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Paytm & Its founder acquires insurance company Raheja QBE

6Jul By AdityaNo Comments

ACQUISITION

Paytm & Its founder acquires insurance company Raheja QBE

Mumbai, July 6, 2020: Leading digital payments platform Paytm & its founder Vijay Shekhar Sharma acquire Mumbai-based private sector general insurance company Raheja QBE. Started in 2009, Raheja QBE is a joint venture between Prism Johnson Limited and QBE Insurance Group, one of Australia's largest insurers. Prism Johnson Ltd approved divestment of its entire holding of 51 percent in Raheja QBE General Insurance Company Limited (RQBE) to QORQL Private Limited, a technology company with majority shareholding by Sharma and the remaining held by Paytm (owned by One97 Communications Limited), for an aggregate consideration of around $40 million (Rs 289.68 crore). "It is an important milestone in Paytm's financial services journey and we are very excited to welcome Raheja QBE Gene...

Box8 Raises $15 Mn from eWTP Ecosystem Fund & Others

30Mar By PriyankaNo Comments

FUNDING

Box8 Raises $15 Mn from eWTP Ecosystem Fund & Others

Box8, one of India’s largest cloud kitchen startups has raised $15 million led by eWTP Ecosystem Fund. Existing investors Mayfield and IIFL Seed Ventures fund have also participated in this round. Started by two IIT graduates Amit Raj and Anshul Gupta, Box8 is a technology first, full stack cloud kitchen company that is known for its All-in-1 meals, Desi Boxes & more. They own the entire value chain, from procurement of high-quality ingredients to food preparation to the last mile delivery, hence ensuring superior customer experience every time. Box8 has a presence in 4 cities: Mumbai, Bangalore, Pune and NCR delivering over 1 million meals every month from the company-owned 110+ cloud kitchens. Its network of cloud kitchens negates the high rental & operations costs incurre...

US based Netflix to Open India HQ on Lease in Mumbai

28Dec By Gauri SinghNo Comments

BUSINESS

US based Netflix to Open India HQ on Lease in Mumbai

US based video streaming service provider Netflix has reportedly picked up 1.5 lakh sq ft office space in Bandra-Kurla Complex (BKC), Mumbai's new business district, on long-term lease to set up its India head office. The video streaming giant leased the office space spread over two floors in commercial tower Godrej BKC from promoters of D'decor Home Fabrics. Netflix will be paying a rent of 265 per sq ft a month for this office space taking the total annual pay-out to 47.70 crore. The total tenure of the lease is nine years and the contract includes a clause to cover 15% rental escalation at the end of every three years. India is one of the most lucrative markets for Netflix and it is looking to expand here and focus on original content for the local market. ...

ePayLater Partners with Cashfree to Bring in Pay Later Options

19Dec By Gauri SinghNo Comments

BUSINESS

ePayLater Partners with Cashfree to Bring in Pay Later Options

Indian digital payments company ePayLater which is based in Mumbai has partnered with another payment company called Cashfree to bring in its innovative payment facility to their merchants. This partnership will bring ePayLater’s credit-based payment solution to almost all the merchants such as Daily Ninja, BigSmall, WheelStreet, EventsHigh, EduCart and Instaspaces using the Cashfree payment gateway. Also, ePaylater is targetting to process Rs.1000 crore in payments within the next 12 months. The company wants the product to be rolled out to more than 5000 merchants on the Cashfree platform by next year. “Offering credit via Buy Now, Pay Later option is one of the most exciting developments in Indian fintech and Cashfree hopes to offer thi...

UAE may Launch Underwater Rail Network Between Fujairah & Mumbai

30Nov By Gauri SinghNo Comments

MIDDLE EAST, News

UAE may Launch Underwater Rail Network Between Fujairah & Mumbai

With technology growing so fast, various countries have been coming up with Hyperloop and driverless flying cars, and now, the UAE is all set to introduce a futuristic mode of transport which will be an underwater rail network. With this, the UAE has proved to be the land of innovations and setting a benchmark in the world. In the coming days, the people might be able to travel from Fujairah to the Indian city of Mumbai by undersea rail network. Along with this, there will also be exchange of goods in the form of freshwater flowing from India to the UAE and oil being exported back through pipeline as stated by Abdulla Alshehh, who is the managing director and chief consultant of the National Advisor Bureau Limited. The Bureau stated above is basically a consultancy firm based in Masd...

Google Neighbourly App to Launch in Other Indian Cities

21Nov By Gauri SinghNo Comments

Tech

Google Neighbourly App to Launch in Other Indian Cities

An Indian app that was created by Google known as Google Neighbourly which comes from the company's ambitious Next Billion Users team is now launching in other parts of India as well. The app was originally launched in Mumbai back in May and is aimed to offer a platform to help people source local information from their neighbours. While its debut was limited to Mumbai and Jaipur, the Neighbourly app reached Ahmedabad, Coimbatore, Kota, Mysore, and Vizag in September. It is touted to have over 1.5 million downloads and half a million people on its waitlist. The Neighbourly app is now rolling out nationally starting with Bengaluru and Delhi that both topped the waitlist. Google is also in plans to add more cities on a daily basis and bring the app to Chennai, Hyderabad, Pune...

WeWork India Expands its Footprints in Mumbai & Bengaluru

22Oct By Gauri SinghNo Comments

BUSINESS

WeWork India Expands its Footprints in Mumbai & Bengaluru

The Indian arm of the popular co-working company WeWork that is based in New York has picked up 0.5 million sq ft office space in one of the largest deals by a co-working company. The space has been leased across four locations in two major property markets of Mumbai Metropolitan Region and Bangalore. This would push the company’s total portfolio to nearly 2 million sq ft. Bengaluru, drop by our newest workspace on Old Madras Road. To know more: https://t.co/T2MR7hQtTS#weworkindia pic.twitter.com/cad53LYhpE — WeWork India (@WeWorkIndia) October 15, 2018 Out of this, the largest lease is for nearly 2 lakh sq ft in Navi Mumbai, followed by nearly 1.5 lakh sq ft in Bangalore. Talking about the details, the leases have tenure of total 20 years including initial term...

US-based Thomas Cook May Acquire Mumbai’s Traveljunkie

8Oct By Gauri SinghNo Comments

ACQUISITION

US-based Thomas Cook May Acquire Mumbai’s Traveljunkie

The US-based popular travel agency Thomas Cook is eyeing to acquire 24% stake in Mumbai-based Traveljunkie, which recommends destinations and help people plan their trips and book activities, hotels and flights. The startup Traveljunkie basically serves people traveling to Thailand, Indonesia and Turkey. The company was founded in 2015 by IIT-Bombay graduates Ameya Sahasrabudhe and Rahul Singh. The source of revenue for the startup is the commission that it charges from operators and vendors selling local activities and experiences. The good part is that the users are not charged anything. “For Thomas Cook, the partnership with Ithaka creates a new channel that reaches and serves millennials, while for Ithaka, the partnership delivers an end-to-end, bookable experience,” said Madhav...

IL&FS Soon to be Bankrupt, What Went Wrong?

2Oct By Gauri SinghNo Comments

Story

IL&FS Soon to be Bankrupt, What Went Wrong?

The Indian Government has reportedly taken control of Infrastructure Leasing & Finance (IL&FS) following the approval from the Insolvency & Bankruptcy Court in Mumbai. The country’s leading infrastructure finance company IL&FS has defaulted on payments to lenders triggering panic in the markets. What is IL&FS? Infrastructure Leasing & Financial Services Limited (IL&FS) is an Indian infrastructure development and finance company which operates through more than 250 subsidiaries including IL & FS Investment managers, IL & FS financial services and IL&FS Transportation networks India Limited (ITNL). IL&FS is popularly known for building the Chenani-Nashri tunnel -- India’s longest road tunnel at 9 km. The company is a complete end-to-...

Alibaba Launches its Second Availability Zone in India

29Sep By Gauri SinghNo Comments

CHINA

Alibaba Launches its Second Availability Zone in India

The cloud computing arm of the Alibaba Group has reportedly launched its second availability zone in Indian city Mumbai. The company stated that this freshly built zone will complement the first availability zone that was opened in January this year. This will provide products such as Elastic Computing, Storage, Database, Network, Application Services and Big Data Analytics to offer services according to the requirements of local governments and enterprises. This move has been the part of Alibaba’s strategy for the purpose of expanding its global existence to provide services to a growing client base meanwhile targeting new local customers. Alibaba Cloud at present has 50 availability zones across 18 economic centres across the globe, with coverage extending across mainland China,...

SkyShuttle to Launch Shared Business Jets and Helicopter Flights Soon

15Sep By Gauri SinghNo Comments

News

SkyShuttle to Launch Shared Business Jets and Helicopter Flights Soon

SkyShuttle is set to launch shared business Jets and helicopter flights from next week. The company will start scheduled business jet flights between Mumbai and Bengaluru and helicopter services from Juhu airport to industrial towns. The flights on the Mumbai-Bengaluru route will be operated by an aircraft between 6 and 14 seats. “These will essentially be flights with luxuries of a business Jet flight but with a schedule. So, a passenger will not have to be at the airport two hours before the flight and will be saving time in Bengaluru too because our flight will be landing at the old airport in Bengaluru that is within the city,” Kanika Tekriwal, founder of SkyShuttle stated. It is being said that there is a market for flights in this segment but the pricing has to be right. While t...

8Sep By Gauri SinghNo Comments

FUNDING

Rental Platform Flyrobe Raises $3.71 million in a Fresh Funding Round

Online fashion rental marketplace Flyrobe that is based in Mumbai has reportedly raised around $3.71 million (Rs 26.06 crore) in a fresh funding round. The investors who led the funding round were IDG Ventures and Sequoia Capital. Another existing investor that participated in the round included Tokyo-based GREE Ventures. Following this deal, the valuation of the company has reached roughly around Rs 155 crore ($21.6 million). However, it has not been mentioned that whether this is the firm’s Series B round of funding or if this capital raise was part of a larger investment round. Flyrobe is an online rental platform for apparels which is operated by Omapal Technologies. It was founded three years ago in 2015 by Shreya Mishra, Pranay Surana and Tushar Saxena. The last time that th...