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9May By kriti singhNo Comments

BUSINESS

Jio Effect: Airtel Q4 Net Income Plunges 72%, From 1319 Crore to Rs 373.4 Crore

Bharti Airtel today registered a sharp 72 per cent decline in consolidated net income at Rs 373.4 crore for the fourth quarter ended March 2017, hit by "sustained predatory pricing" by newcomer Reliance Jio. Net income stood at Rs 1,319 crore in the same period a year ago. Total revenue fell 12 per cent to Rs 21,934.6 crore, from Rs 24,959.6 crore in the same period last fiscal. The earnings numbers came in after market hours. "The sustained predatory pricing by the new operator has led to a decline in revenue growth for the second quarter in a row. The telecom industry as a whole also witnessed a revenue decline for the first time ever on a full-year basis," Bharti Airtel MD and CEO (India and South Asia) Gopal Vittal said. Pointing towards the "tsunami" of incoming voice traffic...

Online Match Making Platform Matrimony.com Files For Rs 350 Crore IPO

8May By AnkitaNo Comments

BUSINESS

Online Match Making Platform Matrimony.com Files For Rs 350 Crore IPO

Matrimony.Com, which runs online match making business under BharatMatrimony brand, today filed draft papers with markets regulator Sebi to raise an estimated Rs 350 crore through an IPO. The initial public offer (IPO) consists of a fresh issue aggregating up to Rs 130 crore and an offer for sale of up to 3,767,254 equity shares. Proceeds from the issue will be utilised for advertising and business promotion activities, purchase of land for construction of office premises in Chennai, repayment of overdraft facilities and general corporate purposes. According to sources, the company is expected to garner Rs 350 crore through the public offer. Axis Capital and ICICI Securities are the book running lead managers to the issue. Matrimony business currently comprises two segments ...

Amazon to Add 7 New Warehouses in India, Hire 4,000 people

3May By Press Trust of IndiaNo Comments

BUSINESS, News

Amazon to Add 7 New Warehouses in India, Hire 4,000 people

E-commerce giant Amazon continues to aggressively expand its operations in the country with the addition of seven new warehouses, a move that will provide employment to about 4,000 people. The US-based company, which has committed an investment of USD 5 billion in the Indian market, will have 41 warehouses or Fulfilment Centres (FCs) by the end of June this year. Amazon, which is locked in an intense battle with local rival, Flipkart, has been pumping in funds to expand infrastructure and technology platform in the country. "This (new FCs) will double our storage capacity this year as compared to last year. We continue to invest in strengthening our infrastructure to match our pace of business expansion in India," Amazon India Customer Fulfilment Vice President Akhil Saxena told P...

Reliance Jio Net Loss Jumps to Rs 22.5 Crore in October-March

25Apr By Press Trust of IndiaNo Comments

BUSINESS

Reliance Jio Net Loss Jumps to Rs 22.5 Crore in October-March

Billionaire Mukesh Ambani-led Reliance Jio today reported widening of its net loss to Rs 22.50 crore in the six months to March, a period when the company virtually had no revenue and ran two back-to-back promotional offers. Net loss stood at Rs 7.46 crore in the same period a year ago, Reliance Jio Infocomm said in an exchange filing. Jio, which launched its services in September, had no revenue from operations during October 2016 to March 2017 while other income fell to Rs 0.54 crore from Rs 2.23 crore in the same six months of 2015-16. Jio is an unlisted arm of Reliance Industries and as per law is not required to put out quarterly numbers. Since its launch, it ran two back-to-back offerings of free data and voice and the only charge it took from the 120 million subscribers ...

Mobikwik & Freecharge Initiated Merger Talks

25Apr By AnkitaNo Comments

BUSINESS

Mobikwik & Freecharge Initiated Merger Talks

As per the report, India's two leading e-wallet company MobiKwik & Freecharge looking to merge in an all-stock deal. According to speculation, behind this deal a chinese investor who is willing to pump Rs USD 200 million into this deal. The talks between Freecharge and MobiKwik are on their initial stages. Sequoia Capital is the major investor in both startups. Jason Kothari, the CEO of Freecharge is in talks with various investors in the US and China. PayPal had earlier shown interest in investing into Freecharge, but the deal did not materialise. PayU, Flipkart and Paytm is rumoured to be interested in FreeCharge. Freecharge is a part of online shopping platform Snapdeal, which has also been in merger talks with e-tailer Flipkart. MobiKwik, which has opened 13 new offices...

TCS partners social organisation for online teaching community

21Apr By Press Trust of IndiaNo Comments

BUSINESS

TCS partners social organisation for online teaching community

IT firm Tata Consultancy Services (TCS) today said it has partnered Jnana Prabodhini, a social organisation, to build the world's largest online community of teaching professionals. As part of the association, TCS iON (a unit of TCS) will work with Jnana Prabodhini to offer a platform to teachers for contributing and collaborating with peers and experts, a statement said. The community will also provide a range of certification courses and training programmes to help participants to enhance their skills and work towards academic and professional success.

19Apr By reutersNo Comments

BUSINESS

Bollywood Makes Way For Hollywood Business in India

When “The Fate of the Furious” opened in India this month, the eighth installment of the blockbuster Hollywood franchise romped past the lone homegrown offering at the Easter weekend box office. Period drama “Begum Jaan” was the only Bollywood film that dared to challenge “The Fast and the Furious” car-racing franchise, unlike other Indian films that steered clear of a possible clash despite the dearth of slots in a crowded 2017 release calendar. “It has come to a stage when producers are actually staying away from April 14,” film-maker Vikramaditya Motwane told Reuters in an interview in March. “No big Hindi film will be released on the day because the last one made a 100 crore ($15.5 million) and this one looks like it will make even more than that.” Motwane’s words proved pr...

Infosys CEO Vishal Sikka takes home Rs 43 cr in FY17

15Apr By AdityaNo Comments

BUSINESS

Infosys CEO Vishal Sikka takes home Rs 43 cr in FY17

Infosys CEO Vishal Sikka, whose pay package was one of the contentions raised by the founders, has drawn USD 6.68 million (about Rs 43 crore) or 61 per cent of the promised compensation for the 2016-17 fiscal. Sikka was eligible for a USD 11 million pay including basic salary, variable pay, restricted stock units (RSUs) and performance stock options for the year. Incidentally, this is also lower than what Sikka drew in the previous financial year when he took home Rs 48.73 crore. According to Infosys' financial statements that outline compensation to key executives, Sikka received only USD 3.68 million of the USD 8 million variable component that he was promised. One of the highest paid executives in the Indian IT industry, Sikka took home USD 0.82 million in variable pay, USD ...

PayPal, Vistarooms Partnership for Online Payment to Hotel Bookings

30Mar By AdityaNo Comments

BUSINESS

PayPal, Vistarooms Partnership for Online Payment to Hotel Bookings

Digital payment firm PayPal has a partnered with Vistarooms.com to enable foreigners travelling to India book hotels in the country. "Vistarooms.com will help us further add to the existing list of travel and tourism partners that includes OYO rooms and Makemytrip. Additionally, our seller protection programme helps merchants safeguard their online services from frauds," PayPal Director for Large Merchants in India Megha Thareja Tyagi said in a statement today. Vistarooms.com has over 1,000 hotels across India, Sri Lanka and Maldives and they will be using the automated invoicing capability of PayPal. "Our partnership with PayPal allows us to provide further payment flexibility to both local and international travellers," Vista Rooms Co-Founder Ankita Sheth said.

Govt Alters its Policy for Startup Funds

23Mar By RishabhNo Comments

BUSINESS

Govt Alters its Policy for Startup Funds

The government finally decided on Wednesday to alter its Fund of Funds (FFS) for startups to ensure better utilization of the provided resources. An initial corpus of Rs 1,000 crore was set up, but the tough rules had made their disbursal difficult. Realizing the difficult situations it created for startups, it is now decided to allow Alternate Investment Funds (AIFs) supported by FFS to invest at least twice the amount of contribution received from FFS in qualified startups. (more…)

Grofers and Sodexo Partner to Delight Customers

15Mar By NitishNo Comments

BUSINESS

Grofers and Sodexo Partner to Delight Customers

Grofers, the on-demand e-commerce mobile and web application, is now enabling payment via meal vouchers by partnering with Sodexo. Grofers customers will now be able to pay for their groceries, fruits, vegetables and bakery items through Sodexo meal vouchers, in addition to the multiple payment options that presently exist on the app and website. In the first phase of this partnership, Sodexo vouchers can be used across all the 12 leading cities where Grofers super store is available. These cities are Delhi, Gurgaon, Noida, Mumbai, Bangalore, Ahmedabad, Kolkata, Pune, Chennai, Lucknow, Jaipur and Hyderabad. Already a highly convenient way to buy groceries, Grofers believes that this partnership would help the e-grocer grow further. Albinder Dhindsa, Co-founder at Grofers, said, "Sode...

Snap’s Shares Set For Trading Pop After $3.4 Billion IPO

3Mar By reutersNo Comments

BUSINESS

Snap’s Shares Set For Trading Pop After $3.4 Billion IPO

Snap Inc's in-demand shares were set to rally on their first day of trading in New York on Thursday, after the owner of the popular Snapchat messaging app raised USD3.4 billion in its initial public offering (IPO), above its price expectations. Early indications pointed to the shares opening up at between USD22 and USD24, after the IPO priced on Wednesday at USD 17 per share. The IPO book was oversubscribed by more than 10 times, boosting the chances of a pop on the first day of trading. The New York Stock Exchange carried out a trial run last week to make sure the third-biggest technology IPO ever goes smoothly. Facebook Inc's eagerly awaited market debut in 2012 was marred by a technical glitch at rival exchange Nasdaq. After pricing its IPO at USD17 a share, the owner of the po...