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Singapore-based ride-hailing company, Grab recently announced that it will be laying off 360 employees or about 5% of its workforce. The decision was announced by company Co-founder and CEO Anthony Tan in an internal letter to employees. However, putting speculations about more layoffs aside, a company spokesperson said that the company will not shut down…
Swiggy, an on-demand food delivery platform that brings food from neighborhood restaurants directly to users’ doors, announced that it is offering affordable lending products, training tools, discounted ad spots, and economical food packaging material to help its restaurant partners to resume operations. Swiggy has also activated bi-weekly payment options to enable smooth cash flows for…
The developer of battle game Fortnite, Epic Games is reportedly looking to raise $750mn at a valuation of $17bn, according to a Bloomberg report. The valuation includes the new funding and is up from the $15bn valuation the company garnered in 2018. As more and more startups are laying off employees, the recent development at…
InvAscent, a healthcare private equity firm, announced that it is investing Rs 70 crore in Murli Krishna Pharma Pvt. Ltd, a drug delivery systems (DDS) company in India that provides a range of effective solutions to optimize the delivery of pharmaceutical products. InvAscent has put Rs 70 crore ($9.25 million) in the Pune-based company, the…
ZTE Corporation, a major international provider of telecommunications, enterprise and consumer technology solutions for the Mobile Internet, announced that it has named Ni Fei as its President of Mobile Devices. In his new role, Ni will take full charge of ZTE’s mobile devices business while at the same time he continues to act as President…
HCL Technologies, a leading global technology company, announced the commencement of its operations in Sri Lanka. Marking its presence in the region, HCL plans to create over 1,500 new local employment opportunities for both freshers and experienced professionals, within the first eighteen months of kick-starting its operations from its office in Colombo. A key part…
Chinese internet giant and TikTok parent company, ByteDance recently said that it plans to discontinue two of its social media platforms Vigo Video and Vigo Lite in India. The company has reportedly asked its users from its biggest overseas market to move to TikTok. In its message to users on Vigo apps today, ByteDance said…
The IT services company of L&T Group, Mindtree recently announced that it has appointed Vinit Teredesai as the new Chief Financial Officer with effect from June 15,2020. He will be based in Bengaluru and will be responsible for providing financial leadership to the company. Speaking on the appointment, CEO and MD of Mindtree, Debashis Chatterjee…
SaaS startup Syncari recently announced that it has raised $6.5mn in total seed funding led by SignalFire. With the new capital, the company plans to accelerate its customer acquisition plans. Along with the investment, Ilya Kirnos of SignalFire and Ross Mason of Dig Ventures join the company board. The company had earlier raised pre-seed investment…
Reltio, a SaaS company that provides a modern data management platform wherein enterprises deploy new generation of data-driven applications, announced the appointment of Eugene Lao as General Counsel. Lao has more than two decades of experience advising major tech companies including DocuSign, Yahoo!, and Zynga as a senior attorney and leading global legal teams, Lao…
Microsoft Corp and SAS announced an extensive technology and go-to-market strategic partnership. The two companies will enable customers to easily run their SAS workloads in the cloud, expanding their business solutions and unlocking critical value from their digital transformation initiatives. As part of the partnership, the companies will migrate SAS’ analytical products and industry solutions…
IBM, an IT technology and consulting firm providing computer hardware, software, and infrastructure and hosting services, announced that it has signed a definitive agreement to acquire Spanugo, a US-based provider of cloud cybersecurity posture management solutions. The company said that the addition of Spanugo software will help accelerate the availability of a security control center…
Biomoneta, a health tech startup that aims to prevent the transmission of infection in the hospital and the community, and the spread of microbial contamination in commercial and academic laboratories, announced that it has raised seed funding led by Beyond Next Ventures (BNV-Japan), along with ArthaVida Ventures and IVF specialist and angel investor, Dr. Aniruddha…
Sinch AB, a global leader in cloud communications for mobile customer engagement, announced that it has entered into a definitive agreement to acquire ACL Mobile Limited for a total cash consideration of Rs 5,350 million. Founded in 2000, ACL Mobile is a leading provider of cloud communications services in India and Southeast Asia. Its platform…
Stride Ventures, a venture capital firm in India which aims to invest in innovative startups across the country, announced that it has invested Rs 10 crore in LetsTransport, a Bengaluru-based aggregator for fulfilling intra-city last-mile deliveries for enterprise customers. Commenting on the investment, Ishpreet Gandhi, Managing Partner, Stride Ventures, said, “While the sector has been adversely…