MakeMyTrip reports net loss of $34.9 million for Q2
Online travel aggregator Makemytrip, which recently brought rival ibibo Group has posted a net loss of loss of $34.9 million for the quarter ended September 30, 2016, compared to a loss of $12.2 million in the quarter ended September 30, 2015. The company, however, said revenue for the quarter increased to $83.1 million from $65.5 million a year earlier.
The company’s hotels and packages business accounted to $57.6 million in revenue and revenue from the air ticketing business stood at $23.6 million. (Source)
Investor Kinnevik marks up Quikr valuation to $1.47b
Kinnevik AB, a Swedish investment firm has placed online classifieds firm Quikr’s valuation at $1.47 billion, as compared to a $1.3 billion it had assigned to the company in the previous quarter. Kinnevik is one of Quikr’s investors.
Quikr has been strengthening its verticals like real estate, jobs, and on-demand beauty services with acquisitions and investments. Its valuation was placed to $1.2 billion early this year when it acquired Commonfloor for around $100 million. (Source)
Logistics startup FR8 raises Rs 6.5 crore from Omnivore Partners
Chennai-based B2B logistics startup FR8 has raised about Rs 6.5 crore from Agritech-focused Omnivore Partners. The funding will be used for investing in technology, talent and to expand operations from the current 7 cities to 17.
Founded in June this year by former Asian Paints executives, Vasanth Immanuel and Jayendran Panneerselvam, FR8 (pronounced freight) is a technology-driven logistics service provider, offering long-haul transportation. The company believes in delivering logistics services on time.
Samsung’s Q3 operating profit declines to 30% in wake of Note 7 fiasco
The fallout from Samsung’s exploding Galaxy Note 7 smartphones couldn’t have gone any worse for the company. Samsung reported a 30% profit plunge, an expected outcome after the company, which killed its flagship Galaxy Note 7 smartphone due to devices overheating and bursting into flames.
Samsung said its operating profit for the July-September period stood at $4.6 billion, down almost 30% from 2015, the lowest in two years. (Source)