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04-12-2017 To 09-12-2017

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Business News This Week,Startup Stories,Swiggy To Partner With Sodexo,Latest Business News 2017,Net Neutrality Latest News,Amazon Invest In Lending Platform Capital Float,Amazon India Investment,Vijay Shekhar Sharma Pledges Personal Stock For Paytm Mall,Amazon To Launch Tenor,Ola Acquires Foodpanda,Facebook Unveils New Features,Bitcoin Business News 2017,Flipkart Launch Artificial Intelligence Unit,5350 Startups Eligible for Startup India


The year 2017 has been extremely exciting up till now. The last one week has been especially interesting in terms of the tech and the startup world. With startups receiving new funding, companies being taken over and new launches, the last week has been a pretty interesting read. Check out our weekly wrap up here!

1. Tim Cook And Sundar Pichai Speak At China’s World Internet Conference 

Apple’s CEO Tim Cook and Google’s CEO, Sundar Pichai spoke together at the 4th edition of the World Internet Conference held in China. Tim Cook appeared as a keynote speaker and gave a surprise speech at the conference and addressed issues regarding “cyberspace sovereignty.” The conference focused on the world of AI and had a host of interesting speakers including Cisco’s CEO Chuck Robbins.

2. Ola And Uber Drivers To Go On Strike 

Cab aggregators Ola and Uber have been hit by people from all sides because of their severe mismanagement. First, it was the riders who had issues with the cab aggregators. Now, it is the drivers themselves who have issues with the owners. The drivers have now said that due to loss of pay and a reduction of overall benefits, they will go on a strike from the 10 December, 2017. Ola’s and Uber’s drivers called for a strike not just in Mumbai, but all over India.

3. Google Doodle Teaches Kids To Code

Technology giant Google came up with an amazing way to celebrate 50 years of coding. It created a Google doodle in order to teach noncoders how to code. Google’s Doodle team along with Google’s Blocky team and researchers from MIT Scratch worked on this doodle as a part of Computer Science Education Week. Google’s doodle, which features on the home screen, gave people an opportunity to learn thing they didn’t thought was extremely difficult.

4. Google Invests In Task Management Startup Dunzo

In an attempt to diversify its reach to homegrown startup services, Google has extended its reach to Bangalore based concierge service provider startup, Dunzo. Funded in 2015, Dunzo works to help people get services and products delivered whenever and where ever needed. Dunzo currently has 1350 active riders and completes 3000 to 4000 orders a day. With this round of investment from Google, Dunzo plans on launching offices all across the country.

5. Google Launches Google Go, Android Oreo Go And Maps Update

Google, one of the worlds largest technology giants announced multiple new launches today at its annual “Google for India” event. Google Maps Update, Google Go, Android Oreo Go and Files Go were some of the updates launched by Google at the Event. The apps were tested in the Beta version first before being launched in public.

6. Bitcoin Crosses Another Mark, Touches $ 12,000

Bitcoin, one of the fastest growing cryptocurrencies in the world, crossed the $ 12,000 mark for the first time early Wednesday morning. According to Reuters data, the digital currency rose by as much as 5.1% to reach $12,275, gaining over $ 500 since the day opened. Despite being down to $ 11, 769.02 on Tuesday, the valuation rose to over $ 14,000, according to data from CoinMarket App. Post the rise of Bitcoin, the valuation of cryptocurrency all over the world has reached up to $ 354 million.

7Google Blocks YouTube On Amazon Devices In Bitter Feud

Technology giant, Google, has blocked video sharing site YouTube on all Amazon devices in a feud that escalated to unimaganable heights. According to reports, YouTube will also be blocked on Amazon Fire Stick and Echo Show starting in January. This is not the first time Google has done this. Earlier in September, Google blocked Amazon’s Echo Show, because Amazon reportedly created a broken user experience.

8. Top Indian Startups Are Leading The Job Postings

Top unicorn companies like Snapdeal, Paytm, ShopClues and Flipkart are on a hiring spree. Snapdeal in itself maked up for more than half the jobs posted by these startups. As per Indeed’s report, Snapdeal, ShopClues and Flipkart are expected to experience a boom in the business. While Snapdeal topped the chart with 53% job postings, Paytm came in a close second with 23%, followed by ShopClues at 11% and Flipkart at 4%. Zomato, Ola and InMobi are the other startups looking to hire freshers.

9. Little Internet And Nearby To Merge, Paytm Gets Majority Stake

Ecommerce platform Paytm announced acquisition of delivery and deals platform, Nearbuy and Little Internet.  The online payments platform initially acquired 100 % equity in Little and gained complete shareholding through a share swap with Nearbuy.  Along with Paytm, Sequoia India and the founders of Nearbuy Ankur Warikoo, Ravi Shankar and Snehesh Mitra have a minority stake in the merged firm.

10. Bitcoin On A Blazing Path, Soars Past $ 14,000 To Hit $ 15,000

Bitcoin surpasses records by hitting $ 15,000. However, despite the Wall Street accepting Bticoin as a valid currency, the Reserve Bank of India has issued warnings against using cryptocurrencies. All over the world, Bitcoin’s valuation in the market increased to $ 250 million according to data from CoinMarketCap. All over the world, Bitcoin’s more than 10 fold upsurge this year also led to warnings of a bubble.

11. PhonePe Processes 1 Million Daily Transactions In November

Flipkart owned UPI based app, PhonePe, recorded over 1 million transactions on a daily basis valued over $ 15.4 million, as of reports in November. PhonePe also introduced new categories like Credit Card Bill Payments and Gift Cards in its mobile application. According to sources, there were 105 million UPI transactions in November, with Rs. 9,679 crores being transacted.

12. Alibaba Buys 40% Stake In BigBasket For $ 300 Million

China based ecommerce website, Alibaba, is all set to enter India’s grocery retail industry by acquiring 40% stake in the homegrown hyperlocal delivery startup, BigBasket. As per the deal, Alibaba is going to invest $ 200 million in the first round and will also buy shares worth of $ 80 million from existing investors. Alibaba and Paytm have been interested in getting into the Indian grocery ecommerce market for a while and for this reason, Paytm has also started due diligence on BigBasket accounts. 

13. WhatsApp Business Stand Alone App Coming Soon

WhatsApp, the widely recognised texting, calling and video calling service, is all set to launch a stand alone business app. All verified business owners will get a green checkmark badge on their profile, thereby giving users direct access to people they conduct business with. At the moment, the service is being tested by a group of private businesses. One of the major difference between regular WhatsApp and the Business WhatsApp is that the WhatsApp Business app will have a B inside the green WhatsApp icon.

14. The/Nudge Foundation Receives Grant Worth Of $ 250,000

The Nudge/Foundation, backed by the Rockefeller Foundation in New York, received a grant worth $ 250,000. Currently, the Foundation is based only in Karnataka and with this grant, the Foundation has designs on extending its reach to different parts of the country. Through two different arms, the Foundation works at educating underprivileged children and aims at decreasing the poverty levels in different parts of India as well.

15. Shazam To Be Acquired By Apple 

Music, movies and TV shows identifier app, Shazam, is going to be acquired by Apple. Currently, Shazam is at a low valuation as it stands with tough competition. With technology progressing at exponential rates, it has become easier for people to replicate this app. The music discovery platform will be valued at $ 400 million for this acquisition deal. Through this merger, Apple stands to gain Shazam’s augmented and unique recognition technology which will help the tech giant boost it’s own Apple Music.

That’s all for this week! Subscribe to our portal to never miss updates from the startup world! If your startup has an exciting announcement coming up, you can even write to us at [email protected]. Catch up with the highlights of the week with our The News This Week section.

 

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Calmosis is revolutionizing healthcare in India with legal cannabis use! 

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An Indian Startup Pioneers the legal use of cannabis in Indian Healthcare

Forget everything you thought you knew about healthcare in India. A groundbreaking startup called Calmosis is making waves in Bengaluru with its unique approach to holistic wellness, led by a dynamic duo: Karan and Praveen.

 

Calmosis product.

 

Karan Naidu, a BMSCE graduate who calls Bangalore home, has poured his passion and resources into building Calmosis. By his side is Praveen Singh Rajput, a serial entrepreneur and author who helms the gifting marketplace startup FRINZA. Praveen brings his business acumen honed at Symbiosis Institute of Business Management, Bangalore, to the table.

Together, they’ve drawn inspiration from a personal quest – helping Karan’s mother overcome sleep issues. This led to the birth of Calmosis, offering meticulously crafted elixirs that blend the wisdom of Ayurveda with natural cannabis extracts.Vijaya, as cannabis extracts are known in ancient Indian medicine, has been revered for centuries for its medicinal properties. Calmosis harnesses this potential to promote restful sleep, alleviate stress and anxiety, and even ease migraines. 

Unlike traditional medications that often come with unwanted side effects, Calmosis’ Peace Mantra and Sleep Mantra elixirs provide a safe and natural alternative. But Calmosis’ mission extends beyond physical well-being. Their commitment to quality and transparency shines through rigorous product testing and personalized consultations with expert Ayurvedic doctors, ensuring each customer receives the perfect blend for their individual needs.

 

 

The company’s impact goes far beyond personal health. Calmosis champions social responsibility and sustainability by ethically sourcing ingredients and embracing eco-friendly practices, creating a positive ripple effect on local communities and the environment.

Embarking on a journey towards a healthier you with Calmosis is as easy as a few clicks. Visit their website, place an order, and have their transformative products delivered straight to your door. In a world obsessed with constant hustle,Calmosis offers a much-needed oasis of calm. Combining the wisdom of ancient practices with modern innovation,they’re helping individuals rediscover balance and tranquility in today’s fast-paced world. So, ditch the chemical concoctions and embrace the power of nature’s healing touch with Calmosis. They’re rewriting the healthcare narrative in India, and you can be part of the revolution.

 

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Mercedes Hits the Brakes on EVs: Profit Woes Lead to Focus on Gas-Powered Cars

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StartupStories - Mercedes

Luxury carmaker Mercedes-Benz is experiencing a shift in gears, prioritizing gasoline-powered vehicles over its previously ambitious electric vehicle (EV) strategy. This comes after disappointing sales figures and shrinking profit margins for their electric offerings.

The Dream Runs out of Charge:

Mercedes, a leader in the luxury car market, had set a goal to be fully electric by 2030. However, sluggish sales of their electric vehicles, particularly the high-end EQS and EQE sedans, have forced a recalibration of their plans. The company’s profit margin dipped to a concerning 9% in the first quarter of 2024, falling below their long-term target range.

Why the Slow Charge?

Several factors are contributing to the lackluster performance of Mercedes’ EVs:

  •  Price Point Pinch: The high price tag of Mercedes’ electric cars, ranging from $70,000 to $120,000, limits their appeal compared to more affordable electric options. 
  •  Competition Heats Up: Other luxury carmakers like Tesla and BMW are offering strong competition, with some even surpassing Mercedes in EV sales growth. 
  •  Infrastructure Concerns: Gaps in charging infrastructure and anxieties about range remain significant deterrents for potential EV buyers.

Back to the Drawing Board:

In response to these challenges, Mercedes CEO Ola Källenius announced a revised strategy. The company will:

  •  Extend Focus on Combustion Engines:  Production of gasoline-powered and hybrid vehicles will continue well into the 2030s, catering to customer demand.
  •  Rethink EV Strategy: Mercedes will analyze consumer preferences and market trends to refine their electric car offerings. This may involve focusing on more affordable models or improving features to enhance range and charging efficiency.

The Road Ahead

The shift by Mercedes highlights the complexities of the automotive industry’s transition to electric vehicles. It underscores the need for car manufacturers to balance ambitious environmental goals with the realities of consumer behavior and market competition.

Is this a Permanent Pause?

While Mercedes is putting the brakes on its all-electric vision, it doesn’t necessarily signal a complete retreat from EVs. The company may leverage this time to strengthen its electric offerings and ensure they are competitive in the rapidly evolving market. Only time will tell if Mercedes can reclaim its position as a leader in the electric vehicle race.

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Reddit Soars After Strong Earnings and Upbeat Outlook

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Reddit, the social media platform known for its online communities and meme culture, saw its stock price jump significantly after releasing its first earnings report since going public in March. Investors were impressed by the company’s strong financial performance and optimistic forecasts for the future.

The report highlighted a surge in user engagement, with daily active users increasing by 37% to 82.7 million in the first quarter. This growth was accompanied by an 8% rise in average revenue per user, indicating Reddit’s success in monetizing its platform. 

Perhaps the most significant factor driving the stock price increase was Reddit’s forecast for the second quarter. The company projected revenue to fall between $240 million and $255 million, exceeding analyst expectations. Additionally, Reddit anticipates achieving break-even status or even generating a profit, surpassing predictions of a loss.

This positive outlook can be attributed in part to Reddit’s flourishing advertising business. The company is also capitalizing on a new revenue stream: content licensing deals with artificial intelligence (AI) firms. Reddit’s vast collection of user-generated content provides valuable data for training AI models, attracting companies like Google.

Analysts believe Reddit is still in its early stages of monetization and predict continued growth in the coming quarters, fueled by advancements in ad targeting and measurement tools. This optimism is reflected in the stock price surge, which has climbed roughly 70% since Reddit’s IPO.

Overall, Reddit’s first earnings report paints a bright picture for the company’s future. With a thriving user base, increasing revenue opportunities, and a promising outlook, Reddit appears well-positioned for continued success in the ever-evolving social media landscape.

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