Latest News
13-11-2017 to 18-11-2017
Published
7 years agoon
Another week, another set of speculations, investments, announcements and collaborations! Catch all the latest news of the past week in our quick weekly wrap up!
1. ALIBABA MAKES OUT LIKE THE 40 THIEVES FOR SINGLE’S DAY!
China’s biggest ecommerce startup Alibaba broke all records during its annual Singles Day Sale! The company reported a Gross Merchandise Volume (GMV) of $ 25.4 billion in 24 hours and became the leading online shopping platform. The sales hit the roof within the first two hours, reaching $ 16 billion by mid morning. First launched in 2009 as a way to celebrate the lonely hearts of China, Single’s Day has become a buying frenzy that exceeds the combined sales for Black Friday and Cyber Monday in the United States.
2. UBER CONFIRMS BILLION DOLLAR DEAL WITH SOFTBANK
The multi million dollar deal between taxi hailing startup Uber and Japan based venture capital firm SoftBank was finally confirmed this week. The investment giant along with Dragoneer Investment Group will invest close to $ 10 billion in the cab aggregator in the coming months. This consortium will invest up to $ 1.25 billion in the company and would also buy up to 17% of the existing shares from investors and employees in a secondary transaction. As a part of the transaction, Uber will also undergo a variety of changes in governance and leadership.
3. ACCEL PARTNERS TO INVEST RS. 100 CRORES IN UNIVERSAL SPORTSBIZ
The celebrity fashion firm backed by cricketing legend Sachin Tendulkar, Universal Sportsbiz, raised Rs. 100 crores from US based venture capital firm Accel Partners. The venture capital firm will pick up a 15 % stake in the company. Founded in 2012 by former national level badminton player Anjana Reddy, Universal Sportsbiz is currently valued at Rs. 650 crores. Both the companies have already signed an agreement, while a formal announcement is expected soon. The fashion retail startup will use the fresh funds to develop their products and expand their presence across smaller cities in India.
4. UBER POLICY CHIEF FOR INDIA AND SOUTH ASIA QUITS
Shweta Rajpal Kohli, Uber’s Chief of Policy for India and South Asia, put down her papers last week to join the cloud based software maker Salesforce.com Inc. Kohli was responsible for building Uber’s relations with the regulators and the government officials of India to expand its business in the country. Her resignation, however, might be a step back for Uber as Kohli was leading government engagements in the influential circles. The company is faced with multiple resignations including the European Policy Chief Christopher Burghardt.
5. T-HUB AND UNITED TECHNOLOGIES LAUNCH NANOACCELERATE PROGRAMME
Hyderabad based startup engine T-Hub in association with United Technologies Corporation launched the NanoAccelerate programme for startups working on video analytical solutions. The Smart City/Smart Building NanoAccelerate Programme has already selected five video analytics startups for its first cohort out of which two are from India, one is from Israel and the remaining two are from US. The selected startups have strong technical and research teams, hold more than 20 granted and pending patents and provide services to Fortune 100 companies. The startups will have the opportunity to work closely with UTC to provide seamless actionable intelligence data with minimal human intervention.
6. AMAZON INDIA PUMPS RS. 2,900 CRORES IN INDIAN MARKETPLACE
The Seattle based ecommerce giant Amazon has been placing heavy bets in the India marketplace. Confirming its commitment to developing its presence in India, Amazon will be investing Rs. 2,900 crores in Amazon Seller Services, which runs Amazon’s Indian ecommerce business. This is Amazon’s third investment in the Indian ecosystem and the single biggest infusion of capital. The company invested Rs. 1,680 crores in India in June this year and further invested Rs. 1,620 crores in September. After making an initial commitment to investing $ 2 billion in their Indian business, Amazon’s founder and CEO Jeff Bezos further promised to invest $ 3 billion in 2016. This round of investments comes despite Amazon recording a high loss in its international business this year.
7. ZOMATO LAUNCHES ZOMATO GOLD TO BATTLE SWIGGY’S ACCESS
The Indian foodtech industry is estimated to have a Gross Merchandise Value (GMV) of $ 300 million. In an attempt to grab a majority of this lucrative industry, foodtech startups Zomato and Swiggy have been locked in a fierce battle. Swiggy launched the Swiggy Access initiative which allows its restaurant partners to set up kitchen spaces in neighborhoods where they currently do not operate. Zomato, on the other hand, launched its international paid subscription programme, Zomato Gold, which is an exclusive dine out and social drinking membership programme. While Swiggy users will get faster delivery, Zomato users will get access to complimentary food and drinks.
8. FLIPKART TO INVEST IN SWIGGY?
The biggest ecommerce startup to come out of India, Flipkart, is reportedly looking to invest in the online food delivery platform Swiggy. Along with China based venture capital firm Tencent, the companies are discussing a potential investment of $ 100 million. While there has been no official confirmation, this news comes at a time when reports suggest Flipkart initiated investment talks with a bunch of vertical ecommerce startups. Flipkart’s investment in Swiggy will give the foodtech startup the leverage to gain the upper hand in the online food and services market.
9. PAYTM TO COLLAB WITH ICICI FOR DIGITAL CREDIT
India’s biggest mobile wallet Paytm is collaborating with India’s leading private bank ICICI Bank to provide digital credit to selected users. This unique amalgamation of financial services aims to provide seamless interest free short term digital credit for everyday use, such as bill payments, booking flight tickets and buying physical goods. Based on the Big Data algorithm by ICICI Bank, the credit will be decided on the basis of the financial and digital behavior of the customer. Users can avail this digital credit ranging between Rs. 3,000 to Rs. 10,000 for up to 45 days. Once the consumer limit is set, a consolidated bill would be generated on the first day of the month that should be repaid by the 15th day of the same month.
10. MYNTRA TO LEVERAGE KIRANA STORES FOR DELIVERIES
The fashion ecommerce startup owned by Flipkart is leveraging neighborhood kirana stores for last minute deliveries and to reduce the delivery time by 25%. Under its MENSA Network scheme, 2,000 kirana stores and other small shops, are responsible for the delivery of one in every five orders. These corner stores complete close to 23% of the Myntra’s nonsale deliveries. To further boost its delivery system and business, the company also launched the ‘Project Mass.’ Under this programme, Myntra’s delivery staff can start their own businesses and shops and add to the Mensa Network. These businesses will also be provided with a seed investment of Rs. 40,000 by Myntra. So far, over 370 of the companies delivery associates opted for Project Mass out of which 250 stores are already operational.
11. UBER INDIA LAUNCHES FOUR NEW BASIC FEATURES
One of the most valuable startup companies, Uber, launched four new features for the Indian market in an attempt to entice more users. Aimed at making the taxi booking process easy and hassle free, the new features include a website version of Uber, an option to request to book rides for a guest, offline search for those with limited connectivity and a call to ride feature. While the features will be released only in India initially, they will also be applied in Uber’s global markets soon. The company also launched a second engineering facility to work on innovations that can be applied to Indian as well as other global markets, in Hyderabad recently. The 150 member Indian team played a key role in developing the pieces of innovation.
12. GLOBAL ENTREPRENEURSHIP SUMMIT INDIA 2017
Hyderabad is gearing up for the eight edition of the Global Entrepreneurship Summit. GES 2017 will be hosted by the United States of America along with the Republic of India. With the theme Women First, Prosperity for All, this year’s summit will see Ivanka Trump leading the US delegation. With close to 1400 participating startups and 300 other dignitaries, GES aims at creating an environment that empowers innovators and entrepreneurs and fostering economic growth globally. Along with sessions, master classes and workshops by global experts, the summit will also hold networking events and keynote speeches from prominent entrepreneurs.
13. Ola And Uber: Boon Or Bane?
Ola and Uber may be the country’s largest gift to transport woes. However, in the past, there have been more people with complaints than people with happy faces. From various sources, the information proved only the obvious. Despite there being a large number of service providers and customer care facilities available at both Ola and Uber, it comes as a shock for people when these service providers offer sub par and negligent service. With a comprehensive study, this piece aims at uncovering the loopholes surrounding Ola and Uber!
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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Latest News
Zomato Introduces ‘Order Scheduling’ Feature for Seamless Pre-Planned Deliveries!
Published
19 hours agoon
October 28, 2024Zomato has launched a new “Order Scheduling” feature, allowing users to pre-plan their food orders for precise delivery timing. This addition enables customers to schedule orders up to two days in advance, making it ideal for organizing office lunches, weekend gatherings, or even daily coffee routines.
Expanding in the E-Catering Industry
Currently available across 35,000+ restaurants in 30 cities, including major hubs like Delhi, Bengaluru, Mumbai, and Pune, the feature aims to enhance convenience and flexibility for Zomato users. The introduction of this feature aligns with Zomato’s strategy to improve user experience and cater to the growing demand for reliable food delivery services.
How It Works
With Order Scheduling, customers can set delivery times ranging from two hours to two days ahead. After selecting their items, they choose a delivery time at checkout. If their preferred time slot is unavailable, Zomato suggests an alternative. Users can also cancel scheduled orders up to three hours before the planned delivery time, providing added flexibility.
Benefits for Restaurant Partners
The Order Scheduling feature not only benefits customers but also supports restaurant partners by helping them manage capacity and balance order flow during slower hours. This can lead to steadier sales, as restaurants can better anticipate demand. Integration of the feature requires no additional training for restaurant staff, allowing for seamless adoption. Restaurant partners can also select which menu items are available for scheduled orders.
Built-In Safeguards
To ensure reliability, Zomato has implemented several safeguards:
- Only restaurants with strong records of timely preparation and high availability are eligible.
- Restaurants receive advance notifications for scheduled orders.
- They control which items are available for pre-order, reducing the chance of substitutions or shortages.
Market Context and Strategic Importance
The introduction of the Order Scheduling feature is part of Zomato’s broader strategy to differentiate itself in a competitive market where players like Swiggy are constantly innovating. By offering a service that caters to both individual users and businesses requiring precise delivery timing, Zomato enhances customer loyalty and attracts new users who value flexibility in their food ordering experience.
Customer Feedback
Initial responses from users have been positive, with many expressing excitement about the convenience of scheduling meals ahead of time. This feature is particularly appealing to corporate clients, families, and individuals who prefer planning their meals in advance.
Future Expansion Plans
Zomato plans to expand this feature beyond the initial 30 cities and may eventually offer it across all orders regardless of value. The company aims to continuously improve its service offerings based on customer feedback and operational capabilities.
Conclusion
Zomato’s launch of the Order Scheduling feature marks a significant advancement in its service offerings, enhancing the overall food delivery experience for users. By allowing customers to pre-plan their meals and providing reliable delivery options, Zomato is positioning itself as a leader in the evolving food tech landscape.
As this feature rolls out and gains traction among users, it will be interesting to see how it influences customer behavior and impacts Zomato’s market position relative to its competitors. The focus on convenience and reliability reflects changing consumer preferences in an increasingly busy world.
Latest News
Nvidia Becomes World’s Most Valuable Company, Reaching $3.53 Trillion Amid Surging AI Demand!
Published
21 hours agoon
October 28, 2024In a groundbreaking stock rally on Friday, Nvidia briefly surpassed Apple to become the world’s most valuable company, achieving a record market cap of $3.53 trillion before closing slightly lower at $3.47 trillion. Meanwhile, Apple finished the day with a market valuation of $3.52 trillion after a 0.4% gain, according to LSEG data.
Factors Behind Nvidia’s Rise
Nvidia’s remarkable rise can be attributed to the soaring demand for its AI chips, which are critical in powering the expansion of artificial intelligence across various industries. Originally known for its gaming processors, Nvidia’s pivot to AI has transformed it into a tech powerhouse. The company’s stock surged by around 18% in October alone, spurred in part by OpenAI’s recent $6.6 billion funding round and widespread investment in AI technologies.
Over the past year, Nvidia’s share price has skyrocketed by nearly 190%, positioning it as the clear market leader in the AI space. This demand was further underscored on Friday when Western Digital’s better-than-expected earnings highlighted the strength of the AI-driven data center market.
Challenges for Apple
Apple, typically a fixture at the top of the valuation hierarchy, faces headwinds as it contends with slowing demand for iPhones, particularly in China. In Q3, Apple experienced a 0.3% drop in iPhone sales, while competitor Huawei posted a remarkable 42% increase in sales. With Apple’s quarterly earnings report due this Thursday, analysts predict modest revenue growth of 5.55%, reaching $94.5 billion. In stark contrast, Nvidia is forecasted to report an impressive 82% year-over-year revenue increase, reaching $32.9 billion.
Implications for the Tech Sector
Nvidia’s performance serves as a positive signal for the broader tech sector and the U.S. stock market, as Nvidia, Apple, and Microsoft now collectively account for almost 20% of the S&P 500’s value. Amid record-high stock indices, enthusiasm for AI and potential Federal Reserve interest rate cuts are boosting investor confidence.
Trading Activity and Market Sentiment
With AI adoption spreading rapidly, Nvidia’s options rank among the most actively traded on the market, making it a focal point for investors according to Trade Alert. However, some analysts caution that the current hype surrounding AI could risk inflating company valuations beyond sustainable levels.
Future Outlook
Nvidia’s recent surge underscores its pivotal role in the AI landscape as demand for generative AI solutions continues to grow. The company is positioned to benefit from ongoing investments in AI infrastructure and applications across various sectors.
Competition and Market Dynamics
Despite its current dominance, Nvidia faces increasing competition as tech giants like Google and Microsoft develop their own AI chips and solutions. The evolving landscape may challenge Nvidia’s market share; however, its established reputation and technological advancements provide a strong foundation for future growth.
Conclusion
Nvidia’s brief ascendance to become the world’s most valuable company highlights the transformative impact of AI on technology valuations and market dynamics. As both Nvidia and Apple navigate their respective challenges and opportunities within this rapidly evolving sector, investor interest in AI technologies remains robust.
The ongoing developments in AI adoption will likely continue to shape not only Nvidia’s trajectory but also that of the broader tech industry in the coming years. As companies increasingly integrate AI into their operations, Nvidia’s leadership position will be critical in defining how these technologies evolve and are utilized across various applications.
Latest News
JioHotstar.com Takes a New Turn with UAE Siblings’ Charity Mission After Reliance Declines Delhi Developer’s Offer!
Published
23 hours agoon
October 28, 2024In an unexpected development, JioHotstar.com—originally owned by a Delhi-based app developer aiming to fund his Cambridge education—has found a new purpose. The domain is now home to a mission of charity, led by Dubai-based siblings Jainam and Jivika, who have transformed the website into a platform for their philanthropic journey, titled “Welcome to Our Journey of Seva.” Their mission focuses on helping underprivileged children gain access to education and encouraging them to dream big.
The Siblings’ Mission
Visitors to the domain are greeted by a heartfelt message from Jainam and Jivika:
“Hello! We are Jainam and Jivika – siblings from Dubai, UAE, on a mission to make a difference. Even though we’re just kids, we believe that age is only a number when it comes to spreading kindness and positivity. Our recent journey began during our summer holidays when we left our home in Dubai for 50 unforgettable days in India. We had a purpose: to connect with children from various backgrounds, share our love for learning, teach skills for studying and setting goals, and inspire them to dream big.”
This shift in purpose comes after the domain’s original owner, a Delhi tech enthusiast, bought JioHotstar.com speculatively, hoping to capitalize on a potential partnership between Reliance Industries and Disney+ Hotstar. Drawing on Reliance’s history of rebranding—like Saavn to JioSaavn—the developer envisioned a similar “JioHotstar” rebrand. His ambitious goal was to sell the domain to Reliance in exchange for funding his Cambridge studies, estimated at around ₹1 crore.
The Developer’s Initial Proposal
To pursue this goal, he posted a letter on the site proposing the sale to Reliance. However, the tech giant rejected his offer, warning of legal consequences for trademark infringement. The developer quickly removed his proposal and took to social media with a humorous note about his parents’ worries over the growing media attention:
“My parents read the news and they are worried, actually super super worried. Itna bhi viral nhi hona tha yaar. Shayad legal battle phir bhi handle ho jaye, bhai saab maa baap ka samjhana is so difficult. Good Kalesh today,” he shared, lightening the situation.
A New Purpose for JioHotstar.com
With the developer stepping back, UAE siblings Jainam and Jivika have now given JioHotstar.com a fresh purpose. Their story of kindness has turned the domain from a tech-driven dream into a platform of service and inspiration, reshaping its journey into one of community impact and compassion.
Charitable Initiatives
The siblings plan to use the platform not only to share their experiences but also to inspire others. They aim to raise awareness about educational disparities faced by underprivileged children and encourage donations or support for their initiatives.
“Throughout our journey, we were met with inspiring moments and new friendships. We taught kids not only about studying but also about having the courage to set ambitious goals,” they wrote on their website.
Community Engagement
The change in ownership has sparked interest across social media platforms, with many users expressing admiration for Jainam and Jivika’s mission. Their approach highlights how digital platforms can be repurposed for positive social impact rather than mere commercial gain.
Future Aspirations
The siblings have indicated that they will keep the domain open for future sale to anyone interested in continuing this positive mission. They also plan to share videos documenting their charitable activities and challenges they undertake as part of their journey.
Conclusion
The transformation of JioHotstar.com from a speculative tech venture into a platform dedicated to charity represents an inspiring turn of events. Jainam and Jivika’s commitment to empowering underprivileged children through education showcases how young individuals can make meaningful contributions to society.
As this story unfolds, it serves as a reminder of the potential for digital spaces to foster community engagement and promote positive change in the world. The journey of these siblings illustrates that even small actions can lead to significant impacts when driven by passion and purpose.
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