#Marketwire is your quick summary of notable market movements in the technology industry. The firms covered in this segment include Myntra, HRX, One97 Communications and Uber
Myntra to Open Stores with Private Labels
Myntra plans to open its first brick and mortar store in the next three months place, as it targets $1 billion in sales and profitability next year. The company is entering into an omni-channel strategy with its own private labels.
The company owns 12 private brands, including HRX which it just acquired. Its largest private brand is casual wear label Roadster. After going app only in 2015, the company has re-launched its desktop website. Read More
One97 Communications to Take Its Digital Business to Western Europe and US
Paytm’s parent company is planning grow its presence internationally. It already has a presence in Africa, and scheduled launch in Indonesia, Malaysia and Middle East. Now it plans to grow in the western markets by making strategic acquisitions.
International business makes up 20% of the revenue of One97 at present, as per company’s senior vice-president, Amit Sinha. Read More
Uber Partners with Satellite Imaging Company Behind Google & Apple Maps
In order to improve experience for its users & drivers, Uber has tied up with satellite imaging company DigitalGlobe to provide more accurate pick-up and drop-off locations.
DigitalGlobe is also the company that provides satellite imagery for Google Maps and Google Earth, as well as for Apple’s Terraserver. Read More
Karnataka Government to Launch Startup Booster Kit
The Karnataka government has announced to come up with a ‘startup booster kit’., which will help companies register their startups with Karnataka Biotechnology and Information Technology Services. The state government will also reimburse the service tax paid by the emerging companies.
The kit will further provide high speed internet, incubator facility, subsidized license products and financial experts. Anyone with a good idea can register with the Karnataka startup cell, and the government will fund them once approved. Read More
Image Credit: Myntra