An Indian Employee Has Been Accused Of Creating Fake Bills And Stealing Rs. 67 Crore From Tesla

An Indian Employee Has Been Accused Of Creating Fake Bills And Stealing Rs. 67 Crore From Tesla

Elon Musk might have his eyes set on Mars, but he still needs to deal with the problems of running a business right here on earth. An ex-Tesla employee has been charged for embezzling $9.3 million (Rs. 67 crore) from the company by US federal prosecutors. Salil Parulekar, who’d completed his graduation from Mumbai’s KJ Somaiya College of Engineering before moving to the US, has been accused of fraudulently diverting payments from an existing Tesla supplier…

Binny Bansal Speaks To Flipkart Employees After Shock Exit, Reports Hint At Sexual Misconduct Allegations

Binny Bansal Speaks To Flipkart Employees After Shock Exit, Reports Hint At Sexual Misconduct Allegations

Binny Bansal has spoken to Flipkart employees after he tendered in a shock resignation earlier this evening. Bansal has clarified that allegations of a serious nature were made against him, and his decision to step down was accelerated by certain “personal events”. “The allegations left me stunned and I strongly deny them,” he said. Bansal however added that the alleged event could not be corroborated by after an investigation by an independent law firm. He said that…

Binny Bansal Resigns From Flipkart After Allegations Of Serious Personal Misconduct

Binny Bansal Resigns From Flipkart After Allegations Of Serious Personal Misconduct

Sachin Bansal had left Flipkart heralded as a hero, having been credited for building India’s biggest startup. His cofounder Binny Bansal has left under decidedly different circumstances. Flipkart Group CEO Binny Bansal has announced his resignation from Flipkart effective immediately. The announcement came following an investigation into an allegation of “serious personal misconduct” by Walmart, which had acquired Flipkart earlier this year. Kalyan Krishnamurthy will take over as Flikart’s CEO, and Flipkart will now directly…

Two Months Ago, The World Had Two Trillion Dollar Companies. Now There Are None.

Two Months Ago, The World Had Two Trillion Dollar Companies. Now There Are None.

Until a few months ago, 2018 had been turning out to be a pretty spectacular — and record-breaking — year for tech. On 2nd August, Apple’s stock had hit a price of $207, pushing it past the $1 trillion market capitalization mark, and becoming the first company to reach the milestone. Just a month later, Amazon followed suit, with its stock briefly touching the $2050 mark, taking its own market capitalization past $1 trillion. From having…

Zomato Has Quietly Built Itself A Rs. 35 Crore Per Month Business Which Supplies Ingredients To Restaurants

Zomato Has Quietly Built Itself A Rs. 35 Crore Per Month Business Which Supplies Ingredients To Restaurants

Thus far, Zomato had been looking to become the de-facto interface between restaurants and their customers — customers could look up restaurants on Zomato, and Zomato let them make reservations and even get discounts. Zomato had also bet big on the food delivery space, and its delivery fleet helped deliver meals to people who’d rather eat at home. But Zomato appears to have quietly built itself a new line of business — and instead of connecting…

Alibaba Has Just Sold More Goods In 76 Minutes Than Flipkart And Amazon Together Sold In 2017

Alibaba Has Just Sold More Goods In 76 Minutes Than Flipkart And Amazon Together Sold In 2017

China’s e-commerce market is widely known to be far bigger than India’s, but the magnitude of the gulf is truly breathtaking. Alibaba, China biggest e-commerce company, has just sold more goods in 76 minutes than Amazon and Flipkart together had sold in all of 2017. One hour and 16 minutes into Alibaba’s Singles Day sale, the company said that it had sold goods with GMV (Gross Merchandise Value) of 91.2 billion RMB, or $13.1 billion. Through all…

Twitter CEO Jack Dorsey Is In India, And Reactions Have Been Both Welcoming And Hostile

Twitter CEO Jack Dorsey Is In India, And Reactions Have Been Both Welcoming And Hostile

The visit of the CEO of a global tech giant to India is usually a cause for celebration — when Apple CEO Tim Cook had visited India, he’d met with everyone from cricketers and Bollywood celebrities, and Uber CEO Travis Kalanick had visited IIT Bombay and then rubbed shoulders with Sachin Tendulkar. But the reaction to the visit of Twitter CEO Jack Dorsey been a lot more mixed. Dorsey announced last night (on Twitter, of course), that…

China Has Just Unveiled The World’s First AI News Anchor

China Has Just Unveiled The World’s First AI News Anchor

It’s the 21st century, and robots aren’t just taking away back-office jobs that require repetition and number crunching — they are already taking away public-facing and creative jobs as well. China has just unveiled what it calls the world’s first AI news anchor. China’s state news agency Xinhua today greeted users with a digital representation of a regular news anchor, who read out the news just like his real-life counterpart. “Not only can I accompany you 24…

UPI And RuPay Transactions Are Now 65% Of Debit And Credit Cards Combined: Arun Jaitley

UPI And RuPay Transactions Are Now 65% Of Debit And Credit Cards Combined: Arun Jaitley

India’s demonetization exercise might be widely seen to have not quite delivered the results it had promised in curbing black money, but it’s had a dramatic impact on another aspect of the economy — the growth of indigenous payment methods. UPI and RuPay — both technologies developed by India’s government-instituted body NPCI — now together account for 65% as many transactions as through all credit cards and debit cards combined, Finance Minister Arun Jaitley has…

Snapdeal Sells The Most Counterfeit Goods, Amazon The Least: Consumer Survey

Snapdeal Sells The Most Counterfeit Goods, Amazon The Least: Consumer Survey

India’s e-commerce companies have tried to usher in a revolution in how India shops, but they seem to be lagging behind traditional retail in one critical aspect — fake products. One in five products sold by e-commerce companies is fake, a consumer survey has found. Citizen engagement platform LocalCircles asked 30,000 e-commerce shoppers if they’d received a counterfeit product over the last six months. A whole 20% said that they had, with the most common…

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