Bangalore Police Forms 3 Teams To Nab Homigo Co-founders, Size Of Fraud Estimated To Be Rs. 15 Crore

Bangalore Police Forms 3 Teams To Nab Homigo Co-founders, Size Of Fraud Estimated To Be Rs. 15 Crore

Thus far, Homigo’s cofounders were being pursued by the startup’s tenants whose security deposits hadn’t been returned. Now they’re being pursued by the Bangalore police. The Bangalore police has formed three special teams to nab the absconding cofounders of coliving startup Homigo, who’re untraceable after the startup shut down its offices and fired all its employees. IIT Kanpur alumni Jatin Mitruka, Aaskash Verma and Nikunj Batheja, who’d cofounded Homigo in 2015, are on the run after allegedly…

Homigo’s Tenants Asked To Immediately Vacate Homes, Company Reportedly Bankrupt

Homigo’s Tenants Asked To Immediately Vacate Homes, Company Reportedly Bankrupt

Startup shutdowns are never pretty, but this one seems to be worse than most — it has left lots of young Bangaloreans without a roof over their heads. Co-living startup Homigo’s tenants have been told to vacate their homes after the company has reportedly gone bankrupt. The original property owners have apparently not been paid by Homigo, and they in turn have asked tenants to leave their homes. Homigo acted as an in-between between homeowners…

Oyo Has Reportedly Acquired Coworking Space Provider Innov8 For Rs. 150-200 Crore

Oyo Has Reportedly Acquired Coworking Space Provider Innov8 For Rs. 150-200 Crore

Oyo’s scale of ambition isn’t just limited to a rapid overseas expansion — it’s moving into industries other than hospitality too. Oyo has acquired coworking startup Innov8 for between Rs. 150 and Rs. 200 crore, Business Standard reports. Oyo has hired all Innov8 employees and will continue to run Innov8 as a separate brand. Innov8 has 13 coworking spaces across 4 cities in India. It had been founded in 2015 by Ritesh Malik, Shailesh Gupta and…

Myntra Has Shut Down Its High-Tech Self Checkout Roadster Store In Bangalore

Myntra Has Shut Down Its High-Tech Self Checkout Roadster Store In Bangalore

Over the last few years, many in the e-commerce industry felt that the final frontier was taking over what they’d initially set out to displace — offline stores. Not content with the progress that they were making online, several large players had attempted to move into the real world to capture an even larger section of the market. But there are now signs that not all these initiatives are working out as planned. Myntra has shut…

Delhivery Becomes India’s Latest Unicorn Startup, Is Now Valued At $1.6 Billion

Delhivery Becomes India’s Latest Unicorn Startup, Is Now Valued At $1.6 Billion

There was a time when India’s unicorns were all e-commerce players, but some interesting companies are now getting into the mix. Logistics startup Delhivery has become India’s latest unicorn after raising $350 million (Rs. 2450 crore) from Softbank and existing investor Carlyle Group. The round has valued Delhivery at $1.6 billion (Rs. 11,200 crore), and turned it into India’s first unicorn of 2019. Unlike other Indian unicorn startups, Delhivery doesn’t often make the news. This…

Paytm Mall’s Traffic Drops 90% After It Discontinues Cashbacks

Paytm Mall’s Traffic Drops 90% After It Discontinues Cashbacks

Paytm Mall is discovering just how fickle India’s customers really are. After the company had cut back on its cashbacks late last year, the traffic on its website has dropped precipitously. According to SimilarWeb, PaytmMall’s site saw only 5.5 million visits in February 2019. This is a near 90% drop from visits in October last year, when the site had seen 45.5 million users. In December 2018, Paytm Mall had decided rein in the cashbacks…

Here’s How Long These Products Took To Reach A Billion Users

Here’s How Long These Products Took To Reach A Billion Users

Tech companies find it easy to quickly garner a lot of users — it’s possible to build an app sitting in your home, fire it up, and see it being used by millions of people. But there’s a rarefied club of tech companies that have cracked the billion club — seeing their products being used by nearly one-seventh of humanity. There are only 6 products which have reached the milestone. Here’s how long they took…

Former Flipkart CPO Punit Soni Reveals The Story Behind The Site’s Big Billion Days Crash In 2015

Former Flipkart CPO Punit Soni Reveals The Story Behind The Site’s Big Billion Days Crash In 2015

Flipkart’s Big Billion Days is the company’s most anticipated sales event of the year. The company spends millions in ads promoting the event, and makes many months’ worth of revenue during the few days of the sale. But the 2015 edition hadn’t started off exactly as planned.  Exactly at midnight on 14th October 2015, just as the sale was about to go live, Flipkart’s site had crashed. Mobile phones were going to go on sale, and…

Paytm Launches Paytm First, Its Subscription Program To Take On Amazon Prime

Paytm Launches Paytm First, Its Subscription Program To Take On Amazon Prime

Indian e-commerce companies have managed to match the basic functionality provided by Amazon — they have large selections of products on their websites, they have inventory systems that ensure quick deliveries, and their payments systems are slick and modern. What they’re now scrambling to match is Amazon Prime. Paytm has launched Paytm First, its own subscription and loyalty program. Paytm first will bundle up offers from internet companies, such as annual memberships for Zomato Gold, Gaana.com,…

Zomato Sells Its UAE Business To Delivery Hero For Rs. 1,200 Crore

Zomato Sells Its UAE Business To Delivery Hero For Rs. 1,200 Crore

Thus far, Zomato had been making news for expanding into international markets — it’s now retreated from a major one. Zomato has sold its UAE business to Delivery Hero for $172 million (Rs. 1,200 crore). Delivery Hero is a Germany-based food delivery service that operates in more than forty countries. Interestingly, one of Delivery Hero’s biggest investors is Naspers, which is also the biggest investor in Zomato’s India arch-rival Swiggy.   UAE was one of Zomato’s…

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