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US Based Ebix Acquire 80% Stake in India Based Digital Payment Startup Itzcash For 800 Crores

25May By AdityaNo Comments

ACQUISITION

US Based Ebix Acquire 80% Stake in India Based Digital Payment Startup Itzcash For 800 Crores

US headquartered Ebix today said it has invested about Rs 800 crore to acquire 80 per cent stake in payment solutions exchange ItzCash. Ebix is an international supplier of on-demand software and e-commerce services to the insurance, financial, e- governance and healthcare industries. Founded in 2006, ItzCash is Indias leading digital payments firm, the company has since expanded verticals such as remittances, financial services, corporate solutions, PoS and payment gateway. With the new investment by Ebix, the company is looking to foray into areas such as credit, insurance, healthcare and investments to accelerate growth momentum going forward, a release said. "We are big believers in the power of exchanges and thus have been keen to take an early position in India in terms o...

Dubai Based Emaar Malls Acquire 51% Equity in E-commerce Website Namshi

24May By PriyankaNo Comments

ACQUISITION

Dubai Based Emaar Malls Acquire 51% Equity in E-commerce Website Namshi

Dubai based billionaire Mohamed Alabbar firm Emaar Malls acquires 51 percent stake in Rocket Internet backed e-commerce website Namshi.com for $151 million. This is a second acquisition in two months which shows a sign of growing demand for tech deals in the Middle East. After failing to acquire Souq.com, Emaar malls left no space for others this time. The 51 percent equity was belong to Rocket Internet. The recent move by Emaar malls comes on the prediction of the e-commerce in Middle east will grow to $20 billion by 2020. Both Emaar and GFG group (Namshi parent company) said they had agreed to jointly develop the business until a possible listing or a full takeover. Namshi, which operates in the GCC region like United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain...

Alibaba Health Buys Parent’s Health Food Assets for $488.3M

21May By reutersNo Comments

ACQUISITION

Alibaba Health Buys Parent’s Health Food Assets for $488.3M

Alibaba Health is buying controlling shareholder Alibaba group's health food and nutritional products businesses for HK$3.8 billion ($488.3 million), further developing it into Alibaba's healthcare flagship platform. Alibaba Health will buy Ali JK Nutritional Products Ltd from Alibaba Group in a deal to be settled by the issue of 1.19 billion shares at HK$3.2 apiece, or a 6.16% discount to the last close, the company said in a filing to Hong Kong stock exchange. The deal will bring a broader set of merchants into the online healthcare community, while the company will obtain more stable and sustainable revenue growth, the Hong Kong-listed firm added. Alibaba Health saw its adjusted net loss narrowed to 98.3 million yuan ($14.3 million) for the year ended in March, from a 161.5 mil...

11May By AdityaNo Comments

ACQUISITION

Bengaluru Based Happiest Minds Acquisition of Cupola Technology

Happiest Minds Technologies, a next-generation digital transformation, infrastructure, security and product engineering services company, announced the acquisition of Cupola Technology - a specialized IoT services company with innovative solutions across the IoT lifecycle. This strategic acquisition is in-line with Happiest Minds' vision to expand upon its already thriving IoT business by bringing in complimentary frameworks, ready-to-use solutions and marquee customers. "We have found that organizations are rapidly moving from proof of concept to enterprise-wide IoT rollouts. This has brought about the need for a dedicated IoT operations center with a solution-centric approach. The acquisition of Cupola will add to our IoT center of excellence with a like-minded team that is focused to...

Techmagnate Acquires BlogX, the Largest Blog Conference in India

10May By PriyankaNo Comments

ACQUISITION

Techmagnate Acquires BlogX, the Largest Blog Conference in India

Techmagnate, India’s leading Digital Marketing Agency acquired BlogX, India’s largest blog conference where bloggers and content managers connect. Upon the acquisition, Mr. Manmeet Pal Singh, founder of BlogX said, “A new chapter begins today for BlogX under the management and expert guidance of Mr. Sarvesh Bagla, CEO of Techmagnate, which is rated as one of the best digital agency offering digital marketing services in India. We didn’t have the bandwidth or resources to scale BlogX and extend its reach across the country. But with this sale we’re confident that our vision to create a better platform for content creators and revive local blogging communities will come to fruition under Sarvesh’s leadership.” The first BlogX event took place in July 2016 in New Delhi, and since then t...

Tata Technologies Acquire Europe Based Escenda Engineering

8May By Press Trust of IndiaNo Comments

ACQUISITION

Tata Technologies Acquire Europe Based Escenda Engineering

Engineering services company Tata Technologies today said it has entered into a definitive agreement to acquire Escenda Engineering AB. "The acquisition helps Tata Technologies accelerate its plans to expand in Europe due to the rapid growth opportunity the region offers in both the automotive and industrial machinery sectors," the company said in a statement issued here. Following the acquisition, Escenda Engineering will become a wholly owned subsidiary of Tata Technologies Europe, However, the company will maintain the same management team and full workforce under the new ownership. "Through this acquisition, Tata Technologies will leverage its global expertise in engineering services to support key accounts in Sweden and the European market and help them create better products...

Cisco to Acquire Indian Origin CEO Led Startup For $610 Million

4May By AnkitaNo Comments

ACQUISITION

Cisco to Acquire Indian Origin CEO Led Startup For $610 Million

American technology giant Cisco has said it will pay USD 610 million in cash to acquire a networking start-up led by an Indian-origin software industry veteran. Cisco will buy Viptela, a privately held software-defined wide area network (SD-WAN) company based in San Jose, a move that will expand its portfolio. Viptela CEO Praveen Akkiraju, a University of Madras and Harvard Business School alumnus said, "the companys fabric, as it relates to SD-WAN and cloud networking, fits in as an important piece of Ciscos Enterprise Networking strategy which is driving an industry-wide transition to a software centric architecture and business model." Viptela was founded by 2012 by former Cisco engineers, some of them hailing from the Indian sub-continent. Cisco will buy Viptela for USD 610 mil...

Snapdeal Board Will Discuss Sellout Possibility to Flipkart Tomorrow

2May By Ankita SinghNo Comments

News

Snapdeal Board Will Discuss Sellout Possibility to Flipkart Tomorrow

The board of e-commerce marketplace Snapdeal is expected to meet tomorrow to discuss the potential sale of India's third largest e-commerce firm to larger rival Flipkart. Also, on the agenda will be getting Nexus Venture Partners (NVP), an early investor in Snapdeal, to agree to the sale deal. The approval of Nexus Venture Partners will be crucial for the proposed transaction to proceed, according to sources close to the development. The seven-member board of Jasper Infotech, which operates Snapdeal, includes representation from investors SoftBank, Kalaari Capital and Nexus Venture Partners (NVP), as well as co-founders Kunal Bahl and Rohit Bansal. The valuation of Snapdeal is believed to be one of the hurdles to the deal, as Kalaari and NVP were not in agreement with the valuatio...

Leading Jewellery Chain Kalyan Jewellers Acquired Online Jewellery Firm

26Apr By AnkitaNo Comments

ACQUISITION

Leading Jewellery Chain Kalyan Jewellers Acquired Online Jewellery Firm

Leading jewellery chain Kalyan Jewellers today acquired the online jewellery firm Candere to augment its presence in the growing online jewellery segment for an undisclosed sum. Kalyan will acquire the equity held by Singularity Strategic, the family office of Brijesh Chandwani and Subram Kapoor and as part of the deal the Thrissur-based company will complete a phased acquisition of the equity held by founder promoter Rupesh Jain, apart from investing more into the firm. The additional investment is primarily to expand Canderes geographical presence into the growing West Asian market including the UAE, Kuwait and Qatar. This is Kalyan first strategic move of its kind as it continues to pursue aggressive growth plans, both organically and inorganically. Rajesh Kalyanaraman, exec...

Snapdeal Sale: SoftBank Hopes Nexus Venture Too Come on Board

25Apr By kriti singhNo Comments

News

Snapdeal Sale: SoftBank Hopes Nexus Venture Too Come on Board

Japans SoftBank is hopeful of getting a nod soon from co-investor Nexus Venture Partners to sell Snapdeal to Indias largest e-commerce firm Flipkart. According to sources, Softbank -- the largest shareholder in Snapdeal-- has been successful in getting Kalaari to agree to the deal but is yet to get Nexus Venture Partners on board for the same. This should come through in the next one or two weeks and the deal may get announced next month, they added. SoftBank, Kalaari and Nexus did not respond to e-mails sent to them. Jasper Infotechs (which operates Snapdeal) seven-member board includes representation from investors SoftBank, Kalaari Capital and Nexus Venture Partners, as well as co-founders Kunal Bahl and Rohit Bansal. The deal, if completed, would mark the biggest acquisi...

Mobikwik & Freecharge Initiated Merger Talks

25Apr By AnkitaNo Comments

BUSINESS

Mobikwik & Freecharge Initiated Merger Talks

As per the report, India's two leading e-wallet company MobiKwik & Freecharge looking to merge in an all-stock deal. According to speculation, behind this deal a chinese investor who is willing to pump Rs USD 200 million into this deal. The talks between Freecharge and MobiKwik are on their initial stages. Sequoia Capital is the major investor in both startups. Jason Kothari, the CEO of Freecharge is in talks with various investors in the US and China. PayPal had earlier shown interest in investing into Freecharge, but the deal did not materialise. PayU, Flipkart and Paytm is rumoured to be interested in FreeCharge. Freecharge is a part of online shopping platform Snapdeal, which has also been in merger talks with e-tailer Flipkart. MobiKwik, which has opened 13 new offices...

BigBasket and Grofers are in Talks For Possible Merger

19Apr By AnkitaNo Comments

ACQUISITION

BigBasket and Grofers are in Talks For Possible Merger

India's online grocery delivery service BigBasket and smaller rival Grofers India Pvt. Ltd. have begun talks on a possible merger, Indian newspaper Mint reported on Wednesday, citing sources. If the merger goes through, SoftBank Group (9984.T), which is an existing investor in Grofers', will participate in a $60 million to $100 million funding round in the merged company, the report added. The talks, which are in early stages, may value BigBasket at about $700 million to $800 million, while Grofers could be valued at $150 million to $200 million, Mint added. Online grocery sales are a fast growing segment in India's e-commerce industry as more consumers log in to internet for their purchases.