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IKEA Hyderabad To Use Electric Rickshaw for Home Delivery

13Aug By Gauri SinghNo Comments

News

IKEA Hyderabad To Use Electric Rickshaw for Home Delivery

The Swedish furniture manufacturer IKEA, which recently inaugurated its operations in Hyderabad, has announced that the company will soon be using electric rickshaws for the purpose of home delivery of its products. IKEA is one of the largest furniture retailers in the world. The company designs and sells off ready-to-assemble furniture, kitchen appliances and home accessories. The store in Hyderabad provides 7,500 products including 1,000 products priced below Rs 200. It has been reported that at least 20 percent of the company’s delivery system will work on electric rickshaws in the initial phase. The electric vehicle will be charged at the store that uses 4,000 solar panels installed on the building's roof. Apart from the electricity used for charging the e-rickshaws, a part of...

Hyderabad Based Zaggle Acquires Click & Pay Startup

20Jul By AnkitaNo Comments

ACQUISITION

Hyderabad Based Zaggle Acquires Click & Pay Startup

A payments and group dining company Zaggle has acquired Payment app Click & Pay in a cash-and-stock deal. With this acquisition, Zaggle will develop an expense management platform that would help create a vibrant corporate ecosystem where millions of corporates get the opportunity of consolidating and centralizing all travel, health and billings for other expenses and help keep a tab on the same. Earlier, Zaggle acquires online coupons firm Pennyful in a similar cash-and-stock deal. The present system of corporate expense management drains out hundreds of millions of dollars per month in terms of man-hours spent, lost opportunity costs, logistic delays and inability to consider GST inputs. The platform Zaggle allows users to make payments by helping them find the best offers ...

General Atlantic Acquires ICICI Venture’s Stake in KIMS

16Jun By Gauri SinghNo Comments

ACQUISITION

General Atlantic Acquires ICICI Venture’s Stake in KIMS

India’s largest private sector fund ICICI Venture has sold off 30% of its stake in hospital chain Krishna Institute of Medical Sciences to its competitor General Atlantic worth Rs 850 crore. Through this deal, the company is expected to make close to four-fold returns on its initial investment in four years. The valuation of the Hyderabad based hospital chain has been raised to around Rs 2,700 crore from Rs 850 crore in 2014. In 2014, ICICI Venture had invested about Rs 220 crore in the hospital chain, which had around 500 beds. The hospital chain KIMS, which had received the SEBI approval for a public offering had to postpone its share sale plan because of the regulatory changes and pricing uncertainty. KIMS has stated that the regulatory challenges were one of the reasons for the a...

Reliance Jio on a Hiring Spree of Experts Under Akash Ambani

4Jun By Gauri SinghNo Comments

BUSINESS

Reliance Jio on a Hiring Spree of Experts Under Akash Ambani

The Mukesh Ambani-led Reliance Jio Infocomm has started its hunt for a team of experts to work under Akash Ambani regarding the Artificial Intelligence (AI) of the firm. Apart from AI, the company is also seeking for young people to work on machine learning and blockchain technology (a digital ledger in which transactions are recorded). It has been reported that Reliance Jio has already appointed some of the senior officials who are responsible for building this team. Akash Ambani is interestingly getting involved in this process and is being assumed to lead the initiative. The company is planning to set up this team in either of the two cities – Hyderabad or Bengaluru. An artificial intelligence (AI) oriented brand engagement platform called ‘JioInteract’ was launched by Reliance Ji...

Ikea To Wage a “Price War” with its First Store in India

2Jun By Lavina TolaniNo Comments

BUSINESS

Ikea To Wage a “Price War” with its First Store in India

Swedish Furniture Making company Ikea could bring in a price war in India as it is all set to open its Hyderabad store, a first in the country, offering about 15% of its product at Rs. 200 or less, as informed by a company spokesperson. Per Hornell, Ikea Market Manager for Maharashtra said, We are very confident that we will enter the market with the lowest possible prices. There will be 1,000 products at prices below ₹200 when we open our store. However, the company is not much in hurry to expand its operations in India and will open its Mumbai store, its second in country tentatively by 2019. Ikea, known for its famous blue box stores has fleeting a digital presence that specialises in a range of do-it-yourself (DIY) products. Currently, it has 403 stores spread across 49 markets...

19May By Sheldan RungasamyNo Comments

FUNDING

Truck Hiring Tech Platform Raises Funding

FreightBazaar, India’s first online portal for truck hiring intended for businesses, recently raised a pre-Series A funding round with Omphalos Ventures India leading the funds of an undisclosed amount. Ah! Ventures, a startup that aims at bridging communication between investors and businesses, was essential in sealing the deal. FreightBazaar revealed that the funds raised will serve the purpose of scaling up operations and expanding its business to several new cities, while also improving its technology to facilitate processes and procedures. “For the past few years, we have been working to bring structure, technology, efficiency and reliability into the way long-haul transportation has been managed in India,” said co-founder and CEO, FreightBazaar, Ganesh Rewanwar. The startup ...

Microsoft Launch ‘The Garage’ Project in India

27Mar By Sheldan RungasamyNo Comments

News

Microsoft Launch ‘The Garage’ Project in India

Microsoft installed its first ‘Garage’ in Hyderabad to encourage employees to come up with new products and solutions relevant to the modern age such as Internet of Things (IoT), robotics and quantum computing. The huge facility of 8,000 sq. ft. is the Microsoft’s second biggest unit of the type worldwide with the Redmond facility in US being the largest. The initiative of ‘The Garage’, a workplace to promote innovative creations among employees has been in force since 2014 but a specifically designed space for the purpose was not yet dedicated to the workers. The newly erected workplace in Hyderabad possesses three dedicated lab sections more specifically a hub for hackathons and workshops, a makerspace and a reality room. “The Garage is a platform for our employees that supports and ...

Hyderabad based Fintech Firm BASIX Sub-K raises 35 Crore

21Mar By NitishNo Comments

FUNDING

Hyderabad based Fintech Firm BASIX Sub-K raises 35 Crore

Hyderabad-based financial company BASIX Sub-K iTransactions Ltd has raised Rs. 350 million funding to deepen their efforts towards greater financial inclusion in India. The funds were raised from global nonprofit and financial inclusion pioneer Accion, and Nordic Microfinance Initiative (NMI), a public-private partnership, owned by among others, the Norwegian and Danish governmental funds for developing countries (Norfund and IFU). The company will use this large funding amount for business growth in small cities and rural area by investing in the expansion of its agent banking network and credit facilitation for micro and small businesses. Also, the amount will use to make the platform tech enable. The company position itself as a preferred FinTech as well as distribution partner...

A Quick Tour Of Cities That Have Opportunities For Potential Startups

6Aug By AnkitaNo Comments

ANALYSIS

A Quick Tour Of Cities That Have Opportunities For Potential Startups

Startup is a risky business. 'The million dollar idea' alone won't suffice. One has to have better understanding about the customer targeted, and how to reach out to them; followed by extensive planning and then finally, an eventual place for the launch of your product(s). It’s very important that one finds the right city according to his or her startup’s requirements. (more…)

Hyderabad Based Startup Smartron Raise Rs 250 Crore

8Apr By PriyankaNo Comments

FUNDING

Hyderabad Based Startup Smartron Raise Rs 250 Crore

Technology company Smartron today said it will raise up to Rs 250 crore more and plans to more than double its workforce over the next 18 months. Smartron, a Hyderabad-based start-up today celebrated its first anniversary of the public launch and introduction of tbook, tphone, and ttab devices and tronxIoT platform. The day also marked the expansion of the R&D and other operations with the opening of the new corporate headquarters located in Gachibowli here, which was inaugurated by Telangana’s IT Minister K Taraka Rama Rao. Smartron Founder and Chairman Mahesh Lingareddy said "this expansion is a step towards building a stronger base to support the R&D and innovation to create a smart product ecosystem." Smartron, in the last two years, went from inception to 200 plus team...

25Mar By AdityaNo Comments

INDIA

India’s First Two Days Rural Innovation & Startup Conclave Concluded in Hyderabad

The two-day Rural Innovation and Startup Conclave (RISC2017), which aims to provide a platform to rural innovators and start-ups, today got underway at the National Institute of Rural Development and Panchayati Raj (NIRD & PR) here. "Rural Innovators Startup Conclave is a good beginning to connect all dots to take science and technology, to take innovative minds to the rural areas to harness the creativity available in rural areas for solving the problems in rural areas," NIRD & PR Director General W R Reddy said at the inauguration ceremony. For promotion of rural entrepreneurship, NIRD & PR wants to become platform for creative minds, innovators, startup enthusiasts and to connect them with rural India to resolve some of the rural issues and rural challenges, Reddy said. "The fo...

Uber Starts Bike Sharing Service “uberMOTO” in Hyderabad

30Jan By NitishNo Comments

News

Uber Starts Bike Sharing Service “uberMOTO” in Hyderabad

Cab aggregator Uber today commenced operations of uberMOTO, its bike-sharing product, in Hyderabad. The launch of the product was announced at an event held at T-Hub here last month in the presence of Travis Kalanick, Founder and CEO, and K T Rama Rao, Telangana Cabinet Minister for IT, Industries & Commerce. Driver partners of uberMOTO were taken through a training session on various road safety related topics by representatives from the RTO before starting their first trip, the company said in a statement. Kalanick was quoted as saying, "It's (uberMOTO) a quick, easy and affordable way to get around the city. And it's great to be working with a progressive, forward thinking government like Telangana on smart mobility solutions that can help reduce congestion in urban areas." ...