Category — Information Technology

U.S.’s Ebix Acquires Majority Stake in India’s ItzCash

Atlanta, GA-based Ebix Inc., a maker of software for the insurance and financial services industry, acquired a majority stake in Indian payments services firm ItzCash for approximately $124 million. ItzCash’s earlier investors, Matrix Partners, Intel Capital and Lightspeed Venture Partners, exited the company for returns between 3X – 5X, leaving Essel Group with a 20% stake.

Founded in 2006, ItzCash, started with digital payments, and expanded into remittances, financial services, corporate solutions, point of sale (PoS) terminals and payment gateway. The company processes 600,000 transactions per day. In 2016-17, it processed payments worth $1.6 billion through its network, reports the Livemint.

ItzCash Logo

“With the youngest tech-savvy society, the largest middle class, a 1.3 billion population, a country committed to going digital and a growth rate of 7% plus, India is an emerging economic superpower today. We are big believers in the power of exchanges and thus have been keen to take an early position in India in terms of powering financial and insurance exchanges,” said Robin Raina, chairman and chief executive of Ebix.

May 25, 2017   No Comments

UberEats launches in Mumbai

San Francisco-based Uber launched its initial UberEats service in Mumbai, and by the end of this year the company plans to expand this service to six cities in India. The country’s online population is tipped to reach 450 million-465 million people by June 2017, according to a report co-authored by the Internet and Mobile Association of India, bringing with it the potential to connect people to taxis, cars, food and more.

“Mumbai is home to a booming food industry with a vibrant food culture offering both global and local cuisines. The introduction of UberEats in India, with Mumbai as the first city, is a major step in our global expansion and showcases our commitment to the region,” Bhavik Rathod, Head of UberEats India, said.

Uber Eats Food Service

TechCrunch says: Uber has thrown more focus on Eats lately, beyond its ongoing global expansion. Recent updates added tailored recommendations, customizable drop-off directions for drivers and new filtering options, while it also introduced a restaurant management service that helps restaurant partners get actionable insight through data.

 

 

May 15, 2017   No Comments

India’s Infosys to Set Up Tech Center in Indiana

Bangalore, India-based information technology company Infosys announced that it will establish a central Indiana tech center, the first of four facilities it plans to launch as part of a broader expansion in the United States that is projected to create 10,000 jobs over the next two to four years.

Vishal Sikka, CEO of Infosys joined Republican Governor Eric J. Holcomb to announce an $8.7 million investment to lease and equip office space in the Indianapolis area that will accommodate 2,000 new workers by the end of 2021, reports abc News.

Indiana Gov Holcomb

Indiana Gov. Holcomb

Speaking on the occasion, Governor Holcomb said, “Indiana continues to put the tools in place, such as the Next Level Trust Fund and incentivizing direct flights, that allows us to attract and retain great companies like Infosys. In addition, our higher education institutions are producing a world class workforce, establishing Indiana as the innovation hub of the Midwest. I look forward to working with Infosys to elevate Indiana to the next level.”

 

May 14, 2017   No Comments

Facebook Rolls Out Express Wi-Fi in India

Facebook announced the commercial launch of Express Wi-Fi, its second attempt to bring millions of Indians online at an “affordable” fee. The service is currently available in the four Indian states of Uttarakhand, Gujarat, Rajasthan, and Meghalaya, where the company has 700 hotspots through other internet providers. It has also partnered with Airtel, (currently India’s largest telecom operator), to launch an additional 20,000 hotspots. Customers can sign up for daily, weekly, or monthly plans that cost about $0.15 a day.

“Express Wi-Fi is designed to complement mobile data offerings by providing a low-cost, high bandwidth alternative for getting online and access apps, download and stream content,” says Munish Seth, regional head for connectivity solutions in the APAC region.

Facebook Logo

Mashable reports that India is the fastest growing market for Facebook. As of last month, Facebook’s marquee platform had 184 million monthly active users in the country, 50 percent of which return to the site every day. The company’s instant messaging and voice calling app WhatsApp also has over 200 million monthly active users in India. 

May 13, 2017   No Comments

Google to Help a Billion Indians Go Online

How, did you ask?

Google has enabled nine Indian languages to work on the new AI-enabled Google Translate, and it has doubled the number of Indian languages on Gboard, its custom mobile keyboard, to 22. These new additions will allow millions of Indian users to type and search for emojis and GIFs in their native language.

CNN reports that according to a new study by Google and KPMG, the number of  Indian-language web users in India will exceed  536 million Indian-language  by 2021, almost three times the number of English-speaking users in the country. There are roughly 900 million Indians who are not yet online. When they do connect, 90% will be operating in a language that isn’t English, the study concludes.

Google India Logo

Googles’ other initiatives at increasing internet penetration in India, include free WiFi at 100 railway stations and a partnership with India’s Tata Trusts to teach women in rural areas to use smartphones.

 

May 10, 2017   No Comments