It’s an idea that’s going to make a lot of noise in the online payments world. Paytm is going to soon launch “Sound Pay”, a feature that will allow money transfers using ultrasonic sound waves.
With the government batting for startups with its Start Up India initiative, could banks have been far behind? India’s largest public sector bank, State Bank of India, has opened a branch that caters exclusively to the needs of startups. Called SBI InCube, the branch is quite appropriately situated in India’s throbbing startup hub of Bangalore.
Flipkart’s new CEO appointment and its subsequent management rejig has had an unexpected fallout – Chief Product Officer and former Google executive Punit Soni shall be soon leaving the company. When contacted, Soni said that he couldn’t talk about the matter at the moment, but said that “India has unique opportunities and unique challenges.”
After announcing that Binny Bansal would be its new CEO, Flipkart has also shuffled its senior management team. The company has restructured its core retail and marketplace business and moved many of the firm’s senior executives into new roles.
Acronyms. So Space X CEO and all-round badass Elon Musk really hated them. They made him go fml and wtf. So when employees at Space X were having conversations about how the JTB was going to impact the TKRM of the VSR, Musk stepped in.
Shuttle services in Delhi, which had been temporarily halted after the Transport Department had raised concerns about their legality, can breathe a sigh of relief. The Delhi government appears to be softening its tone on these services, with the Vice Chairman of the Delhi Dialogue Commission calling them “completely legal.”
India’s fledging unicorn club – startups that attain a mythical $1 billion valuation – has a new member. E-retail site Shopclues is now worth $1.1 billion following an undisclosed funding round led by Singapore’s sovereign wealth fund GIC. Interestingly, GIC also backs Shopclues’ rival Flipkart.
After grocery delivery service Grofers had withdrawn its operations from 9 Tier 2 cities last month, Zomato has shut down its food ordering service in Lucknow, Kochi, Indore, and Coimbatore.
India’s largest e-commerce giant, Flipkart, is in for some organizational change. Co-founder Sachin Bansal, who has been the CEO since the inception of the company in 2007, will step aside. His cofounder, Binny Bansal will take his place. Sachin Bansal will in turn become the Executive Chairman.