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Accel India Raises $550 Million Fund
3Dec By PriyankaNo Comments
BUSINESS

Accel India Raises $550 Million Fund

Founded in Silicon Valley 35 years ago, VC firm Accel Indian subsidiary Accel India raises its sixth $550 fund. This is the largest fund amount Accel India has raised so far. "Accel India raises its first fund in 2005, the world was a very different place. Just one in 50 Indians had access to the internet and mobile phone ownership was nascent,” the company said in a press statement. India now has 600 million internet users and the country is also the home of more than 10,000 startups. Over the last 15 years, Accel has invested in more than 100 of these startups. “When we partnered with Freshworks in 2011, software-as-a-service as a category from India was almost non-existent. Our first cheque was $1 million when the company had six employees. Today, it has more than 2,500 employ...
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Yahoo Japan and Line Corp Announced Merger
18Nov By AdityaNo Comments
BUSINESS

Yahoo Japan and Line Corp Announced Merger

Online services Yahoo Japan and Line Corp. have announced they are merging. Z Holdings Corp., which owns SoftBank Corp. that operates Yahoo Japan, and Naver Corp. of South Korea, which owns a majority stake in Line, said Monday they are aiming for a final agreement by next month. The combination in a joint venture through a tender offer will form an online giant with retail services, advertising and other mobile services such as messaging. The combined sales would be the largest among Japanese online business operators, surpassing Rakuten Inc.. The companies said combining forces will allow them to stay competitive in a drastically changing market, including expansions into robotics and other new areas. The integration will be carried out equally, according to the companies,...
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NY Times Advertising Profit Hits, Overall Ad Revenue decline
6Nov By AnkitaNo Comments
BUSINESS

NY Times Advertising Profit Hits, Overall Ad Revenue decline

The New York Times profits slipped in the third quarter as declines in advertising revenues offset gains in its digital subscription efforts. The prestigious US daily said it now has more than four million "digital only" subscribers and a total subscriber base of 4.9 million, with 500,000 outside the United States. Net profit for the quarter slid 34 percent from a year ago to $16.4 million, while total revenues rose 2.7 percent to USD 429 million. But while the Times increased revenue from its subscriber base, ad revenues were down for both print and digital. Overall ad revenue declined 6.7 percent from a year ago, including a 7.9 percent from print and 5.4 percent drop in digital. "Like other publishers, we're seeing continued turbulence in the digital advertising space," s...
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Ferrari Collaborates with Armani over Merchandise, Entertainment & others
5Nov By PriyankaNo Comments
BUSINESS

Ferrari Collaborates with Armani over Merchandise, Entertainment & others

Sportscar maker Ferrari said Monday it was starting a fashion collaboration with Giorgio Armani as part of its long-awaited strategy to spread its brand to other sectors and squeeze more value out of it. CEO Louis Camilleri told analysts that Ferrari aims to earn 10% of earnings before interest and taxes in seven to 10 years from three new areas like apparel, entertainment and luxury services.The Italian company aims to both increase and retain a greater portion of the 800 million euros (USD 892 million) in products bearing the carmaker's name, the CEO said. "This is not just about profit, this is about enhancing our brand equity and the vitality and vibrancy of the brand," Camilleri said. He said Ferrari will focus the use of its brand, reducing licenses by half and eliminating a...
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Flipkart Registered $540 Million Loss in 2018-19
29Oct By PriyankaNo Comments
BUSINESS

Flipkart Registered $540 Million Loss in 2018-19

Flipkart India, the B2B arm of Walmart-owned Flipkart, has registered a higher loss of Rs 3,836.8 crore ($540 Million) during 2018-19 as compared to the previous financial year, according to regulatory documents. The unit had posted a loss of Rs 2,063.8 crore for the financial year ended March 31, 2018, documents filed by Flipkart India to the corporate affairs ministry showed. "...company incurred a net loss of Rs 38,368 million during the financial year under review as against the net loss of Rs 20,638 million in the previous financial year. There has been an increase in the net loss by 85.91 percent," the documents sourced by Paper.vc said. Flipkart India's revenue from operations, however, saw a 42.82 percent jump to Rs 30,931 crore in 2018-19 from Rs 21,657.7 crore in the pre...
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Infosys conduct independent investigation on whistleblower allegations: Nandan Nilekani
22Oct By AdityaNo Comments
BUSINESS

Infosys conduct independent investigation on whistleblower allegations: Nandan Nilekani

Infosys Chairman Nandan Nilekani on Tuesday said the company's audit committee will conduct an independent investigation on whistleblower allegations of CEO Salil Parekh and CFO Nilanjan Roy indulging in "unethical practices" to boost short-term revenue and profits. The committee began consultation with independent internal auditors EY, and has retained law firm, Shardul Amarchand Mangaldas & Co. to conduct an independent investigation, Nilekani noted in his statement to the stock exchanges. Nilekani said one board member had received two anonymous complaints on September 30, 2019 and one dated September 20, 2019, titled Disturbing unethical practices and an undated note with the title, Whistleblower Complaint. He said both had been placed before the audit committee on October...
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TikTok owner ByteDance Revenue Jumps over $7 billion in First Quarter
30Sep By reutersNo Comments
BUSINESS

TikTok owner ByteDance Revenue Jumps over $7 billion in First Quarter

ByteDance, which was loss-making in the first-half, also posted a profit in June and was confident of making a profit in the second half of the year, one of the people said, declining to be identified as the company has not made a public announcement. Robust growth has led the Beijing-based startup to revise its revenue target for 2019 to 120 billion yuan from an earlier goal set late last year of 100 billion yuan, a second person said. Earnings figures for last year were not immediately available. According to online tech news outlet The Information, ByteDance revenue for the whole of 2018 was $7.2 billion. ByteDance declined to comment. The seven-year-old startup, which separate sources have said was valued at $78 billion late last year, also owns Chinese news aggregato...
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New York Magazine Merge With Vox Media
25Sep By AdityaNo Comments
BUSINESS

New York Magazine Merge With Vox Media

25th Sept, 2019- Vox Media acquires New York Media, home of the prestigious "New York" magazine and a series of other titles. A joint statement presented the move as a merger, although Jim Bankoff, the head of Vox will "lead all aspects" of the new company and the New York Times reported that New York Media would be "effectively taking a minority stake" in Vox. Launched in 1968 New York magazine has become a prominent voice in culture and lifestyle writing in its home city and beyond, winning dozens of National Magazine Awards and a Pulitzer in 2018 for criticism. The 1977 classic film "Saturday Night Fever" was inspired by an article that appeared in the magazine, as was 2007's "American Gangster" starring Denzel Washington. New York Media also owns a stable of websites o...
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SoftBank Turns against WeWork’s parent CEO Neumann
23Sep By reutersNo Comments
BUSINESS

SoftBank Turns against WeWork’s parent CEO Neumann

(Reuters) - SoftBank Group, the biggest investor in Wework co-working is exploring ways to replace Adam Neumann as chief executive, four people familiar with the matter said on Sunday. The rare showdown between SoftBank and one of its biggest investments comes after We Company postponed its initial public offering (IPO) last week, following pushback from perspective investors, not just over its widening losses, but also over Neumann’s unusually firm grip on the company. This was a blow for SoftBank, which was hoping for We Company’s IPO to bolster its profits as it seeks to woo investors for its second $108 billion Vision Fund. It invested in We Company at a $47 billion valuation in January, yet stock market investor skepticism led to the startup considering a potential ...
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Paytm to buy Stake in Yes Bank from Co-founder Rana Kapoor
10Sep By PriyankaNo Comments
BUSINESS

Paytm to buy Stake in Yes Bank from Co-founder Rana Kapoor

As per the latest update, India's leading payments app Paytm is in discussions to buy stakes in Yes Bank from co-founder Rana Kapoor. The sources, privy to the discussions, said Kapoor has held preliminary discussions with Paytm. They said the structure of the deal would depend on the approval from the Reserve Bank of India (RBI), given that Paytm founder Vijay Shekhar Sharma already owns stake in Paytm Payments Bank. Paytm declined to comment on the matter. Kapoor and associated entities own a 9.6 per cent stake in Yes Bank. Rana Kapoor didn't answer on the email of Pixr8 News. Also, Yes bank group didn't clear whether Rana Kapoor and family will sell their entire stake in the bank. Ravneet Gill, the current chief executive officer of Yes Bank who took charge in March, has ...
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A Clear Look at PayPal Benefits Vs. Risks
10Sep By AnkitaNo Comments
BUSINESS

A Clear Look at PayPal Benefits Vs. Risks

Today PayPal is one of the biggest businesses in the money transfer industry making a revenue of $15.45 billion a year and processing $578 billion in payments annually. A great number of businesses rely on this service to receive and send payments abroad, thus greatly increasing their opportunities. Small businesses, in particular, benefit from it. With PayPal now launching a financing service the influence of this company will definitely increase further. Even at the stage it is now, it rivals banks and has an even wider reach in some areas. However, for all the benefits it offers, the company also charges high fees and has some other issues, which should make its customers hesitate and look for alternatives whenever possible. PayPal Pros and Cons for Small International Busines...
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