business | Pixr8 News

9May By kriti singhNo Comments

BUSINESS

Jio Effect: Airtel Q4 Net Income Plunges 72%, From 1319 Crore to Rs 373.4 Crore

Bharti Airtel today registered a sharp 72 per cent decline in consolidated net income at Rs 373.4 crore for the fourth quarter ended March 2017, hit by "sustained predatory pricing" by newcomer Reliance Jio. Net income stood at Rs 1,319 crore in the same period a year ago. Total revenue fell 12 per cent to Rs 21,934.6 crore, from Rs 24,959.6 crore in the same period last fiscal. The earnings numbers came in after market hours. "The sustained predatory pricing by the new operator has led to a decline in revenue growth for the second quarter in a row. The telecom industry as a whole also witnessed a revenue decline for the first time ever on a full-year basis," Bharti Airtel MD and CEO (India and South Asia) Gopal Vittal said. Pointing towards the "tsunami" of incoming voice traffic...

Chaayos Will Open 20-30 Outlets in Few Months

9May By AnkitaNo Comments

News

Chaayos Will Open 20-30 Outlets in Few Months

Homegrown tea cafe chain Chaayos is looking to scale up its presence in Mumbai and Delhi, and plans to open about 20-30 outlets in the next few months. "We are looking at expanding in and around our current hubs Delhi and Mumbai. We are looking to open about 20-30 outlets in the next few months," Chaayos co-founder Raghav Verma told Pixr8. Chaayos currently runs 31 outlets across Delhi-NCR and Mumbai. "We can open another 15-20 outlets in Mumbai itself going forward, as it is under-penetrated. We are looking to open outlets in Pune, Gujarat, Goa, Chandigarh, Jaipur, and highways around NCR this year," he added. The Tiger Global-backed company is also betting big on the deliveries business, Verma said. "Our deliveries business is growing rapidly at almost 20 per cent mo...

1May By Press Trust of IndiaNo Comments

INDIA

India Will Receive $35-40 Billion Worth Impact Investments By 2025

India is projected to see impact investments worth up to USD 40 billion by 2025 as the country is in a "sweet spot" with high potential to deliver solutions for various problems, according to global grouping GIIN. Based in New York, the Global Impact Investing Network (GIIN) is a not-for-profit group that works to promote impact investments and has around 230 members. Generally, impact investments refer to those made with the aim of having a social and environmental impact along with the investors getting financial returns. GIINs Advisor for South Asia, Anil Sinha said, there has been tremendous development in India around impact investing activities in the last five years and the country is in a sweet spot. "In India, about USD 4 billion has been invested as part of impact inv...

19Apr By reutersNo Comments

BUSINESS

Bollywood Makes Way For Hollywood Business in India

When “The Fate of the Furious” opened in India this month, the eighth installment of the blockbuster Hollywood franchise romped past the lone homegrown offering at the Easter weekend box office. Period drama “Begum Jaan” was the only Bollywood film that dared to challenge “The Fast and the Furious” car-racing franchise, unlike other Indian films that steered clear of a possible clash despite the dearth of slots in a crowded 2017 release calendar. “It has come to a stage when producers are actually staying away from April 14,” film-maker Vikramaditya Motwane told Reuters in an interview in March. “No big Hindi film will be released on the day because the last one made a 100 crore ($15.5 million) and this one looks like it will make even more than that.” Motwane’s words proved pr...

Will Take Action If India Shields Its Local Mobile Phone Makers: Chinese media

19Apr By AnkitaNo Comments

CHINA

Will Take Action If India Shields Its Local Mobile Phone Makers: Chinese media

India should resist the temptation of resorting to "protectionism" to shield local mobile phone makers against Chinese smartphone firms, China's official media said on Tuesday warning that Beijing could take countermeasures against any such move. The Indian mobile firms are seeking government action to ease the pain of their defeat to Chinese rivals, an article in the state-run Global Times said referring to pleas by the mobile phone makers that government should raise supplementary levies against handsets from Chinese companies. "As for China, the Chinese government is unlikely to sit idly while India harms the interests of Chinese companies. We cannot rule out the possibility that China will take countermeasures if India takes unfair measures to protect its home grown companies from ...

Uber Posts $2.8 Billion Loss in 2016, Revenue at $6.5 Billion

15Apr By reutersNo Comments

News

Uber Posts $2.8 Billion Loss in 2016, Revenue at $6.5 Billion

Ride-hailing service Uber generated $6.5 billion in revenue last year and its gross bookings doubled to $20 billion, the company said on Friday. Its adjusted net loss was $2.8 billion, excluding the operation in China it sold last year, Uber said. As a private company, now worth $68 billion, Uber does not report its financial results publicly. It confirmed the figures in an emailed statement after Bloomberg reported the results. Uber did not provide first quarter figures, but a spokeswoman said they "seem to be in line with expectations." For the final quarter of 2016, gross bookings increased 28% from the previous quarter, to $6.9 billion. But Uber's losses grew to $991 million in the period, as revenues grew 74% to $2.9 billion from the third quarter. In a separate emailed...

Need to Reduce ‘Friction’ in Businesses in India: Narayana Murthy

13Apr By Press Trust of IndiaNo Comments

Entrepreneurs Talk

Need to Reduce ‘Friction’ in Businesses in India: Narayana Murthy

To transform India's economy, there is a need to reduce "friction" in businesses and create an "environment" wherein the government has more trust in its entrepreneurs, Infosys founder N R Narayana Murthy has said. For the transformation of the Indian economy, he said it is essential for the younger generation to be daring and that India is integrated with the global economy. "We still have a little bit of work in reducing friction to businesses. We need to create an environment where the government has more trust in its entrepreneurs than it is today," Murthy, 70, told students of the prestigious Darden School of Business at the University of Virginia here. Murthy, the recipient of the 2017 Thomas Jefferson Foundation medal in Global Innovation, was responding to Darden School of...

Flipkart to Re-Enter Grocery Segment: Flipkart CEO Kalyan Krishnamurthy

9Apr By Press Trust of IndiaNo Comments

Entrepreneurs Talk

Flipkart to Re-Enter Grocery Segment: Flipkart CEO Kalyan Krishnamurthy

Locked in an intense battle with Amazon, homegrown e-commerce major Flipkart is looking at re-entering the grocery segment that accounts for a significant portion of Indias retail industry. "Yes we will get into grocery... 80 per cent of units bought in India is grocery... USD 400-600 million is grocery market, so we have to get into it," Flipkart CEO Kalyan Krishnamurthy said at a TiE event here. This will be the second attempt into the grocery segment for the Bengaluru-based firm. In October 2015, Flipkart had launched a separate groceries ordering app called Nearby for delivering fruits, vegetables, soaps and other staples from supermarkets to customers. However, following a weak response, Flipkart closed the business a few months later. Flipkarts rival Amazon India has launched it...

Grameen Koota Raises Rs 250 Crore from CreditAccess Asia

2Apr By AdityaNo Comments

FUNDING

Grameen Koota Raises Rs 250 Crore from CreditAccess Asia

Grameen Koota Financial Services Private Limited (Grameen Koota) has raised Rs.250 Cr. from its holding company, CreditAccess Asia (CAA), headquartered in Amsterdam, which is the leading multi-country Microfinance operator in India and South-East Asia. Part of the infusion, Rs.50 crore, will be provided in the form of equity and the remainder, Rs.200 crore will be provided in the form of Compulsory Convertible Debentures (CCDs). The investment will support Grameen Koota in its planned expansion and portfolio growth, and its efforts in increasing financial inclusion, through its local operations, across the states of Karnataka, Maharashtra, Tamil Nadu, Madhya Pradesh and Chhattisgarh. Grameen Koota has recently initiated a new business line for Enterprise Loans (individual loans) for its g...

Google, Amazon Looking To Acquire Toshiba’s Chip Unit

1Apr By AdityaNo Comments

News

Google, Amazon Looking To Acquire Toshiba’s Chip Unit

Google and Amazon joined a list of potential buyers eyeing Toshiba's lucrative memory chip business as the Japanese conglomerate seeks bidders to cover huge losses, a newspaper said today. Toshiba has reportedly completed the first round of bidding for its prized memory chip business, seen as key for the cash-strapped company to turn itself around. Some 10 foreign companies and funds, including Google and Amazon, tendered bids, the mass-circulation Yomiuri Shimbun said, quoting unnamed sources. The two US tech giants are expected to use Toshiba's memory chips for their cloud services, the daily said. Taiwan's Hon Hai, which acquired Japanese electronics maker Sharp last year, has apparently bid more than 2 trillion yen (USD 18 billion), the daily said. Immediate confirmation...

Anil Ambani Inducted Into Leading Global Think Tank Atlantic Council Alongside Rupert Murdoch & Others

29Mar By AnkitaNo Comments

News

Anil Ambani Inducted Into Leading Global Think Tank Atlantic Council Alongside Rupert Murdoch & Others

Washington D.C. / Mumbai, March 28, 2017: The Atlantic Council today announced the induction of Anil Ambani, one of India’s best known business leaders, to its International Advisory Board – a prominent group of global corporate and political leaders. Former Utah Governor and Chairman of the Atlantic Council, Jon M. Huntsman, said “I am delighted to welcome my good friend and colleague Anil formally to join our team. The Atlantic Council’s presence in South Asia and, in particular, India is growing at a rapid pace and Anil’s presence on our board could not be more timely. We look forward to working with him to make a difference.” Other notable Members of the International Advisory Board include Dr. Zbigniew K. Brzezinski, Former U.S. National Security Advisor, Kevin Rudd, Former Pr...

Amazon, Grofers, Big Basket May Invest $695 Million in Food Retail

26Mar By AdityaNo Comments

News

Amazon, Grofers, Big Basket May Invest $695 Million in Food Retail

The government has received investment proposals from three companies, including Amazon and Grofers, worth USD 695 million for retail of food products in India under the new FDI policy. "Three companies Super Market Groceries Supplies (Big Basket), Grofers India and Amazon Corporate Holdings have submitted their proposals for seeking permission to make investment of USD 695 million over a period of time," an official statement said today. The government had last year allowed 100 per cent FDI for marketing, including through e-commerce, of food products manufactured and produced in India. Earlier in the day, Food Processing Minister Harsimrat Kaur Badal announced that Amazon has decided to invest about USD 500 million in e-retail of food. "We allowed 100 per cent FDI in trading ...