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Music Distribution App Saavn Onboards New Investors Senvest And Endeavor
New York-based online music distribution platform Saavn has roped in two new global investors, New York-based Senvest Management LLC and Los Angeles' global entertainment company Endeavor to empower its global reach. Senvest and Endeavor represent exciting new investors for us and we're honoured to be the platform that connects East and West. Currently catering to over 200 countries, the music distribution company's investors include Tiger Global Management, Liberty Media, Bertelsmann Investments and Sound Ventures.
Lesson in humanity: woman donated Rs 2.5 lakh to the temple where she begged
India has more than 4 lakh beggars seeking alms. Genderwise, 2.2 lakh males and 1.91 lakh females are among the 4,13,670 beggars in the country. During Ganesh Chaturdhi, she gave a sum of Rs 30,000 to the temple trust and donated the rest of the amount recently. When Sitamahalakshmi was around 75 years old, her body could not be support her and she had to stop working as a domestic help.
Thomas Cook to divest 5.42% stake in Quess Corp worth $93m
Travel services firm Thomas Cook (India) Ltd has received its board approval to sell a 5.42 per cent stake in its subsidiary Quess Corp Ltd for Rs 600 crore ($92.7 million) to retire debt. Post divestment, Thomas Cook will retain a controlling stake in the company and its shareholding will come down to 51.56 per cent, it said in a stock market disclosure.
Paytm Payments Bank Receives Fund Infusion Of $18.84 Mn But Deposits Remain Low
While Paytm Payments bank trudges along with mounting losses, it has received yet another cash infusion. Paytm's parent company One97 Communications and its founder Vijay Shekhar Sharma have together invested $18.84 Mn in Paytm Payments Bank. Sharma and One97 Communications had initially invested about $33.98 Mn in the bank, with Sharma owning majority stake in the payments bank. The fund infusion follows the September cash raise wherein the Payments Bank had reportedly secured $9.3 Mn from Sharma and other existing investors.
Baseline Ventures to manage young cricketer Prithvi Shaw
Sports marketing firm Baseline Ventures has signed up Prithvi Shaw, an 18-year-old right-hand batsman often touted as India's next Sachin Tendulkar. The multi-year deal will see Baseline managing all the commercial interests of Shaw. Prior to Baseline, Shaw was managed by Sunil Gavaskar's sports marketing company Professional Management Group (PMG). They manage some of the top talents of the country and I look forward to a great partnership with Baseline, Shaw said.
Robot harvester: This precision farm machine can shape the future of India's agriculture
A techie in the semi-conductor industry for 25 years, he decided to turn a farmer and quit the corporate world in 2013. It requires less water, a lot of sunlight and the prices are a lot better than crops like paddy, says Sambandam, 54. Cotton picking is completely dependent on humans and the demand for people 'peaks' during the picking season, says Sambandam. It will also improve the farm labour income, improve productivity of the farmers and improve the overall economy of farming.
Ola To Partner Tata Motors To Launch Nano Electric Vehicle In Delhi
After partnering with Indian Oil Corporation to launch India's first electric vehicle charging station in Nagpur earlier this week, homegrown cab aggregator Ola is looking to forge an alliance with Tata Motors to launch an EV version of Nano. In August this year, reports surfaced that the Mumbai-headquartered company had already begun testing its Nano Electric Vehicle in Coimbatore. As per sources, the road test was successfully performed in the presence of Tata Sons' Chairman Emeritus Ratan N Tata.
Love hotel janitor turns tycoon with plans to sweep away sleaze
If all the motels relied on love, they'd starve to death, 39-year-old Lee said in his office in Seoul's ritzy Gangnam neighborhood. The company also receives royalties from operators who adopt the Yanolja brand, as well as revenue for consulting or trading hotel supplies. As he moves more into the mainstream hotel market, he's also coming up against big global platforms like Agoda. The rise of apps and other disrupting innovations like Airbnb have pushed traditional hotel chains to adapt.
India: ESAF small finance bank to raise $69.4m through debt, equity
ESAF small finance bank (SFB) will raise Rs450 crore during the current fiscal year through debt and equity, a top official of the bank said. ESAF received the final nod from the Reserve Bank of India (RBI) in March to roll out its banking operations. The SFB will also launch new products like gold loans and loan products for small and medium enterprises and housing finance. The bank will also convert its MFI branches to serve its bank customers.
Finally, India is gearing up to face cyber security threats
With multiple, recent occurrences of high-profile cyberattacks globally, India finally seems to be catching up to its global peers when it comes to securing its cyber systems, albeit at a slow pace. Almost half of IT decision makers around the world, including India, still believe that business executives are not making cybersecurity a significant enough priority or focus, according to a survey by cyber security solutions provider Fortinet.
Rs 122 crore more in Paytm Bank, thanks to One97, Vijay Shekhar Sharma
Paytm's parent company One97 Communications and its founder Vijay Shekhar Sharma have together invested Rs 122 crore in Paytm Payments Bank, taking their total fund infusion to Rs 400 crore as of date. Sharma has invested Rs 62 crore, while the rest was put in by One97 Communications and One97 Communications India, as per filings with the RoC. Sharma and One97 Communications had initially invested about Rs 220 crore in the bank, with Sharma owning majority stake in the bank.
What The Media Doesn’t Tell You About The VC Industry In India
'One does not simply get a meeting with a VC' The grouse an entrepreneur nurtures against a VC has led to hilarious comics such as these. 8% is supposed to be industry standard but first time VCs typically keep it higher to make their fund more attractive. A VC- LP relationship is somewhat akin to an entrepreneur- VC relationship. The VC industry in India is less than 10 years old.
Tough road ahead: Investors can't find a fit in online fashion retail
Investments into online fashion retail have dropped to the lowest in three years, signalling a tough journey ahead and setting these companies on a profit-chase sooner than expected even as larger competing multi-category marketplaces mop up billions of dollars. Investors understand from examples in China and the US that there is a clear space for a fashion standalone player of scale. Companies would really have to differentiate themselves in something that bigger players can't do and show scale to garner investor interest.
Should Uber users be worried about data hack?
Uber chief executiveDara Khosrowshahisaid Tuesday that hackers had compromised personal data from some 57 million riders and drivers in a breach kept hidden for a year. The stolen data are thought to have been stored on an external server of Amazon Web Services - a division of Amazon offering cloud data storage facilities. Aside from the problem of safeguarding the data, Uber sought to keep the breach quiet.
Ola eyes profits by FY19; SoftBank reaffirms commitment
Ola, which has operations in 110 Indian cities, is locked in an intense battle for leadership with US-based Uber. When contacted, a SoftBank spokesperson said: Ola is a strategically important investment in our global portfolio. SoftBank holds about 25 per cent stake in Ola, while Tiger Global has about 13 per cent stake. In May this year, Ola had made changes to its Articles of Association, strengthening the rights of its founders.
India: Sequoia Capital trims stake in Just Dial by nearly 1%
Venture capital firm Sequoia Capital on Wednesday sold a nearly 1% stake in local search engine Just Dial Ltd, data from stock exchanges showed. Sequoia Capital started selling its stake in Just Dial in the third quarter of the current calendar year. On 5 September, Sequoia Capital sold a total of 3.6 million Just Dial shares worth approximately Rs135 crore, thereby bringing down its shareholding by 5.17% to 4.11%.
India: CX Partners raises $250m in first close of new fund
CX Partners is targeting a corpus of $400 million for the fund, said one of the two people cited above. Launched in 2009 by Ajay Relan, former India head of Citi Venture Capital International, CX Partners raised its first fund of $500 million in 2010. CX Partners sold about a 5% stake in Security and Intelligence Services (India) Ltd, or SIS, through its IPO in August.
Tiger Global Management to cash in Rs 1 bn from Ola, Flipkart exits
New York-based Tiger Global Management is set to cash in about $1 billion from its early bets on Ola and Flipkart by selling part of its shareholdings to Japan's Soft-Bank, said two people familiar with the development. The share sales in Flipkart and Ola will take the total realisations for Tiger Global, which has invested $2 billion over a decade in India, to nearly $1.5 billion.
Snips lets you build your own voice assistant to embed into your devices
French startup Snips is now helping you build a custom voice assistant for your device. Snips doesn't use Amazon's Alexa Voice Service or Google Assistant SDK - the company is building its own voice assistant so that you can embed it on your devices. Snips then uses deep learning to accurately detect when someone is trying to talk to your voice assistant.
Rolling out later this month across key UPROXX platforms and social handles, the episodes for Honda will include appeara
I want to see everyone get an opportunity, including Colin, but those decisions are made by football people, Goodell said. Dunedin RV Resort is located in a wooded area that is a short distance from state parks and nature trails. Concern surrounding the 6 foot 3 Davis is whether he can translate his Mid American Conference success to the NFL. If you have an NFL jersey that has been in storage for some time, chances are it has developed wrinkles.

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