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MoneyOnMobile to Invest $6.2 Mn to Boost its Indian Expansion

27Jun By Lavina TolaniNo Comments

BUSINESS

MoneyOnMobile to Invest $6.2 Mn to Boost its Indian Expansion

US-based digital payment company MoneyOnMobile has plans to invest $6.2 Mn to boosts its Indian expansion plans, as informed by its chief executive officer, Harold Montgomery. The announcement for fresh infusion plans has come right after the firm raised $5 Mn Series H funding from S7 Group. MoneyOnMobile's chief executive officer Harold Montgomery told that with India emerging as one of the most exciting payments markets in the world, he wants to expand the company’s footprint to enable the rural and the poorer sections of the country to start transacting digitally. He also added, We have retail outlets where end consumers can just walk in and do transactions like bill payments, remittances and cash out. We have also enabled Aadhaar-enabled transactions, thereby creating a mini-ATM...

One97 invests $8.95 Mn in Paytm Entertainment

26Jun By Lavina TolaniNo Comments

BUSINESS

One97 invests $8.95 Mn in Paytm Entertainment

One97 Communications, the parent company of Paytm has invested $8.95 Mn (approx Rs 61 Cr) into its wholly subsidiary Paytm Entertainment, as per by more than 50% as per company's filings with Ministry of Corporate Affairs. Paytm Entertainment, the entertainment arm of Paytm deals in ticket booking for movies and other channels has increased its online penetration in India by more than 50%, as claimed by the company. It is interesting to note that Paytm Entertainment has collaboration with SPI Cinemas which is the owner of landmark companies such as Sathyam Cinemas, Le Rêve, The Cinema, in Chennai, Hyderabad, and Mumbai. The digital arm of Paytm had entred ticketing segment back in March 2016 in partnership with PVR and today it has its business operations running across 660 cities...

Yatra Online eyeing to raise $50 Mn via 9 Mn Share Sale

23Jun By Lavina TolaniNo Comments

BUSINESS

Yatra Online eyeing to raise $50 Mn via 9 Mn Share Sale

Yatra Online, country's second largest travel aggregator is eyeing to raise an estimated $50 Mn (approx Rs 332.6 crores) via share sale, as revealed by its SEC filings. The company has plans to share 9 million shares, where it is also offering additional 1.35 Mn shares to underwriters, which if exercised to full will lead total proceeds to 57 Mn. As per filings with US Securities and Exchange Commission (SEC), the Nasdaq listed OTA said that company has plans to use the proceeds from the public market sale of shares towards "general corporate and business purpose". The offering is being managed jointly by Citigroup and Jefferies. The company has said in its official statement, that shares are expected to close around June 26, 2018 subject to customary conditions. Interestingly, th...

Swiggy Beats Zomato In Terms Of Market Valuation

22Jun By Gauri SinghNo Comments

BUSINESS

Swiggy Beats Zomato In Terms Of Market Valuation

The war between food delivery companies is at the peak from the past few days and is expected to continue for a longer time. The companies are continuing to bag in big capital flows with Swiggy being the recent one to join the league. According to the past news that we all know about Swiggy-Zomato war, with the investment of $210 million in its latest round of funding, Swiggy has reached the market valuation of $1.3 billion and has got the tag of Unicorn. Along with this, the big news is that company has exceeded Zomato in the market valuation of $1.1 billion after a $200 million funding round from Chinese online retailer Alibaba’s payment affiliate Ant Financial. Therefore, Swiggy is now leading the food delivery ecosystem. “With this investment, we will continue to widen Swiggy’s off...

HCL Tech inks a five year IT Infrastructure Deal with Nokia

22Jun By Lavina TolaniNo Comments

BUSINESS

HCL Tech inks a five year IT Infrastructure Deal with Nokia

HCL Technologies has partnered with Finish Telecom company Nokia in a five-year deal to modernise its IT infrastructure and application services. As a part of the deal, HCL will transition service from four incumbent vendors to establish an integrated IT service design and delivery framework while implementing a transition roadmap. For Nokia, the deal will help to improve operational efficiencies as announced in the press release. The official statement in the PR said, "Nokia has selected HCL Technologies as part of an important effort of streamlining Nokia's outsourced IT management services." Nokia Chief Operating Officer Joerg Erlemeier said, This is an important development for Nokia and takes our digital transformation efforts to a new level, both for how it will...

EdTech Co. Byju’s Crosses Rs 100 Cr Monthly Milestone

21Jun By Gauri SinghNo Comments

BUSINESS

EdTech Co. Byju’s Crosses Rs 100 Cr Monthly Milestone

India’s top online education startup Byju’s has touched the revenue milestone and has crossed the monthly earning of Rs 100 crores last month. The company now aims to grow more and has set a target revenue of Rs 1400 crores this year. The Bengaluru-based company claims that it has 20 million registered students and 1.26 million annual paid subscribers on its learning app. The app also has an addition of 1.5 million registered students every month. According to the reports, for the past three years, Byju’s has been growing 100% annually since the launch of its app in 2015. “Last month we crossed Rs 100 crores in revenue. With a consistent 20% month-on-month growth, we expect to finish this year with Rs 1400 crores in revenue. The launch of the personalized version of our app last year, ...

BookMyShow Steps Into International Event Ticketing

20Jun By Gauri SinghNo Comments

BUSINESS

BookMyShow Steps Into International Event Ticketing

India's largest entertainment ticketing platform BookMyShow is now stepping into international event ticketing service with the aim to strengthen its non-movie business over the next two years. The company will foray the international ticketing service with a musical stage production of Rodgers & Hammerstein’s The King and I which is to happen at the West End theatre in London. The ticketing company had also collaborated with Disney for its Broadway-style musical Aladdin’s entry in India. Albert Almeida, COO-Non Movies at BookMyShow said, Millions of Indian tourists travel abroad each year and many of them are increasingly traveling to satiate their appetite for international entertainment. This is where we sensed an opportunity in fulfilling the need of our audiences that trave...

TCS Establishes New Delivery Centre In Paris

20Jun By Gauri SinghNo Comments

BUSINESS

TCS Establishes New Delivery Centre In Paris

The Indian multinational IT company Tata Consultancy Services (TCS) announced on Monday that it has set up a new delivery centre in Suresnes, France that can accommodate up to 230 employees. Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to the global business. It is a subsidiary of the Tata Group and has its headquarter in Mumbai. TCS is among the most valuable IT services brands globally. This centre is the third such unit of TCS in France which is situated in the Parisian region. The first two are in Lille which was opened in 2012 and Poitiers opened in 2014. The new centre consists of a highly secure connectivity, a robust infrastructure and secure spaces. However, the company did not disclose the investment ...

RPA Software Developer Automation Anywhere To Build Over 500 Bots

18Jun By Gauri SinghNo Comments

BUSINESS

RPA Software Developer Automation Anywhere To Build Over 500 Bots

Automation Anywhere, a developer of robotic process automation (RPA) software has plans to produce over 500 bots. The company claims that it has over 210 pre-built bots in the Bot Store which is an online platform for the bots that enables the firms to download the RPA bots online and decrease the time involved in the organization and positioning of resources. The pre-built bots that are in the Bot Store have been manufactured by Automation Anywhere as well as by strategic partners including EY, Accenture, Genpact, InfosysNSE -1.08 % and Salesforce. “In just two months since launch, the number of bots in the Bot Store has grown from 100 to 210,” said Ankur Kothari, co-founder of Automation Anywhere. “These bots help accelerate automation in across industries and we will have over 500 ...

Girnar Food Drags Big Basket to Court Over Trademark Violation

18Jun By Lavina TolaniNo Comments

BUSINESS

Girnar Food Drags Big Basket to Court Over Trademark Violation

Grocery Startup Big Basket has been dragged to court over trademark violations claimed by Mumbai-based tea maker Girnar Food and Beverages Pvt Ltd. Girnar food has approached the court against two registered operating agencies - SuperMarket Grocery Supplies Pvt. Ltd, the B2B business entity that sources products and sells it to Innovative Retail, which runs the online grocery portal. The Teamaker has alleged that Big basket has infringed its ‘Royal’ trademark for selling various products including tea. According to sources , BigBasket is selling several products under the Royal brand, which includes grains, spices, honey and sugar. But Girnar has raised an objection to the e-commerce start-up selling tea under the Royal brand. Reportedly, Girnar had approached the court on 7 March ...

15Jun By Gauri SinghNo Comments

BUSINESS

Myntra Plans to Expand Offline Business Aiming 100 Stores

The popular Indian e-commerce company Myntra is now on board to accelerate its growth by increasing the number of its offline stores from 12 to 100 in the coming two years’ time with the aim to make its private label business stronger. According to the reports, the fashion etailer will open 50 stores featuring its most selling and popular brand Roadster. Apart from this, the stores will also come up with brands like HRX and Mango, among others. Myntra already operates the franchise of the Mango label in India. The main purpose of expanding the offline presence is to strengthen the customer base for its brands. Ananth Narayanan, CEO of Myntra said, “We are not opening stores because we want them to be big sales centers. It is a great way to do branding for us and to provide the touch-an...

Bharti Airtel, Reliance Jio or Vodafone: Who will win the Telecom Battle over FIFA World Cup?

14Jun By Lavina TolaniNo Comments

BUSINESS

Bharti Airtel, Reliance Jio or Vodafone: Who will win the Telecom Battle over FIFA World Cup?

While the most awaited sporting event in the world, FIFA World Cup is going live today, it has sparked a new telecom battle for mobile operators Bharti Airtel, Reliance Jio Infocomm and Vodafone India trying to outdo each other to get a share of more than 100 million viewers. Airtel subscribers can view the live broadcast of the month-long tournament in various local languages besides English and Hindi on Airtel TV. Additionally, to beat the Reliance Jio game, Aitel is even providing a sneak peek into exclusive behind-the-scenes match snippets along with match previews/reviews. Meanwhile, Mukesh Ambani led Jio is providing coverage to football matches live on Jio TV at no additional subscription charges. The telecom is also broadcasting India-Afghanistan test match starting on Thursd...