ANOTHER SIGN OF ECONOMIC SLOWDOWN? ZOMATO SACKS EMPLOYEES

BUSINESS, NEWS

In a bid to reduce ‘redundancy’, Foodtech Goliath Zomato has sacked 1% of their workforce earlier this month. On the 9th of August, the company decided to let go of 60 employees mainly from customer support department of their Gurugram office.

The company issued a statement explaining their motive behind this move. “Over the last few months, our service quality has improved, and the percentage of orders requiring support has come down significantly creating redundancies for about one percent (60 people) of our workforce. Most of these redundancies are in customer support department and also include movements to other departments as part of our Internal Job Placement exercise.”

IS INDIA READY TO PLAY GLOBAL MUSICAL CHAIRS?

BUSINESS, NEWS

In the year 1996, Michael Jackson had arrived in India for the first time. The fans were thrilled at the prospects of seeing the King of Pop live in action. Mega stars such as Michael rarely navigated to India & the fan response was unprecedented. The streets of the newly named city of Mumbai were filled with fans. The show was a stellar success and is still recalled as one of the greatest shows by Michael.

Cut to 2019, 23 years later, the scene is completely different. In the coming few months, not one but two superstars will arrive in India- Katy Perry and Dua Lipa will be performing in Mumbai. The two singers will be headlining a music festival in the city of dreams. While this is Katy’s second visit, Dua Lipa is visiting India for the first time.

India, today, no longer is a distant market for the Music industry and companies all over the world are willing to invest big. Multimedia corporate bigwigs such as YouTube and Spotify are leaving no stone unturned to reach out to the 1.3 billion strong nation.

THE GREAT INDIAN BUSINESS RIVALRIES

BUSINESS

It’s a dog eats dog world out there. The competition is stiff and the money involved is big! In the bid to out do their rival and capture the market, companies sometimes get involved in petty drama. Take a look at how big Indian companies or corporate firms took on each other because of fierce market competition.

Times Now versus CNN-News18

Couple of years back, CNN-News18 called themselves the numero uno of Indian news but India’s self proclaimed number 1 channel Times Now took major offense to it. They released data (36 weeks of it, mind you) from BARC and even went on take their rivals head on by asking questions like, “What’s the desperation CNN?” and “Release the real numbers”. But sadly, the nation did not want to know the answer!

Pepsi versus Coca-Cola

When asked about, who they thought their real competition was, Coca-Cola India had this to say….

“Our real competition is water, tea, nimbupani and Pepsi… in that order.”

For these two American companies, battle fields have been many and India was one among them. This corporate war reached its crescendo in the late 90s when the two indulged in a bitter ad war. This went on for years before both sides realised how silly the entire fight was.

The Hindu versus Times of India

Known for its no-nonsense approach to news, The Hindu, is popular among the older readers. But the Chennai edition of TOI used this as a ploy to attack the Hindu, and they asked The Hindu readers “Stuck with news that puts you to sleep?”. Staying true to their classy self, The Hindu simply released a full front page ad saying, “Stay ahead of the Times”

Colgate versus Pepsodent

After Pepsodent claimed that they were 130% superior than Colgate, the latter dragged the former to the court. “India’s most recommended brand by a dentist” was upset with Pepsodent and asked the court to intervene. Colgate’s claims were set aside by the Delhi High Court. But Pepsodent was panned for using Colgate’s name in the ad. Who knew those pearly whites would cause so much drama.

AMAZON- THE GROWTH STORY

BUSINESS, World Affairs
Year Milestone
1994 Jeff Bezos quits his job, launches Amazon.  Initial startup capital- his parent’s personal savings
1995 Amazon.com goes online with book sales. Bezos raises an $8 Million round of funding from Kleiner Perkins
1997 Amazon goes public at $18 per share
1999 Bezos named Time Magazine’s “Person of the Year” for popularising online shopping.
2009 Bezos acquires Zappos through  stock swap
2013 Bezos acquires the Washington Post
2015 Amazon surpasses Walmart as the most valuable retailer in the United States
2016 Becomes the fourth most valuable public company, goes offline with its first bookstore in Seattle
2017 Amazon acquires Dubai-based Souq.com, Bezos becomes the second richest person in the world

Amazon founder Jeff Bezos became the second richest person in the world, moving ahead of when Amazon acquired on 29 March acquired Middle East’s largest online retailer, Souq.com. According to Bloomberg, Bezos added around $1.5 billion to his fortune (now at $75.6 billion) as his company’s share rose to $18.35 billion as of  29 March.