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Tuesday, July 29, 2014

24-hr downpour adds 32 days' water stock




A heavy downpour in the 24 hours between Monday and Tuesday added 32 days of water stock to the seven lakes supplying the city. The lakes now have four months' supply. Also, not only has the season's rainfall deficit been covered but Santa Cruz has got excess rainfall of 78.1mm and Colaba 101.5mm. Weather men have issued a warning of very heavy rainfall-from 7cm to 14cm--in the next 24 hours. Some parts of Thane and Konkan districts may get as much as 24cm.

Between Monday and Tuesday , though, the island city got just 48.3mm and Santa Cruz 26.6mm.
On the other hand, the Vasai-Virar region, Palghar, Dahanu and tribal belts of Jawahar and Mokhada got 176mm, which saw villages get cut off from the city and flooded important roads and residential townships such as Vasant Nagri, Evershine Nagar Nirman Nagar.

The Vasai Virar municipal fire brigade rescued villagers stranded along the highway in Virar. A 10-year-old boy was reportedly carried away by strong water currents in Palghar.

Pelhar dam in Nala Sopara that supplies Vasai-Virar began to overflow. Usgaon dam in the Vasai-Virar region reached 86% of its capacity . Damni dam on Surya river in Palghar also began to overflow.

Water stock in the seven lakes that feed the Mumbai region swelled to 4.9 lakh million litres on Tuesday from 3.7 lakh million litres on Monday .
Tansa and Bhatsa gained the most, 276mm and 247mm, respectively , compared with 66mm and 45mm between Sunday and Monday . Modak Sagar is 3 metres below the overflow mark and Vihar is 4 metres short.

"Bhatsa and Modak Sagar, which have a huge capacity , received widespread rainfall of 247mm and 216mm, respectively . Tulsi is much smaller, which could be why it overflowed. Interior parts of Maharashtra received moderate rainfall while it was fairly widespread in north madhya Maharashtra. The south-west monsoon has been very vigorous on account of an offshore trough as well as strong winds. We expect 95-96% of rainfall in August, of the long-range forecast," said K S Hosalikar, deputy director general meteorology , Regional Meteorological Centre, Mumbai.

Navi Mumbai, between 7am to 7.30pm, got an average rainfall of 50.6mm. Airoli recorded the highest of 63mm followed by Vashi with 50mm, Nerul with 43mm and Belapur 44mm. Morbe dam capacity increased to 77.9 metres from Monday's 76.4 metres.

Thane got a total of 55mm rainfall. There was one incident of wall collapse at Wagle Estate and one person was reported missing while swimming inside a lake at Kalwa.

The downpour brought down minimum temperatures in Colaba to 24.8 degrees Celsius and Santa Cruz to 25.7.

On Tuesday , between 8.30am and 8.30pm, Colaba recorded 11.6mm rainfall and Santa Cruz 45.3mm. The is land city and the suburbs have received more than 50% of the season's required total.

Meanwhile, traffic was comparatively smooth on Tuesday , as it was a public holiday. There some stretches, though, like the Western Express Highway which continued to witness snarls.

The cratered flyover at Malad on WEH caused backlogs around noon. "The northbound stretch of Pedder Road was jammed around 3 pm. The stretch before Mahalaxmi signal was particularly bad," said another motorist.

Slow-moving traffic was reported from Babulnath to Haji Ali, on S V Road opposite Juhu Aerodrome, Vasai, near Huma Adlabs at Kanjur Marg, Aarey flyover on WEH, near Dahisar check naka and near Dindoshi on WEH.

A tree fall threw traffic out of gear at near Hiranandani Junction at Powai.

Heavy water logging was reported at JVLR, Andheri Link Road, Kanjur Marg, L B S Marg near Gandhi Nagar, Sujay Hospital at Andheri East, Andheri Subway and Marol Naka to WEH.










Flipkart raises $1 bn, enters top tier of global startup superstars




Co-Founder Sachin Bansal Pins Hope On India's Fast-Growing Internet User Base
E-commerce biggie Flipkart has raised an eye-popping billion dollars of fresh funds, valuing the seven-year-old company at almost $7 billion post-in vestment, as investors reposed faith in India's consumer internet story .

The valuation places its founders Sachin Bansal, 32, and Binny Bansal, 31, among the richest In dians. With their 15% stake, the two are wor th a shade over $1 billi on. It also puts the Ba ngalore-based e-tailer in the top tier of privately-held internet ventures globally, comprising startup superstars like taxi-hailing smartphone app Uber, Airbnb, Dropbox and Pinterest. Flipkart on Tuesday raised over $1 billion in fresh funds, taking it to the top tier of online ventures like Uber, Airbnb, Dropbox and Pinterest, all of which are valued between $4 billion and $18 billion and are backed heavily by venture capital funds.

The $1 billion fund-raise comes two months after Russian billionaire and fervent internet investor Yuri Milner's DST Global led a $210 million round into Flipkart at a valuation of around $3 billion. Existing investors Tiger Global and South African media & internet giant Naspers have co-led the latest round, Flipkart co-founder Sachin Bansal said, announcing the fundraise to the media.

A new investor came in the form of Singaporean sovereign wealth fund GIC. Facebook investor Tiger Global, Naspers—the two put in about $250 million each—ICONIQ Capital and Accel Partners have together pumped in almost 60-70% of the money, people familiar with the deal said.

Tiger Global alone has invested more than $600 million in Flipkart and could take its exposure to $1 billion, surpassing what it invested in Facebook. Other investors, including DST Global, Morgan Stanley and Sofina, also participated in this latest round of funding, Flipkart said in a press release. While this round was done through fresh issuance of shares, a secondary sale amounting to $250 million

at a valuation of around $3 billion. Existing investors Tiger Global and South African media & internet giant Naspers have co-led the latest round, Flipkart co-founder Sachin Bansal said, announcing the fundraise to the media.

A new investor came in the form of Singaporean sovereign wealth fund GIC. Facebook infund GIC. Facebook investor Tiger Global, Naspers--the two put in about $250 million each--ICONIQ Capital and Accel Partners have together pumped in almost 60-70% of the money, people familiar with the deal said.

Tiger Global alone has invested more than $600 million in Flipkart and could take its exposure to $1 billion, surpassing what it invested in Facebook. Other investors, including DST Global, Morgan Stanley and Sofina, also participated in this latest round of funding, Flipkart said in a press release. While this round was done through fresh issuance of shares, a secondary sale amounting to $250 million from some of the smaller investors who came through the Myntra acquisition is a likely possibility , sources privy to the matter told TOI.

In all, Flipkart has raised close to about $1.7 billion in risk capital as it fights it out with Amazon and domestic rival Snapdeal in the fastgrowing e-commerce market touted to touch $8 billion in size by 2016. The funds will be used to step up investments in technology and logistics and set up a strong mobile ecosystem by rallying forces behind a mobile payments ecosystem. "India has 243 million internet users, and this number continues to grow very fast. We believe that the power of mobile in ternet is going to help us achieve this goal," Sachin Bansal said, adding that the vision was to make Flipkart a $100 billion company over the next few years.

Alibaba, the Chinese e commerce giant which is slat ed to list on the New York Stock Exchange with a much ballyhooed IPO valuing it at around $150 billion, and Ama zon, with a market capitaliza tion of $149 billion as of Tues day, are the top two online retailers globally. However, go ing public like Alibaba and Amazon is not on the cards for Flipkart, at least in the near term, Bansal said.

"The world is slightly different now as compared to ten years ago. Today, private investors have enough long term appetite and that's what we have seen across the world , whether it's Alibaba, Airbnb or Uber. In fact, a lot of Facebook investors are still invested even after their IPO," he told TOI.

Deepak Srinath, director, digital practice, at Bangalorebased investment bank Allegro Capital, said the new round of financing puts Flipkart in the league of Chinese internet companies. "With this kind of war chest, it makes Flipkart even more competitive and gives it the ammunition to take on Amazon. While the promoters may make a public stance that they are not keen on a listing, over the next two-three years a listing would be on the cards. Flipkart is now pretty much an investorled company," he said.

Amazon announced on Monday that it will open five more fulfillment centres in addition to the ones in Bangalore and Mumbai as it works on the India market amid investor pressure in the US due to its inability to clock consistent profits.

Flipkart, which is expected to have crossed a run rate of $2 billion in gross merchandise sale, has halved its monthly losses from $5 million one year ago, helping it attract investor interest. The online retailer may raise another $2 billion in the next three years, a timeline by when the investors hope for a possible US listing at a valuation in excess of $20 billion, a source directly familiar with the developments told TOI.

this kind of war chest, it makes Flipkart even more competitive and gives it the ammunition to take on Amazon. While the promoters may make a public stance that they are not keen on a listing, over the next two-three years a listing would be on the cards. Flipkart is now pretty much an investor led company ," he said.

Amazon announced on Monday that it will open five more fulfillment centres in addition to the ones in Bangalore and Mumbai as it works on the India market amid investor pressure in the US due to its inability to clock consistent profits.

Flipkart, which is expected to have crossed a run rate of $2 billion in gross merchandise sale, has halved its monthly losses from $5 million one year ago, helping it attract investor interest. The online retailer may raise another $2 billion in the next three years, a timeline by when the investors hope for a possible US listing at a valuation in excess of $20 billion, a source directly familiar with the developments .









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