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Uber Records Eye-Dropping Profits That Will Be Reinvested in India

25May By Sheldan RungasamyNo Comments

BUSINESS

Uber Records Eye-Dropping Profits That Will Be Reinvested in India

Uber is currently facing a lot of competition with India-based cab aggregator rival Ola, in Australia. However, the global leader in the ride-hailing market’s CEO, Dara Khosrowshahi, reportedly stated that the company will keep investing in its products and technology in emerging markets such as India and Middle East. In an email sent to his employees, the recently appointed CEO stated that the company’s core business has been achieving well and saw the number of trips on the platform increase by 43% while bookings also rose by 55% to $11.3 Bn year-on-year. He further expressed that the company’s net revenue grew by 67% to reach $2.5 Bn while it was able to cut losses by half compared to the previous year. We are deliberately reinvesting our profits. Even with these impressive results,...

Uber Reports Earnings, Shrinks on Losses Ahead of IPO

24May By Lavina TolaniNo Comments

BUSINESS

Uber Reports Earnings, Shrinks on Losses Ahead of IPO

Cab riding Major, Uber Technologies has slashed its losses to almost half as its ride bookings have jumped 51 percent since last year, the Silicon Valley ride company reported on Wednesday showing that its business hasn't slowed down despite its retreating from the overseas market. The Cab Aggregator has also reported a one-time gain of $2.5 billion, a majority of which has come from its business sale to Russia and Southeast Asia. Meanwhile, the company is also spending heftily including to expand its on-demand ride business while preparing for an IPO. Interestingly, Uber has said that it would look for secondary share sale for employees and existing investors valuing the company at "$62 billion" A new investor Coatue Management and existing investors Altimeter Capital and TPG wil...

Xiaomi Launches Micro-lending Product in India

24May By Sheldan RungasamyNo Comments

BUSINESS

Xiaomi Launches Micro-lending Product in India

Xiaomi, the leading Chinese smartphone company, has announced the launching of its first lending product in India similar to the Mi Credit, a microlending product it already offers in China. The credit product, which was launched in collaboration with lending platform KrazyBee, is already available and will be officially announced in the coming few weeks, according to someone close to the matter. The credit product will be called CreditBee, and will offer loans starting from Rs 1,000 to Rs 1 lakh for a duration of 90 days, according to the above-mentioned person. The initiative is set to target salaried professionals and will be provided for an interest rate of 3% per month. The individual cited above was quoted saying, “Xiaomi has lending products across segments in China, and it wi...

OYO is Expanding Operations in China and Indonesia

23May By Sheldan RungasamyNo Comments

BUSINESS

OYO is Expanding Operations in China and Indonesia

OYO, the leading hotel aggregator, has taken a huge step towards expansion, after opening hotels in China and Indonesia making it one of the few Indian consumer technology companies expanding businesses in the world’s second largest economy. The developments come only eight months after the Gurugram-headquartered company raised $10 million funds from China Lodging Group, one of the largest multi-brand hotel groups in the world. Seemingly, the deal provided much more than capital value as it provided a strategic partnership to OYO for its international expansion plans. Commenting on the investment, Founder and CEO of OYO, Ritesh Agarwal said, Addressing consumers in India and Chine – two of the world’s fastest-growing markets – through our combined strengths opens up a very large and...

Organic Fashion Label Soul Space Launches its First Retail Store in Pune

22May By Gauri SinghNo Comments

BUSINESS

Organic Fashion Label Soul Space Launches its First Retail Store in Pune

Soul Space, India’s first ever Organic and Fairtrade certified fashion brand which is originally Kolkata-based launched its first retail showroom in Pune on Monday. The fashion brand also has its eyes on Mumbai, Bangalore and Hyderabad to expand its operations, planning to launch 20 more stores in the current financial year. The brand is a subsidiary of B L Kashyap and Sons Limited – one of the top 4 companies in the Indian private sector construction industry. It has a powerful e-commerce existence on various renowned websites such as Myntra, Jabong and Amazon as well as its own website – www.mysoulspace.in. Another interesting part is that the brand is also open to the franchise model to expand nationally. The fashion label produces cotton clothes which are environment-friendly and...

Softbank Finally Agrees to Pay $600 Million to Indian Government, Sold Flipkart Stakes to Walmart

22May By Sheldan RungasamyNo Comments

BUSINESS

Softbank Finally Agrees to Pay $600 Million to Indian Government, Sold Flipkart Stakes to Walmart

Softbank is finally putting an end to the months of speculations over his future with Flipkart post the Walmart acquisition deal. The Japanese conglomerate has now agreed to sell its 23.6% stake in Indian e-commerce major Flipkart to its new owners, Walmart for around $4 Bn. Several reports varied over the future of Masayoshi Son’s investment firm in the e-commerce giant despite the billionaire CEO unintentionally confirming the acquisition deal on May 9. In fact, the Japan-based company was still analyzing and examining the option of whether or not staying in Flipkart. The reason for this indecision was mainly motivated by the large amount of tax that Softbank would be subject to for leaving a company in such a short term. Softbank acquired 23.6% stakes in Flipkart last year for an ...

Reliance Jio To Go Global, Eyeing to Capture European Market

22May By Lavina TolaniNo Comments

BUSINESS

Reliance Jio To Go Global, Eyeing to Capture European Market

After bringing a data boom in the telecom market with cheap offers and a lot of freebies, Mukesh Ambani led company Reliance Jio is now eyeing to expand in Europe. If reports are to be believed, the company is in plans to build a subsidiary in Estonia, a small country in Europe which is a prominent hub for startups owing to its unique digital policies. IANS has reported that Ambani has interestingly shown interest in an e-residency programme of Estonia which will give him an easy gateway to European Estonia for his existing business. The report cited that Ambani met Estonian delegation and expressed intentions over a future collaboration that could boost e-governance solutions in India. Estonia- A Business Opportunity for Reliance? Though Estonia is a too small...

Myntra’s losses reduced by 25%, Aims to Track Profits for FY18

21May By Gauri SinghNo Comments

BUSINESS

Myntra’s losses reduced by 25%, Aims to Track Profits for FY18

Myntra’s marketing strategies and intelligence have lately given a boost to the fashion and lifestyle business of its parent company Flipkart. The losses for the FY17 have reduced by 25% to Rs. 655 crore as against Rs. 823 crore in the previous year. The major strategy adopted by the fashion and lifestyle etailer has been the focus on umbrella branding of its private labels, which means the ability of a single brand to reach across categories. The increase in the reach of private brands to the masses led to the decrease in losses for the company. The documents show that the losses presently stand at Rs 627 crore, lessening 23% on a standalone basis. The company’s three-year-old private label business has grown tremendously and accounts for about 25% of the overall revenue. In Septemb...

21May By Lavina TolaniNo Comments

BUSINESS

UltraTech to Buy Century’s Textile Cement Business in a Share Swap Deal

Aditya Birla Group Company UltraTech Cement has announced to buy the cement business of Century Textiles and Industries through a share swap deal that will make the company third largest player globally (Excluding China) crossing the 100-million-tonne capacity. The deal is proposed to involve an enterprise value of Rs 8,621 crore that includes a debt of Rs 3,000 crore. As per the latest Board Meeting of the company, an approval has been sought for a scheme of arrangement amongst Century Textiles and Industries and its respective shareholders and creditors and will likely complete before the end of this year. As a part of the deal, Century Textiles will first separate the cement division and then the demerged company will be combined with UltraTech. Shareholders of UltraTech will get ...

Hexaware and Mphasis Eyeing to Acquire Genpact Unit Headstrong

21May By Lavina TolaniNo Comments

BUSINESS

Hexaware and Mphasis Eyeing to Acquire Genpact Unit Headstrong

Bengaluru based IT Consulting and Services firm Genpact unit Headstrong is likely to get acquired in a bid where Hexaware Technologies, Mphasis and L&T Infotech are being considered as potential investors. According to sources familiar with the matter, company's current valuation is currently being valued at around $200 million. Genpact acquired a capital markets domain specialist called Headstrong seven years ago. At present, it may bring around $200 million or less than half of the amount paid by Genpact in the process of sale. The firm bought Headstrong in an all-cash deal to distort to a domain specialist so as to benefit the customers through integrated service offerings. The words of Hfs Research's CEO, Phil Fersht were that they desired to build a credible IT service. T...

The Real Story behind WOW Airlines $200 Ticket to USA

19May By Sheldan RungasamyNo Comments

BUSINESS

The Real Story behind WOW Airlines $200 Ticket to USA

WOW airlines, an Iceland based low-cost airline company is set to make its entrance in India with the cheapest American airline fares ever. The one-way trip will connect passengers from New Delhi to 15 North American cities and include a stopover in Reykjavik (Iceland) for only Rs 13,499. WOW airlines were founded by entrepreneur Skuli Mogensen, who is a business mogul with background hailing from sectors such as technology and telecoms in Iceland, Europe, and North America. He owns the airline company all by himself and sits on the board of several tech companies in North America and Europe. Skuli was awarded Business Man of the Year in his country twice, notably in 2011 and 2016. The airline company was founded in November 2011 and its inaugural flight took ...

Azim Premji Makes $130 Million in Flipkart Deal

18May By Sheldan RungasamyNo Comments

BUSINESS

Azim Premji Makes $130 Million in Flipkart Deal

The Walmart-Flipkart $16 billion acquisition must be the biggest fortune that could ever fall on investors in India’s largest e-commerce platform as they are set to receive their biggest payday. However, the e-commerce platform boasted international investors exclusively and therefore, Indians that will benefit from the $16 billion deal are only Flipkart founders and employees. However, one Indian investor will get around 420% returns on an investment he made 4 years ago in fashion e-commerce platform, Myntra, that was subsequently acquired by Flipkart. Indeed, the chairman of Wipro Limited and third richest man in India, Azim Premji is going to receive $130 million from his $25 million investment in Myntra thanks to the acquisition of Flipkart by Walmart, according to two people bri...