The story behind Qwikcilver's $110M acquisition; Hyundai invests $300M in OlaTeam YS
Why Pine Labs acquired Qwikcilver
In a deal worth $110 million, Gurugram-based merchant fintech platform Pine Labs has signed a definitive agreement to acquire Bengaluru-based gift card solutions provider Qwikcilver. The transaction has been funded using the company’s cash reserves with additional funding from existing investors. But why did Pine Labs make this acquisition at this stage?
Ola and Hyundai Group announce strategic partnership
Home-grown ride-hailing giant Ola raised $300 million from Hyundai and Kia Motor Group - reportedly the biggest combined investment made by parent organisation Hyundai Motor Group. Hyundai, Ola, and Kia will now collaborate to develop unique fleets and different mobility solution, including India-specific electric vehicles and infrastructure, and offer customised vehicles to different drive partners on Ola.
From Zoho to GoFrugal: Kumar Vembu's journey
Kumar Vembu, Zoho Corp CEO Sridhar Vembu's brother, started on his entrepreneurial journey with AdventNet - today's Zoho Corp. In 2004, he left Zoho to start GoFrugal. Today, with an annual revenue run rate of $10 million, Kumar is eyeing a target revenue of $100 million by 2025. In an interaction with YourStory, Kumar talks about his journey, scaling GoFrugal, the cloud conundrum and his way forward.
We will abolish Angel Tax: Rahul Gandhi
The heat and dust of the Indian election season is well upon us with major political fortunes at stake at the upcoming 2019 General Elections. It’s the time to woo, win over, and work it out. In a free-wheeling conversation at Manyata Tech Park in Bengaluru, INC President Rahul Gandhi took questions from the crowd on the contentious Angel Tax, GST, job creation, and more.
InstaReM closes Series C round
Cross-border payments company InstaReM raised additional funding of $20 million (Rs 137 crore) closing its Series C round, started in November 2018, with over $40 million funding. The company is now eyeing further global expansion, and is expected to launch an IPO in 2022.
Flipkart introduces robot-based sortation
With more than 1,000 employees, Flipkart's Soukya facility processes lakhs of shipments each day. Now, they will be joined by 100 Automated Guided Vehicles (AGVs) - robot-based sortation technology to meet its customer demands by ensuring faster delivery.