Connect with us

Latest News

Amazon To Cut Discounts To Achieve Profit By 2019

Published

on

Amazon Cut Discounts,Amazon Discounts Profit By 2019,Amazon India plans to cut costs,Amazon Latest News,Amazon CEO,Jeff Bezos,Startup Stories,2017 Latest Business News

Amazon, the global ecommerce company has been quietly trying to reduce losses to reach its target of getting on to a path to profitability by 2019. The Indian unit of the global ecommerce and cloud computing company will try to cut losses without sacrificing sales growth.

A news daily reported Amazon, which has been trying to achieve dominance in the Indian ecommerce market space, has been trying to reach its target of getting on to a path to profitability by 2019. According to sources close to the matter, Amazon came up with the ‘Get Fit’ initiative to cut packaging costs, introduce more automation in warehouses and deliver products more efficiently.

The initiative was announced around the time Jeff Bezos, founder and CEO of Amazon committed an additional $3 billion towards expanding the Indian business in June 2016. This round of investment was in addition to the $ 2 billion investment Bezos had announced in July 2014. Get Fit along with the Get Big program are the two biggest initiatives at Amazon India which are about making the company the largest online retailer in the country.

The company also got the Indian Government’s approval to invest $ 500 million in the food retail sector in July. It was also reported last month, Amazon might partner with online grocery retail startup Grofers to get a toehold in the sector. Amazon India, till date has spent around $ 2 billion to gain the upper hand in the biggest unconquered Internet market in the world. But, Amazon India’s loss soared to Rs. 3,572 crores in the financial year 2016 while the company reported a revenue of Rs. 2,275 crores.

At present, Amazon is fighting against homegrown ecommerce giant Flipkart which is backed by Tiger Global and recently by SoftBank. According to sources, Amazon will match Flipkart’s efforts at all levels despite India being one of the biggest loss drivers in Amazon’s international business. An Amazon spokesperson said the company is committed to investing in India for a long period of time with the vision of transforming how India buys and sells.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Android 16 Developer Preview Now Available: What You Need to Know!

Published

on

Android 16 Developer Preview Now Available: What You Need to Know!

Android enthusiasts have reason to be excited, as Google has officially unveiled the first look at Android 16 with the release of the Developer Preview. However, before you rush to install it on your device, it’s important to note that this version is not intended for everyday users. Instead, it is designed exclusively for app developers who need to test their applications with the latest features and updates ahead of the official launch.

This early preview aims to ensure that apps are fully compatible with Android 16 by the time it rolls out to users in 2025. By allowing developers to test their apps, Google is working to reduce bugs and enhance performance, ensuring that when Android 16 officially arrives, it will provide a smooth experience for everyone.

Key Features of Android 16

Embedded Photo Picker

One of the standout features in Android 16 is the embedded photo picker. This allows apps to integrate a built-in feature for selecting photos and videos without granting access to the entire gallery, thereby enhancing user privacy and security.

Health Records Access

Android 16 introduces a feature aimed at healthcare apps, allowing them to request access to medical records with user consent. This capability is still in development and targets app developers in the healthcare sector, enabling better integration of health data into applications.

Privacy Sandbox

Privacy continues to be a priority for Google with Android 16. The Privacy Sandbox limits how apps can collect and share user data, providing users with more control over their personal information and ensuring enhanced security.

Improved App Testing

For developers, Android 16 makes it easier to test apps with new features. Google has introduced tools that allow developers to test major and minor updates separately, facilitating smoother app testing without the risk of breaking existing functionality.

Who Can Use Android 16?

Currently, Android 16 is only available to developers. Regular users will have to wait until the Beta version becomes available in 2025. Developers are encouraged to download the Developer Preview to test their apps and provide feedback before the final version is released.

How Can Developers Access Android 16?

Developers can access the Android 16 Developer Preview by following these steps:

  1. Download the system image for their device.
  2. Flash the image to install it manually.
  3. Use Android Studio, Google’s development platform, to test the new features.
  4. Once installed, updates will be automatically delivered as they become available.

What’s Next for Android 16?

Google has outlined its plans for Android 16 updates in 2025:

  • Q2 2025: The main release will introduce major updates, new features, and changes that could impact apps.
  • Q4 2025: A smaller update focusing on bug fixes and additional features without disrupting app functionality.

While regular users will have to wait until 2025 to fully experience Android 16, the Developer Preview is already equipping app developers with the tools they need to ensure their applications are ready when the new version rolls out. By testing these features now, users can expect a faster, more secure, and user-friendly Android experience in the near future.

Additional Features Introduced

In addition to the key features mentioned above, Android 16 also includes:

  • Audio Sharing: This feature enables multiple Bluetooth headphones to connect simultaneously for shared media playback.
  • Notification Cooldown: This reduces notification volume and frequency when multiple alerts are received in quick succession while allowing calls and priority notifications through.

Conclusion

The release of the Android 16 Developer Preview marks an important step in Google’s commitment to enhancing user experience through continuous innovation. By providing developers early access to new features and tools, Google aims to ensure that when Android 16 officially launches, it will deliver a seamless experience for all users. As developers engage with this preview version, they play a crucial role in shaping a more robust and efficient operating system that meets modern demands for privacy, security, and functionality. Stay tuned as more updates and features are revealed leading up to the official release!

Continue Reading

Latest News

Rio.money Launches UPI App and Partners with Yes Bank, NPCI to Introduce Co-Branded Credit Card!

Published

on

Rio.money Launches UPI App and Partners with Yes Bank, NPCI to Introduce Co-Branded Credit Card!

Rio.money, an Indian fintech firm, has unveiled its Unified Payments Interface (UPI) app, designed to seamlessly integrate credit with UPI payments. In conjunction with this launch, the company has partnered with Yes Bank and the National Payments Corporation of India (NPCI) to introduce the co-branded Yes Bank Rio RuPay Credit Card.

Revolutionizing Consumer Finance

The collaboration aims to transform consumer finance by combining the convenience of UPI with the advantages of credit cards. This initiative addresses the growing demand for accessible and efficient financial solutions, particularly in Tier 2 and Tier 3 cities, where traditional banking services may be less accessible.

Key Features of the Yes Bank Rio RuPay Credit Card

The Yes Bank Rio RuPay Credit Card enables users to make purchases via UPI at over 100 million merchant locations across India. It offers several attractive features, including:

  • Credit limit of up to ₹5 lakh
  • Zero fees (no joining or annual fees)
  • Exclusive rewards and cashback offers

Since its beta launch, Rio.money has received applications from 244 cities, with approximately 60% of users hailing from Tier 2 and Tier 3 locations. This response highlights the demand for innovative financial products in underserved markets.

Leadership Vision

Riya Bhattacharya, Co-founder and CEO of Rio.money, articulated the company’s mission:

“Rio will become the favourite UPI app for millions of users in India who aspire for affordability and convenience. The Credit Card is just the beginning of how we aim to integrate credit with UPI to transform consumer finance in India.”

She further emphasized that with the introduction of Credit-on-UPI, they are pioneering a lifestyle product that will redefine cash flow management for approximately 600 million Indians. This market is projected to evolve into a $350 billion opportunity, potentially surpassing other credit and payment products.

Anil Singh’s Perspective

Anil Singh, Country Head – Credit Cards and Merchant Acquiring at Yes Bank, highlighted the card’s appeal:

“This co-branded credit card links with UPI to unlock the true potential of payments. It provides rich benefits through simple cashbacks and offers that are compelling for everyday spends.”

Capturing the UPI-Led Credit Market

The UPI ecosystem continues to dominate the digital payment space in India, with over 100 million merchant locations supporting UPI payments compared to just 10 million point-of-sale (POS) machines for traditional credit cards. As UPI-led credit cards gain traction, experts predict this segment will outpace traditional credit products, creating a $1 trillion market by 2030. The largest listed credit card issuer has already reported a remarkable 50% quarter-on-quarter growth in UPI-led credit adoption.

The Road Ahead

Rio.money’s entry into the UPI credit ecosystem positions it as a key player in shaping India’s digital payment landscape. With its innovative offerings and strategic partnerships, the company is poised to capture a significant share of the burgeoning UPI-led credit market while enhancing financial accessibility for millions across the country.

Future Innovations

Rio.money plans to continue expanding its product offerings by integrating more features into its app that cater specifically to user needs. The focus will remain on simplifying transactions and providing valuable rewards that resonate with everyday consumers.

Conclusion

With the launch of its UPI app and partnership with Yes Bank and NPCI for a co-branded credit card, Rio.money is set to revolutionize consumer finance in India. By merging the convenience of UPI with credit access, Rio.money not only addresses current market demands but also positions itself at the forefront of India’s evolving fintech landscape. As digital payment solutions continue to gain momentum, Rio.money’s innovative approach is likely to enhance financial inclusion and empower users across diverse demographics.

Continue Reading

Latest News

Mayank Bidawatka’s Billion Hearts Secures $4M in Seed Funding Led by Blume Ventures!

Published

on

Mayank Bidawatka’s Billion Hearts Secures $4M in Seed Funding Led by Blume Ventures!

Mayank Bidawatka, former Co-founder of Koo, has successfully raised approximately $4 million in a seed funding round for his new venture, Billion Hearts Software Technologies Pvt Ltd. The funding round was led by Blume Ventures, with participation from General Catalyst and Athera Venture Partners.

Key Investors and Backers

The investment is spearheaded by Karthik Reddy, Partner at Blume Ventures, who expressed enthusiasm for Bidawatka’s vision. Notable contributions also came from industry figures such as Neeraj Arora, Managing Director at General Catalyst and former Chief Business Officer of WhatsApp, and Rutvik Doshi, Partner at Athera Venture Partners. Their backing reflects confidence in Bidawatka’s ability to create impactful digital products.

Focus on Global Digital Products

Founded in August 2024, Billion Hearts aims to develop innovative digital products for a global audience. The company’s first product, which is currently in stealth mode, is designed to address a universal smartphone use case using deeptech solutions. A beta launch is anticipated in the coming months, with thousands of users already subscribing for early access.

Karthik Reddy noted, “Mayank has built and scaled multiple large ventures successfully in the past. We’re excited to partner with him once again to see his vision for Billion Hearts come to life.” This sentiment underscores the strong belief in Bidawatka’s leadership and the potential of the new venture.

Angel Round and Early Support

Prior to this funding round, Billion Hearts had raised $250,000 in an angel round from notable startup builders associated with successful ventures like redBus, Ola, InMobi, Flipkart, and Myntra. This early support has laid a solid foundation for the company as it embarks on its growth journey.

Founder’s Vision

Bidawatka expressed his excitement about the venture, stating, “I’m thrilled to announce that Billion Hearts is being backed by a set of folks I truly admire. While our product is still in stealth, I can say confidently that almost everyone with a smartphone will find it valuable.” He highlighted the enthusiastic response from potential users, noting that thousands have subscribed for the beta version.

A Proven Entrepreneur

Mayank Bidawatka has a strong track record of building successful ventures. Before founding Billion Hearts, he co-founded Goodbox in 2015 and Media Ant in 2012, and was part of the founding team at redBus in 2007. Most recently, he co-founded Koo, a homegrown alternative to Twitter (now X), which ceased operations in July 2024 after acquisition talks with DailyHunt fell through.

His extensive experience in launching and scaling startups positions him well to navigate the challenges of building a new venture in today’s competitive landscape.

What’s Next for Billion Hearts?

Billion Hearts aims to deliver world-class digital products from India for a global audience. With its first product already generating significant buzz, the startup is poised to make a notable impact in the tech industry. The focus on deeptech solutions indicates a commitment to leveraging advanced technologies to meet user needs effectively.

As the company prepares for its beta launch, it seeks to establish itself as a key player in creating innovative digital consumer products that resonate with users worldwide.

Conclusion

With $4 million secured in seed funding and a strong backing from prominent investors, Mayank Bidawatka’s Billion Hearts is set on an ambitious path toward developing impactful digital solutions. The combination of experienced leadership, early support from industry veterans, and a focus on addressing universal smartphone use cases positions Billion Hearts for success in the evolving tech landscape. As it approaches its beta launch, all eyes will be on how this venture unfolds and what unique offerings it brings to the market.

Continue Reading
Advertisement

Recent Posts

Advertisement