17 July 2019 News of the Day -Oyo Buys Innov8 Eyes 50 Centres


Here we are providing News of the Day 17 July 2019 on a daily basis. We cover the information that related to National, international. It includes news headlines, Breaking News and Today’s Top stories. It will be very helpful to the Exam aspirants to prepare the notes.

News of the Day 17 July 2019

It will be useful to Crack the exams such as Civil Service Exam, Bank exams (IBPS, SBI), SSC Recruitment Exams (CGL, CHSL), Railway Recruitment Exams, Entrance Exams and other competitive Exams conducted by state Public service commission.

Skill development ministry’s flagship scheme to focus on new-age skills

  • The government plans to put in place structures and incentives that would enable skilling in new-age technologies across sectors under the Pradhan Mantri Kaushal Vikas Yojana (PMKVY).
  • The government aims to outline reskilling as a priority.
  • HRD Minister Ramesh Pokhriyal Nishank also said that engineering students are being trained so that they can be a part of the ‘Make in India’ initiative of the government.

Abu Dhabi Capital Group backs Grofers 

  • Abu Dhabi Capital Group (ADCG) has invested $10 million in online grocery startup Grofers joining the likes of SoftBank’s Vision Fund
  • Grofers, which focuses on bimonthly replenishment segment, has started to turn offline grocery stores into branded outlets where it manages their backend sourcing, inventory.
  • In May, Grofers announced raising over $200 million in a new financing round led by the Vision Fund with participation from South Korean investment firm KTB.

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Oyo Buys Innov8, Eyes 50 Centres by Year-end

  • Oyo Hotels & Homes has formally announced its acquisition of coworking venture Innov8.
  • It is believed to have valued Innov8 at about ₹200 crore, and marks Oyo’s first step into the commercial real estate sector.
  • As part of the acquisition, Oyo will also onboard an estimated 150 Innov8 employees to its rolls.
  • while also stating that the hospitality chain was planning to expand the business to 50 centres by the end of the current calendar year.

Rivigo Lays Off 100 Staffers, Rolls Back On-campus Offers

  • Surface transport company Rivigo has laid off 70-100 employees over the last few months, mainly in its freight marketplace team.
  • The company, backed by Warburg Pincus and SAIF Partners, also withdrew around 50 offers from 10 premier campuses, including National Institute of Industrial Engineering, Indian School of Business, Indian Institute of Technology and Indian Institute of Management
  • The people indicated that Rivigo has focused on significantly restructuring its business, and evolving a viable model, over the last one year.

Snapdeal Revenue Up 73% in FY19

  •  Online marketplace Snapdeal’s revenue jumped 73% and losses narrowed significantly in the previous fiscal year, as the company’s efforts to cut costs.
  • Jasper Infotech, which owns and operates Snapdeal, reported consolidated revenue of ₹925.3 crore compared to the year-ago period when topliner came in at₹535.9 crore.
  • Jasper Infotech, which owns and operates Snapdeal, reported consolidated revenue of ₹925.3 crore compared to the year-ago period when topliner came in at₹535.9 crore


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