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Reliance Jio on a Hiring Spree of Experts Under Akash Ambani

4Jun By Gauri SinghNo Comments

BUSINESS

Reliance Jio on a Hiring Spree of Experts Under Akash Ambani

The Mukesh Ambani-led Reliance Jio Infocomm has started its hunt for a team of experts to work under Akash Ambani regarding the Artificial Intelligence (AI) of the firm. Apart from AI, the company is also seeking for young people to work on machine learning and blockchain technology (a digital ledger in which transactions are recorded). It has been reported that Reliance Jio has already appointed some of the senior officials who are responsible for building this team. Akash Ambani is interestingly getting involved in this process and is being assumed to lead the initiative. The company is planning to set up this team in either of the two cities – Hyderabad or Bengaluru. An artificial intelligence (AI) oriented brand engagement platform called ‘JioInteract’ was launched by Reliance Ji...

4Jun By Lavina TolaniNo Comments

BUSINESS

Walmart India To Scale up Kirana Store Business post Flipkart Deal

US-based giant, Walmart is gearing up to scale its "Mera Kirana Programme" and make it part of its main business in India while opening up new fulfilment centre to expand its foothold in the country. Notably, the e-retailer has been piloting the Mera Kirana Programme from last four years and now wants to include it in its mainstream business. The programme helps small grocery stores modernise. Moreover, as per the sources, the company is also looking forward to opening a "dark store" or warehouse, in Lucknow over the next month or so. Mera Kirana is focused on creating zones in the Best Price Wholesale stores which resemble a modern kirana store. It is a kind of model for mom-and-pop (kirana) store owners to replicate when it comes to assortment and placement. Rajneesh Kumar, Chie...

Ikea To Wage a “Price War” with its First Store in India

2Jun By Lavina TolaniNo Comments

BUSINESS

Ikea To Wage a “Price War” with its First Store in India

Swedish Furniture Making company Ikea could bring in a price war in India as it is all set to open its Hyderabad store, a first in the country, offering about 15% of its product at Rs. 200 or less, as informed by a company spokesperson. Per Hornell, Ikea Market Manager for Maharashtra said, We are very confident that we will enter the market with the lowest possible prices. There will be 1,000 products at prices below ₹200 when we open our store. However, the company is not much in hurry to expand its operations in India and will open its Mumbai store, its second in country tentatively by 2019. Ikea, known for its famous blue box stores has fleeting a digital presence that specialises in a range of do-it-yourself (DIY) products. Currently, it has 403 stores spread across 49 markets...

Airtel and Idea Witness Addition in Subscriptions Defeating Vodafone

2Jun By Gauri SinghNo Comments

BUSINESS

Airtel and Idea Witness Addition in Subscriptions Defeating Vodafone

Bharti Airtel and Idea Cellular, the Indian telecom service providers have together added over one crore mobile subscribers in April 2018 according to the information provided by the Cellular Operators Association of India (COAI). On the other hand, Vodafone suffered a loss of over 6.64 lakh customers in the same time period. A statement by the Cellular Association of India stated that the maximum number of additions were made by Idea Cellular fetching up its subscription number to 216.76 million, adding 5.55 million customers. Rajan S Mathews, COAI Director General said,"The growth seen in mobile subscribers this month is encouraging, and the industry is working daily to ensure that connectivity reaches the farthest corners of the country." The director general also informed that the...

Anil Ambani’s Son Anmol Ambani Raises 1700 Cr For Reliance Capital

2Jun By Lavina TolaniNo Comments

BUSINESS

Anil Ambani’s Son Anmol Ambani Raises 1700 Cr For Reliance Capital

Business Tycoon Anil Ambani's Elder Son, Anmol Ambani has successfully stricken his first deal after being promoted as director of Reliance Capital, the holding company of the Reliance group’s financial services businesses. Anmol has sold 60% stake of the company to a British Game developing company Codemasters for a whopping sum of Rs. 1,700 crore. While introducing his son to Reliance Capital's shareholders' meeting, Anil Ambani had said, Anmol has brought the group and specifically Reliance Capital tremendous luck since his induction on the board. And now with a mega-funding deal that has struck right on chord bringing 25 times gain the Reliance Capital Group, Anil Ambani's word definitely seem convincing. How has the Mega Funding Deal Benefitted Reliance Capital? &...

Tata Power Pacts with Tata Motors to Make Maharshtra EV Ready

1Jun By Lavina TolaniNo Comments

BUSINESS

Tata Power Pacts with Tata Motors to Make Maharshtra EV Ready

Electric Utility Company Tata Power Ltd. has partnered with Tata Motors Ltd. to make Maharashtra electric vehicle ready, a move that will focus on establishing charging stations in the state for public use. The company has signed a MoU with the state to support the Maharashtra Electric Vehicle Policy (2018) in accelerating the adoption of electric vehicles, as informed in the Tata Motors official statement. The event witnessed Maharashtra Chief Minister Devendra Fadnavis inaugurating the new EV charging stations to mark the week-long World Environment Day celebration. Meanwhile, CEO & MD, Tata Power, Praveen Sinha said, We are happy to present Maharashtra with various electric vehicle charging stations that cover the wide expanse of the city. As a part of the pact, nine locatio...

1Jun By Gauri SinghNo Comments

BUSINESS

Amazon India Unit Suffers Heavy Losses

Amazon Seller Services, the Indian unit of US e-commerce retailer Amazon has witnessed a growth in their losses by 31% in the financial year 2016-17 reaching up to Rs. 4,830.6 crore. This is because of the exaggerated investments in the country in order to fight against its competitor, Flipkart. The Amazon Seller Services handles and operates a marketplace that assists the sellers to sell their products online in India and globally as well. Though due to investments, the company suffered losses, the revenue from the sales saw a rise of 43%, from Rs 2,276 crore in 2016 to Rs 3,256.6 crore in the year ended March 2017. In 2015-16, the Bengaluru-based unit suffered a net loss of Rs 3,679.9 crore. Where the competitor company Flipkart succeeded in lowering its losses to Rs 1,638.6 crore ...

Future Group to Acquire Iraya to Compete With Rival Patanjali

30May By Gauri SinghNo Comments

BUSINESS

Future Group to Acquire Iraya to Compete With Rival Patanjali

Kishore Biyani, the founder and chief executive officer (CEO) of Future Group is eyeing to acquire the Gujarat-based Ayurveda company Iraya from Athena Life Sciences. Iraya is an ethical cosmetic brand which deals in herbal beauty and personal care products. This sector has lately seen a great success and Biyani is all set to enter it. With this acquisition, Baba Ramdev’s ayurvedic brand Patanjali should gear up to face a tough competition in the market. Similar to Patanjali, Iraya sells ayurvedic products such as ayurvedic oil, facial massage cream, neem and basil soap, hair gel, nutrifying skin food and face wash, among others. It also deals in herbal products for anti-dandruff and hair re-growth treatment. “We are in talks for acquisitions in the ayurvedic beauty space. Valuations m...

30May By Gauri SinghNo Comments

BUSINESS

One97 Earns Higher Profits Through Its Legacy Business

India’s leading mobile internet company, One97 Communications Ltd. that owns Paytm carries on to make some profits through its inherited mobile non-core services business. According to the detailed financial statement filed with Registrar of Companies (RoC), the profit is considered to be 45% of the total revenue of One97 in the Financial Year 2017. One97, founded by Vijay Shekhar Sharma delivers commerce services and mobile content to millions of mobile consumers through India’s most widely deployed telecom applications cloud platform. The company also invests in early-stage mobile companies through the One97 Mobility Fund (OMF). However, the legacy business of the mobile internet company is the value added services like caller tunes, mobile marketing, talk time recharges etc. The c...

Paytm Trims Losses 39% to Rs 899.6 Crore in FY17

30May By NitishNo Comments

BUSINESS

Paytm Trims Losses 39% to Rs 899.6 Crore in FY17

India's leading digital wallet company Paytm, has reduced its losses to Rs 899.6 crore in the financial year 2016-17 compared to the previous fiscal, as per regulatory documents. The company had posted a loss of Rs 1,496.7 crore in 2015-16 fiscal against a total income of Rs 597.8 crore, as per documents filed by the company with the corporate affairs ministry. The documents, sourced by data intelligence company Paper.vc, showed that One97 Communications' total income had grown over 38 percent to Rs 828.6 crore in 2016-17 fiscal. One97 Communications' employee benefits expense in FY17 grew to Rs 333.87 crore, compared to Rs 143.13 crore in the previous fiscal. Paytm CFO and senior vice president Madhur Deora said, "the company invested over Rs 2,000 crore in the fiscal ended Marc...

Ola to Adopt Group Company Structure Like Flipkart

28May By Lavina TolaniNo Comments

BUSINESS

Ola to Adopt Group Company Structure Like Flipkart

Cab Riding Major Ola is set to walk along the footprints of India's most successful internet startup Flipkart as it is about to adopt a group holding company structure that would boost company's valuation and improve its business management. According to sources, Ola will set up a holding company consisting of different units that will include its core cab business, food delivery app Foodpanda and the inceptive business of electric vehicles along with the international unit. Each of the units will have their respective heads looking after business operations. The recent exit of company's COO Vishal Kaul has now put prominent names such as senior vice-presidents Saikiran Krishnamurthy and Pallav Singh on the tentative list of senior hierarchy under the new structure. People familia...

Future Group to Open 10,000 Small Stores, Aims Revenue Jump to Rs. 60 Cr

26May By Lavina TolaniNo Comments

BUSINESS

Future Group to Open 10,000 Small Stores, Aims Revenue Jump to Rs. 60 Cr

India's leading retail firm, Future Group has announced to open about 10,000 small stores as a part of its strategy to grow revenue from smaller format stores, its founder Kishore Biyani said in a statement. The company is aiming to grow revenue than ten times, to Rs 60,000 crore, from about Rs 5,000 crore at present, though the time frame for the target has not been mentioned by the firm. The mega 10,000 store target is 10 times the small outlets that Future Group runs. With an annual turnover of Rs.30,000 crore, Future Group has 1,700 stores including a combination of large and small outlets. Interestingly, the retailer is also working parallelly on its "Niligiris" outlets, a facility which will enable consumers to scan barcodes of products using mobile application following del...