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Zomato to shut Grocery services from September 17

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Zomato to shut Grocery services from September 17

Zomato has been a loved Food Delivery service throughout the country despite having quite some competitors. It is a concept that has been proven to be hit in all aspects.

Zomato recently began its Grocery services in the month of July this year. And now, the Food Delivery service has decided to shut the grocery delivery services due to gaps in order fulfilment and the traction 15-minute grocery delivery has been getting in the recent past.

The announcement came on Saturday when Zomato wrote an email to its grocery store partners.

A Zomato spokesperson said, “We have decided to shut down our grocery pilot, and as of now, we have no plans to run any other form of grocery delivery on our platform. Grofers has found a high-quality product-market fit in 10-minute grocery, and we believe our investment in the company will generate better outcomes for our shareholders than our in-house grocery effort.”

In the mail, Zomato mentioned that the company believed in delivering the best services to its customers and the largest growth opportunities to their merchant partners. It also said that the current model run by Zomato did not fulfill their aims and wasn’t their best way to deliver services.

Zomato then made it clear that the company wanted to pull down its pilot grocery delivery service from September 17, 2021.

Adding in, the company also said in its mail that the store catalogues were dynamic and inventory levels kept changing which made it difficult for Zomato to provide a satisfying customer experience.

An acceptance statement from a Zomato spokesperson came in that said the company wanted to close its delivery services and does not plan to run any other form of grocery delivery on its platform.

Grofers, on the other hand, is a grocery delivery service in which Zomato has its stakes, and it promises delivery in 10 minutes. Seeing this equation, Zomato said that it believes that its investment in the company will help generate better outcomes for the shareholders. Zomato has said to have invested $100 million in Grofers, which is around Rs 735 crores.

Insurance companies are being urged to launch cyber risk coverage immediately

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Insurance companies are being urged to launch cyber risk coverage immediately

Due to the increased risk of cyber-attacks, the insurance regulator has requested that non-life companies immediately launch individual cyber risk coverage and expand the scope of their existing cyber risk policies. Additionally, the regulator recommended that insurers obtain a first information report for losses under Rs. 5000 and resolve them via an e-complaint filed with the National Cyber Crime Reporting Portal.

The Insurance Regulatory and Development Authority of India ( IRDAI ) has released a product structure for cyber insurance based on the recommendations of a working group established to standardise cyber liability insurance wording. Given the evolving nature of legislation, the working group determined that a standardised product is not desirable. However, the group has published a model policy wording for personal cyber insurance.

The regulator has urged companies to introduce cyber risk coverage for individuals as soon as possible, noting that while insurance companies have historically focused on businesses, individual customers are becoming increasingly vulnerable.

“An individual’s exposure to cyber risks is increasing with increase in exposure to the digital world. Considering the need for cyber insurance for individuals, IRDAI has charted out some salient features, coverage, and suggestions in its guidance document on product structure for cyber insurance, which insurers can look to adopt,” said TA Ramalingam, chief technical officer, Bajaj Allianz General Insurance. He added that his company was the first to offer individual cyber insurance.

IRDAI wants insurers to be more specific in their language regarding negligence exclusions. According to IRDAI, negligence is only an exclusion if the loss directly results from the negligence.

IndiGo aims to reach full capacity on domestic flights by December and is seeking funding

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IndiGo aims to reach full capacity on domestic flights by December and is seeking funding

IndiGo intends to operate domestic flights at full capacity and approximately two-thirds of its international flights at full capacity as the COVID-19 pandemic situation improves and more people travel.

The CEO of the low-cost carrier, Ronojoy Dutta, stated that “things are improving slowly,” adding that it was “hard not to be bullish as traffic is going up.” In an interview with Bloomberg TV, Dutta also stated that IndiGo’s load factor is currently around 70% and yields are expected to increase in the coming months. He noted that while the company’s current cash position was “pretty good,” it desired to raise funds as a hedge against a possible third COVID wave.

The airline, which operated 277 aircraft as of the end of June 2021, posted a net loss of Rs 2,844 crore in the year-ago period. The airline said in a statement that its consolidated total income increased by 177.2 percent to Rs 3,170 crore in the first quarter of the current fiscal year.

In the first quarter of the previous fiscal year, the total revenue was Rs 1,143 crore.

Total expenses for the airline increased by 59.2 percent to Rs 6,344 crore in Q1 2021-22, up from Rs 3,986 crore previously. India’s aviation revival may be fleeting, as analysts anticipate that a new COVID wave will peak in October. International flights have been suspended until September 30 and domestic passenger capacity has been reduced to 72.5 percent of pre-pandemic levels.

IndiGo, which InterGlobe Aviation Ltd. owns, reported a net loss of Rs 3,174 crore for the three months ended June, owing largely to a sharp decline in revenue during the second wave of the coronavirus pandemic.

Microsoft abandons efforts to schedule the reopening of its offices

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Microsoft abandons efforts to schedule the reopening of its offices

Microsoft has delayed the full reopening of its Redmond headquarters and other US locations from October 4 to whenever public safety guidelines deem it safe to do so, becoming the latest US technology giant to do so in response to a surge in Covid-19 cases in the US due to the Delta variant of the virus.

The tech behemoth announced Thursday in an update to its website that it will communicate a 30-day transition period to allow its 1,60,000 employees to prepare for when it decides to reopen.

“We had planned for October 4 to be the first possible date to fully reopen Microsoft’s own Redmond headquarters and many other worksites in the US. But as we shared with our employees today, we’ve shifted those plans,” the note said.

Given the over Covid-19, the company has decided against forecasting a new date for a full reopening.

The announcement is comparable to that made by Silicon Valley rival Google. Sundar Pichai, CEO of Google, stated in a blog post on August 31 that employees will be able to work remotely until at least January 10, 2022. The technology company intended to rehire employees in October 2021.

Additionally, he added that offices worldwide could decide when to reopen following that, as long as they give employees 30-day notice before asking them to return to work.

Apple, too, has informed its employees worldwide that they are not required to report to work until January, if not later. The iPhone maker intended to contact employees again in early September, a decision that did not sit well with employees, who wrote CEO Tim Cook a letter expressing their displeasure.

Amazon, which planned to rehire employees in September, has also pushed the reopening date to January 3, 2022. Additionally, Facebook’s teams in the United States and a few other countries will not be required to return to their offices until January 2022.

India’s cryptocurrency policy would be dictated by national security concerns, Jayant Sinha

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India’s cryptocurrency policy would be dictated by national security concerns, Jayant Sinha

The Parliamentary Standing Committee on Finance is debating draught legislation on cryptocurrency centered on national security concerns. Terror financing through crypto instruments and domestic security threats, according to the chairman of the Parliamentary committee, are legitimate concerns.

“What happens to these crypto assets and cryptocurrencies must be closely monitored. “We want to be wary of the use of these kinds of crypto instruments in terror financing and for internal security threats,” Parliamentary Standing Committee on Finance head Jayant Sinha told Bloomberg.

Sinha went on to say that because India lacks full capital account convertibility, it is impossible to replicate industrialized economies using virtual currencies.

He went on to say that given India’s unique situation, the country’s approach to cryptocurrencies will have to be unique. “Because of our circumstances, our answer will have to be original and unique. We must strike a balance between stability and growth, but we recognize the importance of the crypto space as a whole,” Sinha said.

Last month, Finance Minister Nirmala Sitharaman stated that proposed cryptocurrency legislation is currently before the Cabinet. The report from the inter-ministerial committee on cryptocurrencies, which looked at concerns surrounding virtual currencies and proposed specific steps, has already been filed. According to the panel, all private cryptocurrencies should be forbidden across India, except for any virtual currencies in the state.

Meanwhile, the RBI has expressed its concerns about the market for cryptocurrencies to the government. The commitment of the government and the central bank to financial stability was emphasized by RBI Governor Shaktikanta Das, who stated that there are no divisions between the RBI and the Finance Ministry on the subject. Das continued, “We should now await the Centre’s ultimate conclusion on the subject.”

Ola electric scooters are available starting today, with deliveries beginning in October

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Ola electric scooters are available starting today, with deliveries beginning in October

For those who have made a reservation, Ola Electric’s S1 scooter will be available for purchase starting today, September 8. The Ola Electric S1 scooter may be purchased entirely online. “No visiting showrooms, no running around, nothing. Purchasing early gets you priority delivery. Also, the window stays open only until stocks last,” according to the Ola Electric blog. For the two variations — Ola S1 and Ola S1 Pro — buyers can choose from ten colours. The Ola e-scooter will be available for test rides and deliveries starting in October.

The Ola S1 costs Rs 99,999, while the Ola S1 Pro costs Rs 1,29,999.

The Ola e-EMIs scooters start at Rs 2,999 for the S1 model and Rs 3,199 for the S1 Pro model. Ola has also partnered with HDFC, IDFC First Bank, and TATA Capital to provide scooter loans. Customers using the Ola and Ola Electric apps will be able to apply for pre-approved loans through HDFC, while TATA Capital and IDFC First Bank will perform digital KYCs and deliver rapid loan approvals.

If your scooter isn’t financed, you’ll have to pay the balance a few days before it’s shipped. The Bengaluru-based company has also teamed with ICICI Lombard to offer consumers a ‘1-year Own Damage and 5-year Third Party’ registration policy. Add-ons such as Personal Accident Cover, Zero Depreciation, and Roadside Assistance are available. Aside from that, you can pay an advance of Rs 20,000 or Rs 25,000 for Ola S1 or Ola S1 Pro. The site further stated that the down payment and prepayment are refunded in the event of cancellation.

The battery on the Ola electric scooter is covered by a three-year warranty, while the vehicle is covered for three years or 40,000 kilometers, whichever comes first. Based on the Faster Manufacturing and Adoption of Electric Vehicles in India Phase 2 (FAME-II) subsidy, Ola e-scooters have been subsidized in Delhi, Gujarat, Maharashtra, Odisha, and Rajasthan.

Zoho invests $5 million in a medical device firm

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Zoho invests $5 million in a medical device firm

For a 25% investment in Voxelgrids, a Bengaluru-based firm that develops Magnetic Resonance Imaging (MRI) scanners, Zoho Corp, based in Chennai, has committed $5 million (about Rs 35 crore). The investment will aid the company in the growth of its deep–tech capabilities, the creation of intellectual property, and the expansion of its business. The investment will be split into two installments.

Voxelgrids, which was founded in 2017, makes 1.5T MRI scanners that are lightweight, mobile, and simple to install and run, making them ideal for usage even in rural India, where MRI facilities are few. The start-up has raised roughly Rs 20 crore in grants so far with a 22-member workforce.

A proprietary imaging software program is also included with the MRI machine. The company’s Bengaluru production plant has the capacity to produce up to 25 units per year.

Through software and hardware improvements, Voxelgrids is attempting to overcome MRI scanner usability and operation difficulties. Several nations, including the United States, China, and Japan, have granted patents to its non-cryogenic technology and design. The scanner may also be put on mobile platforms, allowing it to be easily transported to remote sites while using far less electricity.

Biddano raises $2 million from existing and new investors

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Biddano raises $2 million from existing and new investors

Biddano, a Pune-based healthcare supply chain platform, has secured $2 million in a round led by Gokul Rajaram, a board member of global giants Coinbase and Pinterest, and a mix of new and existing investors.

Apart from Rajaram, JPIN Venture Catalysts UK, Anuj Srivastava, Ramakant Sharma, and current investors Venture Catalysts and AngelList, took part in the investment round.

The startup intends to use the new money to invest in the product, engineering, and marketing teams to provide more value-added services, improve customer experience, develop new products, and strengthen its market leadership.

Biddano, by the way, is hiring across multiple verticals and expects to increase its personnel from 30 to 100 in the next ten months.

Biddano was founded in 2016 by Talha Shaikh and Ashok Yadav to improve offline pharma distribution networks by using technology to bridge supply-chain gaps between distributors and pharmacies.

To help distributors manage demand and supply while expanding their geographic reach, the startup employs a “plug and expand” concept.

By allowing orders from numerous distributors to be readily combined into pharmacy-specific deliveries, Biddano’s digital platform makes order administration easier for chemists and hospitals. Through its virtual inventory software, its technology also assists pharmacies with “just-in-time” purchase options.

The Pune-based startup now has over 20,000 pharmacies on its network and wants to expand to over one lakh pharmacies in the next 12 months to become India’s largest healthcare supply chain, logistics, and payment platform in the next two to three years.

As RIL shares rise, Mukesh Ambani’s net worth approaches $100 billion

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As RIL shares rise, Mukesh Ambani’s net worth approaches $100 billion

CMD of Reliance Industries Ltd (RIL), on the back of a recent jump in his company’s shares, Mukesh Ambani is on the verge of joining the select club of billionaires with a net worth of over $100 billion.

According to the Bloomberg Billionaires Index, Ambani’s net worth increased by $3.71 billion on Friday, bringing it to $92.6 billion. Ambani is the world’s 12th wealthiest person, just ahead of Francoise Bettencourt Meyers of L’Oreal, who has a net worth of $92.9 billion.

On Monday, RIL’s stock closed 1.52 percent higher at Rs 2,424.55 on the BSE. This week, the business said that its subsidiary Reliance Strategic Business Ventures Limited had purchased a share in Strand Life Sciences for Rs 393 crore in cash.

With effect from September 1, 2021, RIL’s subsidiary Reliance Retail Ventures has gained sole control of the local search engine platform Just Dial Limited.

Though Ambani entered the telecom business in India in 2016, Jio Infocomm upset the sector by offering dirt-cheap internet packets. Jio had 43.66 crore members at the end of June, making it India’s largest cell phone service provider. Ambani has also managed to get financing for the company’s digital activities from companies like Facebook and Google.

According to sources, RIL is also in talks with Saudi Aramco about selling a stake in its refining and chemical sector for up to $25 billion.

At RIL’s annual general meeting this year, Ambani unveiled an ambitious investment plan of Rs 75,000 crore in sustainable energy over the next three years.

According to Ambani, RIL intends to construct four ‘Giga Factories,’ which will manufacture and fully integrate all important components of the new energy environment. These factories will cover solar energy, intermittent energy, green hydrogen, and static electricity.

With such ambitious aspirations in various areas, Ambani appears to be on track to surpass the $100 billion net worth milestone sooner rather than later.

Amazon intends to enter the television market by introducing large-screen televisions

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Amazon intends to enter the television market by introducing large-screen televisions

Amazon, the e-commerce behemoth, is rumoured to be working on its line of televisions. The large-screen televisions are expected to be released in October. According to speculations, the televisions would have Alexa and will be between 55 and 75 inches in size.

Third parties, such as TCL, are likely to design and manufacture Amazon TVs. According to reports, the corporation has been working on television for two years. According to Business Insider, the TVs will first be available in the United States.

In India, however, the company sells Amazon Basics-branded televisions. It has also partnered with BestBuy to sell Amazon Fire TV-enabled Toshiba and Insignia televisions.

The new TVs will include simple features such as Adaptive Volume, which will allow Alexa to answer louder if a noise background is detected. Users will be able to hear Alexa even if there are background noises like people conversing, music playing, or dishes being washed. Even if there is no background noise, the adaptive volume does not decrease. It will be necessary to reduce the volume on one’s own.

With Amazon Prime Video, Alexa, the Fire TV Stick, and its e-commerce platform, the corporation is taking another step toward creating an Apple-like ecosystem.

Amazon will enter the television industry with the debut of the TV, putting it in direct rivalry with Sony, Samsung, LG, and other companies that sell their products on Amazon’s platform. Amazon is yet to make an official statement.

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