Ratan Tata might be 81, but he sure is keeping up with the times.  Ratan Tata had created a bit of a social media splash last month after he’d joined Instagram. Like any other self-respecting Instagram celebrity, he’d thus far been sharing pictures with his dog, throwback pictures of his time as a student, and even a picture with JRD Tata. But now he’s gone ahead and done something that isn’t all that common on…

India’s payments banks have had a torrid time thus far — after the RBI had given in-principle approval to 11 entities to set up payments banks, 3 had dropped out even before beginning operations. Aditya Birla’s payments bank shut down 17 months after being founded,  and Airtel Payments Bank, Fino Payments Bank, and Paytm Payments Bank have been pulled up by the RBI for irregularities in running their operations. And of the remaining payments banks,…

For the last decade, Indian unicorns have been growing at breakneck speed. Now some are moving in reverse. Ola is trimming its staff size by 5-8 percent, which which impact 350 jobs, ET has reported. Further, a group of employees will also be asked to move into adjacent businesses, including Ola Electric and Ola Financial Services. Ola currently has a staff of 4,500 people. “As a business, we need to exercise sharper focus on metrics…

In India, Uber and Ola have been battling finicky customers, taxi unions, inhospitable roads, and each other, but they might receive a serious blow to their bottom lines through an unlikely source — government regulations.  The central government plans to cap the commission earned on rides by firms such as Uber and Ola to a maximum of 10% of the total fare in its upcoming rules for taxi aggregators, ET reported. This is the first time the government will be looking to…

Uber and Ola have been battling it out in India over the last several years, but their battles are now going international. A day after Uber lost its commercial license to operate in London, Ola has begun onboarding drivers in the city. Ola is inviting tens of thousands of private hire vehicle drivers that are allowed to work for ride-hailing firms across London to register themselves on its platform as it prepares to launch in the…

Oyo might be expanding into different geographies and different verticals, but the growth isn’t coming cheap. Oyo has registered a loss of Rs. 2,385 crore for this fiscal year. This is a sixfold rise from its losses of Rs. 360 crore the previous year. These numbers are, however, from Oyo’s unaudited statements, and have been prepared by a valuation expert. “We would like to clarify again that these are not the final audited financials and the same…

WhatsApp has taken its initiative to support Indian startups another step forward. The Facebook-owned company has announced an investment of $250,000 worth ad credits into the Indian startup ecosystem to help entrepreneurs better connect with customers and grow businesses. The amount would be given to 500 startups approved by the Department for Promotion of Industry and Internal Trade (DPIIT). According to a statement issued by the company, each startup would get $500 (about Rs 36,000)…

Paytm has further cemented its place as India’s most valuable startup. Paytm has raised $1 billion (Rs. 7000 crore) in its Series G funding round led by US asset manager T Rowe Price and existing investors Ant Financials and Softbank. Ant Financials, which is owned by Alibaba, contributed $400 million, while Softbank put in $200 million from its Vision Fund. The round valued Paytm at $16 billion, slightly higher than the $15 billion valuation the…

Swiggy might have become synonymous with food delivery — “Swiggy it” has entered the vocabulary of some Indians as a way of ordering food online — but the company itself has its eyes set beyond just that. Swiggy is targeting to generate 30 percent of its overall revenue from verticals outside food delivery in a couple of years, CEO Sriharsha Majety has said. Over the last twelve months, Swiggy has expanded into grocery delivery through…

India’s startup scene traditionally celebrates unicorns, which are startups that are valued at more than a billion dollars. They were so named because like the mystical creature, unicorn startups were thought to be elusive and rare. But they aren’t quite as rare in India any more — India is now home to as many as 23 unicorns. But what’s a lot more rare at the moment are startups that make money — and there’s now…