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Redmi S2: Xiaomi’s Another Budget Smartphone Launched

11May By Lavina TolaniNo Comments

Tech

Redmi S2: Xiaomi’s Another Budget Smartphone Launched

Chinese Smartphone Major, Xiaomi launched another flagship smartphone in its Redmi Series Redmi S2 for the Indian and Chinese market. The smartphone launched in China while the Indian launch still hasn't been officially announced but is surely expected to hit the Indian market in coming months. The Xiaomi Redmi S2 will be available in three RAM and Storage Options. The 2 GB variant and 16 GB internal storage is being expected to cost at CNY 1,000 which will roughly translate to Rs. 10,500. Going in by the company's recent trends, the phone might cost a little lower at Rs. 9,999 in India. On the other hand, the 3 GB variant with 32 GB storage is tentatively expected to cost Rs. 12,000. There is no information on the price of top-end 4 GB RAM and 64 GB storage version, but market analy...

9May By Lavina TolaniNo Comments

INDIA

India to Emerge Fastest Growing Economy in 2018:IMF Report

The International Monetary Fund (IMF) has projected that India will be the fastest-growing major economy in 2018, with a growth rate of 7.4 percent that rises to 7.8 percent in 2019 with medium-term prospects remaining positive. The Report on Asia and Pacific Regional Economic Outlook said that the country is recovering from demonetisation and introduction of GST Tax, and "the recovery is expected to be underpinned by a rebound from transitory shocks as well as robust private consumption." Meanwhile, in the broader perspective, IMF has estimated that Asian economies will remain strong within growth outlook but will be vulnerable to a sudden tightening in global financial conditions and a shift towards protectionist policies. In its regional economic outlook update, IMF has project...

25Apr By NitishNo Comments

FUNDING

Mobile Lending App Raises $50 Million Funding, Will Expand Operation in India

Kenya based Tala, the leading global technology company committed to financial inclusion, will bring its popular consumer lending app to India. The expansion was announced along with a new $50 million Series C funding led by Revolution Growth to scale up the success already in progress. Tala has also recently raised an additional $15 million to power its loan book. The round brings Tala’s total financing to more than $105 million. Founded in 2012 by Shivani Siroya, who grew up in India and the United States has launched Tala in Kenya. Tala is the first smartphone-based lending app in the world. Through its mobile platform, Tala has delivered more than 6 million loans to nearly 1.3 million customers and originated more than $300 million. The popular app is currently number 3 in the...

India’s Ex-Foreign Secretary S. Jaishankar Joins Tata Group

24Apr By Lavina TolaniNo Comments

News

India’s Ex-Foreign Secretary S. Jaishankar Joins Tata Group

Tata Group led Tata Sons today announced the appointment of its new president at Tata Son's Global for global corporate affairs, Mr. S. Jaishankar who happens to be the former Foreign Secretary of India. Presiding over the new role, Jaishankar would be taking responsibility for the groups' global corporate affairs, functioning of the company's international offices and strategy development. He will also work with Tata Companies helping them strengthen their business presence and their positioning in their respective geographies globally. N. Chandrasekaran, Tata Sons Chairman, said I am elated to welcome Dr. Jaishankar to Tata Group. His extensive knowledge and experience on international affairs will prove very valuable to the group as we work to reinforce our brand and...

Exclusive: Aadhar Updated QR Code For Offline Verification

19Apr By Lavina TolaniNo Comments

INDIA

Exclusive: Aadhar Updated QR Code For Offline Verification

Unique Identification Authority of India (UIDAI) is working on measures to add extra layer of privacy to Aadhar and hence has come up with an updated "QR code" to hold details like name, address, photo and date of birth that will help in offline user verification without the need of 12 digit ID, as confirmed from the sources. While Aadhar is increasingly becoming popular as a universal national ID, QR code mechanism will further aid in easy offline check while safeguarding user's privacy from any third party theft or misuse of personal information. This would be particularly helpful in establishing the identity with non-statutory identities such as during the verification of online shopping portals when delivering goods. For example: When an online delivery man asks for user's id ...

IKEA Invest up to 3000 Crore in India, Will Open 25 Stores by 2025

17Apr By PriyankaNo Comments

BUSINESS

IKEA Invest up to 3000 Crore in India, Will Open 25 Stores by 2025

Swedish home furnishings chain IKEA today said it has signed a memorandum of understanding (MoU) with the Gujarat government to set up its stores in the state with an expected investment of up to Rs 3,000 crore in the long term. IKEA, which received government approval in 2013 for its Rs 10,500-crore proposal to open retail stores under 100 percent FDI, has earlier signed MoUs with Karnataka, Telangana, Maharashtra, Uttar Pradesh and Haryana to open retail stores. The company plans to open 25 stores by 2025 in nine Indian cities. The MoU with Gujarat government stands for a mutual commitment from both parties and intends to provide clarity on working methods and ensure a legally and ethically compliant, corruption-free business environment, IKEA said in a statement. "Gujarat is...

Blackstone Looking to Invest 60% of its Fund in India

16Apr By Lavina TolaniNo Comments

BUSINESS

Blackstone Looking to Invest 60% of its Fund in India

Investment opportunities in India have been growing at a rapid rate over past few years. This has led to major firms setting India at the heart of their investment strategy. As per the information obtained from sources, Blackstone Group is set to invest 60% of its maiden Asia focused fund into the Indian economy. "Blackstone plans on deploying $4 billion in Asia over next 5 years", said a person involved in the matter, requesting anonymity. About 40% of the deal fund for every deal done in Asia will be contributed by Blackstone equity fund, while the new Asia fund-BCP Asia will invest the remaining 60%. Anuj Kapoor, MD at USB India said, Until now, the focus of private equity interest in Asia was strongly inclined towards China, especially catering to scale of opportunity and rel...

85% Infosys Employees Will Receive Increment

14Apr By Sheldan RungasamyNo Comments

News

85% Infosys Employees Will Receive Increment

Infosys, an Indian IT services, announced that it will increase the salary of a major portion of its 2 lakhs employees from “mid-single digit to high-single-digit”, starting April onward. Moreover, the firm set aside a special bonus pool worth $10 million that employees will receive as incentives on their variable salary that has been hiking since a year already. “We are also pleased to announce compensation revision for 85% of our employees starting April. For rest of the employees, primarily middle management and senior management, it will be effective July 1. This is for both onsite and offshore,” said Infosys Chief Operating Officer UB Pravin Rao. The COO also announced that most of the firm’s employees operating in India will receive raises from “mid-single digit to high-sing...

US to Review The GSP eligibility Of India

14Apr By Lavina TolaniNo Comments

USA

US to Review The GSP eligibility Of India

The United States Trade Representative (USTR) has officially announced that it is reviewing the eligibility of India, Kazakhstan, and Indonesia in the Generalised System of Preferences (GSP) based on "concerns about the countries" compliance programme. GSP is by far the largest and most ancient US trade programme designed to favor economic development and allow duty-free entry of thousands of products across the boundaries from beneficiary countries. For India, GSP country eligibility review is based on its compliance with GSP market criterion while for Indonesia the eligibility review is based upon its compliance with GSP market criterion, GSP services as well as an investment criterion.Kazakhstan, on the other hand, has its eligibility concerns based on GSP worker rights criterion....

Reliance Jio Could Boost India’s GDP by 5 Percent

9Apr By PriyankaNo Comments

ANALYSIS

Reliance Jio Could Boost India’s GDP by 5 Percent

Highlights The report released by the Institute for Competitiveness, India seeks to analyze the impact of Reliance’s entry into Telecom on the Indian economy Jio has managed to change the face of the Indian telecom industry by changing the basis of competition from being voice-based to a data-based platform The analysis shows that Jio has significantly increased the accessibility and affordability of data. Merely by reducing data prices even the most conservative estimates show that due to Reliance's entry the annual financial savings to the consumer has been to the tune of $10 billion. Due to improved accessibility and affordability of data our country became the highest mobile data user all over the world within a span of just six months since the launc...

Survey: This is What Indians Do Online & Offline

7Apr By Sheldan RungasamyNo Comments

ANALYSIS

Survey: This is What Indians Do Online & Offline

India is a fast evolving and developing country with ever-more resources and capital being poured into the Indian web market to digitalize the country. A particular tool that has allowed this digital development has been the introduction of cheap and reliable smartphones in the market which allowed a large portion of the country to afford the technology. Additionally, cheap internet plans contributed significantly to encouraging and increasing the overall internet usage. Consequently, diverse facilities and services emerged from phone apps, allowing users to buy, sell, order and enjoy different types of facilities and services from electronic shopping, to cab hailing, food delivery and more. Presently, India stands among the most internet-friendly ecosystems in the world and the scale a...

LetsTrack Raises $ 1.7 Mn from Seed Investor

5Apr By Sheldan RungasamyNo Comments

FUNDING

LetsTrack Raises $ 1.7 Mn from Seed Investor

LetsTrack raised funds of $ 1.7 million from US investor James Arthur, who will join the firm as Chief Operating Officer in an attempt to expand its operations on the international market. LetsTrack is planning to offer their services in around 50 countries until 2020. The company’s valuation was estimated according to various contributing factors and the company received many offers at a valuation of $ 17 million. While investments are usually done in order to secure capital and raise money, LetsTrack looked for an investor who would bring a strategic plan in order to raise the overall quality of the company. "For me, it was a no-brainer because James was not only bringing money but also dedicating the next 10 years and for Letstrack that is invaluable. Now we have an investor and p...