Facebook’s messaging platform WhatsApp and PayPal said on Wednesday they had invested in Indonesian payments and ride-hailing firm Gojek as part of its ongoing fundraising round. WhatsApp and PayPal did not mention how much money it was investing in Go-Jek or how big a stake it would acquire. WhatsApp Chief Operations Officer Matt Idema said […]
After Facebook staff walkout, Zuckerberg defends no action on Trump posts
Facebook CEO Mark Zuckerberg told employees on Tuesday that he stood by his decision not to challenge inflammatory posts by U.S. President Donald Trump, refusing to give ground a day after staff members staged a rare public protest. A group of Facebook employees – nearly all of them working at home due to the coronavirus […]
Zoom booms as pandemic drives millions to its video conferencing service
Zoom is rapidly emerging as the latest internet gold mine as millions of people flock to its conferencing service to see colleagues, friends and family while tethered to their homes during the pandemic. Tuesday’s release of the once-obscure company’s financial results for the February-April period provided a window into the astronomical growth that has turned […]
Lending apps turn nightmare for borrowers
Pravin Kalaiselvan, owner of a travel company, was in for a shock on March 25, two days after the lockdown first began, when his father allegedly received a call from a collection agent from Cashbean, a payday loan app, claiming that his son was a defaulter. Kalaiselvan had borrowed Rs 15,000 from the loan app […]
Flipkart investor’s stake sale a bid to avoid tax: Authority of Advance Ruling
The Authority of Advance Ruling (AAR) has said a Rs 14,500-crore transaction in 2018 where a private equity investor sold its stake in Flipkart to US retail major Walmart was prima facie designed to avoid tax. The AAR Mumbai bench’s decision means other investments that were routed through Mauritius too could come under the scrutiny […]
Anti-China social media rhetoric unlikely to sway buyers
Online and offline retailers say the growing rhetoric on social media to boycott Chinese goods is unlikely to sway consumer behaviour. However, that isn’t stopping leading online marketplaces Flipkart and Amazon from promoting ‘Made in India’ products. Sellers told ET that the tight-fisted consumer does not have much choice when it comes to buying a […]
#boycottChinamobiles may be a nonstarter
Online and offline retailers say the growing rhetoric on social media to boycott Chinese goods is unlikely to sway consumer behaviour. However, that isn’t stopping leading online marketplaces Flipkart and Amazon from promoting ‘Made in India’ products. Sellers told ET that the tight-fisted consumer does not have much choice when it comes to buying a […]
Facebook floats new entity to acquire 9.99% stake in Jio Platforms
Illustration: Rahul Awasthi Social media giant Facebook has floated a new entity — Jaadhu Holdings LLC – incorporated in Delaware in the United States, which will acquire 9.99% stake in Jio Platforms Ltd. The two companies disclosed this in a submission to India’s competition watchdog, seeking clearance for the $5.7 billion deal that was announced […]
ETtech Top 5: Jio juggernaut, bigger grocery baskets, MSMEs shutting shop & more
Happy Tuesday! After scooping up Rs 78,562 crore in a span of just one month, Jio Platforms, which owns digital and telecom assets of Mukesh Ambani-led Reliance Industries Ltd., is in talks with cash-rich sovereign wealth funds from the Gulf. Abu Dhabi Investment Authority has joined active discussions for a minority stake in Jio Platforms, […]
E-commerce companies go on a hiring spree
Amid a 50-60% slump in CXO hiring and layoffs galore, a handful of startups and ecommerce companies are using the opportunity to bolster their top decks. BasicFirst, Dream Sports, FarEye, Licious, Myntra, Milk Mantra, Vedantu, HouseJoy, Zivame and BharatPe are among those that have onboarded top-level hires even as the Covid-19-induced lockdown disrupted almost all […]