India’s third-largest private-sector lender Axis Bank snapped up beleaguered digital wallet firm FreeCharge for $60 million (Rs 385 crore) last week. In the process, it pipped other suitors such as bigger digital wallet firms Paytm and MobiKwik, e-commerce major Amazon, payments firm PayPal, Airtel Money and South Africa’s Internet group Naspers.
Snapdeal is finally selling off FreeCharge, its mobile transactions platform, to private sector Axis Bank. The bank said in a communication to the Bombay Stock Exchange that it has entered into a share purchase agreement with Jasper Infotech Private Ltd, Snapdeal parent, to acquire 100 percent equity in FreeCharge for a consideration of Rs 385 crore.
With more than 1.2 billion monthly active users globally, Facebook Inc.-owned messaging application WhatsApp undoubtedly knows how to keep consumers engaged on its network. Will WhatsApp, however, be able to gain similar traction when it eventually launches its payment and WhatsApp for Business apps?
Contrary to popular opinion, even technology companies have to invest continually to push digital so that they can innovate and stay relevant to their customers. International Business Machines Corp.’s (IBM’s) sharpening focus on digital is a case in point.
Mobile-wallet ventures are increasingly looking for partnerships with insurance companies in an effort to minimise their liability with risks from cyber security breaches on the rise.
Below are some of the latest tweets on this topic. Read a more updated thread by clicking on any of the tweets from below.
Late on the evening of November 8, 10 executives at Tata Consultancy Services got on a conference call to discuss how to ensure that their banking customers will be able to comply with Prime Minister Narendra Modi’s demonetisation announcement.
India’s most valued internet company has been devalued—yet again. In one of the most drastic markdowns for Flipkart so far, one of its investors, a mutual fund managed by Morgan Stanley, slashed the Bengaluru-based e-commerce major’s value to just $5.54 billion (Rs38,030 crore). At its peak in May 2015, Flipkart was valued at $15.5 billion.
In today’s time, while leading with Digital is evident, who owns this transformation still remains a bone of contention. This journey needs to be co-owned by those who will be impacted first – the CXOs. Having said that, the starting point of this journey is an understanding of why this matters to CXOs.
Disruption appears to be the new norm in India, with over 90 per cent of enterprises stating they have experienced disruption, and another 26 per cent unaware of how their industry would look three years down the line, according to a new survey.
Businesses consider digital start-ups a threat, either now or in the future.
Sixty-three per cent of large businesses in India are scrambling to invest in IT infrastructure & digital skills to compete with start-ups who are posing a threat to traditional businesses and 62 per cent are planning to invest over 30 per cent of their 2016 IT budget in transformation projects.
To tap into the country’s digital transformation, Dell Technologies, outcome of the $67 billion Dell-EMC merger, is sharpening its focus on the country.
Businesses believe digital startups pose a threat to their organisation, either now or in the future, while most fear that they may become obsolete because of competition from these startups.
While the latter is yet to make any announcement on this topic, the former announced its new Data Centre in Pangyo, South Korea on 25 August 2016. Per IBM’s official statement, this is the company’s 9th Data Centre in the Asia Pacific including Japan (APJ) region (part of its Global network of 47) and an outcome of its collaboration with SK Holdings C&C.
It’s a cliche to say that we live in a VUCA world – one riddled with Volatility, Uncertainty, Complexity and Ambiguity.
However, organisations in this VUCA world that continue to strive to stay competitive and scale up either by acquiring other companies or growing organically, or even doing both simultaneously, need to increasingly keep a hawk’s eye to ensure newer ways to keep costs costs under control while not hampering business growth.
HCL Technologies Ltd, the country’s fourth largest IT firm, saw its June quarter consolidated net profit rise by 14.8% to Rs.2,047 crore on account of broad-based growth across service offerings, and it expects 12-14% revenue growth in the ongoing fiscal.