#Marketwire is your quick summary of notable market movements in the technology industry. The organisations covered in this segment include Reliance Jio, Snapdeal, Freecharge, Flipkart and Future Group.
Mukesh Ambani Launches Reliance Jio Services to the Public
In Reliance Industries’ 42nd Annual General Meeting today, Chairman & Managing Director Mukesh Ambani, announced that preview of Reliance Jio Services would be launched on 5th September 2016, with the commercial launch on December 31st.
The company which is targeting 100 million users in shortest possible time, would be giving free data services for 4 months till 31st December. Ambani unveiled 10 tariff plans in the range of Rs 19 to Rs 4,999 per month.
Ambani also announced “No Jio customer will ever pay for voice calls to any network in India”, and says that the data tariffs would remain cheaper than its competitors. Read More
Snapdeal Launches Private Cloud – Snapdeal Cirrus
eCommerce marketplace Snapdeal has announced the launch of its private cloud platform, Cirrus. The aim behind having its own cloud infrastructure is to help the company handle long-term growth in traffic frictionlessly. Additionally, it will help the firm save costs it has been spending on public clouds.
Snapdeal Cirrus has been built across three data centers, with a server architecture of 100,000 cores, 16 PB of storage and a 100G SDN infrastructure. The company says it is a “fully automated software defined data center and cloud platform, where infrastructure is built and managed as code.” Read More
Freecharge to Reportedly Raise $150M from Tencent
Snapdeal-owned Freecharge is reportedly raising $150 million from China-based Tencent. As per an earlier update, Snapdeal was looking for buyers to take up a minority stake in Freecharge at a valuation of $1.2 billion. The company was also in discussions with its existing investor Foxconn to raise investment for the mobile payments subsidiary. Read More
India Approves Residency For Foreign Investors
Indian government has approved a new policy which makes foreign investors bringing in at least Rs. 10 crore capital to India, eligible for residency status. This policy update by the Cabinet is aimed at increasing FDI in the country to promote the ‘Make In India’ initiative. Read More
Obama Pushes Startup Visas for Foreign Entrepreneurs
US President Barack Obama has proposed a bill in favour of ‘Startup Visa’to encourage foreign entrepreneurs to start up in the country, and increase employment opportunities. Under the proposed rule, entrepreneurs could be granted an initial stay of up to 2 years. The eligibility criteria for the visa includes having at least 15% stake in a US-based venture, receiving at least $345,000 in capital investment from certain qualified US investors etc. Read More
Flipkart Launches UPI Based Payment in Mobile App PhonePe
eCommerce firm Flipkart has partnered with Yes Bank to launch UPI based payments through mobile app PhonePe. The app will allow users to transfer money and make merchant payments using their 4-6 digit MPIN. Flipkart had acquired PhonePe in April 2016. Read More
Future Group to Shut Down Big Bazaar Direct
Future Group is shutting down its eCommerce venture Big Bazaar Direct, citing it to be unviable. “I have attempted e-commerce four times in my life. We opened and shut Future Bazaar (the group’s first e-commerce venture). We will close Big Bazaar Direct within a week,” says Kishore Biyani CEO of Future Group. The company had launched the venture in 2013 in an omni-channel model coupled with its franchisee stores. Read More
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