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Ratan Tata Backed Artificial Intelligence Startup Tied Up With Federal Bank

23Jan By RishabhNo Comments

BUSINESS

Ratan Tata Backed Artificial Intelligence Startup Tied Up With Federal Bank

Indian industrialist tycoon Ratan Tata backed Niki.ai has tied up with Kerala-headquartered Federal Bank to launch a virtual assistant in Federal Bank's smartphone application, a financial daily reported. Federal Bank confirmed saying that the chatbot will be helping customers to access m-commerce services right within the app, VCCircle reported. With this integration, the customers can simply perform operations by writing it in the virtual assistant's chat box like top-up their numbers, book movie tickets and pay their bills. The bills will automatically be charged on the user's account. “For payments, the customer need not get redirected to any other platform or take the hassle of loading their digital wallets, the debit happens directly from the federal bank account and the pay...

Ratan Tata Backed Fashion Startup Kaaryah Shuts Operations After Three Years

22Dec By RishabhNo Comments

News

Ratan Tata Backed Fashion Startup Kaaryah Shuts Operations After Three Years

Gurugram-based online women's fashion portal Kaaryah has shut down after operating for over three years. The startup failed to sustain because of the lack of funds, said Nidhi Agarwal, the founder and CEO of Kaaryah. The company has also laid off its workforce of around 50 employees. “It was not sudden. We have been trying to raise funds for the last 18 months. We had broken even twice in 30 months. Honestly, my aspiration for the brand was to take it to Rs 100 crore revenues within 4-5 years of having started it. It looked very realistic should we have received normal amounts of funding, given that we were a very capital efficient and working capital-light company,” Agarwal told a financial daily. The employees were given a notice of two months before the official release. Some w...

15Dec By PriyankaNo Comments

FUNDING

Tea Selling Startup Teabox Raises Fresh Funding From Ratan Tata, Others

Siliguri and Bengalure based online premium tea selling startup Teabox raised $7 million in a series B fresh round of funding from a clutch of investors including Accel Partners and Ratan Tata. The startup will use the funding to expand its geographic reach, and further penetrate in US. “Online and offline expansion will be a major area of focus for us. The US continues to be our biggest market, generating about 40% of our overall revenues, but we’ve also seen demand from India pick up considerably over the past year or so,” said Dugar. Teabox had earlier raised funding of $6 million in 2015 and the current round may further increase to $10 million as the talks still continue with the investors, a financial daily reported. Teabox currently ships tea to over 100 countries from its ...

Breaking Nirmalya Kumar’s Blog Post About Cyrus Mistry’s Exit

23Oct By RishabhNo Comments

Story

Breaking Nirmalya Kumar’s Blog Post About Cyrus Mistry’s Exit

The internet has gone crazy about Nirmalya Kumar's latest blog post about how Cyrus Mistry was fired as Tata's Chairman. Nirmalya Kumar, Former Group Executive Council member at Tata Sons has revealed a sequence of events on 24 October 2016, the day when Cyrus Mistry was relieved from his services. Nirmalya Kumar was hired by Cyrus to head strategy for the Tata Group, a position that had required Nirmalya to intensively interact and stay close to him. In his latest blog, published on 21 October, 2017; a year after Cyrus' removal, Kumar shed light on the sequence of events held that day! THE GRAPEVINE Cyrus Mistry was in his Bombay House 4th floor office examining what seemed like a routine agenda for the Tata Sons board meeting that was scheduled to start in five minutes at 14:00 hour...

3May By RishabhNo Comments

FUNDING

Ola Raises Rs 670 Crore Fresh Funding From Ratan Tata Backed Venture

SoftBank-backed Ola has raised Rs 670 crore (USD 104.4 million) in fresh funding from investors including UC-RNT Fund, a venture between the University of California and Ratan Tata. While UC-RNT Fund has pumped in Rs 267.99 crore, another Rs 402 crore has been infused by FO Mauritius I Ltd, according to regulatory filing by ANI Technologies -- which runs Ola. However, the valuation of the company benchmarked against the fresh round of funding could not be ascertained. The said shares were allotted to the investors on March 31, 2017. An email sent to the company remained unanswered. The Bengaluru-based firm, which is locked in an intense battle with US-based Uber for market leadership, had raised about USD 250 million from SoftBank in November, albeit at a lower valuation of USD...

Well Orchestrated Move to Destroy Personal Reputations: Tata

31Dec By Press Trust of IndiaNo Comments

Entrepreneurs Talk

Well Orchestrated Move to Destroy Personal Reputations: Tata

As feud at India's biggest conglomerate continues, Tata Group's interim chairman Ratan Tata today said there has been a willful, well-orchestrated move to destroy his personal reputations through unsubstantiated allegations. Without naming anyone, he said the ethics and values of the group have been "challenged by people who are known not to practice what they often preach". Tata, 78, who came back from retirement to take over Tata Sons after his successor Cyrus P Mistry was unceremoniously ousted on October 24, asked employees to put the events behind and re-dedicate themselves to re-establishing the Tata Group's leadership. "The past three months have been turbulent and wasteful. There has been a willful, well-orchestrated endeavour to destroy the personal reputations of individ...

Tata-Mistry Spat Unlikely to Hit TCS Operations: Analysts

13Nov By Press Trust of IndiaNo Comments

News

Tata-Mistry Spat Unlikely to Hit TCS Operations: Analysts

The bitter boardroom battle at Tata Sons is unlikely to impact operations of the USD 100-billion conglomerate's crown jewel TCS, but if its chief N Chandrasekaran is elevated to the top at the group level, it could be a blip on the firm's business, say analysts. "Customers care about delivery and long-term stability, not so much about boorish boardroom behaviours... If Chandrasekaran does assume leadership at the group level, it could well prove to be a short-term loss for TCS," Sanchit Vir Gogia, Chief Analyst & CEO, Greyhound Research said. Under Chandrasekaran's leadership, Tata Consultancy Services has stood its ground amidst formidable competition from the likes of Infosys, Tech Mahindra, IBM, Accenture, Wipro, HCL among others, he added. Last week, Tata Sons - the majority...

This is Why Cyrus Mistry Ousted By Ratan Tata? Surprised By The Reason Says Mistry

30Oct By AdityaNo Comments

News

This is Why Cyrus Mistry Ousted By Ratan Tata? Surprised By The Reason Says Mistry

The war of words between Tata Sons and its ousted Chairman Cyrus Mistry ratcheted up a notch late on Friday, with Mistry stating he was surprised with reasons given by the Indian conglomerate for his dismissal. Mistry was sacked as chairman by the board of Tata Sons on Monday and a scathing 5-page letter he wrote to the board was leaked on Wednesday, turning a boardroom feud into a public row. Mistry's letter included allegations of corporate governance failures within Tata Sons, and a series of other barbs aimed at family patriarch Ratan Tata, who has returned as interim chair of the $104 billion salt-to-software conglomerate. In a statement on Thursday, Tata accused Mistry - whose Pallonji family owns a minority stake in Tata Sons - of making "unsubstantiated claims and malicious a...

Focus on Business & Market Leadership, Not on Cyrus Mistry Exit: Ratan Tata

25Oct By NitishNo Comments

Entrepreneurs Talk

Focus on Business & Market Leadership, Not on Cyrus Mistry Exit: Ratan Tata

A day after the abrupt ouster of Cyrus Mistry as Tata Group chairman, Ratan Tata, who has assumed charge as interim Chairman, today asked senior management of the conglomerates firms to focus on their businesses without being concerned about the top level change. Stating that his role is for short term so as to ensure stability and continuity at the group, Tata asked top executives of the USD 100 billion conglomerate to act as leaders in respective markets and focus on enhancing returns to shareholders. "I assumed the role of the interim Chairman for stability and continuity so that there is no vacuum. This will be for a short time. A new permanent leadership will be in place," he said while addressing managing directors and senior leaders of Tata companies at the Bombay House. In...

Tata Sons Remove Cyrus Mistry as Chairman, Ratan Tata Steps in

24Oct By Press Trust of IndiaNo Comments

News

Tata Sons Remove Cyrus Mistry as Chairman, Ratan Tata Steps in

In a major shakeup, Tata Sons has removed Cyrus Mistry from the post of Chairman. The decision was taken at athe board meeting held in Mumbai on Monday. Ratan Tata will be the interim Chairman, the board announced in a statement. A search committee has been set up to find a successor. 'The Committee comprises Mr. Ratan N. Tata, Mr. Venu Srinivasan, Mr. Amit Chandra, Mr. Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons,' the statement said, adding that the committee has been given four months to complete the process. CEOs at the operating company level have not been touched in the rejig.

Ratan Tata Backed Moglix Raises Rs. 28 Crore From Accel Partners, Jungle Ventures and SeedPlus

4Oct By AdityaNo Comments

FUNDING

Ratan Tata Backed Moglix Raises Rs. 28 Crore From Accel Partners, Jungle Ventures and SeedPlus

Leading B2B e-commerce company Moglix specializing in procurement of industrial products has announced that it has raised Rs. 28 crore in Series A round of funding led by Accel Partners with participation from Jungle Ventures and SeedPlus. Founded in August 2015, Moglix is focused on technologically disrupting the B2B Industrial products space for suppliers and buyers across the globe. Moglix has raised Pre-Series A funding from Accel Partners and Jungle Ventures in October 2015 and an undisclosed financial investment in the company by Ratan Tata in February 2016. Moglix caters to over 20,000+ SME buyers and 100+ large manufacturing houses through their platform. The funds will be deployed to expand operational footprint across major industrial hubs, increase the SME customer base by...

Ratan Tata Fosters Another Startup, Invests in Fitness Band GOQii

3Oct By Press Trust of IndiaNo Comments

FUNDING

Ratan Tata Fosters Another Startup, Invests in Fitness Band GOQii

Adding one more to his startup funding list, leading industrialist and serial investor Ratan Tata has invested in virtual fitness coaching platform, GOQii. The size of the funding was however not disclosed. The company, which is a leading player in the Indian wearables market, is backed by angel investors like Shriram Nene and his wife and Bollywood actress Madhuri Dixit Nene and Neeraj Arora (WhatsApp). It offers a fitness tracker band coupled with a personal coach. The US-based company had earlier raised USD 13.4 million in a series A funding in November 2015. "With the recent developments and tie-ups on the platform, the investment from Tata is a testimony to us being a defining player of services in our category making long-term impact in people's life," GOQii CEO and founder ...