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30May By Ankita SinghNo Comments

News

Snapdeal HR Head Resigned

Snapdeal continues to lose members from top leadership, the latest to join the list being its Human Resources Head Saurabh Nigam. Nigams exit comes amid talks of a potential sale of the e-commerce firm to larger rival Flipkart. A Snapdeal spokesperson confirmed the development. "After spearheading Snapdeals Human Capital function for more than three years, Saurabh Nigam has decided to move on to pursue further career interests in a field close to his heart," the spokesperson said in an e-mailed response. Post the transition, Pravin Kutty, Associate Vice President - HR and Administration, will head the Human Capital function, the spokesperson said. Snapdeal, over the past many quarters, has seen exit of senior executives like Tony Navin, Sandeep Komaravelly, Anand Chandrasekaran...

Swiggy Raises $80 Million From Naspers, Existing Investors

30May By PriyankaNo Comments

FUNDING

Swiggy Raises $80 Million From Naspers, Existing Investors

Online food delivery platform Swiggy today said it has raised USD 80 million (over Rs 517 crore) in series E funding led by global internet group and technology investor Naspers. The funding saw participation from other existing investors Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners. The funds will help Swiggy introduce new products and service offerings to enhance its customer experience, Swiggy said in a statement. Naspers has also invested into the parent company of Swiggy's rival foodpanada, Delivery Hero. The food ordering platform also said it plans to double its technology headcount and increase investments across core engineering, automation, data sciences, machine learning and personalisation. Besides, th...

Popular Chinese Lesbian Dating App Having 5 Million Downloads Removed From Internet

30May By reutersNo Comments

CHINA

Popular Chinese Lesbian Dating App Having 5 Million Downloads Removed From Internet

A popular Chinese dating app for lesbians has been shut down, along with its website and main social media account, just as the gay community celebrates Taiwan's decision giving same-sex couples the right to marry, a first for Asia. Asian lesbians can also enjoy adult entertainment involving other Lesbians TubeV Sex, even if their main dating app has been compromised. The app, Rela, set up in 2012, has around 5 million registered users, a cached version of its entry on Apple's iTunes site shows. But users began noticing last week that the app, along with its Twitter-like Weibo account and website, was no longer accessible, according to users posting on Weibo under the hashtags #rela and #relahasbeenblocked. The service was temporarily suspended due to an "important adjustment in s...

InnerWave Ventures Looking To to Invest in 18-20 Startups in Next Three Years

26May By PriyankaNo Comments

FUNDING

InnerWave Ventures Looking To to Invest in 18-20 Startups in Next Three Years

A community of early-stage angel investors InnerWave Ventures today said it is planning to invest in 18-20 start-ups in next three years in the range of Rs 1-1.5 crore. Currently, InnerWave Ventures, which is managed by corporate advisory firm InnerWave, consists of 32 angel investors which are looking to help start-ups in need of additional capital. "A lot of the angels have built up their own businesses and may be sold them or are in a semi-retired stage and they want to pass on the knowledge that theyve picked up," InnerWave Ventures co-founder Varun Dhingra said. InnerWave Ventures said it will also be adding more angel investors to its network who are looking to invest in pre- screened start-ups. "The investment can come from a single angel or a group and it can range anyw...

Paytm Starts Payments Bank, Will Offer 4% Interest Rate

23May By AdityaNo Comments

News

Paytm Starts Payments Bank, Will Offer 4% Interest Rate

New Delhi, May 23- Targeting 500 million customers by 2020, digital payments firm Paytm today launched its payments bank with 4 per cent interest rate and cashbacks on deposits, zero fees on online transactions and no minimum balance requirement. Backed by Chinese firm Alibaba and Japanese conglomerate SoftBank, the company has earmarked initial investment of Rs 400 crore to build its banking network over two years. Paytm is the third entity in the country to launch a payments bank after Airtel and India Post. "RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation building. None of our deposits will be converted into risky assets," Paytm Payments Bank...

22May By PriyankaNo Comments

FUNDING

Delhi Based Logistics Firm Delhivery Raises $30 Million Funding

Logistics company Delhivery has received USD 30 million (about Rs 200 crore) funding from Chinese conglomerate Fosun International. This additional investment is a part of the bigger equity financing round where The Carlyle Group pumped in USD 100 mn to pick up a minority stake in the firm, according to a statement. The investment in Delhivery is reported to be among the largest in the tech-focused logistics space. It is a pointer to a likely boom in the logistics sector as the government moves ahead with the introduction of GST from July 1 and on the back of robust online retail sales. The Gurugram-based company was launched in 2011 by Sahil Barua, Mohit Tandon, and Suraj Saharan with an aim to disrupt the logistics supply chain market. Later, they were joined by Bhavesh Mangl...

19May By AdityaNo Comments

News

Wipro Launches Nine Solutions to Accelerate Adoption of Blockchain across Industry Sectors

East Brunswick, New Jersey, United States & Bangalore, Karnataka, India- Wipro Limited, a leading global information technology, consulting, and business process services company, today announced that it has developed nine blockchain-based solutions for the Banking Financial Services and Insurance (BFSI), Manufacturing, Retail and Consumer Goods industries. Defined, designed and co-developed with clients in Wipro’s Blockchain Innovation Lab, these solutions demonstrate what block chain can accomplish for global enterprises. The industry solutions span across areas such as Delivery v/s Payments (DvP), Tri-party collateral management, Skip Trace Consortia, Trade finance, P2P insurance for the sharing economy and Loyalty Rewards Management in the BFSI sector. Wipro has developed solution...

Food Ordering App Zomato Reports Data Theft of 17 Million Users

18May By Press Trust of IndiaNo Comments

News

Food Ordering App Zomato Reports Data Theft of 17 Million Users

Online restaurant guide and food ordering app Zomato today said about 17 million user records have been stolen from its database. The stolen information contains user email addresses and hashed passwords but no payment information or credit card data has been stolen/leaked, Zomato said in a blogpost on its website. The startups disclosure comes at a time when the world is grappling with the cyber attack by ransomware WannaCry, which has impacted IT networks in over 150 countries. Zomato said the data theft was discovered recently by its security team, without indicating the exact time or if it was related to the WannaCry ransomware attack. "Our team is actively scanning all possible breach vectors and closing any gaps in our environment. So far, it looks like an internal (human...

12May By reutersNo Comments

FUNDING

SoftBank Investing $5 Billion in China Ride Hailing Firm Didi Chuxing

SoftBank Group Corp said it has agreed to invest $5 billion in China's Didi Chuxing, confirming it led a recent fund-raising round by the ride-hailing firm that sources said valued Didi at more than $50 billion. Didi said last month it raised more than $5.5 billion to expand its business overseas and develop artificial intelligence technology. Sources had said investors included SoftBank. A SoftBank spokesman said on Friday the investment was related to Didi's last fund-raising round. SoftBank is trying to transform itself into the "Berkshire Hathaway of the tech industry" with the launch soon of a $100 billion technology fund as telecoms services markets mature. It has already announced plans to invest at least $25 billion over the next five years in the fund, which would be o...

Urban Ladder Launches First Exclusive Sofa Lounge

7May By AnkitaNo Comments

News

Urban Ladder Launches First Exclusive Sofa Lounge

Urban Ladder, a leading consumer brand in the home furnishing space, today launched another unique offline store format. Exclusively designed for Sofas, Urban Ladder’s first sofa lounge is located in HSR Layout, Bangalore, the heart of the city’s largest new home belt. Redefining the sofa buying process, the 600 sq. ft. store has been innovatively designed to showcase 60% of Urban Ladder’s highest selling category. The store is supported with a strong digital interface providing customers a cumulative Urban Ladder experience. The physical experience of buying a sofa involves various ergonomic factors such as overall comfort, cushion density, fabric quality, colour etc. Customers can now physically experience the quality and comfort of the range, assess dimensions and fabric preferences....

7May By reutersNo Comments

News

Japan’s SoftBank Takes Driving Seat in Indian Online Shake-Up

After ploughing about $2 billion into minority stakes in Indian e-commerce businesses over the past few years, Japan's SoftBank is upping the stakes, looking to play consolidator and take a more active role at a trio of leading start-ups. According to sources with direct knowledge of the matter, the solar-to-tech conglomerate is seeking to secure a piece of India's industry leaders in everything from payment systems to online shopping and groceries, in a series of deals that would shake up the $65 billion sector. Among the most high-profile plans is SoftBank's push to engineer a merger between Snapdeal, the No. 3 player in one of the world's most competitive online markets and one of its biggest Indian investments to date, and market leader Flipkart. The deal could be finalised as...

6May By Press Trust of IndiaNo Comments

INDIA

Indian Government Will Launch Online Platform To File Sexual Harassment Case

An e-platform that will enable women employees of the central government to file sexual harassment complaints online is likely to be launched this month. "We have worked vigorously in the last two-three years in this area. We are going to launch an online platform where women can file sexual harassment-related complaints," Women and Child Development (WCD) Minister Maneka Gandhi told reporters on the sidelines of a workshop here today. "We have just been waiting for the NIC (National Information Centre) to establish it. It (platform) should be here this month," Gandhi, who was addressing heads of Internal Complaints Committees (ICC) of various ministries and departments, added. The decision to host an online platform for sexual harassment cases was taken by the WCD ministry last O...