Tech Startup Founders: The Data Story

Who is the Indian tech entrepreneur? Are there traits that characterise the brave ones that take the leap of entrepreneurship in a tough market like India? Do founders with work experience fare better and does this vary by sector? Do founders from specific schools have an edge when it comes to fund raising? Do graduates from certain schools show better entrepreneurship capabilities than others? Are certain founder types better equipped to build a B2B versus a B2C business? Is there a difference in the fund raising ability of female and male founders? Does ability to fund raise extend to exit outcomes?

What was surprising to us was the total lack of data to support or refute many of these questions. Lots of anecdotal viewpoints and small sample sizes based on what one saw at individual VC firms, but hardly any data intensive analysis over a reasonable time period that could paint a more accurate picture.

With this in mind we collated granular data on every tech startup in India that ever raised more than $2M in funding since 2005. This covers 448 companies and 987 founders. The $2M cut off is arbitrary and used as filter for a meaningful sample size of founders who have managed to raise a round of capital generally needed to build a scalable business. We agree that fund raising is not the only criteria for start-up success but given the early stages of the Indian venture ecosystem evolution, it seemed like a reasonable filter.

The answers are not a short cut to finding the next great entrepreneur or the next innovative business model. What it does provide is a window into history and how tech-entrepreneurship is evolving in India. It also raises interesting points of debate – if VCs are funding cookie-cutter entrepreneurs, whether entrepreneurs are just chasing me-too models, and the relationship between funding, ability to attain profitable scale, and exits.

We broke up the analysis along a few major dimensions -– work experience, academic background, sectors, business model choices, fund raising, and exits. Complexity comes from the inter-relationships so we are presenting our analysis by anchoring on each dimension and highlighting relevant cross-dimensional data points.

This first post focuses on founder work experience. In follow on posts we’ll pivot to founder academic background and funding. At the end of this write we have shared our data approach and methodology for those interested in the approach.

The myth of the inexperienced start-up founder

A common image of the Indian tech entrepreneur is a twenty something with an IIT/IIM degree straight out of school or with just a couple of years of work experience. This is far from reality. The average work experience of the Indian founder who has raised $2M or more since 2005 is around 10 years. This encompasses 432 companies and 955 founders, whose work experience data was available in public domain.

We further broke this by founding year cohorts. The average work experience of an Indian founder moves around a bit but not dramatically from the 9-11 years range. The average work experience of founders in 2015 and 2016 seems higher because of our $2M+ funding raised qualifier. There are many companies that did not make the cut off of November 2016 as they were in the process of raising a follow on round. This contributed to increased averages for 2015 and 2016. However it may also be a hint that founders with more experience may raise funding faster. We have plotted the entire distribution in the chart below.

Prior work experience does not seem to influence magnitude of capital raised

The graph below represents the relation between avg. founder experience in a company and the funding raised by company. On the X axis, we have the founding year to see if there had been any trend in this data over a period. The bubble sizes represent capital raised and are evenly spread across the length of Y axis across years, suggesting that there is not a strong correlation between funding raised and work experience of founders. The largest 3 bubbles (Flipkart, Snapdeal and Ola) are very close to the X-axis where avg. work experience in the founding team is approximately 2 years. There is something to be said about technology based disruption and youth. Many of the biggest tech startups successes globally Google, Facebook, Snapchat, and AirBnB were started by founders with limited work experience – which probably allows innovative technology solutions unhindered by traditional thinking and past failures.

Founder work experience by sector

There is broad dispersion in terms of founder work experience by sector. Certain sectors such as Legaltech, Healthcare, Fintech, Enterprise Software, and Logistics etc. have founders with work experience well above the average. These tend to be complex industries where there is significant value in having deep understanding of the domain. New age areas like online travel and food tech are at the opposite end of the spectrum. Foodtech companies such as TinyOwl, and Zomato have founders with lower average prior experience at 5.6 years. This data is simply a snap shot of what has transpired to date and the averages across sectors. There are several examples globally and in India of tech innovation and successful companies having been founded by entrepreneurs with no prior domain expertise.

We took the top 3 sectors with the most founders – Ecommerce, Enterprise Software & Tools, and Fintech to see how founder backgrounds differ. We have only considered the last company where the founders worked before starting on their own. Consulting firms such as Mckinsey, BCG etc. are bucketed under Consulting – Global; companies such as Cisco, Microsoft, and Trilogy are bucketed under Tech – Global. Second time founders are in Ex-Founder category; and founders who were employees at a prior start up fall under the Startup – India or Startup – Global categories.

It is interesting to note that in Ecommerce, a majority of founders were associated with the startup ecosystem in some capacity before founding their own companies.

In Enterprise Software & Tools which includes all SaaS companies such as Freshdesk, and Networking companies such as Aryaka, many founders (43%) cut their teeth at global tech companies (Microsoft, Amazon) or Indian majors (Infosys, Wipro).

Fintech is a complex sector where in addition to solving for volumes or reimagining a better consumer experience, entrepreneurs need to navigate the maze of complex regulatory oversight in the sector. One in every three founders in fintech who has successfully raised over $2M previously worked at a financial services company – Global (Citi, Barclays) or Indian (ICICI Bank, HDFC) etc.

Founder work experience and choice of business model

It is generally believed that B2C companies dominate the Indian startup landscape. This is not supported by data. Since 2005, 239 B2C companies and 209 B2B and B2B2C companies were founded which raised more than $2M+. It was not surprising to see B2B and B2B2C have higher average founder work experience than B2C. Selling to businesses, especially in India, is tough. In the B2B space, founders with some prior work experience seem to have have greater success in getting things off the ground – hiring for enterprise selling roles, alliances, and networks to open doors for initial pilots.

Large company mafia

We wondered if there are large enterprises in India that nurture entrepreneurs of the future. Do these companies enable networks that later benefit their alumni when they start their entrepreneurial venture. Our data based on those that have staying power to raise over $2M in funding shows that Microsoft is the most successful platform. There have been 14 start-ups founded by ex-Microsoft employees that have gone on to attract seed and series A funding. This is followed by Amazon, Yahoo, and Mckinsey. This list of the top 10 platforms shows that tech companies and consulting companies (Mckinsey and BCG) are major contributors to the Indian start-up-ecosystem. What does not yet make a splash on the list are the alumni of large Indian startups – Flipkart, Ola, and Snapdeal. We see a lot of entrepreneurs that have cut their teeth at these firms and it’s a matter of time before they make the top ten list.

Founders experience and exits

We took a look at the top exits among India tech start ups and founder experience at the time of starting. The vast majority of the exits seem to reflect companies with experienced founders. However its interesting to note that Directi which was one of the larger tech exits did not raise any funding and had founders with limited prior work experience. Again a strong argument that the truly disruptive solutions often emerge from first principles thinking and when not coloured by past experiences in the industry.

In our next post we’ll discuss founder academic backgrounds and data derived relationships to funding, business models, and exits.

Data and methodology:

We created a comprehensive data set covering parameters such as undergrad alma mater of the founders, last company before they started their entrepreneurial journey, sectors, exits and work experience. This data set was primarily created using the data available via CB Insights, Tracxn, Linkedin, Venture Intelligence, and Crunchbase.

We analysed 448 companies which were founded in the year 2005 or later and which had raised $2M or more until November of 2016. These companies had a total of 987 founders which we used to create founder specific data sets. The companies in our data have raised a total of $18.2B across 1153 deals over the last 10+ years.

Correction: We heard back from the Directi founder Divyank Turakhia and he was kind enough to correct an error on our part. Bhavin and Divyank sold Directi in 2014 for $160M to Endurance International. We had incorrectly stated that Directi was sold for 900M. It was Divyank and Bhavin’s next venture, that was sold to a Chinese consortium for $900M (but this was not an India based business). We have corrected the table above to reflect this.

Source: Bala Srinivasa on LinkedIn


These Unglamorous first jobs of 25 Successful people will make you feel Nothing is Impossible

Warren Buffett was a paperboy

Warren Buffett was a paperboy
Buffett has been interested in making and saving money since he was a kid. Today, the chairman and CEO of Berkshire Hathaway is worth an estimated $69.6 billion, according to Forbes, making him one of the world’s wealthiest people.

At the age of 13, Buffett spent his mornings delivering copies of The Washington Post, according to Bio. That same year, he invested $1,200 of his savings into 40 acres of farmland.

President Barack Obama scooped ice cream

President Barack Obama scooped ice cream
Even the leader of the free world once had an unglamorous summer job.

As a teenager growing up in Honolulu, Obama got his first gig working the counter at Baskin-Robbins, Time reports.

Donald Trump collected bottles

Donald Trump collected bottles
The president-elect and billionaire real-estate mogul grew up wealthy, but he says his father wanted him to learn the value of money early on.

As a child, his father, real estate developer Fred Trump, would take him to construction sites and have him and his brother pick up empty soda bottles to redeem for cash, Trump tells Forbes.

He says that he didn’t make much, but it taught him to work for his money.

Hillary Clinton supervised park activities

Hillary Clinton supervised park activities
Clinton writes in her autobiography “Hard Choices” that she got her first paying job, other than babysitting, at 13, supervising a small park a few miles from her home in the Chicago suburb of Park Ridge, Illinois.

The former secretary of state says she had to lug a wagon full of balls, bats, and jump ropes back and forth three days a week that summer.

“My parents believed in self-reliance and hard work, and they made sure we kids learned the value of a dollar and appreciated the dignity of a job well done,” she writes

Marco Rubio built birdcages

Marco Rubio built birdcages
The Florida senator told local newspaper Good News Florida in 2009 that his brother-in-law owned an import-export company of exotic birds in Miami, and he used to build the cages for them when he was in high school.

Ruth Bader Ginsburg was a research assistant for a law professor

Ruth Bader Ginsburg was a research assistant for a law professor
During the Supreme Court justice’s undergraduate years at Cornell University, she worked as a research assistant for Robert E. Cushman, a constitutional law professor who first sparked Ginsburg’s interest in attending law school, according to the Jewish Virtual Library.

Of her time working with Cushman, Ginsberg told Stanford Law School in 2013:

“He wanted his students to understand that our country was straying from its most basic values. In my years at Cornell, Senator Joseph McCarthy held sway — a man who saw a Communist in every corner, including major university faculties. The House Un-American Activities Committee and Senate Internal Security Committee were calling people on the carpet, many of them leading lights in the entertainment industry. Cushman’s point was that lawyers were standing up for these people, reminding Congress that there was a First Amendment and a Fifth Amendment. The notion was that you could be a lawyer and aim at something outside yourself. You could help to repair tears in your community.”

Bernie Sanders worked as a carpenter and documentary filmmaker.

Bernie Sanders worked as a carpenter and documentary filmmaker.
After receiving a Bachelor of Arts degree in political science in 1964 from the University of Chicago, where he was an active member of the local civil-rights movement, the Vermont senator held a number of odd jobs, including carpenter and documentary filmmaker, before being elected mayor of Burlington, Vermont, in 1981, at the age of 39.

Madeline Albright sold bras

Madeline Albright sold bras
Albright became the first female secretary of state, serving under President Bill Clinton. She made it into the US as a political refugee from Czechoslovakia, since her anti-Soviet family was in danger from her country’s communist party, according to Bio.

She got her first job selling bras at a department store in Denver, she tells Forbes, and adds that she probably made next to nothing but learned how to deal with people in difficult situations.

Michael Bloomberg was a parking-lot attendant.

Michael Bloomberg was a parking-lot attendant.
The former mayor of New York City is now worth an estimated $42.7 billion, according to Forbes, but he comes from a middle-class family.

As a student at Johns Hopkins University, he worked as a parking-lot attendant to help pay his loans for tuition.

Mark Cuban sold garbage bags

Mark Cuban sold garbage bags
When the Dallas Mavericks owner and entrepreneur asked his dad if he could get a new pair of expensive sneakers, his dad told him he could go get a job. So he did, selling garbage bags door-to-door.

Cuban was 12 at the time, and he asked his dad how he was supposed to find a job. That’s when one of his dad’s friends stepped in. He said he had some garbage bags he needed to sell, so Cuban went door-to-door selling the bags for three dollars more than he paid for them.

Marissa Mayer was a grocery-store clerk

Marissa Mayer was a grocery-store clerk
Mayer told Fortune that when she was 16, she took a summer job as a grocery-store clerk at County Market in Wausau, Wisconsin.

The Yahoo CEO says it was there she saw first-hand the value of work ethic, and the job taught her a lot about family economics and the trade-offs people have to make in daily life.

Lloyd Blankfein sold snacks at Yankee Stadium

Lloyd Blankfein sold snacks at Yankee Stadium
As the CEO of Goldman Sachs, Blankfein is one of the most influential people on Wall Street.

But he worked his way up from the bottom. According to his biography, “Money and Power: How Goldman Sachs Came to Rule the World,” Blankfein grew up in Brooklyn housing projects and worked his first job as a concession vendor at Yankee Stadium.

Richard Branson was an amateur bird breeder and arborist

Richard Branson was an amateur bird breeder and arborist
Branson, the billionaire founder of the Virgin Group, has worked for himself from day one.

At the age of 11, Branson says in a LinkedIn post, he and his best friend, Nik Powell, started breeding parakeets to sell as pets to their classmates. The birds started multiplying faster than they could sell them, so they then tried their hand in a different market.

As Christmas approached, they bought small fir trees and hoped to make a profit off them once they grew big — but rabbits destroyed the trees before they could grow, he writes.

Beth Comstock worked in a Rubbermaid factory

Beth Comstock worked in a Rubbermaid factory
General Electric’s first female vice chair oversaw the creation of the Hulu streaming service. But before she entered the professional world, she learned the value of hard work at a Rubbermaid factory that produced kitchenware.

In a LinkedIn post, she explains that she took the summer job after her freshman year of college as a break from academic work but found herself completely overwhelmed. She’s still proud of learning how to work as a team to overcome the difficult months of labor.

Neil Vogel sold tuxedos in a Philadelphia mall

Neil Vogel sold tuxedos in a Philadelphia mall
The CEO previously told Business Insider that his first real job was renting tuxedos to kids going to prom and to wedding parties.

“Because of the commission plan, which paid no commission on basic rentals, but instead paid $10 or so every time you rented a tux with tails or a terrible vest-suspenders combo, all of our effort was spent trying to rent people the most ridiculous thing possible,” he said, admitting that he and a buddy made side bets (the stakes were lunch in the food court) based on who could rent that day’s pre-determined awful item first.

“Working retail is full of great lessons in how to deal with people, and of course sales skills are invaluable,” Vogel said. “However, given the surprising amount of money we made, perhaps the most important thing I learned is to be skeptical of those paid commissions to sell you something.”

Robert Herjavec was a debt collector

Robert Herjavec was a debt collector
After graduating from the University of Toronto in 1984, and long before he became a celebrity investor through “Shark Tank,” Herjavec took the first job he could find as the guy calling people to pay their bills.

“If you’re thinking that being a bad-debt collector was not the best way to launch a business career, you’re wrong,” Herjavec writes in his book “You Don’t Have to Be a Shark.” “I learned a lot from the job, and some lessons — valuable lessons — stay with me today.”

Among those lessons, he says he learned that great salespeople focus energy only on serious prospects, and that empathy is often more effective than aggression when it comes to making a sale.

Kat Cole was a star Hooters employee

Kat Cole was a star Hooters employee
Before Cole became the president of Cinnabon and then group president of FOCUS Brands, she worked at Hooters for 15 years, starting as a hostess at age 17 and eventually getting promoted to vice president by the time she was 26.

A star employee, at 19 she was asked by Hooters to go to Australia to help open a franchise location there, and she spent much of her early twenties training global employees and managers, Fortune reports.

John Paul DeJoria built and sold flower boxes

John Paul DeJoria built and sold flower boxes
The cofounder of John Paul Mitchell Systems and Patrón tequila previously told Business Insider that, growing up, his family didn’t have much money, so he worked from a very young age building flower boxes for 25 cents and selling them for 50 cents.

“At 11 years old, I had a morning paper delivery route with the LA Examiner and I made $33 per month,” he said. “I gave the money to my mother so we could live a better life. Having a job was an honor.”

Oprah Winfrey worked at a corner grocery store.

Oprah Winfrey worked at a corner grocery store.
Winfrey’s media empire made her the first female black billionaire — she’s worth an estimated $2.9 billion today, according to Forbes. Before she made it to the top, she struggled her way out of a difficult, impoverished childhood.

When she was living with her dad in Nashville as a young teenager, she worked at a corner grocery store next to her dad’s barbershop, Forbes reports.

Michael Dell washed dishes.

Michael Dell washed dishes.
As founder and CEO of Dell Inc., Dell enjoyed a rise to power during the heyday of the personal computer. Today, Dell is worth an estimated $20.5 billion, according to Forbes.

But before he helped make PCs mainstream, Dell got his first job scrubbing dishes for a Chinese restaurant at the age of 12, Bio reports.

David Murdock pumped gas.

David Murdock pumped gas.
Murdock, the 91-year-old chairman and CEO of Dole Foods, turned the company into the world’s largest producer and marketer of fruits and vegetables. He’s worth an estimated $2.6 billion today, according to Forbes, but he grew up poor and dropped out of high school in the ninth grade.

After quitting school, Murdock worked at a gas station until he was drafted into the Army in 1943, Forbes reports.

Jacki Zehner sold hot dogs at hockey games

Jacki Zehner sold hot dogs at hockey games.
In 1996 the now CEO of the Women Moving Millions charity became the first female partner at Goldman Sachs.

Before that, she spent her early teens in Canada working the concession stand at games for her local farm team, the Kelowna Buckaroos. In a LinkedIn post, she says her time spent running a busy stand and making quick transactions proved to be perfect training for the Wall Street trading floor.

T. Boone Pickens delivered newspapers.

T. Boone Pickens delivered newspapers.
The chairman of hedge fund BP Capital Management showed his aggressive business savvy at a young age.

Like Buffett, Pickens was a paperboy. At the age of 12, he expanded his delivery route from 28 houses to 156 by taking over his competitor’s routes, according to Forbes. He has said that this taught him the value of expanding business through acquisition.

Jeff Bezos worked the grill at McDonald’s.

Jeff Bezos worked the grill at McDonald's.
The founder and CEO of internet-retail behemoth Amazon got his start working the grill at McDonald’s during his summers as a teenager, according to the book “Golden Opportunity: Remarkable Careers That Began at McDonald’s.”

“The most challenging thing was keeping everything going at the right pace during a rush,” Bezos said. “The manager at my McDonald’s was excellent. He had a lot of teenagers working for him, and he kept us focused even while we had fun.”

Chuck Schwab sold walnuts and chickens.

Chuck Schwab sold walnuts and chickens.
Schwab founded the Charles Schwab Corporation, a brokerage and banking firm, and is today worth about $7.1 billion, according to Forbes. He tells Stanford’s alumni magazine that he had the entrepreneurial spirit from a young age.

Schwab grew up in an upper-middle-class family in Sacramento, California, but wanted to make his own money. As a kid, he bagged and sold walnuts and raised chickens in his backyard, selling some and using others for eggs to sell.

Source: Business Insider


8 Powerful reason why TCS CEO N Chandrasekaran is the top contender for Tata Sons Chairman

The search for a new chairman of Tata Sons following the ouster of Cyrus Mistry has thrown up quite a few names. The high-profile names include Indra Nooyi, the head of PepsiCo Inc, Arun Sarin, the former head of Vodafone Group, and Noel Tata, chairman of the Tata retail unit Trent and Jaguar Land Rover boss Ralf Speth.

Of these TCS CEO N Chandrasekaran is said to be the top contenders and below are some strong reasons for it.,


N Chandrasekaran heads the Tata Sons most Valuable Company

Chandrasekaran heads the group’s most valuable company.
And of all the chiefs of Tata companies, which is present in around 100 businesses, perhaps only JLR boss Ralph Speth can claim to rival Chandra’s performance.
Chandrasekaran has made TCS the biggest cash generator for Tata Sons contributing almost 90% to the Tata Sons coffers in 2014-15.

He is a Tata Group insider

Another thing that works in TCS CEO Chandrasekaran’s favour is that he happens to be a Tata Group insider and veteran.
TCS was his very first job. He joined the company in the year 1987 as a software programmer. He has never worked outside TCS.

TCS accounts for 60% of the Tata Group’s combined market cap

TCS now accounts for 60% of the Tata Group’s combined market cap of $116 billion, besides contributing 70% to Tata Sonsí revenue, which comes from dividends of its listed entities.

TCS has grown three-fold under his leadership

Under his leadership, TCS has jumped three fold from Rs 30,000 crore ($6.34 billion) in 2010 to Rs 1.09 lakh crore ($16.5 billion) in FY16. Profits also jumped more than three times from Rs 7,093 crore to Rs 24,375 crore.

Known for his able leadership

Chandrasekaran is said to have proved to be an able leader, often departing from established norms.
He broke down TCS business, once considered to be a monolith, into 23 business units to make service delivery, operations and execution work smoothly for the company. Later, he consolidated the units under eight groups, the heads of which report to him.
The strategy of creating small, focused business units was replicated by competitor Infosys this year.

Led the company’s biggest acquisition

Chandrasekaran has led the company to one of its largest acquisitions Citigroupís back office for $500 million in 2008. He also remains one of the youngest CEOs of the Tata Group.

TCS is India’s largest private-sector employer

The company today employs more than 350,000, making it the largest private sector employer in India. Among the listed companies, it is second largest after Coal India.

Known to take tough decisions

Spearheading TCS since he took over as CEO and MD in 2009, Chandra has shown he can take tough business decisions and challenge the status quo.

World Facts & News

7 things that only Billionaires can buy and you can’t even think of them

Making money is a task and spending it is a different ballgame. If you were a billionaire, how would you spend your wealth? We often wonder about this and think of all possibilities of how a super-rich person would spend his wealth.

Well, billionaires will never cease to surprise us. There are a number of things that billionaires spend on that a common man can’t even think of. The billionaires, who are also referred as the three comma group, don’t need to check the price tag of anything and can buy whatever their hearts desire for.

And if you think spending their wealth for them means a foreign trip every quarter or buying an island, you haven’t even scratched the tip of your imagination.

There are many things only a billionaire can afford and normal people can only get awestruck or disgusted by it.

Here is a list of those things that the super-rich class can afford.

Home Furnishings

Home furnishings

Billionaires, indeed, would like to live an uber luxurious life and sleep well, even if it means spending millions of dollars on a bed. Billionaires can afford and even buy diamond-encrusted wall tiles and $5 million bed. A billionaire can also buy a king-sized bed crafted by British designer Stuart Hughes and Italian furniture firm Nocera Superiore. It is hand-crafted from the finest ash and cherry wood, and has 107 kg of 24-carat gold.

iPhone Case

iPhone case

On one hand where normal people think twice before spending Rs 50,000 on an iPhone, billionaires spend fortunes in just an iPhone cover. This $15.3 million iPhone case is a beauty of solid 24K gold with its home button consisting of a 26 carat black diamond.

Leather Hammock

Leather hammock

Guess the price of the most expensive hammock in the world? Don’t bother, we tell you. Louis Vuitton’s leather hammock is priced at $32,000 and a billionaire can definitely cough up the amount for small privileges in life.



How about bathing in a diamond tub? This free-standing bathtub by Maison Valentina is a high gloss diamond-faceted tub that has a gold-lacquered cast iron basin and gold-plated taps. This is priced at $25,000.

W Motor’s Lykan Hypersport

W Motor’s Lykan Hypersport
This car was sold for $3.4 million. We rest our case.

The Eclipse Yacht

The Eclipse Yacht

Roman Abramovich bought a $1-billion worth yacht. He’s kept safe by bullet-proof glass, rocket detection systems, and the vessel has two helipads, three launch boats, 11 sumptuous guest cabins, an aquarium, 2 swimming pools, there’s even a mini-submarine.

Gold Toilet Paper

Gold toilet paper

This one is epic, even the maker of this gold toilet paper should be lauded for his thinking. This is $1.23 million worth, 24 carat gold flakes, toilet paper.

Source: Business Insider


4 Strong reasons to choose iPhone over Android

By now, high-end Android phones are largely just as good as the iPhone.

But there are still some key reasons to choose the iPhone over Android if you’re having trouble deciding.


Guaranteed software updates for years

iOS is the only platform that guarantees you’ll get software updates with new features throughout the life of your device. In fact, Apple supports old iPhones long after most people stop using them. For example, the latest iOS 10 even works on the iPhone 5, which launched four years ago.

Android phones rarely get that kind of support. Many manufacturers stop issuing Android updates after a year or so, if you’re lucky. That means you’re likely to miss the latest and greatest features that come to Android each year.

The best apps, first

Both iPhone and Android have a robust selection of apps, but iPhone still tends to get the best apps first.

Developers tend to make more money from the iPhone, which is why it often gets preference over Android.

The latest example? Nintendo’s first Mario game, “Super Mario Run,” will be an iPhone exclusive when it launches later this year.

No “crapware” from your wireless carrier

Carriers have a lot of control over what appears on Android phones, and they use that leverage to stuff the devices full of apps and services you don’t need. Even worse, those apps are often impossible to delete from your device.

The iPhone never comes with carrier crapware. The software is exactly the same no matter which carrier you buy your iPhone from.

The best support if you have a problem

Apple has a vast network for customer support. Just walk into an Apple Store and someone will help you with your issues.

It gets messy with Android phones though. In most cases, you have to deal with your wireless carrier if you have a problem with your phone, not the manufacturer, which means you’re working with people who aren’t as well-versed in how your device works.

Source: Business Insider


India’s biggest deal worth Rs 72,800 crores: Essar oil sells to Russia’s Rosneft

India’s debt-laden Essar Group confirmed on Saturday that it has agreed to sell a 98 % interest in its Essar Oil unit to a consortium led by Russia’s Rosneft, giving the energy giant a gateway into the world’s fastest growing fuel market.

The deal will see Rosneft, along with its partners Trafigura and United Capital Partners (UCP), pay $10.9 billion for Essar’s refining and retail assets. Separately, $2 billion will be paid toward the acquisition of the Vadinar port in the western state of Gujarat, along with certain import and export facilities.

Sources familiar with the matter had told Reuters on Friday that a deal was imminent.
It will give Rosneft a 49 % stake in Essar Oil, with 49 percent being split equally between Trafigura and UCP. The deal was carefully structured to avoid falling foul of western sanctions against Russia over its role in the Ukraine crisis.

“Rosneft will not get a controlling stake, partly because of these reasons (sanctions)”, Andrey Kostin, head of Russian lender VTB which advised Essar on the deal, told Reuters.

The deal helps Russia to deepen economic ties with India that stretch back to the Soviet era. The purchase is the biggest foreign acquisition ever in India and Russia’s largest outbound deal, according to Thomson Reuters data.
It was finalised after Indian Prime Minister Narendra Modi and Russian President Vladimir Putin met at a summit in the western state of Goa on Saturday.
The all-cash deal will give Rosneft and its partners control of Essar’s 20 million tonne refinery in Gujarat, and its retail fuel outlets in India, where growth for refined petroleum goods in the next five years is expected to be in the 5 percent to 7 percent range.

“Rosneft is entering one of the most promising and fast-growing world markets,” said its Chief Executive Igor Sechin in a statement, adding that the deal gives it “unique opportunities for synergies” with its existing assets.

Separately, Rosneft said it would use Venezuelan crude to supply the Vadinar refinery.

The closing of the transaction is conditional on receiving requisite regulatory approvals that are expected before the end of the first quarter of 2017.

The deal also reduces some of the pressure on Essar, which is controlled by the billionaire Ruia brothers. The group has a presence in oil and gas, steel, ports and power, and has been under pressure from its lenders to reduce its debt burden.

In parallel with the deal, Russian lender VTB said on Saturday it would lend Essar about $3.9 billion toward debt reconstruction.

Chanda Kochhar, chief executive of ICICI Bank Ltd – one of Essar’s top lenders – welcomed the deal, noting that it has been working closely with Essar to deleverage its stressed balance sheet.

Source: Business Insider

World Facts & News

On 9/11, 102 minutes that changed America

Sunday marks the 15th anniversary of the 9/11 attacks on the United States that left nearly 3,000 people dead.

The Al-Qaeda plane hijackings of September 11, 2001 — the first foreign attack on the US mainland in nearly two centuries — ruptured a sense of safety and plunged the West into wars still being fought today.

Two planes smashed into New York’s World Trade Center, leaving 2,753 dead. A third hit the Pentagon in Washington, killing 184, and 40 more died after a fourth plane headed for Washington crashed into a field in Shanksville, Pennsylvania after a passenger revolt.

Here is the timeline of the events that fateful morning, which reshaped the course of US history:

8:46 am – The first strike

An American Airlines Boeing 767 making a Boston-Los Angeles connection with 92 people on board — including five hijackers — smashes into the North Tower of the World Trade Center, leaving a giant hole in the building’s facade. Thick smoke trails into the sky from the tower’s upper floors.

9:03 am – Second tower hit

A United Airlines Boeing 767 making a Boston-Los Angeles connection with 65 people on board — including five hijackers — hits the South Tower of the WTC, sparking a massive explosion.

9:30 am – Bush speaks

Then US president George W. Bush, in Sarasota, Florida, calls the blasts “an apparent terrorist attack.” He orders “a full-scale investigation to hunt down and to find those folks who committed these acts” and says he will immediately return to Washington.

9:37 am – Pentagon hit

An American Airlines Boeing 757 making a Washington Dulles-Los Angeles connection with 64 people on board — including five hijackers — smashes into the Pentagon in suburban Washington, setting off two explosions.

9:42 am – Planes grounded

The US Federal Aviation Administration (FAA) orders the cancellation of all commercial flights in the United States.

9:59 am – South Tower collapses

The WTC’s South Tower, hit 56 minutes earlier, collapses in a huge cloud of smoke and dust.

10:03 am – Crash in Pennsylvania

A United Airlines Boeing 757 traveling from Newark to San Francisco with 44 people on board — including four hijackers — crashes into a field near Shanksville, Pennsylvania, after passengers and crew apparently fought with the hijackers.

10:28 am – North Tower collapses

The north tower of the WTC collapses, an hour and 42 minutes after it was struck. A huge cloud of dust blankets lower Manhattan.

Source: Business Insider