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Without Funding Paytm Can Sustain For Five Years – Vijay Shekhar Sharma

18May By AdityaNo Comments

Entrepreneurs Talk

Without Funding Paytm Can Sustain For Five Years – Vijay Shekhar Sharma

One97 Communications Ltd., the owner of an Indian online payment processor backed by Alibaba Group Holding Ltd.’s finance arm, said funds at its disposal were enough to last five years, enabling it to build a business model that’s “predictable.” “We have enough money in the bank to last 21 quarters if we keep spending at the same rate as last year,” Vijay Shekhar Sharma, chief executive officer (CEO) of One97 that owns Paytm, said in an interview to Bloomberg TV in Hong Kong. “The last term sheet I signed was in 2014. We haven’t raised money since.” Many Indian startups are running out of cash, while others including Flipkart Online Services Pvt., India’s biggest e-commerce company, have had their valuation marked down. One97, which was founded in 2000 by Sharma, doesn’t plan...

16May By AdityaNo Comments

FUNDING

Alibaba’s Online Ticketing Platform Raises $260 million Funding

The listed movies unit of Alibaba Group Holding Ltd, China's biggest e-commerce company, has raised the valuation of its O2O distribution and promotions subsidiary which operates an online ticketing platform after a new round of fundraising, it said in a Hong Kong stock exchange filing released on Sunday. Alibaba Pictures Group Ltd said that its O2O platform was now worth 13.7 billion yuan ($2.1 billion) based on the new financing raised from a group of investors led by CDH Investments, Ant Financial Services Group and Sina.com. The statement said the O2O platform raised 1.7 billion yuan ($260 million) from the investors, who will hold approximately 12.4 percent of its equity. Alibaba Pictures was formed through the acquisition of ChinaVision Media Group in 2014. The online ticket...

Alibaba’s Revenue Rises 39 percent As More Shoppers Buy Online

5May By reutersNo Comments

CHINA

Alibaba’s Revenue Rises 39 percent As More Shoppers Buy Online

Alibaba Group Holding Ltd, China's biggest e-commerce company, said fourth-quarter revenue rose 39 percent, beating Wall Street estimates, helped by growth in gross merchandise volume. The company's American Depository shares were up 3.5 percent at $78.48 on Thursday. Revenue rose to 24.2 billion yuan ($3.7 billion) in the quarter ended March 31 from 17.4 billion yuan a year earlier, beating the average analyst estimate of 23.22 billion yuan. "Whatever they are doing must be working, and most importantly it's a sign that the Chinese consumer may not be weakening quite yet," said Gil Luria of Wedbush Securities. Gross merchandise volume (GMV), or the total value of goods transacted on its platforms on China retail marketplaces, rose 24 percent to 742 billion yuan. "Alibaba represent...

Uber Users Can Soon Pay For Rides Abroad Using Paytm & Alipay Wallet

3May By AnkitaNo Comments

News

Uber Users Can Soon Pay For Rides Abroad Using Paytm & Alipay Wallet

Digital payments firm Paytm will enable Uber users to pay for their rides in Indian currency while travelling abroad using its mobile wallet by month-end. Alibaba-backed Paytm will not charge any fees for conversion and the fares will be based on current forex rates. Currently, Indian users need a credit card to pay for Uber rides taken aboard. "We will enable users to pay for their rides in Indian currency while they travel abroad. The integration process is on and should be live by month-end... Users will be able to pay in Indian rupees based on current forex rates," Paytm CEO Vijay Shekhar Sharma said. Uber today announced a partnership with AliPay -- Alibabas online payment solution in China -- to enable users to use AliPays mobile wallet and pay in Chinese Renminbi (RMB) while...

Yahoo’s Shortlisted Bidders offered Cash Deal

30Apr By AnkitaNo Comments

News

Yahoo’s Shortlisted Bidders offered Cash Deal

Yahoo Inc has shortlisted close to 10 bidders in the auction for its core Internet assets, including Verizon Communications Inc, with most offers involving cash rather than a combination with another company, according to people familiar with the matter. The shortlist comprises mainly large companies and big private equity firms including TPG Capital LP, and excludes many small companies that proposed some kind of combination, such as privately held Yellow Pages owner YP LLC, the people said this week. The sources declined to divulge the full list. Some bidders that did not make the shortlist because their first-round offers were not specific enough are still being kept close to the process by Yahoo's advisers, the people said. One of those bidders is Liberty Media Corp Chairman J...

Paytm Appointed Alibaba’s Former Executive as President

25Mar By AnkitaNo Comments

News

Paytm Appointed Alibaba’s Former Executive as President

Paytm, India's mobile payment and commerce platform has appointed ex-head of Alibaba Group Holding's wholesale business, Bhushan Patil as the company's new President. Bhushan Patil joins Paytm as President after serving 5.5 years at the Chinese company, where he was handling operations of Alibaba.com. He will now focus on building Paytm's cross border commerce. At the largest B2B marketplace, Bhushan was instrumental at leading new initiatives for Global Markets business development across SME linked associations, Banks and Government trade organizations, local trade services and e-companies. As a major accomplishment he incepted, led and launched B2B Trade-Trust products across 50 countries in Asia/Europe and Americas and was instrumental developing new India plans for Alibaba.co...

Alibaba’s Ma, Tsai to buy back $500 million in shares

29Feb By reutersNo Comments

News

Alibaba’s Ma, Tsai to buy back $500 million in shares

Alibaba Group Holding Ltd said on Monday Chairman Jack Ma and Vice Chairman Joe Tsai have agreed to buy back a combined $500 million in company shares, part of a $4 billion stock repurchase scheme announced in August. The buyback comes as the e-commerce firm's shares languish at $66.91, more than a dollar off their IPO price of $68, and as it struggles with slowing growth and a gloomy outlook for the Chinese economy. Sina News reported that Ma and Tsai had signed an agreement to use their private funds to repurchase shares worth $500 million. An Alibaba spokesman confirmed the news but declined to give details. In August, Alibaba announced the $4 billion share repurchase programme which would take place over two years and was aimed at offsetting the impact of its share-based compe...

Alibaba in Talks With Several Banks For Up to $4 Billion Loan

26Feb By reutersNo Comments

News

Alibaba in Talks With Several Banks For Up to $4 Billion Loan

Chinese e-commerce giant Alibaba Group Holding Ltd (BABA.N) is in talks with several banks to borrow up to $4 billion to fund expansion plans, including acquisitions, the Wall Street Journal reported on Friday, citing people familiar with the matter. The loan is expected to be finalized next month, one of the people told the Journal. Alibaba has been picking up stakes and buying companies in China and abroad. The company has also been expanding in other areas such as online video and local services as volume growth in core online shopping business slows. Alibaba shares were up 2.2 percent at $68.13 in premarket trading on Friday. Up to Thursday's close of $66.66, the stock had fallen about 18 percent this year.

Alibaba Acquired 33 Million Shares of Groupon Inc.

19Feb By AdityaNo Comments

ACQUISITION

Alibaba Acquired 33 Million Shares of Groupon Inc.

In a filing with the U.S. Securities and Exchange Commission last Friday, Alibaba Group Holding Ltd. revealed that it had acquired 32.972 million shares of class A common stock (about 5.6% of shares outstanding) in Groupon Inc. . After the news published, Groupon’s stock was up more than 20%, touched $20 per share. One week ago, the shares hit an all-time low of $2.15. Alibaba likely filed with the SEC because its stake rose above 5% of Groupon’s outstanding shares. There is no information on how much Alibaba paid for the shares. Groupon had $917.2 million in revenue in the fourth quarter of 2015. That compares to consensus estimates that called for a breakeven in earnings on revenue of $841 million. In the same period last year, it posted $750.36 million in revenue. The coupon...

China & India vs USA: Alibaba Came in Rescue For Flipkart, Ready to Invest

4Feb By AnkitaNo Comments

FUNDING

China & India vs USA: Alibaba Came in Rescue For Flipkart, Ready to Invest

New Delhi: A surprise move by China’s Alibaba Group to came into the support of India's Biggest Ecom company Flipkart. As per the news report Alibaba is looking to invest in Flipkart. It has already backed Paytm and Snapdeal. Alibaba this move is to help Indian E-commerce company and eliminate US-backed Ecom companies like Amazon. There are not too many takers for India’s top e-commerce firms at their current valuations, prompting both Flipkart and Snapdeal (run by Jasper Infotech Pvt. Ltd) to approach Alibaba Group for cash, the three people said to Mint. While both have enough cash to fund their current burn rates for 12-15 months, they need to raise money this year in order to refill their fast-emptying vaults, the people added. Flipkart and Snapdeal, in particular, are facing scrut...

3Feb By No Comments

FUNDING

Magic Leap Announces $793.5 Million Fresh Funding Led By Alibaba Group

Dania Beach, Florida - Magic Leap, Inc. ("Magic Leap") announced $793.5 million in new funding today, led by Alibaba Group. Continued investment comes from Google Inc., Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, and others. New investment also comes from Warner Bros. and tier-one financial institutions, including Fidelity Management and Research Company, J.P. Morgan Investment Management, Morgan Stanley Investment Management, funds and accounts advised by T. Rowe Price Associates, Inc., and Wellington Management Company. “Here at Magic Leap we are creating a new world where digital and physical realities seamlessly blend together to enable amazing new experiences. This investment will accelerate bringing our new Mixed Reality Lightfield™ experience to ...

Alibaba Started Trade Facility Centre in Jaipur, Launched Hindi Website to tap SMEs

30Jan By Press Trust of IndiaNo Comments

BUSINESS

Alibaba Started Trade Facility Centre in Jaipur, Launched Hindi Website to tap SMEs

Alibaba.com, the wholesale trading platform of China's Alibaba Group, today unveiled its first physical trade facility centre in the country at Jaipur and a Hindi portal, aimed at connecting small and medium businesses with global buyers. "We are excited about working with our Indian partners to provide comprehensive and dedicated trading solutions for local Indian sellers to explore more cross-border trading opportunities. Our ongoing efforts in India also showcase our long-term commitment to the market," Alibaba.com Head Global Business Development Timothy Leung said in a statement. By providing information and services in Hindi, the site will enable Indian traders, especially those from small cities and rural areas, to easily connect with merchants worldwide, he added. He said ...