#MarketWire is your daily roundup of notable business movements in the technology industry. This segment features news from Morgan Stanley, Flipkart, Zomato, Google and Oracle
Morgan Stanley Marks Down Flipkart’s Valuation by 15.5%
In March 2016, Flipkart’s valuation had become a subject of discussion after Morgan Stanley Mutual Fund Trust had marked down the value of its shares to $87.9 per share as of 31 March from $103.97 per share as of 31 December. The mutual fund has now yet again further lowered its estimate of the company by 15.5%
As per Morgan Stanley, the eCommerce player’s valuation now stands at $9.39 billion. It is to be noted that the company was valued at $15 billion when it raised $550 million in a funding round led by Tiger Global in May 2015. The company has been trying to raise funds since the last 6 months. How will this current update affect it? Read More
Zomato Withdraws Physical Presence From 9 Markets
Zomato has withdrew its presence from 9 out of 23 overseas markets. The company has made several strategic acquisitions in different countries in the past, including competitors Urbanspoon in US and Cibando in Italy. However now it seems to be rolling back to its Indian headquarters, by closing down its offices in US, Canada, UK, Italy, Sri Lanka, Ireland and Chile.
The company’s losses are piling up year on year. According to a recent report, company’s operating loss grew 260% from Rs 136 crores in FY14-15 to Rs 492.27 crore in FY15-16. Read More
Google Wins The Legal Battle Against Oracle in Java Code Copyright Case
A San Francisco jury has ruled the long running battle between Google & Oracle over the use of Java class library APIs in Android in favour of the former. Oracle claimed that Google had infringed its Java API copyrights and had sued the company for nearly $9 billion in damages.
Oracle acquired Java when it bought Sun Microsystems in 2010, this is the year when the battle started. In the latest verdict the jury found that the APIs Google used were protected under Fair Use. Read MoreCategory Business News