The Andhra Pradesh government announced the winners of the first $1-million Global Startup Challenge on Friday. Six startups were selected in three categories — fintech, agritech and emergetech — and three of them received $150,000 (about Rs 1.1 crore) each for first prize while other three startups won $100,000 (Rs 73 lakh) each for second prize.
Deloitte announced the 50 fastest growing technology companies in the country as part of its Technology Fast 50 India 2018 program. The cumulative revenue of the top 10 winners has jumped from Rs 18 crore in 2016 to almost Rs 500 crore in 2018, marking a growth of almost 28x, said a statement.
The Deloitte Technology Fast 50 India program conducted by Deloitte Touche Tohmatsu India LLP (DTTILLP), ranks the fastest growing technology companies in India based on their percentage revenue growth over the last three financial years.
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Bytedance Ltd. has closed $3 billion of funding from SoftBank Group Corp. and other major investors at a valuation of $75 billion, cementing its position as the world’s biggest privately backed startup, according to people familiar with the matter.
The deal, which Bloomberg News reported earlier also involves KKR & Co. and General Atlantic, represents a major infusion of cash that will quicken the Chinese media giant’s expansion beyond its home turf.
SoftBank aimed to invest about $1.8 billion depending on the availability of secondary shares, one of the people said, declining to be named because the talks were confidential. The bulk of its investment would be in primary stock, the people added. And Bytedance remains in talks with other interested investors, which could offer more funds in future, the people said.
Riding on its Cloud business, retail giant Amazon.com saw its net sales increasing 29 per cent to $56.6 billion in the third quarter this year, compared with $43.7 billion in third quarter of 2017. Operating income increased to $3.7 billion in the third quarter, compared with operating income of $347 million in the third quarter of 2017.
Net income increased to $2.9 billion in the third quarter, or $5.75 per diluted share, compared with net income of $256 million, or $0.52 per diluted share, in the third quarter of 2017.
Food-on-call services have become entrenched in the urban lifestyle narrative, but perhaps it is time to exert some caution now. A restaurant owner from Kothrud has alleged that Foodpanda, a popular food delivery service aggregator, has been ‘delivering’ food from his restaurant without actually picking up any order from them.
Akshay Shetty, owner of the Pruthvi Vegetarianism restaurant, was surprised when he received a call from a customer complaining about the poor quality of food that the restaurant had delivered to his home through Foodpanda on Wednesday evening.
The customer was not only peeved at what he thought was the restaurant’s deteriorating quality of food, but also complained about the lack of hygienic conditions where it was prepared. This got the owner of the restaurant’s attention who was now keen to know how the food was ordered.
“I was taken aback when the customer told me that the food was ordered through Foodpanda. We had severed ties with Foodpanda in 2016, and stopped taking orders from the company since then,” narrated Shetty.
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