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These Two Powerful Women Own The Couch At 2018 Forbes Women’s Summit!

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The 2018 Forbes Women’s Summit kicked off at Pier Sixty, New York on June 19, making an immense impact. The event notices influential women including leaders, policymakers, entrepreneurs and artists from across the globe. These ladies come together to discuss how women surface the path toward an extraordinary future with courage and enthusiasm. The summit was initiated with a welcome note delivered by Moira Forbes, EVP, Forbes Media. Not only that but India’s most influential women, PepsiCo Chairman and CEO Indra Nooyi and actress cum activist Priyanka Chopra, both conveyed the last keynote of the day.

In conversation with Priyanka Chopra and Indra Nooyi!

Speaking about Priyanka Chopra, from Bollywood to Hollywood, she is the first Bollywood actor to lead a major drama series on American television. Also in 2017 Forbes’ ranked Priyanka on the 15th spot on the list of Most Powerful Women In Entertainment And Media. Apart from her acting prowess, Priyanka is also well known for her contributions as a UNICEF Goodwill Ambassador. Whereas, Indra Nooyi comes second on the Forbes’ list of most powerful women in business in 2017. Being marked among the highest ranking women of Indian heritage in corporate America, Indra Nooyi spoke about the beginning of her career in America at the 2018 Forbes Women’s Summit. She said, In my early days working in corporate America, I never really fit in. I worried about how I was perceived. I decided after a while that I’m never going to win the looks battle. So I’m going to focus on the brains. I focussed on doing the job better than anyone else could do it. Nooyi spoke her heart out to the women out there saying, If you struggle with these choices, you’re not crazy. You’re human. Moving over, Priyanka Chopra added, You may not know me, I’m an actor from India. I’ve done 50-something movies. But I’m also someone who is not defined by my ethnicity or where I come from. I’m a woman, I’m an actor, I’m an artist and I’d like to see where that takes me.

The conversation was packed with extremely intellectual talks and inspiring stories from their lives. The actress later spoke about how marriages in India have an impact on women’s careers. She added, Because I’m in my 30s, which is obviously over the hill, my mother said to me, you’ll get married the day you find someone who appreciates how hard you worked to get where you are and no one is the decision maker in my life. From marriage to interesting lifetime experiences, the two powerful women came out with their fierce stories.

Be it the corporate world or the entertainment industry, women have emerged as the modern day heroes and are still going strong!

 

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Binny Bansal Sells ₹531 Crore Worth Flipkart Shares To Walmart

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Binny Bansal, an Indian billionaire, entrepreneur and co founder of the e-commerce website Flipkart, sold $ 76.4 million worth of his shares in Flipkart to Walmart’s Luxembourg entity FIT Holdings SARL.

Binny Bansal, along with his partner Sachin Bansal, co founded the Flipkart and served as its Chief Executive Officer until January 2016.

Walmart, a multinational retail corporation, bought Flipkart in 2018 and back then, Bansal sold a small portion of his shares and held 3.85 % of stake.

Now, according to the documents filed by Flipkart with the regulators, Binny Bansal transferred 539,912 equity shares to FIT Holdings SARL.  These shares are valued to be $ 76.4 million (approximately Rs. 531 crores.)  This latest deal left him with only 3.52 % stake in Flipkart.

Vivek Durai, the founder of Paper.vc, a business intelligence platform, said, “With this transfer, Binny Bansal has monetised a small portion of his shareholdings. He had sold 1,122,433 shares for about $ 159 million during the Walmart takeover.”

According to his contract with Walmart, Binny Bansal is entitled to sell more than half of his shares to Walmart by August 2020 and he could gain around $ 400 million from this transaction.

Bansal, who is mostly based in Singapore, is now an investor in India’s  startup ecosystem and is also the co founder of xto10X Technologies, which was launched last year.

In December 2018, Binny Bansal invested a sprawling $ 25 million dollars in the online insurance startup Acko.  He also invested in several AI and healthtech startups.

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Facebook Reveals Details Of Its Cryptocurrency Libra

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On the 18th of June, Facebook revealed details of its brand new cryptocurrency called Libra.  An alternative to cash, this cryptocoin can be used to buy things or send money to people with close to no fees.  The cryptocurrency is going to be launched by an association called The Libra Association, which consists of a group of companies interested in getting Libra out into the world.

You can use Libra to buy or cash out your Libra at local stores like grocery stores and through third party wallet apps.  To make using Libra an easier task, Facebook owned Calibra Wallet will be built into WhatsApp and Messenger, thereby simplifying transaction processes.  Although certain countries have banned the use of cryptocurrencies, Facebook is trying to break new ground with the launch of Libra.

While Facebook is launching Libra, the social media giant is not going to be in complete control of the cryptocoin.  The coin will be controlled by a consortium consisting of its founding members, Visa, Uber and Andreessen Horowitz. The three companies have invested at least $ 10 million each into the creation of this cryptocurrency.

Customers interested in holding or transferring the newly acquired token will be given multiple options to do what they wish.  To further simplify matters, Facebook will let customers access transactions through this cryptocurrency via a special app designed for iOS and Android.

To protect the identity of its users while making transactions through the new app, Facebook won’t require you to share personal details.  “The advent of the internet and mobile broadband has empowered billions of people globally to have access to the world’s knowledge and information, high fidelity communication, and a wide range of lowercost, more convenient services,” the Libra Association said in a paper announcing the cryptocurrency.

Libra will be made available to the world during the first half of 2020.  As of now, Facebook is focusing on building relationships in international waters.

Stay tuned for more updates.

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Facebook Invests In Indian Startup Meesho

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On the 13th of June, social media giant Facebook announced, it invested an undisclosed amount in Indian startup Meesho.

A Bengaluru based startup, Meesho works with resellers and emerging brands using social media.  This is the first time Facebook invested in a startup based in India. Through this investment, Facebook aims to increase its commitment to the Country’s vibrant internet ecosystem.

“Facebook is an ally for India’s economic growth and social development. We are excited about India and its rapidly rising Internet ecosystem. With this investment in Meesho, we want to fuel a business model that can result in rapid job creation and the rise of a female entrepreneurial class in India,” Ajit Mohan, the Managing Director of Facebook India, said in a statement.

It was two primary factors which made Facebook invest in Meesho.  The first reason was how the startup is growing outside the Tier II and III cities, where new users are present.  The second reason is, Meesho has a larger user base, 80 % of which are women.

So far, Meesho has raised $ 50 million from a Series C funding round in November last year.  According to industry reports, the startup helps people using its service earn close to Rs. 25,000 every month!  With WhatsApp playing a crucial role in the app’s growth, it comes as an added blessing that Facebook invested in this particular startup.

Through investments like these, Facebook is capitalizing on the social media boom happening in India.

Stay tuned for more updates.

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