24 Jan, 2020
In this edition of TechThisWeek, we analyse two major developments in the startup space, and how a global sluggish BFSI sector is impacting the third quarter results of the information technology services sector.
- Four IT majors, TCS (Tata Consultancy Services), Infosys, HCL and Wipro reported a slowdown in their December quarter results. The steep loss was attributed to the reduction in spending by the banking and financial services firms as well as retail companies in North America and Europe.
- Dockless two-wheeler sharing platform Bounce completed its growth funding round, skyrocketing the five-year-old startup’s valuation to $500 million.
- Food delivery and restaurant discovery platform Zomato acquired ride-hailing platform Uber’s food delivery business Uber Eats in India. The all-stock deal gives Uber a 9.99% ownership in Ant Financial-backed Zomato. According to earlier reports, this will also see a round of funding from Uber in Zomato, bringing it on par with close rival Swiggy.