New Delhi: In a fresh round of funding, restaurant search and discovery platform Zomato has raised $60 million from Singapore government-owned investment company Temasek, along with existing investor Vy Capital. The company said that it will use the investment to further grow its new business verticals.
Zomato has raised a total of $225 million in eight rounds of funding since its launch in 2008. It comes from a set of only four investors — Info Edge, Sequoia India, Vy Capital, and now Singapore-based Temasek. “We will use this round to make investments in our new businesses such as online ordering, table reservations, point of sales, and our newly launched Whitelabel platform. With this round and with some of our markets turning profitable recently, Zomato is well capitalised for at least two year,” said Deepinder Goyal, founder and chief executive.
Zomato on Monday also launched Whitelabel Platform (zomato.com/whitelabel). The new platform offers a host of technologies for restaurants to run their business on the internet. Last week Zomato made strategic investments in Gurgaon-based Pickingo, and Mumbai-based Grab, both hyperlocal players, to enable last-mile delivery for restaurants including dine-in-only restaurants that don’t otherwise deliver.
Founded in 2008, Zomato is headquartered in India, and employs over 3000 people across 22 countries. Available on web and mobile, Zomato provides detailed restaurant information such as menus, contact details, pictures, geo-coded maps, and user reviews, for 1.4 million restaurants. Zomato sees over 90 million visits across its web and mobile platforms every month.
The platform launched for restaurants will enable them to launch custom-branded native mobile apps to help them connect with and engage with their customers
Success in my Habit
Wednesday, September 9, 2015
Baidu to boost spending on India, Indonesia as mobile sales boom
Taiwan: Baidu Inc. plans to boost investments in India and Indonesia as China’s largest Web search provider tries for a greater presence on smartphones.
“They have a lot of characteristics that mimic China’s development,” Chief Financial Officer Jennifer Li said during an interview in Beijing on Monday. “There is no legacy of PC user behavior and probably mobile is going to have a very speedy development.”
Baidu is spending on new businesses while locked in competition with Alibaba Group Holding Ltd. and Tencent Holdings Ltd. In July, Baidu forecast sales below estimates, and Chairman Robin Li pledged to tap its $12 billion of cash to build out its shopping, taxi and delivery services amid China’s economic slowdown.
China saw its first decline in smartphone shipments in six years during the first quarter, while India’s shipment volume surged 44% in the second quarter. India is now the world’s third-largest smartphone market.
During the past two years, Baidu spent almost $1 billion on more than 20 investments, including Uber Technologies Inc., travel website Qunar and video-streaming service iQiyi, according to data compiled by Bloomberg.
The company is now exploring investments in the local education and medical sectors, Li said. The spending likely will be small, with Baidu interested in minority stakes as well as full acquisitions, she said.
Baidu also is keen to make use of its relationships with educational institutions by providing student loans, President Zhang Ya-Qin said in a separate interview. It has issued 100 million yuan ($15.7 million) in loans, averaging 20,000 yuan each, since starting its lending program last month, he said.
Baidu is working with 50 education providers, including New Oriental Education and Technology Group Inc., and wants to capture 30% of an online educational loans market currently valued at 10 billion yuan annually, he said.
“They have a lot of characteristics that mimic China’s development,” Chief Financial Officer Jennifer Li said during an interview in Beijing on Monday. “There is no legacy of PC user behavior and probably mobile is going to have a very speedy development.”
Baidu is spending on new businesses while locked in competition with Alibaba Group Holding Ltd. and Tencent Holdings Ltd. In July, Baidu forecast sales below estimates, and Chairman Robin Li pledged to tap its $12 billion of cash to build out its shopping, taxi and delivery services amid China’s economic slowdown.
China saw its first decline in smartphone shipments in six years during the first quarter, while India’s shipment volume surged 44% in the second quarter. India is now the world’s third-largest smartphone market.
During the past two years, Baidu spent almost $1 billion on more than 20 investments, including Uber Technologies Inc., travel website Qunar and video-streaming service iQiyi, according to data compiled by Bloomberg.
The company is now exploring investments in the local education and medical sectors, Li said. The spending likely will be small, with Baidu interested in minority stakes as well as full acquisitions, she said.
Baidu also is keen to make use of its relationships with educational institutions by providing student loans, President Zhang Ya-Qin said in a separate interview. It has issued 100 million yuan ($15.7 million) in loans, averaging 20,000 yuan each, since starting its lending program last month, he said.
Baidu is working with 50 education providers, including New Oriental Education and Technology Group Inc., and wants to capture 30% of an online educational loans market currently valued at 10 billion yuan annually, he said.
Reliance Defence ties up with UAE's ADSB to build warships
New Delhi: Reliance Defence Ltd, a unit of Anil Ambani-controlled Reliance Infrastructure Ltd, has agreed to work with Abu Dhabi Ship Building (ADSB) to construct warships such as frigates and destroyers over the next 10 years for the Persian Gulf nations.
The companies are forming a joint venture to build and repair warships, and also commercial vessels, in the region, said a person close to the development, who did not want to be named. “The joint venture will open opportunities in the region over next 10 years for both the companies in excess of Rs.10,000 crore,” the person said.
ADSB is a regional provider of construction, repair and refit services for naval, military and commercial vessels in the region. It is 40% owned by Mubadala Development Company PJSC, 10% by Abu Dhabi’s government and 50% publicly traded on the United Arab Emirates’ stock exchange.
The pact could also see ADSB delivering maintenance, repair, overhaul and refit services to the vessels in line with regional requirements.
Reliance Group is likely to use its newly acquired shipbuilding facilities at Pipavav in Gujarat for implementation of this collaboration. The group did not disclose investment details in its statement issued on Monday.
“Skills developed and the experience gained through this collaboration will further add to Reliance Group’s capabilities and position it favourably as a strategic partner for Indian Navy’s future programs encompassing areas such as; combat management systems (CMS), integrated bridge solutions (IBS), combat system integration (CSI), integrated platform management systems (IPMS) and staff training and development,” the statement said.
This potential collaboration could help both firms expand their market share and address new opportunities, it said.
On 22 July, Reliance Group company Pipavav Defence and Offshore Engineering Co. Ltd and Russia’s JSC Ship Repairing Centre Zvyozdochka had agreed to jointly refit and certify submarines of the 877EKM category at an estimated Rs.11,000 crore.
Reliance Group is acquiring a majority stake in Pipavav Defence through an open offer, subject to necessary approvals.
Pipavav Defence had said the company proposes to execute the programme in a joint venture with the Russian firm, in which it will hold 51% stake.
India will see a defence budget allocation of $620 billion between fiscal 2014 and fiscal 2022, of which 50% will be capital expenditure, according to a February report released by industry group Federation of Indian Chambers of Commerce and Industry and financial services firm Centrum Capital Ltd.
The annual opportunity for Indian firms—both state-owned and private—is expected to be $41 billion by fiscal 2022 and $168 billion cumulatively, the report said.
In June, Reliance Group had applied to the department of industrial policy and promotion (DIPP), the nodal agency for foreign direct investment, for licences to make defence and aerospace products.
Group companies that applied for licenses are Reliance SED Ltd, Reliance Naval Systems Ltd, Reliance Unmanned Systems Ltd and Reliance Aerostructure Ltd, according to the DIPP website.
These firms want licences to manufacture, among other things, scientific investigation ships, parts and accessories of aircraft and spacecraft, engines, turbines and radar equipment.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.
The companies are forming a joint venture to build and repair warships, and also commercial vessels, in the region, said a person close to the development, who did not want to be named. “The joint venture will open opportunities in the region over next 10 years for both the companies in excess of Rs.10,000 crore,” the person said.
ADSB is a regional provider of construction, repair and refit services for naval, military and commercial vessels in the region. It is 40% owned by Mubadala Development Company PJSC, 10% by Abu Dhabi’s government and 50% publicly traded on the United Arab Emirates’ stock exchange.
The pact could also see ADSB delivering maintenance, repair, overhaul and refit services to the vessels in line with regional requirements.
Reliance Group is likely to use its newly acquired shipbuilding facilities at Pipavav in Gujarat for implementation of this collaboration. The group did not disclose investment details in its statement issued on Monday.
“Skills developed and the experience gained through this collaboration will further add to Reliance Group’s capabilities and position it favourably as a strategic partner for Indian Navy’s future programs encompassing areas such as; combat management systems (CMS), integrated bridge solutions (IBS), combat system integration (CSI), integrated platform management systems (IPMS) and staff training and development,” the statement said.
This potential collaboration could help both firms expand their market share and address new opportunities, it said.
On 22 July, Reliance Group company Pipavav Defence and Offshore Engineering Co. Ltd and Russia’s JSC Ship Repairing Centre Zvyozdochka had agreed to jointly refit and certify submarines of the 877EKM category at an estimated Rs.11,000 crore.
Reliance Group is acquiring a majority stake in Pipavav Defence through an open offer, subject to necessary approvals.
Pipavav Defence had said the company proposes to execute the programme in a joint venture with the Russian firm, in which it will hold 51% stake.
India will see a defence budget allocation of $620 billion between fiscal 2014 and fiscal 2022, of which 50% will be capital expenditure, according to a February report released by industry group Federation of Indian Chambers of Commerce and Industry and financial services firm Centrum Capital Ltd.
The annual opportunity for Indian firms—both state-owned and private—is expected to be $41 billion by fiscal 2022 and $168 billion cumulatively, the report said.
In June, Reliance Group had applied to the department of industrial policy and promotion (DIPP), the nodal agency for foreign direct investment, for licences to make defence and aerospace products.
Group companies that applied for licenses are Reliance SED Ltd, Reliance Naval Systems Ltd, Reliance Unmanned Systems Ltd and Reliance Aerostructure Ltd, according to the DIPP website.
These firms want licences to manufacture, among other things, scientific investigation ships, parts and accessories of aircraft and spacecraft, engines, turbines and radar equipment.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.
Govt to set up low-cost non-major ports to boost trade
New Delhi: Government of India plans to set up low-cost non-major ports along coastline under the Sagarmala project to boost trade. To support coastal shipping, the government has asked all the 12 major ports to accord priority berthing to such vessels and to encourage quicker movement of cargo, as a transient measure. "Holding up time at ports in India is noteworthy and hampers the effectiveness of vessel operations. It is assessed that coastal vessels in India invest around 70 per cent of aggregate time in ports and just 30 per cent of their time in genuine voyage. Such delays render coastal shipping uncompetitive" as per a report by Ministry of Shipping. Priority berthing to coastal vessels will enable shippers to transport goods from one port to another irrespective of origin and final destination of the cargo. The Sagarmala project would be implemented through the respective state/maritime boards. The government will put in place a national perspective plan for the coastline to identify potential geographical regions to be called Coastal Economic Zones. In the initial phase, the government would earmark approximately Rs 692 crore (US$ 103.8 million) for implementation of projects under Sagarmala in FY 2015-16.
PM to chair high-level meeting on global economic scenario
New Delhi: The Prime Minister, Shri Narendra Modi, will be holding a high level consultative meeting on 'Recent Global Events: Opportunities for India,' in New Delhi tomorrow morning.
The meeting will be attended by over 40 delegates, including Cabinet Ministers, top officials of the Government and RBI, industry representatives, top bankers and leading economists and sectoral experts.
A wide-ranging discussion is expected on the impact of recent economic events, and how best India can take advantage of them.
The meeting will be attended by over 40 delegates, including Cabinet Ministers, top officials of the Government and RBI, industry representatives, top bankers and leading economists and sectoral experts.
A wide-ranging discussion is expected on the impact of recent economic events, and how best India can take advantage of them.
Friday, September 4, 2015
Dr Reddy's looks to move beyond drugs with VC arm
Hyderabad: Dr. Reddy’s Laboratories Ltd’s new venture capital arm is considering 20 business proposals, including a chain of dental clinics and health-diagnostic laboratories and is likely to back one or two as part of a plan to transform India’s second-largest drug maker into a broader health-focused company.
“We haven’t invested anywhere, we are setting up the processes now,” said G.V. Prasad, co-chairman and chief executive of officer of Dr. Reddy’s, without giving details of the corpus allocated for the fund or the name of the start-ups that the company is evaluating. “I don’t think money is a concern for us.”
Hyderabad-based Dr. Reddy’s is evaluating investments in new technologies that offer medical diagnostics and services to help patients, and also complement the firm’s larger strategy of transforming itself into a broader health-focused entity. Smaller rival Cipla Ltd was the first Indian drug maker to set up a fund in 2013 to incubate start-ups.
“We won’t go wild and invest everywhere, we will be strategic investors. This is not to make money out of our investment, this is to build businesses or to learn things,” Prasad said.
“If it is directly in our business, we won’t invest. If it is an unrelated area we look at it. Suppose it’s a new way of treatment, or new way of diagnostic, or a new way to help patients in their journey of illness to wellness, we will invest,” Prasad said.
Prasad said that company’s venture group will also incubate start-ups in-house until they become sizable entities, in addition to encouraging the company’s own people to come up with ideas.
“If somebody has a brilliant idea, we may back it with investment and incubate it,” Prasad said.
Big pharmaceutical companies including Pfizer Inc., AstraZeneca Plc., GlaxoSmithKline Plc. and Novartis AG have been investing in start-ups for years through their venture capital funds.
“It’s not very surprising for company like Dr.Reddy’s to come up with a venture fund,” said P.R. Ganapathy, president (India) at social enterprise incubator Villgro Innovations Foundation.
The company understands the healthcare space, he explained, and the gaps in it, apart from having the money power and expertise to back start-ups.
Healthcare and lifescience start-ups raised $136 million of venture capital in 2014, second only to information technology and information technology-enabled services, which includes Internet companies such as Flipkart and Snapdeal, according to data compiled by Chennai-based researcher Venture Intelligence.
“More and more companies are seeing healthcare as a safe bet to invest—there is a huge demand and it is recession proof,” said Rana Mehta, leader, healthcare, at consulting firm PwC India.
“We haven’t invested anywhere, we are setting up the processes now,” said G.V. Prasad, co-chairman and chief executive of officer of Dr. Reddy’s, without giving details of the corpus allocated for the fund or the name of the start-ups that the company is evaluating. “I don’t think money is a concern for us.”
Hyderabad-based Dr. Reddy’s is evaluating investments in new technologies that offer medical diagnostics and services to help patients, and also complement the firm’s larger strategy of transforming itself into a broader health-focused entity. Smaller rival Cipla Ltd was the first Indian drug maker to set up a fund in 2013 to incubate start-ups.
“We won’t go wild and invest everywhere, we will be strategic investors. This is not to make money out of our investment, this is to build businesses or to learn things,” Prasad said.
“If it is directly in our business, we won’t invest. If it is an unrelated area we look at it. Suppose it’s a new way of treatment, or new way of diagnostic, or a new way to help patients in their journey of illness to wellness, we will invest,” Prasad said.
Prasad said that company’s venture group will also incubate start-ups in-house until they become sizable entities, in addition to encouraging the company’s own people to come up with ideas.
“If somebody has a brilliant idea, we may back it with investment and incubate it,” Prasad said.
Big pharmaceutical companies including Pfizer Inc., AstraZeneca Plc., GlaxoSmithKline Plc. and Novartis AG have been investing in start-ups for years through their venture capital funds.
“It’s not very surprising for company like Dr.Reddy’s to come up with a venture fund,” said P.R. Ganapathy, president (India) at social enterprise incubator Villgro Innovations Foundation.
The company understands the healthcare space, he explained, and the gaps in it, apart from having the money power and expertise to back start-ups.
Healthcare and lifescience start-ups raised $136 million of venture capital in 2014, second only to information technology and information technology-enabled services, which includes Internet companies such as Flipkart and Snapdeal, according to data compiled by Chennai-based researcher Venture Intelligence.
“More and more companies are seeing healthcare as a safe bet to invest—there is a huge demand and it is recession proof,” said Rana Mehta, leader, healthcare, at consulting firm PwC India.
Odisha unveils IPR 2015, to attract Rs1,73,000 crore investment
Bhubaneswar: Odisha Chief Minister Mr Naveen Patnaik unveiled the new Industrial Policy Resolution (IPR-2015), with a view to attract fresh investments of Rs 1,73,000 crore (US$ 26.05 billion) in next four years and provide direct employment to about 300,000 people. The IPR-2015 aims to achieve the state government's target of increasing the share of manufacturing to 15 per cent of the gross state domestic product (GSDP). Apart from mines and minerals, the policy would help in attracting new investments in manufacturing sector and make Odisha a destination for both domestic and international investors. Some of the sectors under focus include chemicals (including petro-chemicals), IT/ITeS, plastics, electronics system design & manufacturing (ESDM), auto components ancillary, food processing, and textiles. IPR-2015 also aims at providing employment-based incentives to the prospective investors. Other incentives include grants for investments in both greenfield and brownfield infrastructure, subsidies in power tariff, training, capital investment and reimbursement of value added tax (VAT), stamp duty exemption and concessional land cost for investments in specific sectors.
Maritime sector to get investment promotion cell
New Delhi: In a bid to attract investment into the maritime sector and provide facilitation services to global firms seeking to invest in India, the Indian Ports Association (IPA), in association with Ficci and shipping ministry, is planning to set up an investment promotion and facilitation cell.
The shipping ministry’s target for the sector is Rs 2.77 lakh crore worth of investments between 2010 and 2020.
The proposed cell will render advice and facilitate investments into the sector and will undertake investor targeting exercise in select countries. The cell will also maintain a database of relevant stakeholders (government and corporate) in India and abroad, and disseminate information about the opportunities in the country at different fora to attract foreign investors.
It will work in close coordination with the Indian embassies abroad, foreign embassies in India, state governments, investment promotion agencies, sector-specific associations and chambers in India and abroad.
“The cell will identify and target investors in three focus countries in the first year and two additional countries in each subsequent years. In addition to this, it will establish networking with maritime associations and trade bodies in India and in the target countries,” said a person close to the development.
The cell will address investment-related queries and provide information on policy guidelines relating to port development, coastal shipping, shipbuilding and ship-repair, the person added. The cell will also participate in and make presentations at domestic events relevant to investment in maritime industry and also highlight opportunities in the sector to delegations visiting India.
Sources added the cell would plan investors’ tour itineraries, help organise investor visits to states and accompany select delegations on visits within India. “It will also assist the investor in scouting joint ventures and technical partners,” said a source.
The shipping ministry’s target for the sector is Rs 2.77 lakh crore worth of investments between 2010 and 2020.
The proposed cell will render advice and facilitate investments into the sector and will undertake investor targeting exercise in select countries. The cell will also maintain a database of relevant stakeholders (government and corporate) in India and abroad, and disseminate information about the opportunities in the country at different fora to attract foreign investors.
It will work in close coordination with the Indian embassies abroad, foreign embassies in India, state governments, investment promotion agencies, sector-specific associations and chambers in India and abroad.
“The cell will identify and target investors in three focus countries in the first year and two additional countries in each subsequent years. In addition to this, it will establish networking with maritime associations and trade bodies in India and in the target countries,” said a person close to the development.
The cell will address investment-related queries and provide information on policy guidelines relating to port development, coastal shipping, shipbuilding and ship-repair, the person added. The cell will also participate in and make presentations at domestic events relevant to investment in maritime industry and also highlight opportunities in the sector to delegations visiting India.
Sources added the cell would plan investors’ tour itineraries, help organise investor visits to states and accompany select delegations on visits within India. “It will also assist the investor in scouting joint ventures and technical partners,” said a source.
Shri Piyush Goyal & Shri Dharamendra Pradhan Inaugurates Multi Skill Development Centre in Talcher Odisha
New Delhi: Shri Piyush Goyal, Union Minister of State(IC) for Power, Coal and New & Renewable Energy and Shri Dharmendra Pradhan, Union Minister of State (IC) for Petroleum & Natural Gas today inaugurated Multi Skill Development Centre at NTPC Talcher Kaniha, Odisha in presence of Shri Sanjay Kumar Das Burma, Minister of State, Food Supplies & Consumer Welfare, Employment and Technical Education & Training,Govt of Odisha ,Shri A K Jha ,CMD,NTPC Limited and Shri U P Pani,Director (HR).
"The multi-skill development centre is a long standing requirement of Odisha. This Centre will provide skill training in different trades keeping in view the requirement of local industries," Shri Goyal said, adding that the centre would be funded by the central government.
NTPC is supporting the skills development initiative of the Government of India, in line with SKILL INDIA MISSION, by partnering with the Central and State governments to improve the availability and quality of skilled workforce by upgrading/ transforming infrastructure and the quality of vocational education in the country in order to make it demand driven and ensure better employability of the skilled youth.
Talcher Kaniha in Angul District of Odisha state is one of the locations that have been identified to establish a Multi Skill Centre in collaboration with Ministry of Skill Development & Entrepreneurship (MSDE) and National Skill Development Corporation (NSDC).
The Multi Skill Centre is being set up with the objective to prepare the people of this backward region/ area more skillful, industry ready so that they can earn their livelihood in a better way and live with their dignified life in the society. NSDC and its training partner M/S GRAS Education and Training Services Private Limited (“GRAS Academy”), will setup a Multi-Skill Centre at Talcher to provide skill training to youths and women belonging to the Angul district and other parts of the state of Odisha.
The NTPC-Talcher unit has provided the space/ building to NSDC to setup a Multi Skill Centre. The NSDC & its Training Partner will setup classrooms and computer lab, etc with all required machinery & equipments, trainers, etc required to impart training in courses that are recognized by National Skill Qualification Framework (NSQF).
"The multi-skill development centre is a long standing requirement of Odisha. This Centre will provide skill training in different trades keeping in view the requirement of local industries," Shri Goyal said, adding that the centre would be funded by the central government.
NTPC is supporting the skills development initiative of the Government of India, in line with SKILL INDIA MISSION, by partnering with the Central and State governments to improve the availability and quality of skilled workforce by upgrading/ transforming infrastructure and the quality of vocational education in the country in order to make it demand driven and ensure better employability of the skilled youth.
Talcher Kaniha in Angul District of Odisha state is one of the locations that have been identified to establish a Multi Skill Centre in collaboration with Ministry of Skill Development & Entrepreneurship (MSDE) and National Skill Development Corporation (NSDC).
The Multi Skill Centre is being set up with the objective to prepare the people of this backward region/ area more skillful, industry ready so that they can earn their livelihood in a better way and live with their dignified life in the society. NSDC and its training partner M/S GRAS Education and Training Services Private Limited (“GRAS Academy”), will setup a Multi-Skill Centre at Talcher to provide skill training to youths and women belonging to the Angul district and other parts of the state of Odisha.
The NTPC-Talcher unit has provided the space/ building to NSDC to setup a Multi Skill Centre. The NSDC & its Training Partner will setup classrooms and computer lab, etc with all required machinery & equipments, trainers, etc required to impart training in courses that are recognized by National Skill Qualification Framework (NSQF).
Rs.194 cr released to 96 cities under Smart City Mission for preparation of city plans
New Delhi: The Ministry of Urban Development has sanctioned Rs. 194 cr at the rate of Rs.2.00 cr per each of the 96 cities included in the Smart City Mission. Of the 98 smart city candidate firmed up so far, funds will be sanctioned soon by the Home Ministry to the Union Territories of Delhi and Chandigarh.
Sanction Orders were issued to 38 smart city representatives from 11 states who attended the Regional Workshop here today by the Minister of Urban Development Shri M.Venakaiah Naidu. One city each from Jammu & Kashmir and Uttar Pradesh are still to be identified for inclusion in the Smart City Mission.
Later in the day, funds were transferred electronically to the respective states and Union Territories.
Rs.2.00 cr provided for each city is meant for preparation of city level Smart City Plans with the assistance of technical and hand holding agencies.
Sanction Orders were issued to 38 smart city representatives from 11 states who attended the Regional Workshop here today by the Minister of Urban Development Shri M.Venakaiah Naidu. One city each from Jammu & Kashmir and Uttar Pradesh are still to be identified for inclusion in the Smart City Mission.
Later in the day, funds were transferred electronically to the respective states and Union Territories.
Rs.2.00 cr provided for each city is meant for preparation of city level Smart City Plans with the assistance of technical and hand holding agencies.
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