#Marketwire is your quick summary of notable market movements in the technology industry. The firms covered in this segment include BMRCL, Jabong, Flipkart, Amazon, Snapdeal, TRAI, Reliance and SBI.
Bangalore Metro to Provide Office Space for Startups at Its Stations
The Bangalore Metro Rail Corporation Ltd. (BMRCL) is inviting emerging businesses to set up offices within five of its stations. UA Vasanth Rao, GM, Finance, BMRCL said that the startups have to bid for 31 offices spaces of 100 sqft to 4,000 sqft ranging from Rs 35 per sqft to Rs 120 per sqft depending on the stations. The five metro stations where the offices will be allotted are Baiyappanahalli, Swamy Vivekananda Road, Indiranagar, Halasuru and Trinity.
“We have carved our spaces required for startups and ecommerce companies. It is not like Workbench Projects, which is renting out space (at the Halasuru metro station) on a monthly basis. The startups will be having proper offices”, said Pradeep Singh Kharola, MD, BMRCL. Read More
Jabong Owners Speed Up Its Sale Process
Indian online fashion retailer, Jabong.com has quickened its sale process as its owners AB Kinnevik and Rocket Internet are keen to sell the company and quit operations in India. Major eCommerce companies Flipkart, Snapdeal, Aditya Birla Group’s Abof.com and offline fashion retail firm Future Group are in the race of acquiring the Gurgaon based company, as reported by Economic Times.
“Jabong has held talks with these four companies over the past few weeks. While none of the negotiations has reached an advanced stage, the deal size could be around two times its annual sales and is expected to close within the next six months”, sources told ET. Read More
Flipkart, Amazon, Snapdeal Brings Back Sales Event After 3 Months
eCommerce firms have restarted sales events with the end of season fashion sale over the past week, despite the government banning online marketplaces, which receive foreign direct investment (FDI), from influencing product prices in March. Flipkart and its unit Myntra, Amazon, Snapdeal are offering discounts of 20-90% on clothing, shoes and other fashion products in the ongoing sale and also promoted their sales expensively with front page ads in leading newspapers. Read More
TRAI Launches MySpeed Mobile App to Check Internet Speed on Smartphones
The Telecom Regulatory Authority of India (Trai) has released a new mobile app called MySpeed, that enables users to check the speed of the internet on their smartphones. However the even bigger mission of the app is the ability to log and report connectivity issues, irrespective of the mobile or broadband service provider, directly to the regulator. The release is a solution to the complaints for discrepancy between the speeds the operators claim and charge for. Read More
Reliance Industries & SBI Sign a Deal to Launch a Payments Bank Venture
In light of the growing popularity of digitizing financial services, Reliance Industries Ltd (RIL) and State Bank of India (SBI), have come together to launch a payments bank. RIL is the promoter with 70% equity stakes and SBI will have an equity investment of 30%.
“The payments bank is integral to RIL’s digital initiative in a rapidly converging world of telecom, Internet, commerce, media and financial services,” Mukesh Ambani, RIL chairman and managing director, said in August 2015. Read More
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