Yatra Online which is one of the leading online travel companies of India announced its plans to launch a public offering of ordinary shares. The company revealed its plans to sell an enormous nine million ordinary shares of the company as it is keen on raising an estimated $ 50 million (Rs. 332.6 crores,) specifically for its business development. All the ordinary shares would be sold in the offering by Yatra. Ordinary shares are basically the shares in a company that are owned by people who have a right to vote in the company’s meetings. The shareholders receive a part of the company’s profits after the holders of preference shares have been paid. In addition, Yatra expects to grant the underwriters a 30 day option for the purchase of its ordinary shares. In a statement filed with the US Securities and Exchange Commission (SEC,) the Nasdaq listed Online Travel Agency (OTA) said it plans to use the earnings from the public market sale of shares toward general corporate and business purposes.
The announcement comes a month after Yatra filed a shelf registration statement with the US Securities and Exchange Commission, stating its target to raise $ 100 million over a span of three years . Last year, the company had filed an offer for sale of shares in order to raise $ 60 million.
The CFO of Yatra.com Alok Vaish said this is a universal shelf or an enabling filing which allows us to raise funds up to $100 mn, if required, over a period of next 3 years. The security could be equity, debt, preferred shares etc. However, currently, we are well funded and this filing will enable us to raise more funds at the right time to increase our capital base further.
At present, Yatra.com is the second largest online travel agent company in India. Based in Gurugram, India, Yatra is a one stop shop for all travel related services. It provides information, pricing, availability and booking facility for domestic and international air travel, domestic and international hotel bookings, packages, buses, trains and many more. Yatra Online is currently aligned with more than 70,000 hotels in India. Alongside, Yatra holds nearly 800,000 hotels across the globe. This famous OTA is backed by IDG Ventures, Vertex Venture Management, Norwest Venture Partners among other investors.
Apple Introduces Three New Phones At An Exclusive Event
Continuing the growth spurt that made Apple the first trillion dollar company in the world, the phone company launched three brand new phones. The iPhone XS, iPhone XS MAX and iPhone XS, Apple’s new phones for the year 2018 are officially here! While the iPhone XS and iPhone XS MAX are primarily the same, the iPhone XR is radically different in terms of size, shape and style!
Even though Apple has tried its hand at cheaper versions with the SE and the 5C (and failed,) these new variants are definitely up to the mark. Despite the iPhone XR being priced at a moderate price range (starting at $ 749,) the features are extremely similar to the other higher priced iPhones, such as the X and the eight.
The XS is faster and better than its predecessor in every possible way. The XS Max is too, except it now has a 6.5 inch screen. The XR, with an LCD screen (with slightly less impressive colour reproduction,) is still the same on the inside, just without a telephoto lens on the back. Even though the iPhone X and the iPhone XS MAX come with primarily similar features, the makers promise a better camera. as compared to the iPhone X. Why? Because of the power possessed by the A12 bionic chip inside!
What makes the camera all the more interesting is the camera’s algorithms can detect people’s faces and automatically correct any red eyes. Furthermore, the smart HDR feature can highlight and find shadow details at the same time. The depth of the portrait mode (called the bokeh effect) can also be adjusted not just while you take the photo but after you take the photo as well, giving you complete control over the blur effect! All editing happens in the photos app, through a slider!
The new iPhone series is definitely worth the wait, reinforcing the idea of a brand new world of smartphones and giving people something new and interesting to look forward to with the latest iPhone trio series. The iPhone XS and iPhone XS MAX are going to be available for pre order on Friday!
Elon Musk Works 120 Hours a Week, Stays In Factory For 4 Days
In an interview with The New York Times, Elon Musk said he has been working 120 hours a week. It is more than three times the national average work week, according to the Bureau of Labor Statistics.
As the CEO of two major companies, Tesla and SpaceX, Musk seems to be having a hard time delegating his work. This is making him overworked.
“The classic problem as an entrepreneur is that they have a hard time delegating,” Robert Pozen senior lecturer at MIT Sloan School of Management. “But that’s really crazy. Recruiting other executives is critical, so is dealing with customers and dealing with regulators. Those are functions that only the top founders can do.”
Silicon Valley has been criticized for glorifying overworking. “A culture of overwork is damaging because it turns brief binges of hard work into a long-term strategy, and, worse still, an expectation. When managers start measuring the worth of their employees according to how quickly they return emails at 3 a.m., that particular work culture is broken,” said Adam Alter, a professor at NYU’s Stern School of Business.
Musk realised that this behaviour is harmful and has been affecting his life drastically.
“There were times when I didn’t leave the factory for three or four days – days when I didn’t go outside,” Musk said. “This has really come at the expense of seeing my kids. And seeing friends.”
Elon Musk also revealed that he has not been on vacation since 2001, he has spent his most recent birthday at work. Musk added, he has trouble sleeping “it is often a choice of no sleep or Ambien.”
It has been reported that the Tesla executives are looking for a number two, to take on some of Musk’s daily responsibilities. Musk said that he is not aware of this search and has no plans to step away from his many roles at Tesla.
As the CEO of two major companies, Musk is known to keep an intense daily routine. Inc. previously reported that the CEO ignores most phone calls, abstains from getting stuck dealing with emails, and breaks his entire day into a series of five-minute slots. But apparently, he’s still there for 120 hours a week.
Google Parent invests $ 375 Million In Oscar Health
Google’s parent company, Alphabet has invested $ 375 million in an insurance startup company, Oscar Health.
Post the investment, Alphabet will own 10% of the stake in the startup. Alphabet through its venture firm CapitalG and the life sciences division Verily participated in a $ 165 million funding round for Oscar Health.
Founded in 2012, Oscar Health is a technology-focused health insurance company that is headquartered in New York City.
Oscar Health co-founder and CEO Mario Schlosser said, “it’s fantastic for us because it will really allow us to focus fully on the core model we’ve been building for the past 6 years, which is: use technology, use data, use design, use a human approach to build a very different health care experience,”
The startup offers health coverage through ObamaCare in six states. Oscar Health is planning to introduce new innovation like providing a “concierge” team, which includes a nurse. The nurse will help the people enrolled to find suitable doctors.
Schlosser announced the news in an interview, “We can hire more engineers, we can hire more data scientists, more product designers, more smart clinicians who can think about health care a different way. It’s the acceleration of that product roadmap that fascinates us the most. The second, more tangible piece, is that we’re launching new product lines.”
The co founder of Oscar Health, is Josh Kushner, the brother of Jared Kushner. Jared Kushner is Donald Trump’s son-in-law and adviser. This relationship is quite intriguing looking at Oscar Health’s participation in ObamaCare.
Schlosser in an interview said Josh Kushner’s connection to Trump “does not affect what we do.” He added, “Whatever happened in the press, whatever happens on the regulatory side, I have personally always thought, and I think the company shares in this, that if we have something that leads to lower costs and happier members in some shape or form we’ll be able to turn this into a successful company.”
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