Sunday, June 4, 2017

Happiest minds Technologies acquired OSSCube

Happiest minds Technologies acquired OSSCube

Happiest Minds Technologies Pvt. Ltd has acquired US-based digital transformation firm OSSCube. OSSCube was founded in 2008 provides consulting-led digital transformation and modernisation services in cloud, Big Data, e-commerce, enterprise mobility and open source.

Also read: TeamLease Services acquired Freshersworld

The firm has operations in North America, Europe and Asia. As a part of the deal, OSSCube’s 240-member team will now be a part of Happiest Minds and operate out of its Noida office.

Happiest Minds CEO and MD Sashi Kumar said, We have made efforts to build a strong market position as a company that has expertise in transformational and disruptive technologies. The acquisition of OSSCube is a step forward in this direction. We also expect this deal to accelerate our go-to-market capabilities in North America.
TeamLease Services acquired Freshersworld

TeamLease Services acquired Freshersworld

TeamLease Services has acquired 30 percent stake in Freshersworld. Freshersworld is a job site for entry level professionals.


The company said, as on June 1, 2017, all the conditions precedent to closing have been fulfilled and the acquisition of 30 per cent stake is completed. Pursuant to this, Fresher's World becomes our Associate company with effect from June 1, 2017.

Also read: KPMG acquired Matchi for undisclosed amount

Fresher's World, which has about 4 million unique visits every month, will continue to operate as a separate and independent entity.

TeamLease Services Executive Vice-President Rituparna Chakraborty said, Freshersworld's enterprise valuation is Rs 18 crore and we have taken 30 per cent stake towards that valuation and the acquisition of further stake in Freshersworld or complete exit is linked to future performance and key product milestones over the next three-year period.
Tripeur raised undisclosed amount of funding

Tripeur raised undisclosed amount of funding

Travel enterprise resource planning platform Tripeur has raised undisclosed amount of funding from Grace Grace Techno Ventures LLP.



Also read: RentOnGo raised undisclosed amount of funding

Tripeur CEO Thiagarajan Rajagopalan said, the company will use the funds will primarily be used for product development, ramping up its technology infrastructure and sales and marketing teams, besides acquiring new customers.

Tripeur is an app based service acts as a one-stop shop for all processes related to business travel and expense management. It offers a host of services, including raising a trip request, getting approval, hotel bookings and understanding the business policy.
RentOnGo raised undisclosed amount of funding

RentOnGo raised undisclosed amount of funding

Online marketplace for renting bikes, electronics and appliances RentOnGo has raised undisclosed amount of funding from TVS Motor Company.

Also read: TVS Motor picked up around 20% stake in RentOnGo

The company said, it will use the funds for expanding operations, ramping up technology platform and marketing.

As a part of the deal TVS Motor will pick up around 20% stake in RentOnGo.

Saturday, May 27, 2017

ICICI Bank CEO earns Rs 2.18 lakh per day

ICICI Bank CEO earns Rs 2.18 lakh per day

ICICI Bank CEO Chanda Kochhar earns Rs 2.18 lakh per day. She has drawn Rs 7.85 crore as total remuneration in 2016-17.




ICICI Bank MD & CEO Chanda Kochhar's basic salary increased over 15 per cent to Rs 2.67 crore during the fiscal ended March 2017. Her cost to the company was Rs 2.18 lakh per day.


Also read: Tata Motors to cut 1500 managerial jobs

Apart from this she also get furnished accommodation, gas, electricity, water and furnishing, club fees, group insurance, use of car and telephone at resident, reimbursement and leave travel concession, provident funds etc.

The monthly basic salary for Kochhar will be within the range of Rs 1,350,000-Rs 2,600,000.

Wednesday, May 24, 2017

Tata Motors to cut 1500 managerial jobs

Tata Motors to cut 1500 managerial jobs

Tata Motors said it will cut 1500 managerial jobs as a part of organisational restructuring exercise. In a statement it said, The reference (total managers) on which we started (the exercise) was in the vicinity of 13,000...we do see as far as the white collar population is concerned, an overall reduction in the vicinity of 10-12 per cent (up to 1,500).



It said, blue collar or worker jobs have not been impacted as part of the exercise.

Also read: Tech Mahindra Lays Off 1000 Employees

Tata Motors chief financial officer, C Ramakrishnan said, We underwent a very detailed exercise in terms of the roles, the requirements and the fitment of the roles etc. It was a very comprehensive exercise which we rolled out over a 6-9 month period which also factored in performance and leadership qualities," the company's group chief financial officer.

Wednesday, May 17, 2017

Hyperlocal delivery startup Genie raised Rs 1.6 crore

Hyperlocal delivery startup Genie raised Rs 1.6 crore

Chennai-based hyperlocal delivery and logistics startup Genie has raised $250,000 (around Rs 1.6 crore) from various investors. The company said it will focus on attaining scale and being operationally profitable in a year along with creating supplementary products and sources of income.



Also read: Delivery startup Genie to shut down

Rakesh Mani, co-founder of Genie said, With the investment, we are going to try solving the last-mile logistics problem with a lot more courage. The amount of love we have received even after we ceased operations was incredible. We have been able to garner great traction in a city like Chennai, which is known to be one of the most conservative markets in the country.

Customers can use Genie for getting grocery, medicines and food from restaurants; collecting cheques and documents; as well as picking lunch from home to office, among others. Genie charges a convenience fee for the pick-up and drop.
Workflow management startup Zapty raised $500000 funding

Workflow management startup Zapty raised $500000 funding

Project management platform Zapty has raised $500,000 in seed funding from Ideaspring Capital. Zapty has offices in US and in Bangalore, India.




Zapty’s software-as-a-solution (SaaS) platform for cloud-based work management enables business users to discover, manage and automate processes using artificial intelligence.

Also read: Aye Finance riased Rs 20 crore from State Bank Of India

Zapty has developed proprietary micro workflows called Zaplets that can be customised for multiple sectors including retail and digital marketing. The micro workflows, which use machine learning to automate processes, can also be integrated with other SAAS products and solutions.

The team plans to enhance its product including integrating several popular SaaS products and opening its micro-workflow technology to create departmental and verticalised solutions.

Friday, May 12, 2017

Aye Finance riased Rs 20 crore from State Bank Of India

Aye Finance riased Rs 20 crore from State Bank Of India

Micro-lending platform Aye Finance has raised Rs 20 crore in debt funding from the State Bank of India. Aye Finance delivers business funding to Indian micro and small enterprises.

Aye Finance provides mortgage, hypothecation and term-loan services accessible to India's thriving and under-served MSME sector. It has 33 braches all over India.

Also read: Fintech startup Invoice Bazaar raised undisclosed amount of funding

The comapny said the funds from SBI will allow the firm to reach out to many more micro and small enterprises and further the growth of its loan book.

Sanjay Sharma, managing director of Aye Finance said, While the MSME sector continues to be under-served by most financial institutions, we believe that the sector holds a lot of promise for growth, development and job creation in India.
Oracle to set up data centre in India

Oracle to set up data centre in India

Oracle CEO Safra Catz announed that Oracle is going to set up data centres in India to expand its cloud services.


Also read: Anchanto raised undisclosed amount of funding

Oracle said, Over the coming months, Oracle will be reviewing proposals from government and business partners to provide customers with the capability to build and move workloads to an India-based cloud. This will enable Oracle to deliver secure services to customers with significant price advantage.

Oracle President (Product Development) Thomas Kurian said, With this expansion, we will be able to further support customer choice adding to capabilities already available through deployments of 'Oracle Cloud at Customer', as well as other Oracle Cloud data centre regions in Asia Pacific.