StartupTalky

Tag: News 📰

  • What caused the recent outages in Reddit, Twitch, Pinterest and other popular websites?

    An exhaustive list of websites, which include Reddit, Twitch, PayPal, Amazon, Github, Stack Overflow, HBO, Quora, Shopify, Vimeo, and several news outlets like CNN, The Guardian, New York Times, Bloomberg News faced an outage today. An outage of this stature occurs rarely, and has thus been a subject to news, views, discussions, and ridicules all around the world. Twitter being the receptor of such news has obviously been flooded ever since the outage was first discovered.

    What caused the outage?
    How long was the outage observed?
    What should you know about Fastly?
    Did it also affect India?
    FAQ

    What caused the outage?

    The recent outage that affected a massive number of popular apps and websites around the globe has supposedly occurred due to the technical glitches experienced by Fastly, a popular American cloud-computing and CDN service provider.

    Fastly has reported that it has been experiencing issues with the CDN services on Tuesday afternoon and has also informed the same on its Twitter. The firm announced, “We’re currently investigating potential impact to performance with our CDN services.”

    As soon as Fastly declared about the outage they were facing, the other websites started to experience similar problems. The users who tried to visit the above-mentioned websites during the outage seemed to be stuck with a screen that says “Error 503 Service Unavailable”.

    Fastly Outage
    Fastly Outage

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    How long was the outage observed?

    The outage was first reported at 3:28 pm, Tuesday, June 8, 2021, by the Fastly systems, and it continued to disrupt the services on some major platforms till 5:27 pm when Fastly applied a fix. So, it was an outage that lasted for 2 hours, according to Fastly.

    However, the cloud computing giant also informed that users around the world might continue to face difficulties in accessing several websites for some time after it has already been fixed by Fastly.

    What should you know about Fastly?

    Fastly is a popular CDN services platform that helps speed website loading times with the help of “edge cloud.” This technology boosts the loading time of the websites along with helping them to tackle denial-of-service attacks or the cyber-attacks that try to deliberately maim a particular machine or network resource.

    Fastly is one of the most popular service providers in North America and South America that powers some of the prominent online media websites. This is the reason why the majority of the complaints were discovered in the Northern and Southern regions of America.

    How did Air India Suffer a Massive data breach and Why should you be concerned about it?
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    StartupTalkyAlan Joseph

    Did it also affect India?

    The Fastly-induced downtime that was experienced extensively across North and South America also affected some parts of India. Fastly, which operates in the Indian cities of New Delhi, Mumbai and Chennai also experienced issues with its operations and has cited “Degraded Performance” in these regions.

    Conclusion

    Though the Fastly issue that the world experienced today was “global CDN disruption” and was not limited to a particular data center, the global cloud service provider acted swiftly and ended the outage faster than it was thought of!

    However, such continuing outages that had also earlier affected Amazon Web Services, raises questions on the evolving internet infrastructures and why they are limited to a countable list of companies.

    FAQ

    What is fastly used for?

    Fastly is a content delivery network (CDN) company that helps users view digital content more quickly.

    Which companies use fastly?

    A total of 812 companies reportedly use Fastly including tech giants like Netflix, HBO, PayPal etc.

    Who are fastly competitors?

    Cloudflare, Amazon Web Services (AWS), Akamai, Google, and Microsoft are competitors of fastly.

  • Why was Twitter Banned in Nigeria?

    Nigeria has recently announced that the social media platform Twitter is to be blocked in the country. The social media giant has been banned by the Nigerian government led by Muhammadu Buhari, who has also ordered to prosecute and arrest the people who will continue to use Twitter in the country in any form.

    If you are wondering why the government blocked the popular social media platform, then here we will bring you all the information related to the banning of Twitter!

    Nigeria Twitter Ban – Latest News
    Tweet by the President of Nigeria
    Nigerians Sidestepping the Twitter ban
    Twitter’s Response on Ban by Nigeria
    FAQ

    Nigeria Twitter Ban – Latest News

    Nigeria had blocked access to Twitter across the country after it had removed a tweet dated June 1, 2021, from its President, Muhammadu Buhari’s account. The Federal Ministry of Information and Culture of Nigeria had conveyed through a series of tweets on 4 June 2021 that the government has suspended the social media app Twitter indefinitely.

    The reason given by the Federal Ministry behind the ban was the continuous use of the social media platform for the activities that aim to threaten the corporate existence of Nigeria.

    Tweet by the President of Nigeria

    On 2 June 2021, the social media platform Twitter had removed a tweet from Muhammadu Buhari, the President of Nigeria’s account, saying that the tweet had violated its policy related to abusive behavior.

    In his tweet, Buhari announced that “those misbehaving today” will be treated in “the language they understand.” The President’s post was directed at the secessionist movement in the country and was read as a threat to the secessionists that further went on to portray “the destruction and loss of lives” during the Nigerian civil war.

    The tweet was interpreted by Twitter as a threat note, comprising of the bloody connotations of the past violence perpetrated around the country during the civil war of the 1960s, which is attributed to a million deaths and countless other injuries, where Buhari served as the military ruler of Nigeria.

    Here goes the full original tweet that the President posted:

    “Many of those misbehaving today are too young to be aware of the destruction and loss of lives that occurred during the Nigerian Civil War. Those of us in the fields for 30 months, who went through the war, will treat them in the language they understand.”

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    Total number of Active social media users in Nigeria
    Total number of Active social media users in Nigeria

    Nigerians Sidestepping the Twitter ban

    Many Nigerians have not been cooperating with the ban by using a virtual private network to access Twitter. The social media platform, Twitter is considered to be one of the main platforms that are available for the Nigerians to criticize their government. The government has released the order, which conveyed that the people using the social media app would be arrested and prosecuted.

    Twitter’s Response on Ban by Nigeria

    Twitter had responded to the ban saying that they were deeply concerned about the Nigerian government blocking the social media platform. They further added that the open internet and access to it is considered to be an essential human right in modern society.

    Twitter, through its public policy account, has conveyed that it would work towards restoring the social media platform for the users in Nigeria in order to communicate and connect with the entire world.

    Twitter, Facebook and other social media platforms are trying to figure out an effective way to deal with the controversial tweets used by the politicians. Earlier Twitter had removed the former US President Donald Trump’s tweets and have banned him permanently from Twitter.

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    Conclusion

    With the rising popularity of Twitter that has already become a sensational social media platform, which deals with the tweets from celebrities from all walks of life, who prefer Twitter and expresses themselves as freely as possible, negative, abusive tweets and threat notes are pouring in and becoming increasingly difficult to handle. Therefore, Twitter and similar platforms are looking to find an effective way out.

    In the meanwhile, Florida has issued a new law that will fine the social media platforms such as Twitter, Facebook, Google, and other tech companies if they permanently ban or kick off politicians from their platforms.

    FAQ

    Is Twitter banned in Nigeria?

    Yes, Twitter was banned in Nigeria on 5th June after the tweet of its president was removed by the social media giant.

    Why did Nigeria suspend twitter?

    Nigerian Government suspended twitter after the microblogging site removed tweet by the President of Nigeria.

    Does Twitter have an office in Nigeria?

    Twitter does not has an office in Nigeria but has announced of opening their first office in Ghana.

  • Elon Musk VS Anonymous – Full Case Study

    The Anonymous group which is a decentralized international activist has uploaded a video on their YouTube channel aiming at Elon Musk. The new video which was released on 6 June 2021, is considered to be a critical takedown on the billionaire entrepreneur.

    Who is Anonymous?
    Anonymous about Elon Musk
    Anonymous on Electric Vehicles and Space Explorations
    Anonymous on Twitter, Tesla and Bitcoin
    What is the Reason behind the video by Anonymous?
    FAQ

    Who is Anonymous?

    Anonymous is a decentralized international activist group and hacker group that is known for its cyber-attacks against governments and organizations have released a video on their YouTube channel which sent a mysterious message to the billionaire Elon Musk.

    The Anonymous group is known for its attack against the Church of Scientology. The group has conveyed that the CEO of Tesla, Elon Musk had enjoyed a reputation that was favorable because the world had a desire to live in a world of space exploration and Electric Vehicles.

    Anonymous about Elon Musk

    Anonymous group has conveyed through the video that the reputation enjoyed by Elon Musk is not deserved by him and added their viewpoints through the video. They have conveyed that the public image that he had been carefully creating has been removed and people have begun to see him as a narcissistic rich dude who is an attention seeker.

    They have added that the hunt for saving humanity which is proclaimed by Elon Musk is Naïve and not an actual concern he holds for the humanity. The group has shown the videos of his workers claiming that they have faced certain conditions under him for years which are intolerable and also added that he has children working on his lithium mines. They added that the lithium mines are also harmful to the environment and it damages the environment.

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    Anonymous on Electric Vehicles and Space Explorations

    The Anonymous have also conveyed that Elon Musk has been creating a play in order to gain the power from Governments and installing dictators in the countries where the mining of his products is conducted. They also spoke about a newspaper headline that mentioned crowning Elon Musk to be emperor of Mars.

    The Anonymous had also claimed that Elon Musk was not the only person on earth who is working behind space explorations or Electric Vehicles and the competition in the industry has been growing as days pass.

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    Anonymous on Twitter, Tesla and Bitcoin

    The group had also spoken about the Twitter messages of Elon Musk and conveyed that he was able to grow a fan follower and created a craze by trolling others on social media. They added that all his messages on his Twitter account were nothing other than trolls.

    The group had even added that Tesla was not founded by Elon Musk and it was created by people who were much more intelligent than him. They added that Elon Musk had purchased or acquired the company from them and claimed them to be more intelligent than Musk. They mentioned the names of the founders of Tesla which were Martin Eberhard and Marc Tarpenning.

    The group added that tesla’s earnings don’t come from selling cars but through the subsidies provided by the government. They also added that the company had earned money by holding bitcoins and criticized Elon Musk for playing games with the cryptocurrency which destroyed the lives of people.

    They added that one of the reasons for the growth in the earnings of Tesla was due to the hype created by Elon Musk over the bitcoins.

    What is the Reason behind the video by Anonymous?

    One of the major reasons for the video is estimated to be the Tweets shared by Elon Musk over the bitcoins. It is considered that Elon Musk had hyped the price of bitcoins by making a lot of his followers believe that the cryptocurrency is valuable and investing in it.

    Later the CEO of Tesla had announced that the company would start accepting bitcoins as a payment method for purchasing their cars and after a few weeks, the company and Musk took to Twitter tweeting that the company is no longer going to accept bitcoins as a payment method.

    The reason given by Elon Musk for this move was that the mining of bitcoins consumes a lot of energy and it is harmful to the environment. Another point to be noted was that before the announcement Tesla had sold a part of their bitcoins. However, they still hold bitcoins and Elon Musk had conveyed that the company will accept bitcoins as a payment when the mining is done through a sustainable source of energy.

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    StartupTalkyMichelle D’souza

    Conclusion

    However, Anonymous has claimed against this in the video saying that Musk was already aware of the environmental damage caused by bitcoins and he took this move when he realized that the subsidy that was provided by the government was held as Tesla was harming the environment.

    FAQ

    Did Elon Musk manipulate Cryptocurrency?

    It has always seen that Elon Musk’s tweets has affected bitcoin also bitcoin had a massive crash when he tweeted that Tesla will not accept Bitcoin as a payment.

    Who is Anonymous?

    Anonymous is a decentralized international activist group and hacker group that is known for its cyber-attacks against governments and organizations

    What did Anonymous said about Elon Musk?

    Anonymous in a video criticized Elon Musk for manipulating cryptocurrencies and also conveyed that Tesla was not founded by Elon Musk and it was created by people who were much more intelligent than him.

  • How Zomato is planning to make 100% Food deliveries on Electric Vehicles by 2030

    Zomato is the one of the largest food delivery startups in India. It is a multinational company which was founded in the year 2008 having its headquarters in Gurgaon, Haryana. The startup’s service is available in almost 24 countries and more than 10,000 cities. Zomato has announced that they would adopt to Electric Vehicles by 2030. Let’s look at how the startup is planning to do 100% food delivery on Electric Vehicles.

    Zomato – Latest News
    What Deepinder Goyal said
    Barriers Zomato will face in adopting 100% Electric Vehicles
    Zomato’s strategy in adapting 100 electric vehicles delivery
    Companies other than Zomato looking for transition to electric vehicles
    FAQ

    Zomato – Latest News

    Zomato which is a Bangalore based food tech company has announced that they were planning to adopt to shift their food delivery service to Electric vehicles by the end of 2030. In the month of May, the company had announced its plans to provide funding towards environmental projects in order to reduce the emission of carbon into the atmosphere.

    The company had also conveyed through a blog post that they would join the EV-100 which is a global initiative by the companies in order to shift towards Electric Vehicles.

    What Deepinder Goyal said

    The co-founder and the CEO of Zomato, Deepinder Goyal had conveyed through a blog post that the company was already making a number of deliveries using Electric Vehicles in the major cities which include Bangalore, Delhi, Mumbai, etc. and added that the company will try and fully adapt towards Electric Vehicles by 2030.

    He further added that the current food delivery through Electric Vehicle is hardly a few compared to the active delivery partners and added that the company understands that it is hard to adapt to 100% EVs but it is considered to be a necessity in the long run.

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    Barriers Zomato will Face in adapting 100% Electric Vehicles

    In order to adapt to 100% Electric Vehicles there are a lot of barriers faced by the company. Currently, the adoption rate is very low for the company as well as the two-wheeler industry. There are a certain set of barriers that currently impact the two-wheeler industry in general which include lack of infrastructure which is the charging stations, limited battery range, higher cost, and lack of brand loyalty in the new technology.

    Zomato’s strategy in adapting 100% electric vehicles delivery

    Zomato has been working towards adapting to the Electric Vehicle and has been actively engaging with certain Electric Vehicle players. They have been trying to come up with certain personalized designs for the company and also have been working towards creating business models that would help in making the transitions towards the Electric Vehicle sector much more easier and faster.

    In February 2021, the company had raised an amount of USD 250 million from its existing set of investors which include Tiger Global, Kora and Fidelity.

    Zomato Revenue
    Zomato Revenue

    Companies other than Zomato looking for transition to electric vehicles

    Zomato is not the only company that is working towards adaption of the Electric Vehicles in their business operation. Flipkart which is owned by Walmart had also announced that the company is looking forward to deploying around 25,000 Electric Vehicles by 2030.

    Flipkart has also joined the climate group’s initiative of EV100 and the transition is a part of its commitment towards to climate group to change the logistic fleet to Electric Vehicles. The e-commerce giant has already started using the 2-wheeler and 3 wheeler Electric Vehicles in the major cities that include Pune, Hyderabad, Kolkata, Delhi, Guwahati, etc.

    Even Amazon has pledged towards the EV100 initiative and announced that they would introduce 10,000 Electric Vehicles for delivery and also introduce around 1 Lakh Electric Vehicles by 2030 as part of its commitment.

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    Conclusion

    Zomato is looking to make the company public and has been preparing for IPO which is considered to be one of the largest IPO. The company has also reported that they are doing well and said that their performance has crossed their expectations. Amidst the lockdown and restrictions laid down due to Covid 19 people are turning towards the online food delivery.

    FAQ

    What is the net worth of Zomato?

    Zomato had a net income of US$350 million in 2020.

    Who is owner of Zomato?

    Deepinder Goyal is founder and CEO of Zomato.

    What is the valuation of Zomato?

    The valuation of Zomato is $5.4 billion dollars after the recent investment of $250 million by Tiger Global, Kora and others.

  • What is AMC Entertainment and Why its Stock Price Surged 2900% this Year?

    AMC Entertainment Holdings is an American-based movie theatre chain, and is the largest movie theatre chain in the world. The company was founded in the year 1920, with its headquarters located in Leawood, Kansas. It has faced a lot of financial downturns due to the recent Covid-19 crisis. Let’s look at how AMC Entertainment has seen a surge in its share price of around 2,900% in this year.

    AMC Entertainment – Latest News
    Share price of AMC Entertainment
    Reason for the Extreme Rise in Share price of AMC Entertainmnet
    AMC Entertainment Warning to its Investors
    FAQ

    AMC Entertainment – Latest News

    The AMC Entertainment had seen a recent surge in its share price, which touched an all-time high on 2nd June 2021. The stock is considered to be a meme stock as the increase in the stock price was driven because of the hype over the social media channels.

    The hot rally on the stock price is believed to be driven by the retail investors of Reddit. However, it is considered that one of the minor reasons for the surge in the share price is because certain investors are optimistic about the theatre chain as the Covid cases have come under control and the crowd would venture back into the theatres.

    Share price of AMC Entertainment

    The stock had seen a surge of around 120% on 2 June 2021, which hit the all-time high of USD 70 and fell slightly. The stock provided a return of around 90% in one session. The next day the rally was interrupted due to the company itself.

    On 3 June 2021, the company had sold around 11 million shares and raised more than USD 500 million, where the investors did not stay with the company’s decision. The share had seen a fall on that particular day of around 18 % and closed at USD 51.34.

    The company was under a potential bankruptcy in the year 2020 and now has seen a surge in its stock price of more than 3000% for the year 2021. In this quarter alone the stock price of AMC has provided a return of 500% and 140%, as seen in the first week of June 2021. The market capitalization of the company has increased to more than USD 32 billion.

    Share price of AMC Entertainment
    Share price of AMC Entertainment

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    Reason for the Extreme Rise in Share price of AMC Entertainment

    Most of the analysts have agreed that the stock price of AMC has seen a surge not because of the fundamentals but because of the hype created on the social media platforms. They have conveyed that the surge in the price of stocks can be seen as long as it gets attention.

    It is said that the retail investors on Reddit had joined back together in order to hurt the professional short sellers that were betting against the AMC stock. At the same time, AMC had announced that they would provide free popcorns to their new investors who had backed them when they visit AMC for watching a movie.

    AMC Entertainment Warning to its Investors

    The company’s stock price had been trading at 20% up and saw a fall of 18% soon after they announced the sale of 11 million stocks. The sale of 11 million stocks has further helped the company in increasing its share price to USD 584 million as capital.

    AMC has also recognized the strangeness of the situation which was claimed by the experts. As a result, the company had issued an unusual warning to its shareholders. The company warned its shareholders against investing in its Class A common stock. It has conveyed that if the shareholders were ready to incur the risk of losing the entire amount invested in the shares or a partial amount, they could continue to stay invested.

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    Conclusion

    The share of AMC has received a lot of attention from the Indian investors as well as those from South Africa. The largest theatre chain was one of the five most traded stocks on the American stock exchange on Vested Finance and Stockal. These are two Indian focused trading platforms, and AMC was much more popular than Tesla, Facebook and Shopify.

    FAQ

    What is the biggest movie theater company?

    AMC Entertainment is one of the biggest movie theater company with 959 around the world.

    Who are AMC Theaters’ competitors?

    Regal, Cinemark, and Cineplex are some of the top competitors of AMC Entertainment.

    What is the Revenue of AMC Entertainment?

    The Revenue of AMC theatre in 2020 was 1200 million US dollars.

  • How Clubhouse is planning to monetize in India?

    The Clubhouse has recently become one of the most popular social media apps in India. It has created a lot of hype amongst the Indian content creators with a lot of clubhouse rooms being formed in the month of May 2021. The app is available for both Android and iOS in India, even though the audio-chat app is already popular among the users, it has plans to reach more people around the world and expand its community. Let’s look at the future plans of the clubhouse in India.

    Clubhouse on Removal of Invite-only feature
    Rohan Seth on the Growth of Clubhouse
    Clubhouse on its Payment Service launch in India
    Further plans of Clubhouse
    FAQ

    Clubhouse on Removal of Invite-only feature

    The company has plans to remove the invite-only feature by the end of this year. There is no information regarding the exact time for removing the invite-only feature as of now. However, if you are a Clubhouse user, you would already know that you can use the app only if your invitation is accepted by your friend or an existing clubhouse user.

    On 3 June 2021, the clubhouse had confirmed that it has plans to expand its user base and to remove the invite-only feature by making it open for all. This would mean that anyone would be able to download the app, join the social media application and add rooms depending on their interest.

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    Rohan Seth on the Growth of Clubhouse

    The co-founder of Clubhouse Rohan Seth had conveyed that they were still new to the space and that they are trying their best to grow slowly. He added that the main aim of the audio-chat app is to add in more users and to remove the invite only feature.

    He conveyed that the company will have to align and invest into the infrastructure before removing the invite-only feature. However, he conveyed that the goal of the company is to provide the app support to everyone. He has also mentioned that the invite only feature of the Clubhouse had helped the app to build a loyal and strong community in a short span.

    Clubhouse on its Payment Service launch in India

    The audio-chat platform had also conveyed that they were soon planning to release a payments service in India. As of now, the clubhouse payment service is available only in the United States. The executive of the company had conveyed that before releasing its payment service on a global level, the company wants to ensure that the experience would be smooth.

    Clubhouse Payment Service
    Clubhouse Payment Service

    He added that the company has plans to release the payments service only to a few countries outside the United States which includes India. The main reason for it is because the app has become very popular in the country.

    The introduction of the payment service into the clubhouse for India would help the content creators to monetize their content and the information.

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    Further plans of Clubhouse

    The CEO of the company Rohan Seth had also conveyed that the app is planning to launch new features bringing in better discoveries and recommendations for the users. He said that the app is planning to work on recommending more rooms for the users and adding features that will help them connect better.

    He added that the company is also working on the discovery features of the clubhouse which will offer a smooth experience for the community. The app is planning to work on localization features and to bring in more support to various languages which will help to connect with more people around the globe.

    Some of the features which the company plans to bring to users include ticketing, subscriptions and tipping. These features will make it much more easier for the content creators to monetize their content on the clubhouse platform.

    Conclusion

    In the initial stages clubhouse was available only on the iOS platform and later on, was released for the Android users as well which created a lot of hype among the users and the company saw an overwhelming response.  The app has recorded around 2 million users on Android.

    FAQ

    What is the valuation of Clubhouse?

    Clubhouse has reached a valuation of $4 billion as of 2021.

    Who is the Founder of Clubhouse?

    Clubhouse was founded by Rohan Seth and Paul Davison in 2020.

    Who is the CEO of Clubhouse?

    Paul Davison is the CEO and Founder of popular social media platform Clubhouse.

  • Why Softbank is Investing 700 million in Flipkart after exiting the firm in 2018?

    SoftBank Vision Fund is a Japanese based company that had exited from its investments in Flipkart after selling them off to Walmart Inc during the year 2018. But the company has now held discussions in order to invest into the e-commerce giant, Flipkart. Let’s look at why SoftBank is trying to buy Flipkart again.

    Softbank Funding – Latest News
    Flipkart Plans for IPO in US
    Reason for SoftBank’s Investment in Flipkart
    Flipkart’s Investment
    FAQ

    Softbank Funding – Latest News

    SoftBank has held discussions with the e-commerce giant, Flipkart to invest an amount of around USD 600 – USD 700 million during the funding round. Certain sources have claimed that the funding which is being raised by Flipkart is much more larger which is expected to be around USD 2 billion.

    The funding rounds estimated to see the participation of a group of investors or wealth funds which include Canada’s CPPIB, Abu Dhabi’s ADQ as well as the existing investors of the company which includes GIC and Qatar Investment Authority.

    The sources have conveyed that the funding rounds would value the e-commerce giant to closely around USD 25 – USD 30 billion.

    Flipkart Plans for IPO in US

    Flipkart had plans to go for an Initial Public Offering in the United States and the investment from Soft Bank would lead the company to push aside its plans to go public. This would mean that the e-commerce giant would stay as a private company for longer than it was intended to.

    A person close to the developments has conveyed that the deal between SoftBank and Flipkart would be finalized up in the next few weeks of June 2021. As per earlier reports, the e-commerce giant had plans to go public during the year 2022.

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    Reason for SoftBank’s Investment in Flipkart

    If the deal to invest in Flipkart is finalized then it would be another big move from the Japanese based group, SoftBank in entering into the Indian e-commerce market. The company has already been part of the e-commerce market with huge cash investments.

    After the exit from the e-commerce firm Flipkart during the year 2018, the re-entry into the firm is at the right time when the large Indian groups such as TATA and Reliance have been entering into the market sector and is trying to catch the market share.

    Even the rival firm of Flipkart which is Amazon has increased its investment in the Indian market by more than USD 7 billion in diversified sectors which include retailing, online payments, food delivery, grocery delivery, etc.

    The investment from SoftBank will help the e-commerce giant to build an ecosystem in order to compete with the rivals such as Reliance, TATA and Amazon.

    Revenue growth of Flipkart
    Revenue growth of Flipkart

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    Flipkart’s Investment

    Flipkart under the leadership of Kalyan Krishnamurthy has grown significantly over the years. They have increased their investments and the acquisitions in order to bulk up their logistics and supply chain in order to increase the its brand and fashion portfolio.

    In the month of April 2021, the company had acquired Cleartrip in order to strengthen its presence in the hospitality sector. Flipkart had also acquired an 8% stake in the Aditya Birla Fashion and Retail Ltd and also a 27 % stake in the Arvind Fashions.

    Other recent investments of the company include a logistics startup and a supply chain startup. The company is also focusing to invest heavily into the online grocery platform as it has seen an increased demand due to the pandemic and the lockdown in the major cities.

    The company has announced that it has plans to build warehouses for scaling up its grocery business and hired employees for it. The Indian business of Flipkart is operated through multiple entities. The online business is run by Flipkart internet and Flipkart India.

    Conclusion

    The e-commerce giant has expected to raise funds from the Canada Pension Plan Investment Board and also from the existing investors. 76.9 % of the stake is owned by the Parent company Walmart INC. The other investors include UBS, GIC, Accel, Microsoft, Qatar Investment Authority, Tiger Global Management, Tencent, ESOP pool and the founder Binny Bansal.

    FAQ

    When did SoftBank Invest in Flipkart?

    SoftBank’s Vision Fund invested $2.5 billion in Flipkart in August 2017.

    When did Walmart invest in Flipkart?

    In 2018 Walmart bought a roughly 77% stake in Flipkart for $16 billion.

    Is Softbank investing in Flipkart again?

    Yes, Softbank is in talks with Flipkart to invest approximately $700 million in it.

  • This is the reason why Maruti Suzuki saw a decline of 71% sale in May

    Maruti Suzuki India which is one of the largest manufacturers of the four-wheeler segment in the country has seen a decline in the sales during the month of May. The company has been a pioneer in the consumer market segment of four-wheeler sales in the country. Let’s look at the reason for the decline in the number of sales.

    Maruti Suzuki – Latest News
    Segment wise decline
    Reason for the decline in Sales of Maruti Suzuki
    About Maruti Suzuki India
    FAQ

    Maruti Suzuki – Latest News

    On 1 June 2021, Maruti Suzuki had reported that there was a decline of around 71% in the sales of the largest carmaker in the country on May 2021. The carmaker has seen a decline of 71% when compared to the sales on April 2020 as during the month of April the sales were around 1,59,691 compared to the sales of May which amounted to just 46,555 units.

    Maruti Suzuki India had also conveyed that their domestic dispatches to their dealers in the month of May amounted to around 35,293 units which saw a decline while compared to the month of April which amounted to around 1,42,454 units.

    Segment wise Decline in sales of Maruti Suzuki

    The sales of mini cars of the company such as S-Presso and Alto saw a decline of around 81% during the month of May which amounted to 4,760 units when compared to April which amounted to 25,041 units.

    The sales of the compact segment vehicles such as Swift, Baleno, Dzire and Ignis saw a decline of around 72 % during the month of May which amounted to 20,343 units when compared to April which amounted to 72,318 units.

    The sale of the mid-sized sedan which is Ciaz saw a decline during the month of May which amounted to 349 units when compared to April which amounted to 1,567 units. The sale of Utility Vehicles which include Vitara Brezza, Ertiga and S-Cross had also seen a decline of around 75 % during the month of May which amounted to 6,355 units when compared to April which amounted to 25,484 units.

    As per the report received from Maruti Suzuki India, the company has also seen a decline in their export segment of around 35% which amounted to 11,262 units in the month of May when compared to the 17,237 units in the month of April.

    Reason for the decline in Sales of Maruti Suzuki

    One of the major reasons for the decline of the sales for the largest carmaker in the country was due to the shutting down of their manufacturing units. It is seen that the company had shut down the production process in the month of May 2021 from 1st to 16th.

    The production process was stopped by the company in order to divert the oxygen from the industrial usage for the medical purpose across the country. There was a nationwide crisis as the majority of the hospitals have been facing a lack of oxygen supply for the patients and a lot of them losing their lives.

    Soon after that, the major places in the country had gone under lockdown and not having a proper production process for the entire month has affected the sales volume of May 2021.

    Maruti Suzuki Sales compared to May 2020
    Maruti Suzuki Sales compared to May 2020

    About Maruti Suzuki India

    Maruti Suzuki India is a subsidiary company of the Japanese based automotive manufacturer Suzuki. The company was formerly known as Maruti Udyog Limited and was owned by the Government of India in between 2981 to 2003. In the year 2003, the Government of India had sold it to the Japanese company Suzuki Motor Corporation.

    The company has a market share of around 53% in the Indian car passenger market. The company has its headquarters located in New Delhi, India.

    Conclusion

    Maruti Suzuki India has conveyed that due to the shut down of production for the supply of oxygen and disruptions faced due to lockdown, the normal production hasn’t taken place in the past two months and hence the sales volume of May 2020 is not comparable to the one that of May 2021.

    FAQ

    Who is the CEO of Suzuki?

    Osamu Suzuki is the current CEO of Suzuki.

    When was Maruti Suzuki founded?

    Maruti Udyog limited was founded by the government of India in 1982.

    Is Maruti Suzuki most selling car in India?

    Yes, Maruti Suzuki has been consistent in selling most number of cars for fourth consecutive year.

  • Why Tesla is getting into Restaurant Business?

    Tesla which is an Electric Vehicle manufacturing company and that is involved in other businesses such as charging stations, solar roofs, power grids, etc. has now said to enter into the restaurant business. Let’s look at the reason why Tesla would be venturing into the restaurant business.

    Tesla Restaurant – Latest News
    Brand Logo and Trademarks for Tesla Restaurant
    Reason Tesla is Entering Restaurant industry
    Future plans of Tesla Restaurant
    Strategy of Tesla Restaurant
    FAQ

    Tesla Restaurant – Latest News

    Tesla under Elon Musk has recently filed a trademark under its brand in the restaurant industry. This is considered as a sign by the Californian company to venture into the restaurant business. The company has filed an application for three new trademarks with the US Patent and the Trademark office.

    The application was filed on 27 May 2021 which has not yet been approved and will be reviewed during the month of August.

    Brand Logo and Trademarks for Tesla Restaurant

    For the food industry, the company has plans to use its T logo design with two other iterations of the stylish Tesla logo. The company has filed the trade marks for three different categories which cover the restaurant services, self-service restaurant services, pop-up restaurant services and take-out restaurant services.

    Reason Tesla is Entering Restaurant industry

    One of the major reasons for Tesla to enter into the restaurant industry would be because of their charging stations. It is to be noted that, charging their Electric Vehicle would take around 20-30 minutes and people would like to grab a cup of coffee, use the washroom or have something.

    This can be a step towards filling that gap in the charging stations. However, during September 2017, the Chief technology officer of Tesla had announced that Tesla has plans to start a convenience store in their supercharging stations.

    In the year 2019, Elon Musk had announced that he has plans to start a retro fast-food restaurant at one of Tesla’s supercharging stations in Los Angeles. Elon Musk had tweeted saying that he was going to put an old school drive-in, roller skates and rock restaurant at one of Tesla’s new supercharging stations.


    Tesla also have a supercharging station with only lounge in the Kettleman city, which is one of the busiest supercharging stations.

    Tesla's Supercharging Station in Kettleman City
    Tesla’s Supercharging Station in Kettleman City

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    Future plans of Tesla Restaurant

    The year before that Tesla had opened a couple of charging stations that provided snacks and beverages for the car owners who charged in the charging stations. In the same year, an executive of Tesla who spoke at the Foodservice tech conference said that the restaurant business would make sense for the company.

    However, the executive had added that the company did not have any plans to start a restaurant on its own but would want to tie up with partners who are already in the industry.

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    Strategy of Tesla Restaurant

    The application for the trademark signifies that the company has a different strategy and looks like the company is looking forward to creating restaurants under the brand Tesla using the same logo. Recently Elon Musk had tweeted again that he would like to open a retro restaurant at the supercharger station.

    He had tweeted saying that a new supercharging station is coming to Santa Monica in California and that he’s looking forward to having 50’s diners and a 100 best movie clips played. It is to be observed that in order to start a restaurant in Santa Monica California, Tesla had applied for permits during March 2018.


    Conclusion

    Tesla has more than 25,000 supercharging stations around the world. However, the Tesla restaurant concept would attract a lot of attention and is expected to have a significant number of audiences. The company has a wide network and has sold a half a million cars in the year 2020.

    FAQ

    Why tesla is planning to get into restaurant business?

    The reason Tesla might enter into the restaurant business is because of their charging stations, as charging their Electric Vehicle would take around 20-30 minutes and people would like to grab a cup of coffee, use the washroom or have something.

    How many superchargers does tesla have?

    Tesla has more than 25,000 supercharging stations around the world.

    What type of restaurant is tesla planning?

    Tesla has filed trademarks for categories of restaurant services, pop-up services, self-service restaurant services, take-out restaurant services.

  • Government’s Emergency Credit Line Guarantee Scheme – How hospitals can avail Rs. 2 crores of Government loan?

    The surge in the number of Covid cases due to the second wave, the lockdown being implemented in the major cities and the shortage of oxygen being faced in the major hospitals have led the government to introduce a new credit scheme for the hospitals across the country. Let’s look at the new credit scheme offered to the hospitals and how to they can avail it.

    Govt Credit Scheme for Hospitals in India
    What is Emergency Credit Line Guarantee Scheme?
    How Hospitals can avail the Govt Credit Scheme?
    About ECLGS 4.0
    FAQ

    Govt Credit Scheme for Hospitals in India

    The Government of India has announced a new credit scheme for the hospitals across India. This is a step taken by the government in order to push the economy and also can be considered as a step to invest more into the infrastructure in the country.

    They have extended the Emergency Credit Line Guarantee Scheme (ECLGS) and under the Emergency Credit Line Guarantee Scheme 4.0, the hospitals will get a concessional credit facility of up to INR 2 crore in loans which is a 100% guaranteed government loan in order to set up oxygen generation plants.

    The government of India on 30 May 2021, had announced the Emergency Credit Line Guarantee Scheme 4.0 and expanded the scope of the scheme in order to cover up the economic disruptions in the country.

    The 100% guaranteed loan cover of up to INR 2 crores under the ECLGS 4.0 scheme will not only cover the hospitals but also the nursing homes, clinics and medical colleges in order to set up an on-site oxygen generation plant. The interest rate that is charged for the loans that are provided under the ECLGS 4.0 scheme is 7.5%.

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    What is Emergency Credit Line Guarantee Scheme?

    Emergency Credit Line Guarantee Scheme is a scheme under the Government of India which guaranteed a 100% guarantee under the National Credit Guarantee Trustee Company for the loans that are provided by the Member Lending Institutions. As of now the Member Lending Institutions for the ECLGS 4.0 are the public sector banks of the country.

    Emergency Credit Line Guarantee Scheme 4.0
    Emergency Credit Line Guarantee Scheme 4.0

    How Hospitals can avail the Govt Credit Scheme?

    The public sector banks in the country had simultaneously announced that they were going to join hands with the RBI and the Emergency Credit Line Guarantee Scheme (ECLGS) in order to provide the standardized loans for the healthcare institutions under the ECLGS 4.0 scheme in order to set up oxygen generation plants.

    Public Sector banks have also announced that they will offer up to 100 crores at a concessional rate for hospitals, clinics, healthcare institutions, diagnostic centres and pathology labs in order to set up or expand various healthcare facilities.

    As of now the healthcare institutions that are eligible for the Emergency Credit Line Guarantee Scheme 4.0 will be able to avail the loan by approaching various Public Sector banks across the country.

    Since the loan provided by the Public Sector Banks are a fully guaranteed by the government for the credit losses the hospitals, clinics, medical colleges or any other healthcare institution will not have to provide any collateral to avail the loan for setting up the oxygen generation plant.

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    About ECLGS 4.0

    Dinesh Khara who is the chairman of SBI has conveyed that the initiatives that were taken by all the Public Sector Banks by coming together to provide the loan is considered to be a significant step in the right direction to improve from the financial crisis faced due to the Covid surge on the affected segments.

    Uday Shankar who is FICCI president has raised that there is a need to increase the limit of INR 3 lakh crore. He added that the new scheme ECLGS 4.0 will support the healthcare sector through financial channels and said that he hopes the banks would go all out in providing the loans in a timely and a quick manner.

    He conveyed that this scheme would have further helped if the allocation would have been made higher and FICCI has requested to double the amount to 6 lakh crores.

    Conclusion

    The public sector banks have also taken steps to provide lending support by designing three different products for pathology labs, vaccine manufacturers, hospitals and dispensaries, manufacturers and suppliers of oxygen, importers of vaccines and various Covid related drug logistics firms, ventilators and patients for treatment.

    FAQ

    What is Governments Emergency Credit Line Guarantee Scheme?

    In the Credit Line Guarantee Scheme provided by Government, hospitals will get a concessional credit facility of up to INR 2 crore in loans which is a 100% guaranteed government loan in order to set up oxygen generation plants.

    What is the interest rate on the loan provided by the Government?

    The interest rate that is charged for the loans that are provided under the ECLGS 4.0 scheme is 7.5%.

    Till When the Emergency Credit Line Guarantee Scheme will be valid?

    The Emergency Credit Line Guarantee Scheme will be valid till September 2021.