Category — Information Technology
India’s online restaurant listing company Zomato entered the U.S Market through the acquisition of Urbanspoon.com owned by IAC the Internet company focused on the areas of search, applications, online dating, media and ecommerce. The deal was an all-cash transaction for $52 million. Most of Urbanspoon’s team will be joining Zomato and the company will be integrating its Website and mobile apps to Zomato over the next few months.
Zomato CEO Deepinder Goyal said, “We felt joining forces with Urbanspoon would be the best way to turbocharge our growth and make our way into the U.S. Canada and Australia.”
Zomato has been actively acquiring companies to enter new markets worldwide. These include:
- Italian restaurant discovery service Cibando
- Polish restaurant search service Gastronauci
- Czech Republic’s restaurant guide Lunchtime.cz and Slovakia’s restaurant guide Obedovat.sk
- New Zealand-based restaurant search service MenuMania
Monetization through advertisements on its mobile apps currently drives majority traffic for the company. Goyal told Medianama that more than 50% of its 35 million visits come from its mobile application across the globe and they have “seen remarkable traction in the two months they have been serving these app ads”.
January 13, 2015 No Comments
An article in Hindustan Times reports that Flipkart, India’s largest e-commerce marketplace, announced $700 million in the latest round of funding from new investors Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates, Qatar Investment Authority, along with existing investors DST Global, GIC, ICONIQ Capital and Tiger Global.
The investment in Flipkart demonstrates the growing confidence of investors in the Indian e-commerce market, currently estimated $3.5 billion, and slated to touch $6 billion next year – a 70% growth – according to Gartner.
Flipkart said in a release that as with previous funds raised, these funds will be used towards long-term strategic investments in India.
January 3, 2015 No Comments
UST Global, a multinational provider of IT services and solutions, headquartered in Aliso Viejo, California, is planning to set up a venture capital fund in India to invest in Indian products and solution companies starting this year.
UST Global CEO Sajan Pillai told BusinessLine in an interview that the fund would focus on algorithm- and mathematically-driven software solutions and material sciences, and would be completely held by UST Global. UST Global has also entered into partnership with early-stage venture capital firm Blumberg Capital for investing in global firms.
January 3, 2015 No Comments
Sergio Monsalve, a partner with Norwest Venture Partners, opines in Fortune that for international and emerging market ventures, 2015 will be the year of India.
He mentions that Brazil, Russia, India, and China all had been developing and maturing very impressive Internet properties in the last few years, and some of those, like Alibaba in China hit the IPO market in 2014. He opines that the positive election in India would bolster confidence and allow the country to thrive in the upcoming New Year. He predicts that technology companies will take advantage of the positive political landscape and counsels that companies such as Flipkart, Snapdeal, Quikr and Yatra are worth watching.
December 31, 2014 No Comments
The Indian government has not only given its approval for the fabrication of high-tech semiconductor wafers, but has also extended several incentives to two business consortia – Jaiprakash Associates Limited in association with IBM as its technology partner, and HSMC Technologies India with the technical collaboration of ST Microelectronics who will start manufacturing them.
The incentives are:
- 25 per cent subsidy on capital expenditure and tax reimbursement as admissible under Modified Special Incentive Package Scheme Policy.
- Exemption of Basic Customs Duty for non-covered capital items.
- 200 per cent deduction on expenditure on R&D as admissible under Section 35 (2AB) of the Income Tax Act.
- Investment linked deductions under Section 35AD of the IT Act.
- Interest free loan of approx. Rs. 5124 crore each. (Exact amount to be calculated on appraisal of Detailed Project Report)
As part of its Make in India initiative, designed to attract foreign investment, and increase the availability of jobs, India wants to become a global semiconductor manufacturing hub.
December 28, 2014 No Comments