The company announced that it had broken even in India and six other foreign countries, making the Indian e-commerce the first to achieve that milestone. Zomato, valued at over $1 billion, is going to start another funding round before becoming profitable by mid-2016.
Investors
Intelligent Energy Teams Up With Smartphone Maker to Develop Hydrogen Fuel Cell Technology That Could Expand Battery Life to a Week
The British company formed a partnership worth $7.6 million to develop hydrogen fuel cell technology for smartphones. The technology would create a need to modify the hardware of the smartphone to manage the chemical reaction waste. Intelligent Energy stated that if all goes well, the new technology could hit the market in two years.
Carl Icahn lost $90 million in his portfolio
Two of the many energy related shares in Carl Icahn portfolio's plunged on Monday trade causing the activist investors a paper loss of $90 million. The two companies are Chesapeake Energy Corp. and Transocean Ltd.
Xignite raises $20 million in Series C Funding
Xignite said that it has raised 20.5 million US dollar in Series C Funding. The company will utilize the capital from the fund to gauge its marketing and sales efforts as well as to widen its product portfolio.
Steve Cohen's hedge fund investing in trading talent
Reeling under pressure, the hedge fund segment is facing talent crunch to render its services more qualitatively. Considering the need of the hour, billionaire Steve Cohen-owned hedge fund Point72 Asset Management is investing in grooming the talent pool. It's offering two programs to train young graduates.
Latest News
The Norwegian government is reeling under pressure owing to oil price drop. The lower oil price is eroding revenues for the government. The Norwegian government is counting on state's dividends from Statoil ASA.
Private equity firm Silver Lake will invest $500 million in cyber security company, Symantec. The money from the investment will be used by the company to buy back shares and issue a $4 dividend to shareholders.
Contrary to earlier bullish predictions for 2016, several Wall Street strategists have started lowering their forecasts on S&P 500 stocks. The Chinese economy slowdown, volatile oil prices and interest rates are the major reasons for drop in forecast. The gap between highest and lowest forecast has been widening.
Messaging app Wiper has raised a total of $4.5 million seed funding from its investor Michael Choupak adding $2 million dollars. The service launced $4.99 monthly subscription fee to preview and watch thousands of original short and long, inexpensive indie films that can be compared to expensive Hollywood movies.
Venture capital (VC) funding activity seems to be heading towards pre-recessionary mark. The VC activity recorded robust growth phase for over seven years. The sluggish financial markets are discouraging VC funding and raising money.
Mexico is receiving $400-loan from World Bank for rural development and will formally sign an agreement. Mexican government will utilize the funds for extending financial lending to farmers and fishermen in rural areas. The small and medium enterprises (SMEs) will also get financial support from the Mexico's national agricultural financing agency FND.
The Los Angeles-based fashion retailer Nasty Gal is reducing the number of employees by 10 percent as part of its strategic restructuring. The increasing market competition and uncertainty in financing aspects are forcing the company to reduce the costs. Several former employees moved court against Nasty Gal against layoffs.
Reorient Group Ltd. has reportedly formed a $3 billion yuan ($457 million) joint venture with partners. The Shanghai based proposed Joint Venture (JV) firm, Yunfeng Securities Co., will have a registered capital of 1 billion yuan. The JV entity will go operative subject to receipt of approval from China Securities Regulatory Commission.
The east African nation Ethiopia is poised to grow at 8.1 percent in 2016 from 8.7 percent growth in 2015. This makes Ethiopia a fastest growing nation in the world. The government spending on infrastructure projects is mainly driving the economy growth.
