Xiaomi Co-Founder and CEO Lei Jun
Xiaomi co-founder Lei Jun steps down amidst sales decline – TechNode
Xiaomi co-founder and chairman Lei Jun has stepped down as the company president for China, according to an internal company letter.
According to a report by TechNode, his resignation followed a drop in the company’s smartphone market share since he took the position in May.
In addition to Lei Jun, Xiaomi also reshuffled seven other high-ranking executives.
Market research firm Canalys reported that Xiaomi’s smartphone shipments in China declined 20 per cent year-on-year in the second quarter and 33 per cent in Q3 with market share shrinking to nine per cent from 12 per cent during the six-month timeframe.
OYO elevates Aditya Ghosh to board, aims to focus on profitability and quality control – Bloomberg
Indian hospitality tech giant OYO has elevated key executive to board as part of its effort to push for profitability and quality control, Bloomberg wrote.
Aditya Ghosh, who had served as OYO’s chief executive officer for India and South Asia, is stepping up to a board position. He will be succeeded by Rohit Kapoor, the company’s current new real estate businesses chief.
Prior to joining OYO, Ghosh led Indian budget airline company Indigo.
Also Read: Today’s top tech news, July 9: Xiaomi even on first day of listing, 11 Street Thailand nabs investor
500 Tuk Tuks names 10 startups from its second fund – e27
500 TukTuks, the Thailand unit of early-stage VC fund 500 Startups, today announced the 10 new startups it has invested from its second fund.
This second batch of investment follows the first batch of six it had announced earlier this year.
The companies in the list range from property tech to nanotech.
Tribe Accelerator facilitates additional US$15.7M fundraising to boost blockchain innovations – e27
Tribe Accelerator, Singapore government-supported blockchain accelerator, has facilitated the fundraising of S$21.5 million (US$15.7 million) for its participating companies through its ecosystem of corporate and investor partners.
Enterprise Singapore also supports the fundraising.
The fund itself was announced on the first Demo Day of the Tribe Global Demo Tour for its second batch of participating companies in Singapore today
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