One97 Communication, the parent company of Paytm, India’s fastest growing digital wallet, posted a total revenue of $ 126 million for the fiscal year 2016 – 2017. The net worth of the company also scaled new heights to reach Rs. 2,376.6 crores.
After recording a loss of Rs. 13.63 crores in the financial year 2015 – 2016, with a total revenue of Rs. 7.34 crores, the company gained more customers in November last year following Demonetization. Paytm became the de facto digital wallet for thousands of traders and users.
Founded by Vijay Shekhar Sharma in 2010, Paytm was one of the first digital wallets to be launched in India. In August 2016, the company also incorporated Paytm Payments Bank and formally launched its operations in May 2017. In an attempt to capture the lucrative ecommerce market in India, One97 Communications also launched the consumer shopping app Paytm Mall in February this year.
Backed by China’s largest ecommerce site Alibaba and Japanese major SoftBank, the company claims to have over 218 million customers in India and a few other parts of the world. In a Facebook post, Vijay Shekhar Sharma added, the company would try to increase their customer count to 50 crores by the end of 2020.
The digital payments company earns most of its revenue through its mobile wallet and ecommerce business. During the recent festive season sale, Paytm Mall also chalked out an aggressive budget of Rs. 1,000 crores, including Rs. 501 crores cashback offers. Paytm, Snapdeal and ShopClues, together, managed to capture close to 16% of the market share. The company also witnessed a 65% rise in offline payments resulting in transactions worth $ 1.6 billion. Vijay Shekhar Sharma was also featured in the 6th “Hurun India Rich List 2017,” along with Flipkart founders Binny Bansal and Sachin Bansal. Sources claim, the founder of Paytm, the biggest digital wallet, received a salary of Rs. 3.4 crores last year.
Watch the inspiring journey of Vijay Shekhar Sharma from Aligarh, Uttar Pradesh to becoming one of the most influential entrepreneurs of this generation.
Swiggy Raises $ 1 Billion In Funding Round
Early Thursday, Swiggy raised $ 1 billion in a funding round led by Naspers and post the valuation, the food delivery service is all set to take on multinational players in the industry like Zomato and FoodPanda. While announcing this news, Swiggy made a statement saying it has executed definitive agreements to the tune of $ 1 billion and saw investors Tencent, Hillhouse Capital and Wellington Management Company, coming on board.
According to people familiar with the development, this new round of funding will see an increase in Swiggy’s valuation, with the food delivery service now being valued at $ 3.3 billion! The new round of funding is going to be used not only to increase the quality of food being delivered by Swiggy, but also for bridging existing gaps in the fields of supply.
Furthermore, these funds will also be used to hire new talents, especially in the fields of machine learning and engineering roles through the mid and senior levels.
Besides improving the current quality of Swiggy, the company is going to use the new round of funding to expand its presence into a new field of business. When Swiggy got its first round of funding from Naspers back in April 2017, little did the investors know they would see such a massive growth in the company’s success. Through the last year, the online food delivery service has now expanded so much, it plans on entering the grocery and online pharma industries!
“Swiggy has 10x the number of orders per month since our first investment, has expanded throughout India to tier 1, 2 and 3 cities, and most importantly, is the most loved food delivery brand in India, providing the best service to consumers nationwide,” said Larry Illg, CEO, Food and Ventures, Naspers. With three major rounds of funding since 2017, Swiggy has expanded to 42 cities in India and has more than doubled its merchandise value!
5 Major Tech Acquisitions In The World
There is nothing more satisfying for startups, than established companies recognising them for performance and growth. To facilitate this recognition, money has never been lacking, especially in the form of acquisitions. Going by this tune here is taking a look at five of the largest tech acquisitions in the world!
1. Microsoft buys Skype for $ 8.5 billion
It was the year 2011 and Skype was entering the world of a technological revolutions. People were moving away from the traditional calling system to sophisticated platforms, with Skype setting the trail blazing. While not a lot of people thought Skype would succeed, Microsoft’s interest in the company cemented the fact Skype was here to stay. Incidentally, Skype was one of eBay’s first acquisitions in the year 2005. However, eBay could not create a market for itself in the industry and had to sell Skype. Skype is still going strong, but it has many more competitors these days in the form of messaging apps with built in voice calling features.
2. Google buys Motorola for $ 12.5 billion
In 2012, Google was primarily known for being one of the fastest search engines, while Motorola was an emerging name in the world of smartphones. When news came of the search engine wanting to take over this new smartphone company, people were skeptical. However, one of the major reasons this deal made it to the headlines was because Google not only acquired an emerging smartphone company, it also got the patent rights of Motorola! This acquisition was Google’s largest to date. However, despite promises, the search engine could not keep up with the growing trends and was forced to unload $ 2.9 billion from its initial investment. Can Google really keep up with the growing trends, or is it too much to expect from a seemingly strange acquisition such as this?
3. Walmart buys Flipkart for $ 16 billion
The Flipkart acquisition by Walmart was one of the most intriguing acquisitions in recent history. Flipkart was already an emerging e commerce platform, with its arms wide spread and reach constantly growing. Walmart, on the other hand had been looking at entering the Indian e commerce platform for a while and with Flipkart’s acceptance, the deal was made all the more sweeter! Post this deal, the e commerce world certainly took a completely different route in terms of change and growth!
4. Facebook buys WhatsApp for $ 19 billion
WhatsApp and Facebook on their own were strong forces in the field of technology and innovation. Built with the intention to connect people all over the world with ease, this acquisition was not out of the blue because, Facebook has a history of acquiring platforms that enhance its future growth. The $ 19 billion acquisition of WhatsApp by Facebook marked a serious shift in industry trends. The 2014 deal, which could have cost the social media network up to $ 22 billion when all was said and done, netted it more than just a hugely popular internet based messaging app. Through the takeover, Facebook also got access to a data base of over 700 million users, marking this as one of the largest social media platform acquisitions in the world.
5. Microsoft buys LinkedIn for $ 26 billion
One of the most epic takeovers by Microsoft was that of LinkedIn. As a platform, LinkedIn was new, growing and entertaining. LinkedIn provided people in the know about where to look for jobs and how to look for them. However, being a relatively new entrant into the field, LinkedIn did not have the user base to connect with a large audience. With Microsoft, LinkedIn saw new light and new customers. At $ 26 billion, not only was this the third tech acquisition by Microsoft, it was THE largest investment made by Microsoft at that point.
Tech acquisitions are interesting. They make people want to explore, create and evolve, with an eye on the future. For more information on things happening in the tech world, do not forget to like, subscribe and comment!
Jeff Bezos: Amazon’s Boss Is the Richest Man In Modern History With A Net Worth $150 Billion!
Jeff Bezos is the richest man in modern history, are you listening people?
This fascinating news comes right after the e commerce giant Amazon’s stock price surged after its Prime Day sale. According to the Bloomberg Billionaires Index, Amazon.com Inc., founder’s net worth crossed $ 150 billion in New York, recently. Jeff Bezos who is 54 years old, surpassed Bill Gates in inflation adjusted terms. The $ 100 billion mark that Gates hit briefly in 1999 at the peak of the dot com boom in the US, would be now worth about $ 149 billion in today’s currency rate. Henceforth, making the Amazon chief executive officer richer than anyone else on earth since, how cool is that! The American CEO amassed more wealth than anyone, since 1982. That was the year in which Forbes started publishing its top 20 billionaires of 1982 list. Currently, the tech giant Microsoft’s founder Bill Gates stands second in the list followed by Warren Buffet, Bernard Arnault, Mark Zuckerberg and other executives. Bezos’ net worth has soared by $ 52 billion this year, which is more than the entire fortune of Mukesh Ambani, the newly crowned richest person in Asia. It also climbs Bezos’ personal fortune within spitting distance of the Walton family’s $ 151.5 billion. The Waltons are the world’s richest dynasty.
Amazon was founded by Bezos in the year 1994 as an online book store. Later it went ahead to expand its operations to sell a variety of products. Bezos first appeared on the Forbes 400 list of America’s richest people in 1998, with a net worth of $ 1.6 billion, a year after Amazon made its debut in the public market. After years of struggle and hard work, this e commerce giant announced its 304 million active member accounts toward the end of 2015. Moving on, Amazon’s stock soared by 60 % and its market values more than $ 890 billion.
Apart from Amazon, Jeff Bezos owns the American newspaper company Washington Post and the aerospace manufacturer Blue Origin.
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