Mono receives $2 million investment from Kuda CEO, Lateral Capital, others
Companies all over the world were swift to embrace the new reality of work styles at an accelerated pace. This led to the growing adoption of artificial intelligence and the use of technology in the workplace.
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Bolt Increases fares in Kenya
Two weeks ago, Uber increased its fare prices in Nigeria in response to complaints from its drivers. This week Bolt has done the same, albeit in Kenya. The reason cited by Bolt is due to the increased cost of fuel in the country.
The price revision
“The base category will now attract an addition of KES 2.10 ($0.019) per kilometer in Nairobi and KES 1.70 ($0.016) per kilometer in Mombasa, while riders in the economy (Lite) category will now pay an additional KES 1.50 ($0.014) per kilometer in Nakuru and Kisumu towns.
Tuk Tuk and Boda boda services in Mombasa, will each attract an increment of KES 0.60 per kilometer.
Boda boda services in other towns will attract price increment as follows; Nairobi KES 0.80 per kilometer, Nakuru KES 0.70 per kilometer and KES 0.60 per kilometer in both Kisumu and Eldoret.”
Big Picture: This price increase helps the ride-hailing company maintain its margin without eating into the earnings of its drivers. A move that the drivers might care less about as they’ll rather have a reduction of the commission charged by Bolt.
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SnapChat hits 500 million monthly active users
Last week, Snapchat revealed that it had reached 500 million monthly active users. This was the first time the social media giant revealed its monthly active users.
Backstory: This is a significant milestone for the social media app which was written off after it refused a multi billion-dollar acquisition deal from Facebook, and saw its value crash from $24B in March 2017 to $6B in Dec 2018.
Today, it’s worth $86B.
The announcement was made at its 2021 Snap partners summit where it also announced a couple of new product features that hint at the direction the company is heading: e-commerce.
Yes, Snap’s new features are focused on making it possible for users to virtually try on clothing items, visualizing how they will look on them in real life.
The company is launching a “wrist-tracking technology” that allows consumers to use Augmented Reality lenses to try on watches and jewelry. It also launched a feature called Screenshop. This allows consumers to use the Snapchat camera to scan a friend’s outfit and shop for similar looks recommended by the app.
Zoom out: Snap’s 500m monthly active users is only a fraction of the 2.85B people who use Facebook every month. At the moment, both Snapchat and Facebook generate most of their revenue from advertising, with this move, Snapchat is looking to diversify its revenue.
Snapchat has come a long way, proving its doubters wrong.