PhonePe, a fintech platform, reported an annualised total payment value of $651 billion in December from a user base of 150 million monthly active users on Friday. According to a statement, the company has signed up 350 million users so far, implying that one in every four Indians now uses PhonePe. Over the last year, the registered user base has increased by 28%, from 273 million in January 2021 to 350 million in December 2021. “We are delighted to cross the 350-million registered users mark, and emerge as India’s largest…
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Business
Shopsy will be the priority , said Flipkart CEO
Flipkart Group CEO Kalyan Krishnamurthy told in an interview that the company will scale up verticals such as grocery and hyperlocal deliveries alongside its value-focused platform Shopsy after investing in these verticals over the last year. This comes at a time when Indian ecommerce has seen the entry of younger players, a flood of investor capital, and incumbents like Flipkart and Amazon being challenged for the first time in many years. Instead of diversifying further this year, Krishnamurthy said the Bengaluru-based company, which is majority owned by the US-based retail…
Read MoreZomato app marks two million orders on december 31st
The current wave of Covid-19 cases has had an impact on businesses of all sizes. Deepinder Goyal, the founder and CEO of Zomato, took to Twitter to express his support for the restaurants in this difficult situation. Zomato, the food delivery giant, received two million orders in a single day on December 31, 2021. An overjoyed Goyal could be seen live-tracking the orders from across the country. Goyal announced around 9 p.m. on Friday that the company had received 2 million orders and was still counting. According to Goyal, the…
Read MoreIT Minister Welcomes Intel To Make Chips In India
Ashwini Vaishnaw, Indian Union Minister for Electronics and Information Technology, welcomed Intel after Intel Foundry Services president, in a tweet, congratulated the minister on the nation’s effort to encourage semiconductor design and manufacturing in India. To those who are unaware, the Union Cabinet, led by Prime Minister Narendra Modi, approved a budget of Rs 76,000 crores earlier this month to provide incentives to companies designing and manufacturing semiconductor chips in India. Vaishnaw’s response was to Intel’s Foundry Services president, Randhir Thakur, who said via a tweet, “Congrats to @GoI_MeitY @AshwiniVaishnaw…
Read MoreWeWork India revenue up 33% at Rs 800 crore in 2021
WeWork India’s revenue increased by 33% to over Rs 800 crore this year and is expected to grow further in 2022 due to increased demand for its flexible workspaces, according to a company official. In an interview with PTI, WeWork India Chief Executive Officer (CEO) Karan Virwani outlined his vision for the company to become a “one-stop shop” for all workspace requirements. In response to the growing demand for flexibility, he stated that the company would expand its portfolio by one million square feet, with a capacity of approximately 20,000…
Read MoreFlipkart to acquire ANS commerce : report says
Flipkart, the world’s largest e-commerce company, has diversified its ecosystem this year with the acquisitions of online travel agency Cleartrip and e-pharmacy marketplace Sastasundar. The Walmart-owned company is on the verge of making another acquisition. According to three people familiar with the matter, Flipkart is in talks to acquire full-stack e-commerce enabler ANS Commerce. ANS Commerce is a full-stack e-commerce enabler that assists brands in selling their products online. It provides brand store technology, marketing, management, warehousing, and fulfilment services. The Gurugram-based startup, founded by Amit Monga, Vibhor Sahare, Sushant…
Read MoreGoogle CEO Sundar Pichai is likely to be questioned in an incognito mode privacy lawsuit for up to two hours.
Google CEO Sundar Pichai will likely be questioned for up to two hours in an incognito mode privacy lawsuit. In a court filing earlier this year, the plaintiffs stated that Pichai was warned about problems with Google’s incognito browsing mode in 2019, but he chose to ignore the warnings because he did not want the feature to come under scrutiny. According to the most recent filing, the plaintiffs are now arguing that Pichai has unique, personal knowledge of Chrome browser issues and privacy concerns. According to Google spokesman Jose Castaneda,…
Read MoreRussian court fined Google 7.2 million roubles
A Moscow court fined Google 7.2 billion roubles ($98 million; £73 million) for failing to delete content deemed illegal in Russia on multiple occasions.The offending content was not specified in the court’s press service announcement. This is the first time in Russia that a technology behemoth has been fined based on its annual revenue.Google told the AFP news agency that it would study the court decision before taking any further action. Russian authorities have increased their pressure on technology companies this year, accusing them of not properly moderating their content…
Read MoreCES 2022 will go on as per the schedule
Google, Microsoft, and other major technology companies have withdrawn from the CES 2022. The association, on the other hand, is unfazed by the absence of major attendees; the team as a whole has no plans to cancel the event or host it virtually. Previously, tech companies such as Twitter, Amazon, and Pinterest had withdrawn from the event due to Omicron concerns. “After reviewing the latest data on the rapidly evolving COVID environment, Microsoft has decided not to participate in-person at CES 2022,” a company spokesperson told the Verge. The company…
Read MoreSwiggy to lead a funding round worth $2 Mn in rapido
Swiggy is not known for making large strategic bets, but that is about to change as the SoftBank-backed company prepares to invest in Rapido, a bike taxi company. Swiggy and Rapido have been in talks for a potential deal for several months, according to three people familiar with the details of the transaction. “The terms of the deal have been finalised wherein Swiggy would lead a $200 million round in Rapido. It’s likely to invest around $100 million whereas the remaining $100 million would come from new and existing investors,”…
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