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India’s largest airline in by market share, IndiGo recently announced that it is now proceeding ahead with salary deductions for employees from May onwards. The company Chief Executive Officer, Ronojoy Dutta also said that the carrier is implementing a “limited, graded leave without pay program” for the months of May, June, and July. The airlines…
Mukesh Ambani-led Reliance Industries is reportedly considering selling its stake in Asian Paints as the Indian multinational conglomerate is stepping up its efforts to become debt free. According to a Bloomberg report, the company is in discussions with various banks for a potential sale of its 4.9% stake worth ₹989mn in Asian Paints report Ltd.…
In an attempt to strengthen its ecommerce footprint, Indian multinational conglomerate Reliance Industries Limited is reportedly in advanced talks to acquire a majority stake in Epharmacy startup Netmeds. According to a Times Of India report, Reliance, through one of its subsidiaries, may pay about $150mn for the assets including fresh capital infusion in the ten-year-old…
Welspun Enterprises Ltd, a part of Welspun Group, announced that it has plans to acquire a toll road project under the build-operate-transfer (BOT) model from the Essel Group. Welspun Enterprises said in a stock-exchange filing that the project – operated by Mukarba Chowk-Panipat Toll Roads Ltd (MCPTRL) – is being acquired through the harmonious substitution…
VestaSpace Technology Pvt. Ltd, a Pune-based space technology company building small satellite platforms for commercial and scientific applications, announced it has raised $10 million in funding from Next Capital, a US-based investment management and advisory services firm. The company will use the fund infusion to enhance its technological infrastructure and scale up its operations, the company…
Reliance Industries Limited and Jio Platforms Limited announced that Vista Equity Partners will invest ₹ 11,367 crore into Jio Platforms. This investment values Jio Platforms at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore. The investment will make Vista the largest investor in Jio Platforms behind…
India’s largest food delivery company, Swiggy recently announced that the company Co-founder and Chief Technology Officer Rahul Jaimini, has resigned from his position to pursue another entrepreneurial venture. His resignation was announced by company CEO and Co-founder Sriharsha Majety in a blogpost, where he bid goodbye to his “magician” friend and business partner. Jaimini will…
Zoom, a provider of videotelephony and online chat services through a cloud-based peer-to-peer software platform, announced it has acquired message encryption and security startup Keybase. Financial details of the transaction remain undisclosed. Post acquisition, Keybase Co-founder Max Krohn will be leading Zoom’s security engineering team, and they will be reporting directly to Zoom Founder and…
Uber, an American multinational ride-hailing company is leading a $170 million investment in scooter- and bike-sharing startup Lime, in a move that deepens the ties between the two “sharing economy” platforms, the companies said. Other investors that took part in the funding round are Alphabet, Bain Capital Ventures, GV and other existing and new investors,…
Palo Alto, Calif.-based VMware has recently confirmed that it has taken several cost-cutting measures affecting its workforce amid the coronavirus pandemic. According to an internal memo, the company said it is conducting a company-wide employee salary freeze as well as temporary salary reductions for top executives, including CEO Pat Gelsinger, due to the uncertainty of…
After a long halt of more than a month due to the government mandated lockdown, BMW Group India announced that it has resumed operations at Plant Chennai in accordance with guidelines issued by local authorities. The company said that Local production at the plant will be started with less than 50% of the regular workforce.…
Food delivery unicorn Zomato is reportedly aiming to start delivering alcohol to consumers as the company seeks to encash on the high-demand for liquor in India amid lockdown. According to a document seen by Reuters, Zomato is trying to lobby for a change in alcohol rules in India along with International Spirits and Wines Association…
United Airlines is reportedly looking to slash at least 3,400 management and administrative positions in October due to the slump in air travel demand amid the coronavirus pandemic. According to internal memos sent by the company to employees, accessed by Reuters, the company informed its staff about the possible job cuts, including the flying team.…
The corporate sector has been witnessing remote work for quite some time now and employees now feel reluctant to return to usual office scenarios due to the coronavirus pandemic. Addressing these concerns of employees regarding contracting the virus, several corporations have extended their remote working policy. After Amazon Inc stretched its work from home policy…
Ride-hailing giant Uber has been witnessing a series of layoffs across departments of the company due to the coronavirus impact on the business. Recently, the company had announced that it is laying off 3,700 employees globally to save costs. Following the footsteps of its parent company, Uber’s subsidiary in Middle East Careem has now announced…