Friday, July 19

Tag: Goldman sachs

Apple Credit Card Launched For Mobile Users
Tech

Apple Credit Card Launched For Mobile Users

NEWYORK, 7th Aug 2019-- iPhone maker Apple launched its own credit card, designed primarily for mobile users. Apple announced the card in March in a partnership with Goldman Sachs. On Tuesday, some iPhone users who requested a notification about Apple Card will get invites to apply through Apple's Wallet app. The company plans to expand sign-ups more broadly in the coming weeks. The card is available only in the US. The company promises quick sign-ups and the elimination of most fees. Customers typically get 2 percent cash back when using Apple's app to pay. Industry experts, though, say that the financial benefits of Apple Card mirror many of those already out there for consumers. What sets Apple Card apart from other cards is its reliance on the iPhone. Though customers can...
Sony looking to Acquire Stake in Zee Group
ACQUISITION

Sony looking to Acquire Stake in Zee Group

Sony is reportedly in talks to acquire a stake in Indian media conglomerate Zee Entertainment Enterprises. In November 2018, Indian media conglomerate Zee Entertainment had decided to sell half of its promoter holding of about 42 percent in flagship Zee Entertainment Enterprises Ltd (ZEEL), following a strategic review. The company Zee Entertainment Enterprises Ltd is owned by Subhash Chandra. The media conglomerate hired Goldman Sachs as its investment banker and LionTree as its international strategic adviser to help sell the stake as part of a “strategic review of its businesses in view of the changing global media landscape”. Indian press, including CNBCTV18, has reported that Sony is among a number of suitors for the stake with other possible bidders including Comcast and C...
Online Home Design Startup Livspace Raised $70 Million in Series C Funding
FUNDING

Online Home Design Startup Livspace Raised $70 Million in Series C Funding

Online home design and décor company Livspace has raised an amount of $70 million in a series-C financing round. The particular round was led by private equity firm TPG Growth and Goldman Sachs. This has made it one of the largest funding rounds in the vertical e-commerce space in the recent times. The funding round also witnessed participation from investors such as Jungle Ventures, Bessemer Venture Partners and Helion Ventures. With this round, the valuation of the four-year-old startup has reached around $250-300 million. The funds raised through the round are being planned to be utilized in the process of strengthening the company’s offline footprint along with marketing and branding spends. Talking about the details, the company claims to have designed close to 6,000 homes si...
RPA Startup Automation Anywhere Raises $250 Million
FUNDING

RPA Startup Automation Anywhere Raises $250 Million

The cognitive robotic process automation platform called Automation Anywhere has secured an amount of $250 million in a funding round led by New Enterprise Associates and Goldman Sachs. With this fresh funding round, the company’s valuation has reached $1.8 billion. Automation Anywhere aims to utilize these funds in increasing its customer base in North America, LATAM, India, Europe, Australia, Japan, South Korea and Singapore (ASEAN). Along with this, it also has plans to employ the funds in expanding the technology in additional areas. “Customers tell us that traditional process automation technologies are capable of automating only about 20 percent of an enterprise’s business processes. We believe our Intelligent Digital Workforce Platform can automate up to 80 percent of these pr...
This is How Reliance Jio Catches and Retains Customers
Story

This is How Reliance Jio Catches and Retains Customers

Its just been 19 months since Mukesh Ambani led Reliance Jio ventured into the telecom market and bought a new kind of data revolution in the country. Reliance Jio is today India's third largest telecom operator which has widened its revenue market share by 20 percent and has a subscriber share of 15.8 percent. Providing first of its kind "cheap data offers", Jio has not only disrupted the market but has also changed the rules of the game. What is the reason that customers are still flocking to Jio? Broadly speaking, Jio has reinvented mobile phones as a source of mass entertainment. Nearly half of the Jio customers today, use mobile phones primarily to watch television. As per a recent report from Bank of America Merrill Lynch survey cited in Bloomberg, The telecom aggregation...
WeWork India Eyeing to Raise $200 Mn from Goldman and Warburg
FUNDING

WeWork India Eyeing to Raise $200 Mn from Goldman and Warburg

The Indian wing of Co-working mammoth WeWork lead by billionaire developer Jitu Virwani of Embassy Group is in talks with global leaders Goldman Sachs and Warburg Pincus to raise $200 million. This will land the local's unit to earn a unicorn status nearing valuation of $1 Billion. As per the sources, Goldman, Warburg eye $200 million stakes in WeWork India. WeWork in India is operated exclusively by Virwani and Embassy under a deal that materialised two years ago. Since, then the co-working pioneer has made significant leaps in the country with 12,000 desks in operation currently, which it plans to double by the end of this year. Additionally, India is the sole big market where New York-based WeWork-valued last at $20 Bn has successfully struck an exclusive deal to operate in India....
Fintech Startup Circle Introduces Crypto US Dollar
USA

Fintech Startup Circle Introduces Crypto US Dollar

The Goldman Sachs Backed startup Circle has announced a new cryptocurrency pegged to the dollar and a $110 million investment round led by profitable crypto-mining company Bitmain on Tuesday. The company is rolling out a digital version of the U.S dollar with a cryptocurrency pegged to it. Interestingly, Circle is one of the most well-funded blockchain startups with Baidu and Goldman Sachs at its foreman investors. The fintech company is involved in its peer-to-peer payment network operations using blockchain, the technology that underpins bitcoin.   Circle founders @psneville and @jerallaire took the stage at #Consensus2018 earlier today to announce Circle USDC, a price-stable tokenized US dollar coin. Learn more about it here: https://t.co/8fZN6vDryb — Circle (@circlepa...
Walmart Raises $5B Revolving Credit to Fund Flipkart Acquisition Deal
News

Walmart Raises $5B Revolving Credit to Fund Flipkart Acquisition Deal

A number of monetary corporations including JPMorgan Chase and Barclays are offering $5 billion financing to Walmart that will help the American giant fund its $16 billion acquisition of Indian e-commerce unicorn Flipkart. The credit line involved would be one of the largest revolving credit facilities in the recent times as it is priced between 300-400 basis points over London Interbank Offered Rate. The facility amount will be secured against the balance sheet of Flipkart and its shares will have a tenure of 18 months. The proposed revolving facility is an arrangement that allows buying company to facilitate the immediate acquisition financing requirements while the loans are secured against the balance sheet of the target company of its share price. "Walmart has very strong ban...
Xiaomi Files for “World’s Biggest” IPO Application in Four Years
Market

Xiaomi Files for “World’s Biggest” IPO Application in Four Years

China's Leading Smartphone and Device Maker Xiaomi has filed for Hong Kong initial public offering on Thursday, which is being considered as one of the largest listings by a Chinese organization in almost four years i.e since 2014. The announcement came right after company's official revenue posting that stood at 114.62 billion yuan (USD 18 billion) in 2017, up from 67.5 percent from 2016. The company also reported a net loss of 43.89 billion yuan in 2016. Xiaomi's IPO will mark the first listing in Hong Kong to happen after new rules (dual-class shares implementation) that will target to garner more tech listings, in the backdrop of a competition ongoing between Hong Kong, New York, and the Chinese Mainland. As per sources obtained from Hong Kong Exchanges & Clearing Limited,...
World’s Richest People Lost a Combined 107 Billion in a Week!
USA

World’s Richest People Lost a Combined 107 Billion in a Week!

It must have been a nightmare week for some of the world’s richest people. Especially Mark Zuckerberg since he endured the biggest fall after losing $3.2 billion as large cap stocks disappointed for a forth-consecutive day. The losses of Facebook Inc.’s CEO tops those of Spain’s Amancio Ortega and Mexico’s Carlos Slim who both became poorer by $2.4 billion as of 1 p.m. in New York. Since the opening of markets on Monday, Alphabet Inc.’s Larry page and Sergey Brin each lost above $2 billion on the Bloomberg Billionaires Index. In total, the 500 richest people on Earth lost a massive $170 billion, which accounts for more than the entire market capitalization of Goldman Sachs Group Inc. or Lockheed Martin Corp. American billionaires’ saw a combined $34 billion erased making them the mos...
Bharti Airtel To Acquire Tata’s Money-Losing Mobile Unit For Nothing
ACQUISITION

Bharti Airtel To Acquire Tata’s Money-Losing Mobile Unit For Nothing

Bharti Airtel Ltd is acquiring the Tata conglomerate consumer mobile business virtually free of charge in a deal that gives India’s top wireless player a major subscriber base boost, while stemming the bleed for Tata from a money-losing venture. Bharti Airtel will gain over 40 million customers from Tata Teleservices and a subsidiary along with airwaves the company's own on a “debt-free (and) cash-free” basis, according to a joint statement on Thursday, although Bharti Airtel will take on a “small portion” of Tata’s unpaid dues for its airwaves. India’s telecoms market, with 1.2 billion mobile subscribers, is in the midst of a wave of consolidation as smaller debt-laden players seek exits after overspending in airwave auctions. Small players and their larger rivals have also been ...
Goldman Sachs Puts $25 Mn In Budget Hotel Aggregator FabHotels
FUNDING

Goldman Sachs Puts $25 Mn In Budget Hotel Aggregator FabHotels

Budget Hotels Chain FabHotels has recently raised an amount of $25 Mn in a Series B funding round led by Goldman Sachs, an American multinational finance company, that backed the likes of Uber and Spotify. Started in 2014 by Vaibhav Aggarwal and Adarsh Manpuria, FabHotels is a branded budget hotel aggregator wherein it partners with smaller hotels for providing  standardized services to budget travelers. (more…)