Paytm’s Losses Narrow 37% In FY19, Revenue Rises By 1.4%

Paytm’s Losses Narrow 37% In FY19, Revenue Rises By 1.4%

Indian startups are beginning to rein in their losses, which had been spiraling out of control for the longest time. Paytm has narrowed its losses by 37% to Rs. 2,597 crore for the financial year ended March 31 2020. The company posted revenues of Rs. 3,629 crore, which was 1.4 percent higher than last year. “Optimizing expenses resulted in a 40% reduction in losses compared to last year,” a Paytm spokesperson said. “The company has expanded its financial services…

Zoom’s Revenue Rises An Astonishing 355% Over Last Year, CEO’s Wealth Rises By $4.2 Billion As Stock Spikes

Zoom’s Revenue Rises An Astonishing 355% Over Last Year, CEO’s Wealth Rises By $4.2 Billion As Stock Spikes

The coronavirus hasn’t come as good news for most companies — theatres, ride hailing startups, and events companies are all suffering. But the virus has brought with it unexpected success to those who happened to be in the right place in the right time. Zoom has reported a 355% increase in quarterly revenues compared to the same period last year. Zoom reported revenues of $663.5 million (Rs. 5000 crore) for the March-June period. Zoom had approximately…

Unacademy Raises $150 Million From Softbank At $1.45 Billion Valuation, Enters Unicorn Club

Unacademy Raises $150 Million From Softbank At $1.45 Billion Valuation, Enters Unicorn Club

The coronavirus lockdown has devastated several different kinds of businesses — the hospitality sector, theatres, and events companies have all been hard hit. But not everyone’s complaining. Ed-tech startup Unacademy has entered the unicorn club after raising $150 million from the Softbank Group. The deal values Unacademy at $1.45 billion. Existing investors Facebook, General Atlantic, Sequoia India, Nexus Venture Partners, and Blume Ventures also participated in this funding round. “Learning from the best experts to achieve…

Elon Musk’s Neuralink Shows Off Its Brain Implants In Pigs In Remarkable New Demo

Elon Musk’s Neuralink Shows Off Its Brain Implants In Pigs In Remarkable New Demo

It’s 2020, and keeping up with how other things have been this year, tech demos aren’t quite the same either. Elon Musk today showed off the progress of his brain interface startup Neuralink using three live pigs. Musk first showed off a normal pig, then a pig which had had Neuralink’s chip embedded in its brain for over 2 months, and a third pig, which had a Neuralink implant for a while which was subsequently…

Paytm Is Transforming Financial Services For The Post-COVID Bharat

Paytm Is Transforming Financial Services For The Post-COVID Bharat

[This article is written by Narendra Yadav, Vice President – Paytm] Being a homegrown company that is as resilient as the citizens it proudly serves, Paytm has been able to find ways to combat the pandemic and come up with solutions to not only keep the business growing but also empower countrymen to deal with the sudden crisis. The company early on understood that social distancing norms and safety measures would have a lasting impact on…

Alibaba Puts Investment Plans In India On Hold As Indian Govt Tightens Screws On Chinese Companies: Report

Alibaba Puts Investment Plans In India On Hold As Indian Govt Tightens Screws On Chinese Companies: Report

The heightened border tensions between India and China are now very clearly spilling over into India’s startup ecosystem. China’s Alibaba Group has put on hold plans to invest in Indian companies, two sources aware of the plans told Reuters. Alibaba will not put in fresh funds to expand its investments in the country for at least six months, the sources reportedly said. However, there are no plans to reduce its stakes or exit investments, they added. “Alibaba and a few…

Have “Significant Influence” Over Paytm’s Parent Company: China’s Ant Group In IPO Filing

Have “Significant Influence” Over Paytm’s Parent Company: China’s Ant Group In IPO Filing

At at time when China’s businesses in India are under the scanner following the Ladakh standoff, China’s Ant Financial has indicated that Chinese companies with financial stakes in Indian startups too can wield considerable influence over them. China’s Ant Group, which was a subsidiary of Alibaba’s, has said said in its IPO prospectus that is has ” “significant influence” over One97 Communications Ltd, which is the parent company of Paytm. “Our major associates include One97 Communications Ltd that operates…

Tata Group To Take On Jio And Amazon With Launch Of Super App

Tata Group To Take On Jio And Amazon With Launch Of Super App

Amazon and Flipkart had thus far been reconciling themselves with a massive Indian player having joined the e-commerce fray — JioMart, it is becoming increasingly apparent, will take both companies head on. But Amazon and Flipkart might have another huge Indian player to contend with. The Tata group is poised to launch a “super app” by December or early next year, FT reported. The super app will provide food and grocery ordering, fashion and lifestyle, consumer durables,…

“Uninstall PhonePe” Trends On Twitter As People Demand Aamir Khan And Alia Bhatt Be Removed As Brand Ambassadors

“Uninstall PhonePe” Trends On Twitter As People Demand Aamir Khan And Alia Bhatt Be Removed As Brand Ambassadors

Yet another startup is finding out that signing on high-profile celebrities as brand ambassadors is a sword that can cut both ways. “Uninstall PhonePe” is currently trending on Twitter with hundreds of users demanding that the company dissociate itself from Aamir Khan and Alia Bhat, its brand ambassadors. The trend Uninstall PhonePay (curiously with the spelling of Pe misspelled) currently has nearly 80,000 tweets on Twitter, and is trending at number 3 nationwide. PhonePe had…

Food Delivery Volumes Back To 75-80% Of Pre Covid Levels, Restaurants Only At 8-10%: Zomato

Food Delivery Volumes Back To 75-80% Of Pre Covid Levels, Restaurants Only At 8-10%: Zomato

There is now data available on how the coronavirus is now impacting India’s food business. Food delivery volumes are now back up to 75-80 percent of pre-Covid levels, while restaurants are operating at 8-10 percent of pre-Covid levels, Zomato has said in a report. “Over the last few days, we reached out to thousands of restaurants and customers across various cities in India to understand the current state and future outlook of the industry,” Zomato…

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