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Flipkart Raises $ 2.5 Billion From SoftBank Vision Fund
Published
7 years agoon
The Indian ecommerce giant Flipkart has reportedly raised $ 2.5 billion from SoftBank Vision Fund. Shortly after the merger deal between ecommerce rivals Flipkart and Snapdeal collapsed, it was reported Snapdeal’s majority stakeholder SoftBank would invest close to $2 billion in Flipkart.
According to reports, this round of investment would be an extension of the $1.4 billion investment announced by SoftBank in April and will be close to the $2.5 billion mark. The Vision Fund will be acquiring a mix of primary and secondary capital, giving Flipkart’s biggest backer, Tiger Global a partial exit.
Cofounder of Flipkart, Binny Bansal, announced the investment in a tweet, welcoming SoftBank Vision Fund as their long term partner.
Excited to welcome Softbank Vision Fund as a long-term partner in @Flipkart!A true recognition of India’s potential https://t.co/yGoGUEpOzz
— binnybansal (@binnybansal) August 10, 2017
According to a joint statement released by Flipkart, SoftBank Vision Fund will be the largest shareholder of the company and post the investment Flipkart will have an excess of $ 4 billion on their balance sheet. This investment is also the biggest private investment in an Indian technology company.
Speaking about the investment, Binny Bansal said, “This is a monumental deal for Flipkart and India. Very few economies globally attract such overwhelming interest from top tier investors.” The funding round will help accelerate Bengaluru based Flipkart’s investment in driving continued market leadership.
Chairman and Founder of SoftBank, Masayoshi Son, calling India a land of vast opportunity, said, “We want to support innovative companies that are clear winners in India because they are best positioned to leverage technology and help people lead better lives. As the pioneers in Indian e-commerce, Flipkart is doing that every day.” Masayoshi Son has also publicly announced SoftBank’s long term commitment to invest in India.
The CEO of the Vision Fund, Rajeev Mishra said, “The Vision Fund is proud to be a part of this landmark transaction which is a strong endorsement in India and its thriving economy.”
Sachin Bansal tweeted about this investment calling it a monumental deal.
A monumental deal for @Flipkart & India! The investment from Vision Fund is a great endorsement of our work! https://t.co/Ya8naNiQh4
— Sachin Bansal (@_sachinbansal) August 10, 2017
The CEO of Flipkart, Kalyan Krishnamurthy also tweeted saying the investment from Vision Fund comes at an opportune time for Flipkart.
The investment from Softbank Vision Fund comes at an opportune time for @Flipkart & validates our great work! https://t.co/ryw1wPYsW2
— Kalyan Krishnamurthy (@_Kalyan_K) August 10, 2017
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Apple Unleashes the Power of AI: The iPhone Enters a New Era of Intelligence!
Published
2 hours agoon
October 30, 2024Apple is set to release a free software update that will inject its first dose of artificial intelligence into its iPhone 16 lineup, as the trendsetting company strives to catch up with the latest technological advancements. This update is part of Apple’s broader strategy to enhance user experience through AI integration.
Overview of the Update
The upgrade to the iOS 18 operating system arrives more than a month after four iPhone 16 models equipped with the special computer chip needed to power the AI features went on sale at prices ranging from $800 to $1,200. Last year’s premium models—the iPhone 15 Pro and iPhone 15 Pro Max—also possess processors that will enable the AI technology after the software update is installed.
In addition to iPhones, recent versions of Apple’s iPad and Mac computers can also be updated with this software. However, users in countries outside the U.S. will have to wait until next year for their devices to receive the AI software, with a specific date still to be determined.
Features of Apple Intelligence
Apple has spent the past five weeks testing the AI software among a select group of iPhone owners who signed up to help fine-tune the technology. The AI infusion aims to transform Apple’s virtual assistant Siri into a more conversational, versatile, and colorful companion. Users will notice a glowing light that circles the iPhone’s screen as Siri processes requests.
Enhanced Siri Capabilities
While Apple promises that Siri will be able to perform more tasks and be less prone to confusion, it won’t be able to interact with other apps installed on the iPhone until another software update is released at an unspecified date.
Other AI features included in this software update will handle various writing and proofreading tasks, summarize content from emails and documents, and provide editing tools for altering photos and finding old pictures. Future updates are expected to introduce capabilities such as creating customized emojis on demand and generating other imaginative imagery upon request.
Integration with OpenAI
Apple also plans to enable its AI suite to integrate with OpenAI’s ChatGPT, enhancing user interactions and providing more sophisticated responses. Most of the AI features introduced in this update are already available on Android-powered smartphones from competitors like Samsung and Google.
Privacy Considerations
In an effort to distinguish its approach from early leaders in AI, Apple markets its new technology suite as “Apple Intelligence.” The company emphasizes that its AI features will prioritize user privacy by running processes on-device or within secure data centers when remote processing is necessary.
Market Impact
The introduction of these AI features is expected to drive significant demand for new iPhone models during the holiday season and into next year, especially since most currently used iPhones do not have the necessary chip for Apple’s AI capabilities. This anticipated demand has contributed to an 18% increase in Apple’s stock price since it previewed its AI strategy at a conference in early June, raising its market value by approximately $500 billion and bringing it closer to becoming the first U.S. company valued at $4 trillion.
Upcoming Financial Reports
Investors will get their first glimpse of how well the iPhone 16 is performing when Apple releases its quarterly financial information for the July-September quarter—a period that includes the initial days of new model sales.
Conclusion
The launch of Apple Intelligence marks a significant step forward for Apple as it integrates artificial intelligence into its flagship products. With enhanced capabilities for Siri and innovative features designed for improved user experience, Apple aims to solidify its position in an increasingly competitive tech landscape.
As users await further developments and updates, Apple’s commitment to privacy and user-centered design will likely play a crucial role in shaping public perception and adoption of these new technologies. The evolution of Apple’s offerings not only enhances individual devices but also sets a new standard for what consumers can expect from their smartphones in terms of functionality and personalization.
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Blinkit and BigBasket Offer 10-Minute Gold and Silver Coin Delivery for Dhanteras!
Published
3 hours agoon
October 30, 2024This Dhanteras, quick-commerce platforms Blinkit and BigBasket have launched express delivery services for gold and silver coins, bringing traditional festive purchases closer to customers’ fingertips with delivery times as fast as 10 minutes. This initiative caters to the increased demand for precious metals during Diwali, ensuring customers can make timely and auspicious purchases from trusted brands.
Blinkit’s Offerings
Blinkit is offering a range of gold and silver coins specifically for Dhanteras, promising delivery within just 10 minutes. Their offerings include 10g silver coins and gold coins in 1g and 0.5g options, all sourced from reputable brands such as Malabar, Joyalukkas, and MMTC. Highlighting this as a “Dhanteras special,” CEO Albinder Dhindsa shared that the service aims to bring convenience to Blinkit’s customers during the festive season.
BigBasket’s Collaboration with Tanishq
BigBasket, a TATA Enterprise, has also joined the quick-delivery trend by collaborating with the well-known jewelry brand Tanishq. This partnership allows customers to choose from exclusive Tanishq coins, including:
- A 10g Lakshmi Ganesh silver coin of 999.9 purity
- A 1g 22-karat gold coin
- A 1g gold coin featuring a Lakshmi motif
BigBasket promises a 10-minute delivery of these coins across various cities, expanding its services beyond groceries to cater to festive demand.
Strategic Insights
Seshu Kumar, Chief Buying and Merchandising Officer at BigBasket, explained that this collaboration with Tanishq reflects the platform’s strategy to offer more diverse products during the festive season.
“This Diwali, BigBasket is committed to fulfilling our customers’ needs in just 10 minutes,” Kumar stated.
Growing Trend in Quick Commerce
The launch of express delivery for gold and silver coins by Blinkit and BigBasket showcases a growing trend in quick commerce, making traditional purchases more accessible through digital platforms. This shift not only meets the rising demand for online shopping during festive times but also offers customers a convenient way to observe traditional celebrations.
Market Context
As the demand for quick commerce continues to rise, especially during festive seasons like Diwali, companies are increasingly focusing on enhancing their service offerings. The ability to deliver precious metals within minutes aligns with consumer expectations for speed and convenience in today’s fast-paced digital landscape.
Conclusion
The introduction of 10-minute delivery services for gold and silver coins by Blinkit and BigBasket marks a significant development in the quick commerce sector. By catering to the festive needs of consumers while leveraging partnerships with established brands like Tanishq, these platforms are poised to enhance customer experience and satisfaction.
As this trend continues to evolve, it will be interesting to see how other players in the market respond and whether similar initiatives will emerge in other sectors of retail. The integration of traditional purchasing methods with modern technology illustrates the potential for innovation in enhancing consumer access to goods during key cultural celebrations.
Latest News
YouTube Demands Removal of ‘Juno’ from Apple’s Vision Pro; Developer Responds!
Published
3 hours agoon
October 30, 2024In a recent blog post, developer Cristian Selig announced the removal of his Vision Pro app, Juno, from the App Store after YouTube requested Apple take it down. Juno provided a simplified web view of YouTube content optimized for Apple’s Vision Pro mixed-reality headset. However, despite YouTube not having an official app for the Vision Pro, the Google-owned platform reportedly cited guideline violations to justify the takedown, leaving the developer disheartened and puzzled.
Developer’s Clarification
Selig, well-known for the Reddit app Apollo, clarified in his post that Juno didn’t alter YouTube’s content or interface in any significant way, aside from a few aesthetic modifications to better suit the Vision Pro’s interface. He emphasized that Juno functioned primarily as a web viewer, with minimal CSS adjustments to enhance compatibility with visionOS, while maintaining all logos and respecting YouTube’s branding guidelines. The app also didn’t interfere with YouTube ads or suggest any official affiliation with YouTube.
“For those who enjoyed Juno, it should continue to work for now—until a YouTube site update potentially changes that,” Selig said. “I built this app for fun and to gain experience with Vision Pro, so I don’t intend to escalate the issue further.”
Implications of the Takedown
YouTube’s decision underscores the ongoing challenges third-party developers face when navigating platform policies set by major tech companies. Selig expressed frustration over YouTube’s unwillingness to clarify their objections, sharing that discussions reached a standstill before Apple notified him of Juno’s removal.
AppleInsider noted that Juno’s removal raises questions about the future of other third-party YouTube clients on Vision Pro. One such app, Television by Sandwich, similarly enables YouTube viewing via visionOS within a retro TV model. Whether YouTube will pursue similar actions against these alternatives remains uncertain, but the incident highlights the tightrope independent developers walk when offering access to content on restricted platforms like YouTube.
Future of Third-Party Apps
Selig’s farewell to Juno leaves Vision Pro users without an optimized YouTube solution for now, underscoring the unique obstacles faced by developers and users alike on emerging technologies. As the demand for immersive content grows, developers may find it increasingly difficult to create apps that comply with platform policies while still providing valuable services.
Context on YouTube’s App Development
Currently, there is no official YouTube app available for the Apple Vision Pro. Users have been relying on third-party applications like Juno or accessing YouTube through Safari. A spokesperson from YouTube has indicated that an official app is in development but has not provided a timeline for its release.
Conclusion
The removal of Juno from the App Store serves as a reminder of the complexities involved in developing applications that interact with major platforms like YouTube. As independent developers navigate these challenges, users are left seeking alternative solutions for accessing their favorite content on new technologies like the Apple Vision Pro.
The incident raises important questions about the future of third-party applications in an ecosystem where major companies exert significant control over content access and distribution. As developers continue to innovate in this space, it will be crucial for them to find ways to comply with platform guidelines while still delivering unique and engaging user experiences.
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