Two Indian cities have made it to the top 20 cities that attracted the most venture capital in high tech startups, according to a new report. Mumbai was placed at No. 15 with $ 497 million of venture capital raised, followed closely by Bangalore at no. 17 with $ 419 million raised. Predictably, San Francisco occupied the top spot with over $ 6 billion raised.
Huge crowds were witnessed in Bangalore when 8000 people showed up to attend a walk-in interview at HCL.
Amazon India has just announced that it suffered losses worth Rs. 1728 crore for the year ending March 2015. In comparison, Flipkart had announced losses of Rs. 2000 crore in the same period. Snapdeal’s losses stood at Rs. 1350 crore.
Zomato is on course to double its revenue in the fiscal year ending March 31st. The company is also all set to become break even at the operational level – meaning it won’t make losses anymore on individual orders – by mid 2016. Zomato will be the first of the Indian unicorns to reach the milestone.
Madhya Pradesh isn’t a name that immediately springs to mind when you think of locations for tech startups. India’s tech scene usually has engineering offices in the startup hubs of Bangalore or Delhi, and prefers keeping its backend offices in close vicinity. But Paytm, India’s payments and e-commerce giant, is venturing into uncharted territory by setting up a center in Jabalpur.
Hike messenger, India’s homegrown competitor to Whatspp, has touched an important milestone – it claims to touched have 100 million users. Started in December 2012, Hike has seen a steady growth in its users since its inception, though it saw stiff competition from Whatsapp among India’s user base.
Capgemini has appointed Srinivas Kandula as chief executive officer for India, replacing Aruna Jayanthi, who has moved to a global role within the group.
British bank Barclays Plc will shut its cash equities division in India. This is in line with a decision to exit this business across the Asian region. The move is expected to result in around two dozen job cuts.
For the thousands that mill around Mumbai Central waiting for their trains every day, there’s now a new distraction. Google’s much-anticipated Wifi service for Indian stations launches tomorrow at the station. Waiting commuters will now be able to access high-speed Google powered Wifi at the station premises.