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Facebook to Help Jodhpurs Handicraft Artisans in Growing Business

1Sep By Press Trust of IndiaNo Comments

News

Facebook to Help Jodhpurs Handicraft Artisans in Growing Business

Social networking giant Facebook has come forward to help handicraft artisans of Jodhpur, which has a global imprint on handicraft manufacturing and exports. A business promotion team from Facebook will be in the city next week to hold seminars and one-to-one meetings with the artisans and train them to harness the social media platform for growing their business. In pursuance of an MoU between the Rajasthan government and Facebook, this team will help the artisans promote their products through a Facebook page and train them in the entire process, right from making a page to operating it effectively so as to maximise their reach. "Normally these artisans are engaged in completing the orders placed by the handicraft exporters and could never think of getting access to the glob...

WhatsApp to Share User Data With Facebook: HC Seeks Govt Reply

31Aug By Press Trust of IndiaNo Comments

INDIA

WhatsApp to Share User Data With Facebook: HC Seeks Govt Reply

WhatsApps recent decision to share user data with parent company Facebook today reached the doorsteps of Delhi High Court, which sought the governments response on the modification. A bench of Chief Justice G Rohini and Justice Sangita Dhingra issued notice to the Centre on a plea by two users of the most popular instant messaging service, alleging that WhatsApp, Facebook Inc and Facebook India Online Pvt Ltds new private policy "compromises the rights of its users". Taking note of the concern by petitioners Karmanya Singh Sareen and Shreya Sethi, the high court wished to examine the issue and asked the concerned authorities to file their reply by September 14. "The privacy policy is in stark contrast to the Privacy Policy existing from July 7, 2012. In its first revised modificatio...

LeEco Like Xiaomi Will Assemble smartphones in India, Invests $7 Million

31Aug By AdityaNo Comments

News

LeEco Like Xiaomi Will Assemble smartphones in India, Invests $7 Million

Joining peers such as Xiaomi, Vivo and Gionee, Chinese handset maker LeEco will assemble its smartphones in India, investing Rs 50 crore in the facility. Set up in partnership with Compal Electronics, the facility in Greater Noida will have an initial capacity of 60,000 units a month. This will be ramped up to 2,00,000 by the end of December. "We have partnered with Compal for the facility and will start with the assembly of Le2. We will invest Rs 35 crore to start with and have earmarked another Rs 12-15 crore for the ramp-up," LeEco COO Smart Electronics Business Atul Jain said. He added that the facility, spread over 2,00,000 sq ft, will provide jobs to nearly 200 people. "India will be a global export hub... We are already there in China, Hong Kong and will soon star...

Indian E-commerce Companies Demand Exemption From GST

30Aug By Press Trust of IndiaNo Comments

INDIA, News

Indian E-commerce Companies Demand Exemption From GST

The rapidly expanding e-commerce companies today made a strong case for keeping them out of the proposed GST net but the state finance ministers appeared in no mood to oblige. At the first meeting of the Empowered Committee of State Finance Ministers held after the Parliament approved the GST Bill, online retailers said they only provide a platform to vendors and customers and do not make money out of sales made. According to representation made at the meeting, companies like Flipkart, Amazon India and Snapdeal are only service providers to the vendors and as such are liable to pay GST only on service income. When panel chairman and West Bengal Finance Minister Amit Mitra questioned the billion dollar valuations some of the so-called online platforms command, the e-retailers s...

Bala Girisaballa Appoint as CEO of Microsoft Accelerator

30Aug By Press Trust of IndiaNo Comments

News

Bala Girisaballa Appoint as CEO of Microsoft Accelerator

Microsoft today said Bala Girisaballa will be leading Microsoft Accelerator in India as CEO-in-Residence. Prior to this, Bala was with Globalisation and market expansion advisory Zinnov as Partner and Practice Head helping MNC R&D companies. He took charge of the Accelerators India operations, with effect from August 1. Microsoft also announced that Ravi Narayan, Director, will now assume the role of Global Director at Microsoft Accelerator. Girisaballa will lead the Accelerators efforts to help market-ready startups and entrepreneurs to scale up and become successful businesses through the technology enablement, global go-to-market efforts and deep business advisory in the form of Hi-Po and Scale-Up programs, Microsoft said in a statement here. Ravi Narayan, in his new ...

MobiKwik Raises $40 million (Rs 268 Cr) From South Africa Based Net1

27Aug By NitishNo Comments

FUNDING

MobiKwik Raises $40 million (Rs 268 Cr) From South Africa Based Net1

South Africa based Net1 will invest USD 40 million (about Rs 268 crore) in Indian digital payment company, MobiKwik. "Net 1 UEPS Technologies has signed a subscription agreement with One MobiKwik Systems. As part of the strategic partnership, Net1 will invest USD 40 million in MobiKwik," the companies said in a statement. In addition, Net1's virtual card technology will be integrated across all MobiKwik wallets, it added. MobiKwik, which has over 32 million mobile wallet users and one lakh retailers onboard, has Sequoia Capital, Tree Line Asia, American Express, Cisco Investments, GMO Payment Gateway and MediaTek among its investors. Over the next three years, MobiKwik aims to reach 150 million users and 500,000 merchants. In May this year, Mobikwik had raised about Rs 330 crore...

Will Achieve $1 Bn-GMV Figure This Fiscal, Says Myntra

23Aug By AnkitaNo Comments

News

Will Achieve $1 Bn-GMV Figure This Fiscal, Says Myntra

Flipkart-owned online fashion retailer Myntra today said it is on track to touch the USD 1 billion Gross Merchandise Value (GMV) mark this fiscal. Myntra also said it has become the first ever Indian fashion e-commerce platform to clock the USD 1 billion run rate in annualised average GMV (post discounts) in July. "We have now surpassed our January benchmark (USD 800 million) to make July 2016 the biggest month ever for Myntra. The annualised GMV run rate of USD 1 billion puts us on the path to touching the USD 1 billion GMV mark in a fiscal," Myntra CEO Ananth Narayanan told reporters here. He said in the past month, the company had taken some market transforming steps, and "our focus is to continue to transform fashion and lifestyle in India through technology." The reason why ...

50 Companies Keen on Associating With Postal Bank: Ravi Shankar Prasad

21Aug By Press Trust of IndiaNo Comments

INDIA

50 Companies Keen on Associating With Postal Bank: Ravi Shankar Prasad

Around 50 companies including global banking institutions, like the World Bank, Deutsche Bank and Barclays, have expressed eagerness to be associated with the Centres postal payments bank initiative, Union Minister Ravi Shankar Prasad said today. "We will begin postal payments banking service from September 16, wherein 1.3 lakh postmen will be given hand-held devices, a moving ATM to provide banking services, insurance, money-order, as well as third-party service," Information Technology Minister said after inaugurating an incubation centre at the Software Technology Parks of India (STPI) here. "Some 50 companies, including World Bank, Deutsche Bank, Swiss Bank, Barclays, want to be associated with us," said the senior BJP leader. The Union Cabinet in June had cleared the ...

Ola Shutting Down TaxiForSure, To Integrate Hundreds

19Aug By AnkitaNo Comments

News

Ola Shutting Down TaxiForSure, To Integrate Hundreds

ANI- Taxi aggregator Ola, which acquired rival TaxiForSure a little over a year ago in a USD 200 million (roughly Rs. 1,240 crores) deal is now reportedly shutting down TaxiForSure as a separate offering, laid off 700 employees and integrating its fleet a report stated here today. "The TaxiForSure (TFS) value proposition as an economy brand for customers has been seamlessly integrated onto the Ola platform with the launch and rapid adoption of Ola Micro," Ola said in a statement. The development comes at a time when the SoftBank-backed aggregator is looking to reduce its cash burn in comparison to rival aggregator Uber. "TFS has contributed immensely towards Ola Micro's success within a short span of time. Ola Micro has expanded to over 90 cities across India and accounts for the larges...

India 2nd Largest Market After US For LinkedIn

11Aug By NitishNo Comments

News

India 2nd Largest Market After US For LinkedIn

IANS- Professional networking website LinkedIn on Wednesday announced that it has crossed the 100-million member mark in the Asia-Pacific region (APAC), and with 37 million members, India is its largest market in the region. Globally, India retains its spot as the second largest market after the US, a company statement said. LinkedIn has doubled its member base in the region from 50 million to 100 million in just two years. The region now represents 22 per cent of LinkedIn's global member base of over 450 million. "At this scale, LinkedIn is in an even stronger position to help members connect to economic opportunity, whether it's a new job, a promotion or other business opportunities," said Olivier Legrand, Managing Director, LinkedIn Asia Pacific and Japan, in a statement. Ch...

Didi and Uber Join Fight Against Ola in India

10Aug By reutersNo Comments

News

Didi and Uber Join Fight Against Ola in India

Didi Chuxing's acquisition of Uber's China business last week reshapes the landscape in Asia's growing ride-hailing sector, and leaves India's Ola more vulnerable to attack by Uber in its $12 billion home market. Four months ago, Ola executives met with Didi hoping the Chinese firm would invest fresh capital to help it fight Uber Technologies Inc which, with its deeper pockets, has made rapid inroads into India. They were told Didi wanted first to sort out its own challenges in China, said a person with direct knowledge of Ola's plans. Didi and Uber have raised and spent billions of dollars in a discount slugfest to win drivers, passengers and market share in China. Didi, now worth around $35 billion, last year invested about $30 million in Ola, which is also backed by Japan's ...

Logistics Company’s Could Save $200 Bn Annually Post GST

8Aug By AnkitaNo Comments

News

Logistics Company’s Could Save $200 Bn Annually Post GST

Logistics sector, which accounts for nearly 14 per cent of the GDP, could see savings to the tune of USD 200 billion annually on implementation of GST, which will ensure faster movement of goods and less idle hours, say experts. With the introduction of Goods and Services Tax, many taxation procedures will come down, nearly halving the cost of inventory as customers will not need to pile up stocks in different warehouses, say experts. "For a USD 2-3 trillion dollar economy, this could mean a potential of USD 200 billion wasteful inventory spent being available to deploy in productive value creation and further propelling the economy's growth," said Deepak Garg, founder of logistics firm Rivigo. Describing the passage of the GST bill in Rajya Sabha as a "positive reform", apex transpor...