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NYC could lose 475,000 jobs, $9.7 bn in tax revenue

15Apr By NitishNo Comments

USA

NYC could lose 475,000 jobs, $9.7 bn in tax revenue

New York City could lose 475,000 jobs over the 12 months, the worst it has faced since the early 1970s, and experience a shortfall of USD 9.7 billion in tax revenue due to the COVID-19 pandemic, a report by New York City Independent Budget Office (IBO) said. In a fiscal brief issued Wednesday, the budget office said the COVID-19 pandemic and the public health restrictions imposed to help limit the spread of infections have delivered a severe blow to the economy, leading to very large and abrupt job losses that are unprecedented in their scope and pace. Given the staggering job losses, IBO said it assumes that the US economy has entered a recession even though official statistics have not yet captured the scenario. In a pared-down economic forecast, IBO projected that that the loc...

RedBus Eyes 35 Percent Revenues from Overseas Operations

27Feb By AdityaNo Comments

News

RedBus Eyes 35 Percent Revenues from Overseas Operations

Bus ticketing platform RedBus is planning to expand its bus ticketing business globally and aims to garner 35 percent revenue of this segment from overseas operations over the next 3-4 years, a top company official said on Wednesday. The company, which is part of the Nasdaq-listed MakeMyTrip group, currently garners just around 10 percent of its bus ticketing revenues from five international locations Singapore, Malaysia, Indonesia, Peru, and Colombia. redBus's overall annual revenues from the bus ticketing vertical, including India and international operations, stood at around USD 85 million. "We are looking to scale up international business and expect around 35 per cent of the revenues to accrue from overseas locations in the next 3-4 years," redBus CEO Prakash Sangam told PTI...

Walmart earnings jump 80 percent to USD 3.8 bn, US sales strong

16May By PriyankaNo Comments

News

Walmart earnings jump 80 percent to USD 3.8 bn, US sales strong

The US retail giant Walmart reported a jump in first-quarter earnings Thursday on higher US store sales and eCommerce growth following heavy investment in new "omnichannel" retail ventures. The world's biggest retailer reported profits of USD 3.8 billion. That's an increase of 80 percent from the year-ago period when results were dented by a one-time earnings hit following US tax reform. Shares rose in pre-market trading. манимен займ личный кабинетбезотказный займзайм на банковский счет без отказа займ до зарплаты северсквзять займ студентузайм киви без паспорта

Grocery Delivery Major Grofers Aims to Amass $2.5 billion in Revenue by 2020

26Dec By Gauri SinghNo Comments

BUSINESS

Grocery Delivery Major Grofers Aims to Amass $2.5 billion in Revenue by 2020

The grocery delivery platform Grofers aims to garner $2.5 billion (around Rs 17,500 crore) in revenue by 2020 as it scales up its private label offerings in the country and focusses on expanding repeat purchases in its platform. The company, which has recently completed five years of its operations, has a revenue run rate of $360 million (about Rs 2,500 crore) currently. Grofers co-founder and CEO Albinder Dhindsa said Grofers has been witnessing over 30% month-on-month growth. "While we do not sell gourmet products that usually offer higher margins, we have been able to create a set of dedicated customers that usually promote our brand as well... We will continue to ramp up our business and we aim to clock $2.5 billion revenue by 2020," he said.&n...

Revenue of PayU India Doubles to Rs 588 Crore in FY18

26Dec By Gauri SinghNo Comments

BUSINESS

Revenue of PayU India Doubles to Rs 588 Crore in FY18

PayU India's revenue nearly doubled in fiscal 2018 to Rs 588 crore from Rs 306 crore the year before. It has been reported earlier this month that the Indian subsidiary of the Naspers-backed PayU accounted for more than half the overall business of the financial technology firm, based on Naspers' half-yearly report for fiscal 2019. PayU India is valued at more than $2.5 billion, based on a September Citi report which had pegged Naspers' payments business at around $5.2 billion. PayU India chief executive Amrish Rau said along with revenue for Citrus Payments, which PayU acquired in 2016 but is still a separate entity, the total revenue was about Rs 670 crore, meeting the $100-million revenue target that the company had set for fiscal 2018. "Last year was about scaling the payment...

Facebook India’s Net Profit Surges 40% in FY 2017-18

25Dec By Gauri SinghNo Comments

BUSINESS

Facebook India’s Net Profit Surges 40% in FY 2017-18

Facebook India’s profit jumped about 40% to Rs 57 crore in the year ended March 2018, reflecting the increasing adoption of social media in a country where data costs have reduced drastically. The company’s total revenue in India surged 53%. The social media major in a financial statement said that the services it provided to the US parent company helped drive growth. Revenues also represent the money Facebook earned from WhatsApp, the messaging application. The company’s total revenues stood at Rs 521 crore for FY18, compared with Rs 407 crore in the corresponding period a year before. The financial statement said the company faces several tax issues in India. The company has pending disputes related to income tax, VAT, sales tax, customs and excise and ...

BigBasket Aims 40% Revenue from Private Labels Next Fiscal

21Nov By Gauri SinghNo Comments

BUSINESS

BigBasket Aims 40% Revenue from Private Labels Next Fiscal

The online grocery player BigBasket that aims to be a billion-dollar company by the next fiscal year, is expecting 40 percent of its projected revenue to come in from its private labels. The company is expecting to clock Rs 3,500 crore in sales this fiscal year, up from Rs 2,000 crore last year. "Private labels are around 34 per cent of our business now and we plan to scale this to 40 per cent in about a year. The incremental 6 percentage points of revenue will come from non-fruits and vegetables and non-staples," said BigBasket co-founder and chief executive Hari Menon. The Bengaluru-based company is also looking to add a lot of categories to the private labels vertical. BigBasket said that the FMCG sales overall (food and non-food) contributes over 50 per cent of its business...

Health Tech Firm CitiusTech Eyes $500M Revenue in Five Years

20Nov By Gauri SinghNo Comments

BUSINESS

Health Tech Firm CitiusTech Eyes $500M Revenue in Five Years

Healthcare technology firm CitiusTech is looking to more than double its revenue to $500 million in five years on the back of growing investments by hospitals, insurance firms and service providers in the US and Europe in harnessing data to improve services. The firm expects to close this fiscal with revenues of $175-180 million, including income from FluidEdge, which it acquired earlier this year. “We have been growing at 25% annually over the last few years, so even if we continue to grow at this rate, we would reach our goal of becoming a $500 million company in five years,” said CitiusTech CEO Rizwan Koita. The company has just set up an advisory board comprising veterans from the healthcare industry to offer strategic guidance to the management to drive innovation across key...

Walmart Outshines Apple, Becomes No. 3 Online Retailer in the US

17Nov By Gauri SinghNo Comments

USA

Walmart Outshines Apple, Becomes No. 3 Online Retailer in the US

Walmart has reportedly became the No. 3 online retailer in the U.S. overtaking the technology giant Apple. Walmart has been recently making various efforts and it seems that the company got the reward. Amazon still leads by a wide margin, accounting for 48 percent of e-commerce sales in 2018. On the other hand, Walmart (including also Sam’s Club and Jet.com) is supposed to capture 4 percent of all online retail spending in the U.S. by year-end, totaling $20.91 billion. This move has come up following Walmart’s strong earnings which saw the retailer reporting a 43 percent increase in online sales. Also, the company’s year-end forecast for both earnings and sales increased to a great extent. Apart from this, Walmart beat Wall St.’s expectations in its fiscal third quarter, with $1.0...

Alibaba Settles $9.92 Billion in the First Hour of its Annual Singles’ Day

12Nov By Gauri SinghNo Comments

BUSINESS

Alibaba Settles $9.92 Billion in the First Hour of its Annual Singles’ Day

China’s largest e-commerce platform Alibaba Group has reportedly settled roughly 69 billion yuan ($9.92 billion) in the first hour of its annual Singles' Day on Sunday. The amount is up by 21% from last year's early haul of 57 billion yuan. This has by far been the largest-ever Singles’ Day to date. Alibaba Singles' Day is the world's biggest online sales event and last year netted Alibaba 168 billion yuan ($24.15 billion) in total sales. This is expected to be the company's final November sale event. The company stated that the current chief executive Daniel Zhang will take over as chairman next year. However, while sales growth remains steady, Alibaba's stock has dropped 16 percent this year amid economic uncertainties linked to brewing trade tensions between China and the United S...

Swiggy FY18 Revenue Surges 232% Moving Closer to Zomato

29Oct By Gauri SinghNo Comments

BUSINESS

Swiggy FY18 Revenue Surges 232% Moving Closer to Zomato

Food delivery company Swiggy saw a revenue surge in FY18, with operating revenues more than trebling to Rs 442 crore from Rs 133 crore last year. The company has been growing more and more with time and became a unicorn expanding its geographic footprint across the country. Starting from seven cities in March 2017, Swiggy has expanded its operations to 12 cities now. Also, the order volumes increased more than three times during the period. Order volumes doubled in the last four months alone. Swiggy ended September with more than 21 million orders in absolute terms. The company is now inching closer to Zomato which is the largest food delivery company in the market right now. Swiggy earned Rs 1.11 for every one rupee it lost in FY18. Swiggy's losses, however, are far deeper than Zoma...

App Store Generated 93% More Revenue Than Google Play in Q3

12Oct By Gauri SinghNo Comments

BUSINESS

App Store Generated 93% More Revenue Than Google Play in Q3

There has always been a competition between Android and iOS and with this, the fight between the App Store and the Google Play Store also emerged. In the third quarter of 2018, that gap between the two widened considerably. In this quarter, the App Store earned nearly 93% more than Google Play, the largest gap since at least 2014. The company says that approximately 66% of the $18.2 billion in mobile app revenue generated in Q3 2018 came from Apple’s App Store. The App Store made $12 billion in the quarter, up 23.3% from the $9.7 billion it made during the same period in the previous year. On the other hand, Google Play earned $6.2 billion in the quarter, up 21.5% from the year-ago quarter’s $5.1 billion. In terms of app downloads, however, Google Play still has the edge thanks t...