in the advanced stages of negotiating the agreement that will possibly expand over seven years and $140 million in annual revenue per year. According to the sources, it has been stated that the following deal seeks to fetch $70 million to Wipro along with the additional revenue this year. However, Wipro has not included growth from this deal in the 2.7% currency forecast for the current quarter. The report also mentioned that the company might reveal the contract in the September quarter results. Wipro is an integrated corporation that provid...

Amazon Launches ‘Engineering Bookstore’ on its Platform

21Jul By Gauri SinghNo Comments

BUSINESS

Amazon Launches ‘Engineering Bookstore’ on its Platform

The e-commerce giant Amazon has launched a new shopping tool known as "Engineering bookstore" for the Indian customers. As part of this, the company is providing a search tool through which the engineering students can search for textbooks, reference books and study materials. To make use of this particular tool, the customers are required to select their university and department and Amazon will streamline a list of suggested books for them that they can purchase. Amazon claims that it provides thousands of books in this segment, in English and also in various Indian regional languages such as Hindi, Marathi, Tamil, Telugu, Malayalam, Oriya and Gujarati. Books in foreign languages such as Spanish, Chinese, German and Italian among others are also available. These books can also b...

19Jul By Gauri SinghNo Comments

BUSINESS

IBM’s New Businesses Boosted Up the Q2 Revenue & Profit of The Company

IBM (International Business Machines Corp.) recorded a considerable uplift in the revenue and profit for the second quarter marked by a valuable benefit resulting from the growth in higher-margin businesses including cybersecurity and cloud computing. Revenue from these businesses increased by 15% to $10.1 billion in the second quarter, including more than half of the company's total revenue. The overall revenue rose 3.7% from the previous year to $20 billion, beating analysts' average estimate of $19.85 billion. "We've done the work to reposition our company," James Kavanaugh, finance chief said about the focus on the strategic imperatives markets. "We are seeing our investments in these high-value segments of the IT industry now paying off." IBM has been focusing on a range of new t...

India’s Financial Platform Muthoot Capital Posted Three Fold Profit

18Jul By NitishNo Comments

BUSINESS

India’s Financial Platform Muthoot Capital Posted Three Fold Profit

Non-Banking Financial Company (NBFC) Muthoot Capital said that their net profit jumps three-fold from Rs 6.1 Crore to Rs 20.6 crore in the first quarter ending June 2018 compared to the June 2017 period. The total revenue of Muthoot Capital also registered a growth of 56.2% in 2018. The total revenue increased to Rs 124.2 crore during the quarter ending June 2018, from Rs 79.5 crore during the same period last year. The Company's portfolio includes commercial and consumer finance products, such as vehicle loans, gold loans, loans against property, bonds, deposits, investment products and advisory services. The Company also disburses loans against property, shares, gold exchange-traded funds (ETFs), small and medium enterprises (SME) loans, mortgage loans, leasing and hire purchase l...

Amazon Invests Rs 230 Crore in its Indian Payment Platform

17Jul By Gauri SinghNo Comments

BUSINESS

Amazon Invests Rs 230 Crore in its Indian Payment Platform

The e-commerce giant Amazon has freshly invested Rs 230 crore in ‘Amazon Pay' which is the Indian payment platform of Amazon. According to the Registrar of Companies (RoC), Amazon Pay India has allotted 23 crore equity shares worth Rs 230 crore to the existing shareholders on the right basis. The shareholders include Amazon Corporate Holdings and Amazon.com.incs. The event has come months after the company invested Rs 195 crore in the same business in March. Since 2016, the total amount invested in the payments business till date is around Rs 1,000 crore. With this, the company aims to make its operations stronger in the country and compete with the other players including PhonePe and Paytm. Apart from this, Amazon is also aiming to increase the user base and traction on the platf...