Ecom Express FY19 revenue up 76%; Visa to be compliant with RBI data localisation norms by Dec
Logistics provider Ecom Express is looking to raise Rs 500 crore from CDC. Visa will be fully compliant with RBI rules by the end of the year.
Logistics provider Ecom Express posts strong financial performance for FY19
Third-party logistics provider Ecom Express has reported a 76% increase in revenue to Rs 1,018.45 crore for the financial year 2019 from Rs 578.75 crore in FY 2017-18. Net loss reduced to Rs 129.60 crore from Rs 526.70 crore in the previous financial year, The Economic Times reported.
The report, citing TA Krishnan, chief executive officer, Ecom Express said this is the firm’s first financial statement prepared in accordance with Indian Accounting Standard (Ind-AS), which has impacted revenue and costs but having no impact on cash flow.
The report also said the company’s upcoming funding round from the UK government's development finance institution CDC Group is being reviewed by the Competition Commission of India (CCI). According to a VCCircle report early this week, CDC may invest up to Rs 500 crore to pick a significant single-digit stake in the company.
ONGO Framework, UAE-based Hiperdist sign deal
CreativeXperts Consulting, which operates the ONGO Framework, has entered into a partnership with UAE-based Hiperdist, an IT solutions vendor.
The partnership will enable Hiperdist to extend ONGO Framework’s solutions to its customers including digital transformation, a comprehensive suite for web/app development, CRM, ERP, and marketing/branding, the companies said in a joint statement.
Santosh Sansare, general manager, Hiperdist and Rama Kuppa, founder and chief executive officer, ONGO Framework, said they plan to expand the IT distributor ecosystem with value-added services like digital transformation that are innovative and unique in concept and execution.
"At GITEX this year, we focused on how we could enable digital transformation for the market. We highlighted our readiness to the channel via our marketplace of application delivery partners such as ONGO. Leveraging these partners, we believe we can bring value to our partners while empowering them to migrate to the cloud easily,” said Sanare.
GITEX is an annual consumer computer and electronics trade show in Dubai.
Visa set to be compliant with data localisation norms by Dec
Global payments technology giant Visa will be fully compliant with the Reserve Bank of India (RBI) data localisation norms by December, The Economic Times reported.
Visa has outlined a detailed framework to update its systems to comply with RBI laws and what its partner companies have to do to receive the new update on their systems, the report said.