TCS biggest buyback💸, WhatsApp onboards Verloop💬, Crypto ad rules👁🗨
TCS announces its biggest share buyback, WhatsApp on-boards Verloop.io, Crypto industry on ad guidelines, Funding Deals & more.
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TCS announces its biggest share buyback in at least five years👨🏻💻
The board of Tata Consultancy Services has recommended Rs 18,000-crore share buyback—the fourth and biggest such exercise by India’s largest IT services firm in the past five years.
Shares in the TCS buyback will be priced at Rs 4,500 apiece.
Between Dec. 18, 2020, and Jan. 1, 2021, the IT bellwether returned Rs 16,000 crore to shareholders in a buyback, wherein Tata Sons tendered shares worth around Rs 10,000 crore. As many as 5.33 crore equity shares—including Tata Sons’ 33,325,118—were bought back at Rs 3,000 apiece. TCS had undertaken similar repurchases in 2018 and 2017.
During a buyback, a company repurchases its shares from existing shareholders, usually at a price higher than the prevailing market rate. As a result, the number of shares outstanding in the market reduces.
Peers Infosys Ltd. and Wipro Ltd. have over the past few years effected similar buybacks.
WhatsApp on-boards Verloop.io to drive Conversational Commerce📱
WhatsApp has onboarded Verloop.io, an Artificial Intelligence-powered conversational platform for customer support, as its business solution provider (BSP).
As one of the select WhatsApp BSPs globally, Verloop.io will enable more than 2,000 enterprises to tap all touchpoints of a buyer's purchase journey using WhatsApp chatbots on WhatsApp Business accounts for better lead conversation and customer support.
In India, the pandemic-driven digital push has led to the rise of social commerce startups such as Meesho and CityMall, who largely help sellers discover customers through Facebook, Instagram, and WhatsApp.
Globally, the social commerce market is expected to grow more than 2.5x from $492 billion in 2021 to $1.2 trillion by 2025, according to a report by Accenture.
Interestingly, over 65% of consumers believe WhatsApp to be the easiest way to connect with a brand and resolve queries, as per data gathered by Verloop.io.
Refyne, an Earned Wage Access (EWA) platform, has raised $82 million in Series B funding round led by Tiger Global.
Cloud kitchen platform Curefoods has raised $62 million and will continue to acquire major cloud kitchen brands across the country.
Fintech startup FPL Technologies has bagged $75 million as part of its Series C funding led by existing investor QED Investors along with Janchor Partners and Sequoia Capital India.
Game streaming and e-sports platform Rooter has raised $25 million in a Series A funding round led by Lightbox, March Gaming, and Duane Park Ventures.
Fintech platform Kaleidofin has secured $10 million in series B funding, led by the Michael & Susan Dell Foundation.
Crypto industry comes together for ad guidelines⚖
This month, Indian cryptocurrency exchanges and other stakeholders met to draw up a preliminary list of dos and don'ts on marketing digital assets.
The proposed guidelines would apply not just to all forms of ads, but also to communications and sales literature, television programs, interviews, public talks, presentations, seminars, workshops, or any other forum crypto companies use to market their products.
Caught between a market selloff and uncertain destiny, India’s crypto industry is trying to counter the stigma that has divided policymakers and put off the Reserve Bank of India. It will now discuss these rules with the Advertising Standards Council of India (ASCI).
Kim K, Floyd Mayweather sued over crypto promotion: Reality TV star Kim Kardashian and boxing legend Floyd Mayweather Jr. are facing a lawsuit that claims they misled investors in their promotion of a crypto token.
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