Myntra To Buy Majority Stake In Indian Actor Hrithik Roshan’s HRX BrandOnline fashion retailer Myntra is close to buying a majority stake in HRX, a clothing and shoes brand launched by actor Hrithik Roshan, from Exceed Entertainment, as it looks to boost its high-margin private brands business.
Myntra, didn’t disclosed the financial terms of the deal, said that it will finish the transaction over the next few weeks as quoted by DealStreetAsia.
“This deal will add an attractive sportswear and lifestyle brand in our private brands collection. Indians are looking to become healthier, more active and want more choice. Leaving aside a few international sports brands, there’s a lack of choice for consumers in sportswear and lifestyle and there’s massive scope to build a large brand in this segment. Buying an equity stake in HRX will align our vision with HRX’s over the long term,” said Narkar vice-president, Myntra Fashion Brands.
Wipro Backs Out From Viteous Group AcquisitionIndian IT major Wipro's bid to acquire the US-based back office firm Viteos Group for $130 million (Rs 861 crore) fell through due to delay in closing the deal, the company said on Tuesday.
"Both parties have decided not to proceed ahead with the acquisition due to inordinate delay in completing closing conditions that exceeded the target date and expiration date under the terms of the agreement," said the concerned people, told ET.
The deal was to be completed in fourth quarter of 2015-16 ending March 31.
One97 Communications To Take Its Digital Business To Western Europe And US One97 Communications, the digital goods and value-added services arm of Paytm, will take its digital business to Western Europe and the US markets through strategic acquisitions.
With a presence in Africa and a scheduled launch in Indonesia, Malaysia and Middle East markets through tie up with telcos, the company is actively scouting for marketing analytics platforms for inorganic growth.
Amit Sinha, senior vice-president of One97 said that the international business, which makes up 20 per cent of One97's annual revenue will be a focus area going ahead. "We are targeting 100 per cent growth this year, riding on growth of content for 3G network, video consumption and network cross-sell and upsell opportunities." as reported by ET.
The marketing business and related analytics for telcos makes up 70 per cent of the company's annual revenues. One97 is also mulling selling content on the Paytm marketplace, with payments driven through the wallet.
2 More Senior Flipkart Executives QuitIndia's largest internet company Flipkart is seeing more exits of top managers with two executives-Lalit Sarna and Sunil Gopinath also leaving the company last week.
Sarna was heading the payments product design for Flipkart while Gopinath was the technology lead for the marketplace division.
Their exits come in the wake of the departure of former chief product officer Punit Soni who left the Bengaluru-based company in April. Following the top-level reorganisation within the company earlier this year, Flipkart, which is now led by chief executive officer Binny Bansal, has focused on reducing expenses and is aiming to become profitable,reported ET.
"Initiatives that are product-driven like image search are being scrapped and business-led launches including exchange days and advertisements have been given priority," said one person directly aware of the changes.
ClassVerse Founder Rukaiya Kanchwala Joins Omnipresent Robotics As Chief Business OfficerOmnipresent Robotics, an industrial drone and machine learning solutions provider, has hired ClassVerse founder Rukaiya Kanchwala as chief business officer.
Kanchwala confirmed the development but didn’t give any details of her responsibilities at the robotics venture run by New Delhi-based Omnipresent Robot Technologies Pvt. Ltd.
Kanchwala’s move to join Omnipresent comes after she shut Delhi-based ClassVerse earlier this year. She had launched ClassVerse last year and operated the fitness studio marketplace for nearly 10 months as quoted by TechCircle.
Kanchwala, who has an MBA degree from INSEAD, has about 12 years of experience in the technology industry across the US, Singapore, Japan and India. She spent eight years at Dell before coming to India to join Rocket Internet.
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This is Chitrakshi Suneja currently pursuing graduation and diploma in journalism and mass communication. She is crazy about Writing stuff on Startups, Entrepreneurs and reading as well.
