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10May By Press Trust of IndiaNo Comments

INDIA

UAE-Based Indian Firms To Invest USD 3.6 Billion In UP

DUBAI: Five leading Indian-owned businesses in the UAE will invest over USD 3.68 billion in infrastructure and industrial development initiatives in Uttar Pradesh after an MoU was signed in this regard during an investment forum held in Dubai. The move comes after UP Chief Minister Akhilesh Yadav had launched an ambitious programme to boost all-round development of the state by attracting NRI investments from across the globe, especially from the Middle East. The UAE-based Indian companies signed a Memorandum of Understanding with the state government which was represented by a high-level delegation of officials who visited the UAE on Thursday. The names of the investors will be announced by the UP government in the coming weeks. The companies pledged to invest in the state's ...

10May By Press Trust of IndiaNo Comments

INDIA

Delhi Metro Train Maker Bombardier is Eyeing Up to $1 Billion Business From India

Banking big on the governments thrust to boost infrastructure, global transportation player Bombardier is eyeing up to USD 1 billion business from India in the next five years from USD 300 million, at present, its chief Laurent Troger has said. Bombardier counts India among top markets for its railway business and has invested over USD 100 million in the past two decades. The firm is also a collaborator in the governments ambitious Make in India drive and is the largest supplier of the Delhi Metro. "We expect that in five years we will double our business in India. We can reach between USD 700 million and USD 1 billion... India, in the overall landscape of Bombardier Transportation, is a significant country. The climate now is very favourable, if we look for investment," Bombardi...

10May By PriyankaNo Comments

FUNDING

IIT Madras Incubated Startup InnoNano Research raises $18 million Funding

In first of its kind, Indian Institute of Technology Madras incubated a clean water technology company InnoNano Research finalized an agreement with US-based energy and water investment firm NanoHoldings for an $18 million investment. The company makes affordable clean drinking water reach very nook and corner of the country, especially areas that are affected by heavy metals. The Indian start-up firm will be holding majority of stakes in the joint global venture. The $18 million will be spent over a period of next five years, out of which $5 million will be spent on developing new technologies in the area of water purification - said Thalappil Pradeep, who is heading a research group at IIT Madras and co-founder of InnoNano Research. “We have already got $3.25 million of which $1.2 m...

Snapdeal Acquires Customer Personalisation Firm TargetingMantra

6May By AnkitaNo Comments

ACQUISITION

Snapdeal Acquires Customer Personalisation Firm TargetingMantra

Snapdeal today said it has acquired TargetingMantra, a move that will help the ecommerce major enhance personalisation of shopping experience of customers. The acquisition amount was not disclosed by Snapdeal. TargetingMantra specialises in the field management of customer life cycle through personalisation, targeting and big data analytics. Founded by former Amazon executive Saurabh Nangia and management consultant Rahul Singh in March 2013, TargetingMantra has offices in Palo Alto and Gurgaon. Its solutions help increase conversion rates through intuitive product discovery, recommendations and channel selection. "At Snapdeal, TargetingMantra's team will further the on-going initiative to build the customer experience engine, which will personalise shopping experiences for...

5May By Press Trust of IndiaNo Comments

INDIA

India to cross 500 million Internet users this year: Ravi Shankar Prasad

The number of Internet users in the country is likely to reach 500 million this year, Telecom Minister Ravi Shankar Prasad said today. "India has grown to around 400 million Internet users. If we take Trai numbers then it is somewhere close to 332 million. As per service providers, they were telling me that up to date it is 402 million. We were to have 500 million users by 2017, I feel it will happen this year itself," Prasad said while launching Digital Desh Drive 2. India has now over 100 crore mobile subscribers, he added. As per the official data shared by him in Lok Sabha today, the total mobile subscriber base at the end of February has 98.2 crore GSM mobile users and 4.45 crore subscribers on CDMA network. ALSO WATCH: Live Coverage of Digital Desh 2.0 – An Introducti...

Rich and powerful warn robots are coming for your jobs

4May By reutersNo Comments

News

Rich and powerful warn robots are coming for your jobs

Some of the richest, smartest and most powerful humans have an important message for the rest of us as they convened this week to discuss pressing global issues: the robots are coming. At the Milken Institute's Global Conference in Beverly Hills, California, at least four panels so far have focussed on technology taking over markets to mining - and most importantly, jobs. "Most of the benefits we see from automation is about higher quality and fewer errors, but in many cases it does reduce labor," Michael Chui, a partner at the McKinsey Global Institute, said on Tuesday during a panel on "Is Any Job Truly Safe?" The four-day annual conference, which began on Sunday, has 3,500 invite-only participants exploring "The Future of Human Kind." Technology has not only done away with l...

Peppertap Shuts Down Grocery Delivery Operations

23Apr By AdityaNo Comments

News

Peppertap Shuts Down Grocery Delivery Operations

PepperTap, a Hyperlocal delivery startup founded in 2013 by Navneet Singh and Milind Sharma shuts down its grocery delivery operations. Peppertap will focus on building a logistics company to compete with startups including Delhivery, Flipkart's ekart division and go Javas head on, multiple sources told Pixr8. In March, Bengaluru-based grocery portal BigBasket raised $150 million (about Rs 1,000 crore) in funding led by Dubai's Abraaj Group to strengthening its express delivery service and expand its reach. Grofers too raised $120 million led by Softbank earlier this year. Grofers too shut down operations in nine cities, including Ludhiana, Bhopal, Kochi, Coimbatore and Visakhapatnam earlier this year. The company already runs a reverse logistics arm through its parent company Nuvoex...

Lulu group to Invest Rs 5,000 Crore in India in Next 4 Years

10Apr By Press Trust of IndiaNo Comments

BUSINESS

Lulu group to Invest Rs 5,000 Crore in India in Next 4 Years

United Arab Emirates-based Lulu Group, which runs a retail chain of over 120 hypermarkets in the Middle East, has decided to invest Rs 5,000 crore in India over the next four years, largely for setting up shopping malls. The group, promoted by Indian businessman Yusuff Ali M A, has already zeroed in on constructing mega shopping complexes in Chennai, Hyderabad, Bengaluru and Thiruvananthapuram. "We are planning to invest Rs 5,000 crore in India over the next four years," said Ali, who is also managing director of the group which has operations in over 30 countries. Ali, who hails from Kerala, also said his company has decided to open 12 hypermarkets in Saudi Arabia at an investment of Rs 2,700 crore in the next few years. The Lulu group currently owns 14 hypermarkets in Saudi Arabia. ...

PC Jeweller Looking to Raise Up to Rs 427 Cr

7Apr By AdityaNo Comments

FUNDING

PC Jeweller Looking to Raise Up to Rs 427 Cr

PC Jeweller Ltd will raise up to Rs 427 crore from DVI Fund Mauritius through debentures for expansion of its business. "The board of Directors of the company at its meeting held on April 6 has approved the issue of compulsorily convertible debentures for an aggregate amount of up to Rs 427 crore by way of a preferential allotment on private placement basis to DVI Fund Mauritius Ltd subject to necessary approvals in this regard," PC Jeweller said in a regulatory filing today. The company currently has three factories and 60 retail stores across the country. Garg said the company is adding 15-20 stores every fiscal and is exploring to set up new manufacturing facilities. "The US-based DVI Mauritius is our existing investor and has around 4 per cent stake in the company." Garg sa...

HP Unveils Worlds Thinnest Laptop, Business Notebook

7Apr By PriyankaNo Comments

Tech

HP Unveils Worlds Thinnest Laptop, Business Notebook

Personal computers and printing major HP Inc today launched eight new personal products including the worlds thinnest laptop at 10.4 mm thickness, a calling device, and a business notebook. According to the company, Spectre is the worlds thinnest laptop and has a battery life of up to nine and a half hours. The new calling device, HP Elite x3, is built-for-business mobile device and runs on Windows 10. HP Elite x3 bridges phablet, laptop and desktop to enable users to run key productivity apps across these different experiences seamlessly. The third product launched by the company HP EliteBook Folio is the thinnest and lightest business notebook with 12.4 mm thickness and weighs under 1 kg. It will come with a starting price of Rs 1.30 lakh. HP Envy notebook comes with a 15.6 inch dis...

Nita Ambani Most Powerful Businesswoman in Asia: Forbes

7Apr By AnkitaNo Comments

News

Nita Ambani Most Powerful Businesswoman in Asia: Forbes

New York, Apr 7- Reliance Foundation Chairperson Nita Ambani has been named the most powerful businesswoman in Asia by Forbes, leading a list of 50 women leaders from the region that includes eight from India. SBI Chairman and Managing Director Arundhati Bhattacharya has been ranked second on the 2016 Asias 50 Power Businesswomen list that features trailblazing women from China, Indonesia, Australia, Vietnam, Thailand, Hong Kong, Japan, Singapore, the Philippines and New Zealand. Apart from Ambani and Bhattacharya, six women from India have made to the list, including Mu Sigma CEO Ambiga Dhiraj (14), Welspun India CEO Dipali Goenka (16), Lupin CEO Vinita Gupta (18), ICICI Bank Managing Director & CEO Chanda Kochhar (22), VLCC Health Care Founder and vice chairman Vandana Luthra (26) ...

Square Yards Doubles Revenue With Strong Real Estate Supply Chain

30Mar By AdityaNo Comments

News

Square Yards Doubles Revenue With Strong Real Estate Supply Chain

ANI- At a time when most online real estate players have been struggling, Square Yards has announced its doubled revenue run rate, which is likely to cross Rs. 200 crore in gross revenues from Rs. 100 crore in a span of six months. In the last six months, Square Yards achieved operational break even, launched a broker aggregation platform, significantly enhanced its tech and marketing capabilities and scaled its International presence to countries. The team size has also swelled to 1000+ employees. Square Yards now estimate around 600 to 700 transactions a month with a value of Rs. 350+ crore each month. This puts Square Yards on pedestal with top developers in India on the ability to move such sizeable real estate volumes. "Square Yards has been very successful in striking structur...