Relinace Jio Will Soon Start Selling Mutual Funds: Report

Over the last three years, Reliance Jio has spent billions of dollars to gather an audience of 355 million telecom users. Now it’s making moves to cash in on these users outside of telecom. After venturing into broadband, a suite of consumer apps, and even e-commerce, Reliance Jio could soon start selling mutual funds. Mint reports that Reliance has already been beta-testing its mutual funds offering among its employees for a few quarters. Reliance will likely use…

Reliance Soft-Launches JioMart, To Officially To Take On Amazon And Flipkart

Reliance Soft-Launches JioMart, To Officially To Take On Amazon And Flipkart

It’s been several years in the making, but it’s finally here. Reliance has soft-launched its much-anticipated e-commerce venture. Called JioMart, the venture will currently cater to shoppers in suburban Mumbai areas of Navi Mumbai, Thane and Kalyan. Jio has begun sending invites to its telecom users for registering on JioMart. JioMart bills itself as “Desh ki nayi dukaan”, and says that its app will soon be available. A Reliance Retail official confirmed the launch, adding that…

Indian Startups Raised More Money Than Indian IPOs In 2019

Indian Startups Raised More Money Than Indian IPOs In 2019

The Indian startup ecosystem has been growing in stature over the last few years — startups now get a lot more coverage by the mainstream media, startup founders are becoming as well-known as their big-business counterparts, and large numbers of young people would now rather risk joining a startup than an established company. And there’s data to show why. Startups in India raised 26 percent more money than all IPOs in 2019. Indian startups and…

Quikr Lays Off 2000 Employees, Discontinues Its Beauty At Home Vertical

Quikr Lays Off 2000 Employees, Discontinues Its Beauty At Home Vertical

The festive season hasn’t brought in much cheer for the employees of India’s unicorns. After reports emerged that Oyo Rooms was going to fire 2000 people by next month, and Ola Cabs had fired 350 employees in November, Quikr has become the latest Indian unicorn to lay off employees in large numbers. Quikr has laid off 2000 employees from across its cars and bikes, jobs, Quikr Realty and Quikr homes verticals. Additionally, Quikr has discontinued its “AtHomeDiva”…

ParentPal Helps Young Parents Find Activities For Their Children

ParentPal Helps Young Parents Find Activities For Their Children

Parenting was never an easy gig, but it’s even harder in the modern world. Parents want their kids to excel at whatever they do, and there’s a dizzying array of hobby classes, activities, and sports lessons to choose from. That said, it’s hard to find classes that are conveniently located, or of a high-enough quality. That’s where ParentPal hopes to help new parents out. ParentPal, founded in 2019, aims to become a one-stop shop for…

Yahoo Exits Joint Venture With Oyo In Japan, Sells Stake

Yahoo Exits Joint Venture With Oyo In Japan, Sells Stake

Oyo’s collaboration with one of the world’s biggest names in technology hasn’t lasted very long. Yahoo Japan has exited its joint venture with Oyo Rooms for its Japanese arm. Yahoo, which had a 30 percent stake in the venture, had sold off its stake in Novemeber. While Yahoo has not disclosed its reason for leaving the venture, Oyo is believed to be looking to improve the service in light of resolving the capital relationship. Interestingly, Softbank is an investor…

Bengaluru Is India’s Highest Paying City, Says Randstad 2019 Report

Bengaluru Is India’s Highest Paying City, Says Randstad 2019 Report

According to Randstad Insights Salary Trends Report, 2019, Bengaluru remains India’s highest paying city for the third year in succession. The average annual cost to company (CTC) in the city for talent across junior level stood at Rs 5.27 lakh, Rs 16.45 lakh for mid-level and Rs 35.45 lakh for senior level. The second and third places were taken by Hyderabad and Mumbai for junior level roles, Mumbai and National Capital Region (NCR) for mid-level roles…

Oyo To Lay Off 2000 Employees By Next Month: Report

Oyo To Lay Off 2000 Employees By Next Month: Report

Oyo might have seen its valuation jump from less than $1 billion to $10 billion in just over a year, but many of its employees aren’t going to enjoy the fruits of its success. Oyo is in the process of laying off about 2,000 employees pan India across functions by the end of January, ET reported. The layoffs will help the company save on manpower costs and make some of its processes “more tech enabled”. Divisions like sales,…

Byju’s Reports Net Income Of Rs. 20.16 Crore, Becomes Only Profitable Consumer Unicorn Startup In India

Byju’s Reports Net Income Of Rs. 20.16 Crore, Becomes Only Profitable Consumer Unicorn Startup In India

India’s consumer internet unicorns are known for their flashy offices, their outspoken founders, and to no less degree, their burgeoning losses.  But there’s an internet startup out there that’s bucking the trend. Byju’s has quietly posted a net income of Rs. 20.16 crore in the financial year ended March 31. With this milestone, Byju’s has become the only profitable consumer startup unicorn in the country. Last year, Byju’s had posted a loss of 28.65 crore. …

Swiggy’s Losses Rise 6x To Rs. 2,364 crore In FY 19, Revenues Up 2.7x

As Swiggy’s footprint expands over India, its losses are ballooning too. Swiggy saw its losses rise sixfold to Rs. 2,364 crore in the financial year ending March 31, 2019. Its losses last year were Rs. 397 crore. Revenues, on the other hand, increased only 2.7x to Rs. 1,297 crore.  “We saw a 4.2x increase in order volumes and a 2.8x increase in operating revenue despite a higher baseline, underscoring our ability to grow in a…

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