Flipkart Co-Founder Sachin Bansal Seeks Level-Playing Field for Local Firms

Flipkart Co-Founder Sachin Bansal Seeks Level-Playing Field for Local Firms

Flipkart Co-Founder Sachin Bansal Seeks Level-Playing Field for Local Firms
Highlighting the rise of “selective globalisation”, Flipkart co-founder Sachin Bansal on Wednesday said a level-playing field is needed to ensure that local companies can build solutions for the Indian market and don’t get “prematurely killed” by foreign competition.

“Another big thing that is happening across the world is the rise of anti-globalisation… it was all the time in China and US, selective globalisation rather. I meant there should be level playing field,” Bansal said at the IAMAI India Digital Summit in New Delhi.

Bansal has, in the past too, voiced his opinion on supporting Indian companies against ‘capital dumping’ by foreign companies.

“What we need to figure out is how do we create a level-playing field. How do we ensure news app or restaurant apps doesn’t get prematurely killed by company coming from China and just pumping in dollars from there. It should be about technology and appreciation of the product,” he said.

Interestingly, Flipkart – which is locked in an intense battle for leadership with US-based Amazon in the Indian e-commerce market – has received over $3 billion funding from investors like Tiger Global Management, DST Global, Naspers and Steadview Capital.

China’s e-commerce giant Alibaba – which has stake in Indian digital payments and e-tailer Paytm – is also aggressively looking at tapping into the Indian market.
Bansal said it would be a “mistake” if Internet and technology are not considered as a “strategic sector”.

“…we are making a mistake by not thinking of Internet and technology a strategic sector and depending too much on China and the US to build that for us… We have the capability, we have the know-how to do this in India ourselves for our markets,” he said.

Referring to year 2016 as a “cooling off period” for investors, Bansal said the funding scenario changes cyclically but that doe not change the “reality of the companies”.

ALSO SEE2017 Will Be a Defining Year for Flipkart, Says Co-Founder Sachin Bansal

“…(year) 2016 was the cooling off period. And these are the cycles that the markets go through… it will either be little bit too over-optimistic or a bit too pessimistic. The reality of the companies actually don’t change that much, the funding scenario changes drastically,” he said.

Tags: Flipkart, Sachin Bansal, E Commerce, Apps, Internet, India


Spotify CEO Daniel Ek Becomes Chairman as Co-Founder Steps Down

Spotify CEO Daniel Ek Becomes Chairman as Co-Founder Steps DownSpotify CEO Daniel Ek Becomes Chairman as Co-Founder Steps Down
Spotify co-founder and Chief Executive Officer Daniel Ek is consolidating power over the world’s largest music streaming service, taking on the role of chairman ahead of a planned initial public offering as soon as next year.

Martin Lorentzon, a co-founder of Spotify, is stepping down from his role as chairman after 10 years, a Spotify spokeswoman said in an e-mail. Lorentzon will become vice chairman, he said Thursday on his Twitter feed.

(Also see: Spotify Debuts in Japan, Complete With Karaoke Lyrics)

“I look forward to another 10 years at Spotify as vice chairman,” Lorentzon said.

Ek is leading the company as it prepares to make its case to public-market investors and takes on a growing list of rivals, including Apple, Amazon and Pandora. He’s taking a page from other technology industry founders such as Facebook’s Mark Zuckerberg – who maintain tight control over the leadership and direction of their companies – as he oversees a growing staff spread across Stockholm, London, New York and Los Angeles.

The company is in the midst of critical negotiations with record companies that will determine how much Spotify pays to carry music on its service. The outcome will help determine whether the company can bend itself toward profitability, as it currently pays most of its revenue back out in the form of royalties to labels and publishers.
Spotify last month surpassed 40 million paying customers, and has 100 million monthly users including its free, ad-supported product. It generated more than $2 billion in revenue last year but remains unprofitable.

(Also see: Spotify Said to Be in Advanced Talks to Buy SoundCloud)

Earlier this year, Lorentzon joined venture capitalist and Skype founder Niklas Zennstrom, former Finance Minister for Sweden Anders Borg and several other business leaders in signing an open letter calling for reforms in Sweden’s education, tax and housing industries, and warned that failure to do so could force businesses from the Nordic region’s biggest economy.

© 2016 Bloomberg L.P.

Tags: Spotify, Music Streaming Service, Music, Internet, Home Entertainment, Apps


Infosys Co-Founder Launches App Chronicling Indian IT journey

Infosys Co-Founder Launches App Chronicling Indian IT Journey

Infosys co-founder S Gopalakrishnan Sunday launched a brand new app itihaasa that chronicles the “charming adventure” of the Indian IT enterprise because the Nineteen Fifties.

i’ve been a part of the industry for over 37 years and have seen the industry develop, prosper andemerge as an critical a part of the economic system. i am fortunate to were a part of this charmingadventure. With itihaasa, we are hoping to reach the exquisite story of Indian IT to many more human beings internationally,” Gopalakrishnan told PTI.

He added that itihaasa is one of the biggest chronicles of its type with six hundred films presenting 44era stalwarts.

customers can pay attention veterans like F C Kohli, Prof Rajaraman, Prof Mahabala, Narayana Murthy, Azim Premji, S Ramadorai, Nandan Nilekani, N Vittal and others as they hint the top notch journey of the Indian IT sector,” he stated.

The app follows the set up of the u . s .‘s first contemporary pc in 1955 to crystal observing on Indian IT in 2040, he added.

The app, which took about 8 months to broaden, might be maintained by using a team sitting at IIIT-Bengaluru.

The app includes 600 brief videos, over 37 hours of pictures, 350 archived snap shots and articles andclean surfing with 12,000 tags.

customers can personalise tales on six dimensions – Time, people, organisation, coverage, Technicalterms and region,” he said.

the use of the app, they could locate answers to questions like while become programming first taught in India or who were the earliest IT entrepreneurs.

Conceptualised by using Kris, as Gopalakrishnan is popularly acknowledged, the app might be availablefree of charge on Apple and Android telephones or pills.

“The records of Indian it’s miles an ongoing research and might be up to date periodically. The platform willexplore and submit historic studies on other subjects in the destiny,” he stated.

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Tags: Android, Apps, Infosys, Itihasa

Pandora Co-Founder Tim Westergren Returns as CEO

Pandora Co-Founder Tim Westergren Returns as CEO

Shares of Pandora plunged Monday as news that co-founder Tim Westergren was returning as chief executive failed to ignite confidence in the group’s long-term prospects.

Westergren, who helped found the Internet radio service in the early 2000s and served as chief executive from 2002 to 2004, replaces Brian McAndrews, who is stepping down.

“Tim is the ideal CEO for Pandora as we embark on our next phase of growth,” said chairman Jim Feuille.

“As the original founder, Tim carries the vision for how Pandora can transform the music industry and he is uniquely able to connect with listeners, music makers and employees.”

In midday trade, shares of Pandora were down 10.2 percent at $9.82.

Pandora shares have come under pressure as rivals such as Apple and Spotify have built up signficant Internet music businesses. In 2015, Pandora reported a loss of $169.7 million.

US media have reported that the company has hired Morgan Stanley to advise it on strategic options, including a possible sale of the company.

Westergren, a musician and composer who worked in the music industry for more than 20 years, helped launch Pandora’s Music Genome Project, which suggests new music selections to consumers based on their taste. The service caught on, enabling Pandora to go public in 2011 with more than 80 million registered users.

However, shares have fallen steeply over the last two years as competition has intensified.

Faced with slowing growth, the company has unveiled a plan of heavy investment to ramp up its on-demand service, expand its event ticketing operations and build a bigger international presence. The company in February said these initiatives would allow it to notch $4 billion in annual revenues within five years, compared with $1.2 billion in 2015.

However, reaching these goals will require “navigating multiple hurdles,” such as complex deals with record labels to build an on-demand service and overcoming historically lean profit margins in event ticketing, Morgan Stanley said in a February note.

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Tags: Apps, Home Entertainment, Internet, Pandora, Tim Westergren