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Indian e-commerce giant <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> has decided to revamp its tech leadership team once again, and has hired Micromax CTO and former Amazon exececutive <keyword id="70775" type="PERSON" weightage="100" keywordseo="Ashish-Agrawal">Ashish Agrawal</keyword> as its senior SVP of engineering. 
 Agrawal will be assuming his role from this month, as the engineering head of its consumer shopping experience and would be reporting to Flipkart CEO <keyword id="6364080" type="PERSON" weightage="100" keywordseo="Binny-Bansal">Binny Bansal</keyword>. 
 
Agrawal, who was leading Micromax's tech initiatives and formulating its software services, was also the technology &amp; development head for Amazon's payment service Amazon Payments for about five years. He was also actively involved in the development for Amazon Payments solutions, which was focused on monetization of Digital Goods and Media. At Amazon, he also led the development of the m-commerce apps for about 2.5 years, leading the development &amp; launch of its e-Commerce web services. 
 
Other changes to Flipkart's tech leadership team include engineering head Peeyush Ranjan moving on to the role of group CTO and engineering SVP Hari Vasudev moving to the tech function for its critical marketplace and e-kart businesses. 
 
These changes have come after Flipkart witnessed seven of its top executives quitting last year, including chief product officer Punit Soni, commerce platform head Mukesh Bansal, chief business officer Ankit Nagori, CTO Amod Malviya, and Chief People Officer Mekin Maheshwari. 
 
<a href="http://www.teleanalysis.com/wp-content/uploads/2015/02/Ashish-Agrawal-CTO-Micromax.jpg">Image source</a>

Flipkart revamping its tech leadership team; hires Micromax tech honcho Ashish Agrawal

Once the government implements goods and services tax (GST), citizens could see an unexpected consequence, which is the launch of more and more IPOs from companies willing to sell shares to the public, says <keyword id="1173259" type="PERSON" weightage="100" keywordseo="Ashish-Kumar-Chauhan">Ashish Kumar Chauhan</keyword>, CEO of <keyword id="35140" type="CITY" weightage="100" keywordseo="BSE">BSE</keyword> (<keyword id="43628" type="CITY" weightage="100" keywordseo="Bombay-stock-exchange">Bombay Stock Exchange</keyword>). He further says that most of these IPOs will be initiated by smaller firms that would become tax-compliant due to the levy since they'll no longer have anything to hide. As per Chauhan’s estimates, around 1,000 companies will list on his bourse over the next four years. "We have only scratched the surface," he told <a href="https://www.bloomberg.com/news/articles/2017-05-30/modi-s-tax-to-spur-1-000-new-listings-bombay-bourse-head-says">Bloomberg</a>, adding that around 74 companies raised 276 billion rupees ($4.3 billion) through first-time share sales on the BSE in last fiscal, a record since 2010. Investors and analysts have been holding debates and discussions regarding the effect that GST would have on the country's market. Most of them think that GST will initially face some issues even though it is widely being projected to boost government revenue and increase the ease of doing business in India. "A lot of things are going to happen -- we don't know what," said <keyword id="113828" type="PERSON" weightage="100" keywordseo="Raamdeo-Agrawal">Raamdeo Agrawal</keyword>, joint managing director at <keyword id="429860" type="COMPANY" weightage="100" keywordseo="Motilal-Oswal-Financial-Services-Ltd">Motilal Oswal Financial Services Ltd</keyword>. "But it is a huge positive development. It will have short-term hiccups for six months or so. But once it is done and people have accepted it, then the control of the economy will become far better."

GST effect: 1,000 companies to launch IPOs in 4 years, says BSE chief

<keyword id="71696" type="COMPANY" weightage="100" keywordseo="Micromax">Micromax</keyword> is developing its own operating system as a suite of services and apps which will run across its phones, tablets, televisions and wearables, as it goes up the value chain to differentiate itself from increasing competition. Spearheaded by former <keyword id="18635" type="CITY" weightage="100" keywordseo="Amazon">Amazon</keyword> executive <keyword id="70775" type="PERSON" weightage="100" keywordseo="Ashish-Agrawal">Ashish Agrawal</keyword>, who is the new technology head at Micromax, the OS will be a forked Android - a platform developed on <keyword id="6355629" type="CITY" weightage="100" keywordseo="Google">Google</keyword>'s open source mobile OS. The first smartphones with the new OS will be available by the end of this financial year and they will be affordably priced, Micromax cofounder <keyword id="144780" type="PERSON" weightage="100" keywordseo="Vikas-Jain">Vikas Jain</keyword> told ET. 

	"We're excellent with partnerships and we don't want to reinvent the wheel," Jain said, while specifying that the company was not breaking away from Android but was working with the globally dominant Android OS to bring a differentiated experience to consumers across all platforms, including wearables.
 Agrawal said the likes of <keyword id="6354427" type="CITY" weightage="100" keywordseo="Apple">Apple</keyword>, <keyword id="10387" type="CITY" weightage="100" keywordseo="Microsoft">Microsoft</keyword> and Xiaomi, which have their own OS across platforms, are translating what they have done internationally to India. In contrast, Micromax is closer to the Indian consumer and therefore has a better understanding of the local market and insights based on which it will build the customer experience. 

	"Our (Indian) use cases are much different from a US or Chinese customer," he said. As hardware is becoming a commodity, Micromax wants to start investing in software to differentiate itself. However, the company did not want to alienate its set of consumers and developers, majority of who are on Android, by building an operating system from the ground up.
 

	The No 2 handset brand in India, which closed fiscal 2015 with Rs 11,000 crore of revenue, sells about 3 million phones a month, two-thirds of which are smartphones, and has a 16.7% share of smartphones and 14.4% share overall devices in the local market as per Counterpoint Research.
 It is No. 3 in the tablet segment with a 9% share for the quarter ended March 2015, according to Cybermedia Research, trailing <keyword id="10591" type="CITY" weightage="100" keywordseo="Samsung">Samsung</keyword> and Datawind. Jain said Micromax is among the top five players in the Indian television market with an 8% share, selling about 70,000 units a month. Jain said the first 'smart-non-mobile device' from the company stable would hit the retail market by the end of the year. 

	Despite its strong performance in the smartphone and other product segments, the company's future growth would have to come from services built on top of its products to ensure customer stickiness and brand loyalty - a difficult feat given Indian users' discerning and value-for-money profile.
 

	Over past year, Micromax tied up with Cynogen for using its OS on Yu brand of smartphones through a wholly-owned subsidiary. The company has also begun investing in startups that build services which can be integrated into devices - for instance health start up Healthifyme, online travel portal ixigo and US-based consumer cloud provider MiMedia. The services and apps being developed would also extend to the Yu series.
 

	The forked Android OS is being developed by the company's software team in Bengaluru. About 75 people in design teams acquired from Nokia R&amp;D in Beijing and a second one coming up in Shenzen will support this venture, including in building apps ecosystem and partnerships back home.
 

	(Image credits: Indiatimes)

Micromax to have its own OS soon

New Delhi, Nov 20 () Co-working platform myHQ on Wednesday sait it has raised USD 1.5 million (around Rs 10.7 crore) from investors including India Quotient to fund expansion plan.
 The startup has been founded in 2016 by two IIT Delhi graduates - Utkarsh Kawatra and Vinayak Agrawal. It offers workspaces across 120+ locations in Delhi-NCR region at places like restaurants, cafes, co-working centre and office complexes that have excess inventory.
 "myHQ has raised USD 1.5 million in its pre-Series A round led by India Quotient. The round also saw investments from Singapore-based family office RB Investments, Ashish Goenka from Suashish, angels from the online platform LetsVenture and participations from existing investors (Anupam Mittal and Nitish Mittersian amongst others)," the company said in a statement.
 myHQ said it plans to utilise the funds to expand into new cities, introduce new product offerings and invest in their technology infrastructure.
 "This investment underlines our investors' confidence in our model that offers greater value to those who are looking for a workspace. Using existing excess real estate inventory available with third-parties, not only reduces our financial risks but also allows us to offer workspaces to our customer at an extremely affordable price," said Utkarsh Kawatra, Co-founder, myHQ.
 This fund raise not only reaffirms the business, but also reflects the growing demand for such spaces by the modern workforce, said Vinayak Agrawal, co-founder, myHQ.
 According to a report by global property consultant Cushman &amp; Wakefield, there are 1,000 operational coworking centres, with a capacity of over 4 lakh seats, across top six cities -- Delhi-NCR, Bengaluru, Mumbai, Pune, Hyderabad and Chennai.
 The number of flexible space operators has risen from single digits to about 350 over the last 3-4 years. MJH SHW
SHW

Co-working platform myHQ raises USD 1.5 mn to fund expansion

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Business InsiderJPMorgan CEO Jamie Dimon has a new crop of managing directors today.</div></div></div><ul><li>JPMorgan's new list of managing directors includes a record share of women this year.</li><li>Business Insider has a full list of the names.</li></ul>JPMorgan's corporate and investment bank, the world's largest, just promoted its latest class of managing directors, and the group of 117 includes a record share of women, according to a person with knowledge of the list. A full 26% of the class was women, or 30 executives, the person said. Interestingly, that's the <a href="https://www.businessinsider.com/goldman-sachs-new-partner-class-list-2018-2018-11">same percentage</a> as the latest partner class at Goldman Sachs, one of JPMorgan's closest competitors. JPMorgan announced the promotions this morning on an internal web page. For JPMorgan, North America accounts for the largest share of the promotions, with 46% of the class based there, the person said. Another 31% is based in Europe, the Middle East and Africa, with 18% in Asia Pacific and 5% in Latin America. By business line, investment and corporate banking made up a plurality, with 36%. Another 20% work in trading, with 17% coming from sales and 13% from digital and platform services, the person said. Treasury and security services accounted for 8%, with 5% from research. "Achieving the MD distinction does not come easily, but is earned through dedication to clients and colleagues, hard work and a commitment to our shared culture," Daniel Pinto and the corporate and investment bank management team said in the message. "We expect these newest senior leaders to continue to help us drive innovation and disrupt the status quo as we build our business of tomorrow."Business Insider got its hands on the full list. Here are all the names: Global corporate and investment banking:<ul><li>Andrew Verdasca</li><li>Ashish Agrawal</li><li>Brendin Cave</li><li>Brian Pehoski</li><li>Chris Dieck</li><li>Christian O'Donnell</li><li>Claire McDonough</li><li>Crystal Zhu</li><li>Dan Darley</li><li>David Peoples</li><li>Eugene Sohn</li><li>Francesco Magri</li><li>Fraser Dixon</li><li>Isik Guven Toktamis</li><li>James Robinson</li><li>Jason Spindel</li><li>Jennifer Dooly</li><li>John Collmer</li><li>John Herrold</li><li>John Whittaker</li><li>Justin Nance</li><li>Kristina Nilsson</li><li>Matt Egan</li><li>Matt Seiter</li><li>Michiaki Maebori</li><li>Nelson Ocampo</li><li>Nitin Maheshwari</li><li>Olivier Simon</li><li>Peter Hujoel</li><li>Riccardo Penati</li><li>Ryan Griswold</li><li>Sanchit Suri</li><li>Silvia Viviano</li><li>Steve Jia</li><li>Tim Carpenter</li><li>Virginie de Grivel Nigam</li><li>Vlad Ivanov</li><li>Winnie Ng</li><li>Yoni Hornik</li><li>Young-Ki Kim</li><li>Annemarie Milton</li><li>Rohit Khatri</li><li>Ryan Thompson</li></ul>Markets:<ul><li>Angela Hurtado</li><li>Brian Fitzpatrick</li><li>Jake Pashelinsky</li><li>Lawrence Lau</li><li>Minal Lavingia</li><li>Mintaek Kim</li><li>Nok To</li><li>Siddharth Jhunjhunwala</li><li>Billy Wong</li><li>Brett Nunziata</li><li>Christine Ferris</li><li>Deji Davies</li><li>Doug Hartman</li><li>Jeremy Hellinger</li><li>Marc Simpson</li><li>Sean Griffin</li><li>Steve Ignelzi</li><li>Desmond Lau</li><li>Gaurav Jain</li><li>Jeff Davidovitch</li><li>Omar Bennani</li><li>Spyros Kallipolitis</li><li>Emma Richardson</li></ul>Sales &amp; Marketing:<ul><li>Amy Tan</li><li>Charlie Remnant</li><li>Dan Chapman</li><li>Daryl Harding</li><li>David Levi</li><li>David Nahmanovici</li><li>Dhaval Shah</li><li>Ed Franklin</li><li>Eileen Herlihy</li><li>Eric Greiner</li><li>Hannah Baum</li><li>James Kibble</li><li>Joe Paccione</li><li>Kash Malik</li><li>Lucianna Lorenzo</li><li>Nkonye Soetan</li><li>Patrik Johansson</li><li>Richard Hyman</li><li>Serene Chen</li><li>Shmuel Sorkin</li></ul>Wholesale payments and security services:<ul><li>Caroline Butler</li><li>Emma Bussey</li><li>Gavin Tobin</li><li>Mali Bartlett</li><li>Suryanshu Mishra</li><li>Maya El Omeiri</li><li>Renata Vilanova Lobo</li><li>Sairam Rangachari</li><li>Sara Castelhano</li></ul>Digital &amp; platform services:<ul><li>Balaji Krishnamurthy</li><li>Chris Summers</li><li>Dan Dalton</li><li>Fiona Barry</li><li>George Gaffin</li><li>Jeff DeMott</li><li>Joe Schafer</li><li>Lidia Mangu</li><li>Matt Winn</li><li>Michelle Conklin</li><li>Phillip Wu</li><li>Savio Saldanha</li><li>Simon Cox</li><li>Sven Morawitz</li><li>Thierry Foissac</li><li>Elena Zislin</li></ul> Research:<ul><li>Alex Yao</li><li>Amy Sze</li><li>Arun Jayaram</li><li>Daniel Lamy</li><li>Elodie Rall</li><li>Min Moon</li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/fall-into-black-hole-2016-11">Astronomers just captured the first image of a black hole. Here are the horrifying things that would happen if you fell into one.</a></h3> <div> </div> </div>

JPMorgan just promoted 117 people in its corporate and investment banking unit to managing director -&#160;and we got the full list

The valuation of the e-commerce giant <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart&amp;sortorder=effectivedate">Flipkart</a> has been pegged at $5.56 billion as a <a href="http://www.businessinsider.in/searchresult.cms?query=Fidelity&amp;sortorder=effectivedate">Fidelity</a>-managed mutual fund has further slashed value of its <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> shares by 36.1%. 
 Reportedly, the fund has disclosed that as of November 2016, <keyword id="6405604" type="CITY" weightage="100" keywordseo="fidelity">Fidelity</keyword> has marked the value of their Flipkart shares at $52.13 per share, down from $81.55 per share as of August 2016. This marked as the largest markdown by Fidelity till date and fourth markdown overall. 
 
Also, another bigger mutual fund investors <a href="http://www.businessinsider.in/searchresult.cms?query=Morgan+Stanley&amp;sortorder=effectivedate">Morgan Stanley</a> had also marked the value of their Flipkart shares at $52.13 per share in the September 2016 quarter. Flipkart has also faced a series of market downs from other mutual fund investors like T Rowe Price, and Valic over the past year. 
 
Earlier, Flipkart co-founders have told ET that "markdowns are a theoretical exercise and valuation will be determined when it raises a new round of funding." 
 This move follows a top level management change at Flipkart that led to <keyword id="6379357" type="UNKNOWN" weightage="20" keywordseo="Kalyan-Krishnamurthy">Kalyan Krishnamurthy</keyword>, a former executive at Flipkart's largest investor Tiger Global, taking over from <keyword id="6364080" type="PERSON" weightage="20" keywordseo="Binny-Bansal">Binny Bansal</keyword> as the new CEO. Co-founder <a href="http://www.businessinsider.in/searchresult.cms?query=Binny+Bansal&amp;sortorder=effectivedate">Binny Bansal</a> moved to a new position as group CEO, and the other co-founder <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> continues as executive chairman. 
 
The company has also witnessed a series of exits from the top managment. <a href="http://www.businessinsider.in/searchresult.cms?query=Ashish+Agrawal&amp;sortorder=effectivedate">Ashish Agrawal</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Ashish+Agrawal&amp;sortorder=effectivedate">Hari Vasudev</a>, both senior vice presidents of engineering, have stepped down. Other recent exits include supply chain unit <keyword id="2057197" type="UNKNOWN" weightage="20" keywordseo="eKart">Ekart</keyword> head Saikiran Krishnamurthy, product head Surojit Chatterjee, and chief marketing officer Samardeep Subandh.

Fidelity slashes Flipkart’s valuation to $5.56 billion

Maharashtra State Elections winner and leading candidate list 2019

Representational Image Reuters 
 
In a bid to refurbish the present business model, home furnishing ecommerce firm Fab Furnish has axed its workforce by one fourth. Having fired almost 50 of its employees, the Rocket Internet funded Fab Furnish is vacating warehouses as part of a business restructuring, as per a news report by The Economic Times. According to sources that the company said it has "undertaken a resource optimisation exercise" and is "hiring a talent pool ideal for our new business positioning". 
 
Weeks after German Rocket Internet have replaced the management at FabFurnish. Cofounders Vikram Chopra and Mehul Agrawal have moved out of day-to-day responsibilities and senior directors Ashish Garg and Ankita Dabas has taken over the reins. 
 
"The chief technology officer has left and the whole marketing team has been laid off," a source told the ET, while talking on the development. He said he has already interviewed several of the sacked employees for possible jobs at his firm. While this person put the number of employees who lost job at 50, another person said the company fired around 70 people. FabFurnish had around 200 people on its pay role. 
 
"The situation was chaotic. While people who had been hired just two to three months ago were being asked to go and simultaneously more were being hired without any clear or defined roles," a person who had resigned from FabFurnish within 10 days of joining. 
 
"There was much confusion… we have had to rejig headcount to bring fresh talent and perspective,” Ankita Dabas told the financial daily. In an emailed response to queries she said: "Our technology and marketing team are very much intact. We are currently hiring for key positions in both the teams aggressively." 
 
In coming months, FabFurnish will reduce its inventory and move towards a marketplace-heavy company, Dabas said. It plans to bring its inventory level down to 20-30% from about 50% at present.

You Searched For "Ashish Agrawal" and got 9 results

Flipkart revamping its tech leadership team; hires Micromax tech honcho Ashish Agrawal

BI India Bureau

GST effect: 1,000 companies to launch IPOs in 4 years, says BSE chief

BI India Bureau

Micromax to have its own OS soon

BI India Bureau

Co-working platform myHQ raises USD 1.5 mn to fund expansion

PTI

JPMorgan just promoted 117 people in its corporate and investment banking unit to managing director - and we got the full list

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Fidelity slashes Flipkart’s valuation to $5.56 billion

BI India Bureau

Maharashtra State Elections winner and leading candidate list 2019

BI India Bureau

Fabfurnish is axing workforce and hiring without clear roles

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You Searched For "Ashish Agrawal" and got 9 results

Flipkart revamping its tech leadership team; hires Micromax tech honcho Ashish Agrawal

BI India Bureau

GST effect: 1,000 companies to launch IPOs in 4 years, says BSE chief

BI India Bureau

Micromax to have its own OS soon

BI India Bureau

Co-working platform myHQ raises USD 1.5 mn to fund expansion

PTI

JPMorgan just promoted 117 people in its corporate and investment banking unit to managing director -&#160;and we got the full list

Dakin Campbell

Fidelity slashes Flipkart’s valuation to $5.56 billion

BI India Bureau

Maharashtra State Elections winner and leading candidate list 2019

BI India Bureau

Fabfurnish is axing workforce and hiring without clear roles

BI India Bureau

Mumbai coronavirus micro containment-zone has 717 areas in 24 wards — here’s the entire list

Navdeep Yadav

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JPMorgan just promoted 117 people in its corporate and investment banking unit to managing director - and we got the full list