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Ola joins global alliance to take on Uber

4Dec By PriyankaNo Comments

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Ola joins global alliance to take on Uber

India’s largest cab aggregator Ola has joined international peers Didi Kuaidi, Lyft and GrabTaxi to form an alliance against San-Francisco-based Uber. The global alliance enables international travelers to avail cab-hailing services of the four companies through the same app they use in their home country. The partnership would provide ride-sharing coverage for India, China, Southeast Asia and the US, Ola said in a press statement. The arrangement is an extension of an ongoing pact between US-based Lyft and Chinese cab aggregator Didi Kuaidi. Didi Kuaidi had recently participated in a $500 million fund raising round at Ola. Ola, Didi Kuaidi, Lyft and GrabTaxi have collectively raised about $7 billion in external funding. The taxi-hailing business in India is heating up as...

Flipkart buys stake in MapmyIndia to improve delivery operations

3Dec By AnkitaNo Comments

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Flipkart buys stake in MapmyIndia to improve delivery operations

India’s largest e-commerce firm Flipkart has bought a minority stake in digital maps provider MapmyIndia to improve its supply chain efficiency. The companies didn’t disclose the financial details of the deal. Flipkart will license map data and location technologies from MapmyIndia (promoted by CE Info Systems Pvt. Ltd) and deploy location intelligence capabilities across its logistics network to strengthen its delivery operations. Flipkart plans to introduce services such as real-time shipment tracking and theft minimization. “With this strategic investment, we are taking another concrete step toward transforming the supply chain ecosystem in India, making technology and information the driver of our supply chain and logistics solutions,” Flipkart chief operating officer Binn...

Hike Messenger Touched 1 Billion Messages a day

3Dec By NitishNo Comments

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Hike Messenger Touched 1 Billion Messages a day

Indian Messenger company Hike has touched 1 Billion Messages per day milestone. As per company press release, after launching hike 4.0 the data touched over 1 Billion messages per day. That’s a mammoth 30 billion+ messages a month. Look at their data, how they have grown over in the last 18 odd months: Ever since we launched hike 4.0 in Aug’15, we’ve been on a tear but we haven’t stopped there. We’ve launched another 4 new updates in the 3 months after bringing you Sticker Recommendations, Group Calling, Hike Direct that lets you chat with people without the Internet and much, much more. This really is a big milestone for us and we wouldn’t be here without all of you, who made it possible! The year hasn’t yet ended and we’re working on some exciting stuff. More to come soon - Kavin Bha...

Googlers and Bankers Invest in Social Network for Investors – Talkoot

2Dec By No Comments

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Googlers and Bankers Invest in Social Network for Investors – Talkoot

Talkoot is a real-time social platform for investors and traders. The venture aims to make financial markets fun, open and accessible to everyone in the country. Talkoot creates a personalized financial feed for each user based on the stocks and people they follow. Talkoot algorithms constantly measure performance of each idea shared on the platform and push out ideas that have high winning potential to the relevant users. Users can discuss and debate individual ideas' merit collectively and make better and informed investment decisions. All this is done through a transparent, collaborative and easy-to-use app that takes the sting out of investing. "Indian stock market has returned more than 13% annually during the 21st century. Despite this, most Indians do not invest because investing...

Mark Zuckerberg Uses Daughter’s Birth to Announce New Charity

2Dec By No Comments

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Mark Zuckerberg Uses Daughter’s Birth to Announce New Charity

Wanting to share the news about your new child with the world is understandable. It was no surprise, then, that Mark Zuckerberg took to Facebook -- his first baby -- to announce the birth of his daughter, Max. What was unexpected was that the mogul decided to simultaneously announce Max’s arrival and his new charitable endeavor. In an open letter to his baby girl -- which doubled as a 2,238-word press release, with bolded phrases and separated sections for maximum ease when skimming -- Zuckerberg writes that he wants to “join people across the world to advance human potential and promote equality for all children in the next generation." (more…)

AAP Govt Announces Rs 2Cr. Funding For Startups To Clear Delhi’s Air Pollution

1Dec By No Comments

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AAP Govt Announces Rs 2Cr. Funding For Startups To Clear Delhi’s Air Pollution

On November 27th, one of the US Embassy's pollution-monitoring stations in New Delhi recorded a chart-breaking reading of 999 on its custom-developed Air Quality Index. To put that in perspective, any reading above 150 is considered unhealthy, with the range 351-500 classified as 'hazardous'. Delhi city surprisingly overtook Tokyo in terms of population; data suggests that the number has gone up to 25 million in 2014–doubled since 1990, says a report compiled by the UN. The hazardous air underscores the challenge facing the government as it battles pollution caused by the coal-burning power industry and will raise questions about its ability to clean up its economy at the talks in Paris. The recent move came after Delhi’s pollution levels were declared ‘hazardous’, as the US embas...

Shocking: India’s Biggest Ecommerce Platform Unable To Find a Chief Financial Officer Since February

29Nov By No Comments

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Shocking: India’s Biggest Ecommerce Platform Unable To Find a Chief Financial Officer Since February

India’s most respected and loved E-commerce site, Flipkart founded by two college friends who studied together at IIT-Delhi and worked together in Amazon. It's revenue is estimated to be somewhere between $500 million to $1 billion, to create which it has had to pull in around $200 million in venture funding over four rounds till now. But since February this year, Flipkart been unable to find a Chief Financial Officer after its erstwhile CFO Karandeep Singh resigned unexpectedly. Singh, an experienced professional had joined Flipkart just over a year before his resignation. He was widely regarded as sort of the “grown up” hired to steer Flipkart towards a successful IPO, akin to, say, Sheryl Sandberg at Facebook. Needless to say Singh’s exit came as a huge shock to entrepreneurs, inve...

BSNL Revenue : Rs 672-crore operating profit in 2014-15, first Net profit by 2018

28Nov By AdityaNo Comments

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BSNL Revenue : Rs 672-crore operating profit in 2014-15, first Net profit by 2018

Bharat Sanchar Nigam Limited, an Indian state-owned telecommunications company is back on track for recovery with Rs 672-crore operating profit in 2014-15 and is likely to report the first net profit in the last nine years within 2018, communications minister Ravi Shankar Prasad said. The company’s income from services grew 4.16% to 27,242 crore in 2014-15, the highest in the last five years. The company has registered an impressive growth in mobile connections in recent months — It went up from 900,000 in May this year to 1.6 million in July. It has also adopted mobile number portability (MNP) from July 2015, and has since then added 1,57,564 subscribers. “We are confident of achieving the target of becoming cash positive by 2018 and all 225,000 employees are committed to achie...

CITRUS PAYMENT RECORDS 200% GROWTH IN REVENUES IN FY 2014-15

27Nov By No Comments

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CITRUS PAYMENT RECORDS 200% GROWTH IN REVENUES IN FY 2014-15

Born out of a requirement of higher online payment success rate, Citrus is a key player in the Payment Gateway industry. It competes with major players like BillDesk, TechProcess, CCAvenue, etc. Citrus was co-founded by Satyen Kothari and Jitendra Gupta in 2011. It is engaged in the business of payment processing for credit cards, debit cards, bill payments, prepaid cards and all other kinds of payment instruments. The company has secured funding from Sequoia Capital and Ascent Capital. In this article, Tofler takes a look at their financial performance in FY 14-15. Founded in 2011 Turnover in FY14-15 INR 38 CR Expenses FY14-15 INR 53 CR FINANCIAL PERFORMANCE OF CITRUS PAYMENT The company earned a revenue of INR 38 crores in FY 2014-15 as a...

Ola ropes in ex Infosys CFO Rajiv Bansal to head finance

26Nov By AnkitaNo Comments

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Ola ropes in ex Infosys CFO Rajiv Bansal to head finance

Taxi aggregator Ola today said it has appointed former Infosys Chief Financial Officer Rajiv Bansal to head finance operations as part of its expansion drive in the country. Bansal, who announced his resignation from the country's second largest software services firm in October this year, will join the Softbank-backed Ola in January 2016. "Rajiv brings close to 21 years of experience in finance with over 16 years at Infosys, where he was the CFO and recently transitioned to being an advisor to the CEO. Rajiv will be part of Ola's core leadership team," Ola said in a statement. Mitesh Shah, who is currently the CFO, will lead strategic finance initiatives as part of Bansal's team, it added. "We are thrilled to welcome Rajiv on board. He brings with him a wealth of experience f...

OYO ROOMS HAD A TURNOVER OF INR 2.4 CRORES IN FY 2014-15

25Nov By No Comments

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OYO ROOMS HAD A TURNOVER OF INR 2.4 CRORES IN FY 2014-15

Founded in 2012 Turnover in FY14-15 INR 2.4 CR Growth in FY14-15 400% If you have been around in your city anytime recently, more likely than not, you would have spotted an OYO Rooms board. OYO is a branded network of hotels and is one of the fastest growing startups in India. Founded by Ritesh Agarwal (aged 19 years then) in 2012, OYO claims to be India’s largest branded network of hotels spread across 152 cities with more than 3000 hotels. Oravel Stays Private Limited, which owns and operates OYO Rooms, reported a turnover of INR 2.4 Crores in FY 2014-15, growing from a turnover of INR 51 lacs in the previous fiscal. However, at the time, OYO appeared to have been present only in 10 cities with 200 hotels. They have seen a phase of exponent...

Hotel chain operator Hilton payment systems hit by malware

25Nov By PriyankaNo Comments

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Hotel chain operator Hilton payment systems hit by malware

Hilton Worldwide Holdings Inc said on Tuesday it identified unauthorized malware in some payment systems that targeted payment card information. A Hotel chain operator revealed that a third-party investigation found that the malware targeted specific payment card information, that included cardholder names, payment card numbers, security codes and expiration dates. Italiapharmacia24.com Hilton said customers who used their cards during a 17-week period – from Nov. 18 to Dec. 5, 2014 or April 21 to July 27, 2015 – were advised to check their bank statements. The information targeted, however, did not include addresses or personal identification numbers (PINs), the company added. The owner of the Conrad and Double Tree hotel chains did not provide details on the number of...