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2-10-2017 To 7-10-2017

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The News This Week,Startup Stories,Latest Business News 2017,Ola Latest Breaking News,Biggest Retention Coup,Uber Business,Karnataka Government News,AI Hub,India Richest Man 2017,Facebook Tests Workplace Chat App,Google Hardware Event,Startup News highlights of the week,Inspirational Stories 2017

The month of October started off with a long weekend celebrating Dussera and Gandhi Jayanti. Post a surprise announcement by the founder of global taxi hailing startup Uber, the past week was relatively calmer with multiple investments in the Indian startup ecosystem.

Here are the highlights of the week:

Ola To Raise Fresh Funds From SoftBank And Others
The homegrown taxi service hailing startup based in Bengaluru secured a $ 2 billion investment from Japan’s SoftBank Group Corp., and from China’s Tencent Holdings. This round of funding marks the second largest funding received by an Indian startup.

Flipkart Pulls Off One Of The Biggest Employee Retention Coup Yet
In order to retain employees, Flipkart pulled of one of the biggest retention coup by providing thousands of employees Flipkart shares and providing them the opportunity to liquidate their shareholdings later. Under this scheme, 35% to 40% of its mid level to senior level employees would receive stock values instead of their salaries.

Uber Board Votes For SoftBank Deal
The board of global taxi hailing company Uber, announced major changes in their governance strategy in an attempt to move past the months of strife. The changes were adopted unanimously by the 11 members of the board, which includes expanding the number of board seats to 17 from the existing 11. The company might also pursue an initial public offering of Uber’s stock by the end of 2019.

Karnataka Government To Invest $ 6 Million In AI Hub
The Karnataka Government has always been at the forefront of technological changes and upgrades in the country. Keeping up the pace, the government is all set to invest Rs. 40 crores to build a state of the art artificial intelligence (AI) and data science capabilities center. With NASSCOM as the programme and implementation partner, the tech hub will be named as the Centre of Excellence for Data Science and Artificial Intelligence.

Mukesh Ambani: India’s Richest Man For The Tenth Year
While inheriting a business might seem like a good boost inside an industry, taking the business to the next level requires a lot of skills and capabilities. Mukesh Ambani is one such businessman who made a name for himself out the shadow of his father, Dhirubhai Ambani. By doing so, he was named as the richest Indian by Forbes for not two or three years, but ten consecutive years.

Facebook Tests Workplace Chat App For Mac And PC
Social media giant Facebook very discreetly launched the beta version of the dedicated Workplace app for desktops. This beta app, called Workplace Chat, will also support screen sharing along with voice and video calling, customized push notifications, one on one chats and group chats. The new app will allow employees to message coworkers throughout the day without relying on a browser tab.

Google Hardware Event
The global search engine giant Google finally unveiled their latest new smartphones, smart speakers and other gadgets at the Google Hardware Event. Demonstrating its commitment to making new devices along with new and improved software developments, Sundar Pichai, the CEO of Google, launched their two new Pixel smartphones along with the Google Home speakers, a new laptop, a virtual reality headset and wireless headphones.

GST Made Simpler For Small Entrepreneurs In India
Three months after the Goods And Services Tax was launched, the Government decided to revamp various aspects of the new taxation process. The renewed indirect tax regime involves a slew of new measures to reduce the burden and stress the implementation of the GST brought to exporters and small businesses. PM Narendra Modi said these changes were in line with the government’s endeavor to safeguard the citizens’ interests and ensure a growth in the Indian economy.

China’s Tencent Holdings Invests $ 400 Million In Ola
China based Internet giant Tencent Holdings invested $ 400 million in the cab aggregator startup Ola through their Singapore based investment arm Copper Technology Pte., Ltd. Ola’s parent company ANI Technologies Pvt., Ltd., will issue 1,908,143 preferential shares at Rs.13,521 apiece to Copper Technologies. Post this investment, Ola’s valuation will increase to $ 4.1 billion from the current $ 3.8 billion valuations.

The coming week seems to be gearing up to be an exciting one as well! Catch up with the highlights of the week with our The News This Week section.

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MPL to Lay Off 60% of India Workforce Following Online Gaming Ban

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Mobile Premier League (MPL), one of India’s top online gaming platforms, is set to lay off about 60% of its India workforce following the government’s ban on paid online games. The move, confirmed by MPL CEO Sai Srinivas through an internal email, will impact around 300 employees across multiple departments including marketing, finance, operations, engineering, and legal. This decision comes as a direct result of the Promotion and Regulation of Online Gaming Bill, 2025, which restricts paid online games involving monetary stakes to address concerns over financial risks and addiction among young users.

India contributed nearly half of MPL’s revenues, estimated at around $100 million in the 2024-25 fiscal year. With the ban on paid gaming, MPL’s primary revenue source in India has been effectively cut off, prompting the company to shift focus towards free-to-play games and expand its presence in overseas markets such as the United States and Brazil. Despite the layoffs, MPL has pledged to support the affected employees through the transition period. CEO Sai Srinivas expressed regret over the downsizing but highlighted the company’s commitment to developing new business models for the Indian market amid the regulatory changes.

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NCLT Approves Amalgamaxtion of Info Edge Subsidiary Makesense with PB Fintech

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The National Company Law Tribunal (NCLT) has granted approval for the amalgamation of Info Edge’s subsidiary, Makesense Technologies, with PB Fintech as of August 29, 2025, in a significant move for India’s fintech sector. This strategic merger aligns with Info Edge’s ongoing focus on streamlining its corporate structure and supports PB Fintech’s growth trajectory as the operator of leading platforms such as Policybazaar and Paisabazaar. The amalgamation, cleared by NCLT’s Chandigarh bench, took place without winding up either company, enabling a seamless blending of assets and expertise for greater operational efficiency.

In the specifics of this deal, Makesense Technologies—holding a 13.04% stake in PB Fintech as of June 2025—will see its shareholders allotted 59,750 equity shares and 60,030 compulsorily convertible preference shares from PB Fintech, with no change to Info Edge’s underlying economic interest. The consolidation is expected to cut compliance and administrative costs, simplify the equity structure, and enable both companies to focus on core business strengths without duplication of resources. This move is designed to strengthen PB Fintech’s position in India’s fast-evolving fintech and insurance market, while keeping Info Edge’s investment objectives intact.

The NCLT-approved merger highlights a broader trend of consolidation within India’s tech-driven industries, as major players seek to boost competitiveness and achieve sustainable growth through mergers and amalgamations. Stakeholders—including shareholders and employees—are set to benefit from the new, streamlined structure, increased transparency, and the promise of enhanced value creation going forward. The unification of Makesense Technologies and PB Fintech is expected to make a positive impact on the broader fintech ecosystem, reinforcing both companies’ leadership and innovation agendas.

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ShareChat Appoints Neha Markanda as CBO

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Markanda’s appointment comes at a pivotal time for ShareChat, which recently achieved profitability and has projected a robust ₹1,200 crore revenue run rate for the year. The platforms boast a combined monthly active user base of more than 325 million, making ShareChat and Moj essential tools for marketers seeking to increase engagement across India’s diverse regions. Markanda’s expertise is expected to further accelerate ShareChat’s business growth, opening doors for brand collaborations and hyper-targeted influencer campaigns, which can connect marketers to local audiences in a culturally relevant manner.

With advanced degrees from the Indian Institute of Foreign Trade and Lady Shri Ram College, Markanda’s leadership is set to reinforce ShareChat’s momentum as India’s go-to platform for marketers and creators looking for trusted, brand-safe environments. Her focus on vernacular content and building robust partnerships will complement ShareChat and Moj’s mission to empower regional creators and deliver authentic engagement. Industry experts have lauded this strategic move, anticipating that Markanda’s vision will help ShareChat and Moj maintain their edge in India’s social media landscape.

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