Govt Could Cap Uber And Ola’s Fee For Rides At 10%, Half Of Current Fees

Govt Could Cap Uber And Ola’s Fee For Rides At 10%, Half Of Current Fees

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…

A Day After Uber Loses License In London, Ola Starts Onboarding Drivers In The City

A Day After Uber Loses License In London, Ola Starts Onboarding Drivers In The City

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’s Annual Losses Rise Sixfold To Rs. 2,385 Crore

Oyo’s Annual Losses Rise Sixfold To Rs. 2,385 Crore

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…

500 Indian Startups To Get $250,000 From WhatsApp As Facebook Ad Credits

500 Indian Startups To Get $250,000 From WhatsApp As Facebook Ad Credits

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 Raised $1 Billion At A Valuation Of $16 Billion

Paytm Has Raised $1 Billion At A Valuation Of $16 Billion

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…

Targeting To Generate 30% Of Revenues From Beyond Food Delivery In 2 Years: Swiggy CEO Sriharsha Majety

Targeting To Generate 30% Of Revenues From Beyond Food Delivery In 2 Years: Swiggy CEO Sriharsha Majety

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…

Patanjali Appears To Be Rising Once Again, Reports Highest-Ever Revenue For HY 2019-20 

Patanjali Appears To Be Rising Once Again, Reports Highest-Ever Revenue For HY 2019-20 

Until a few years ago, Patanjali was the rising star on India’s FMCG space. With revenues of over Rs. 10,000 crore, it had shot past incumbents like ITC Consumer and Godrej, and had its eyes trained on the top spot. Its astonishing growth had also led to some bold pronouncements  — Patanjali could soon annouce its IPO, Baba Ramdev had hinted, and Patanjali had planned to expand into other verticals, including fashion. But the fairytale growth story…

Urban Ladder Bucks Trend, Posts Profit Of Rs. 49 Crore

Urban Ladder Bucks Trend, Posts Profit Of Rs. 49 Crore

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…

Paytm Is Integrating Twitter Into Its App To Drive Engagement

Paytm Is Integrating Twitter Into Its App To Drive Engagement

Paytm has tried several approaches to get people to open its app more often. Two years ago, it had introduced Paytm Inbox, which was a messaging service that had hoped to take on WhatsApp. It has also included games in its app, and more recently, started playing live news and TV shows on its app. Now Paytm’s quest for greater user engagement has gone international. Paytm is partnering with Twitter to integrate Twitter Highlights on…

AB Idea Payments Bank To Be Liquidated

AB Idea Payments Bank To Be Liquidated

The curtains have finally come down on the young Aditya Birla Idea Payments Bank Ltd (ABIPBL) with the Reserve Bank of India (RBI) issuing a notification for its liquidation.   The notification of November 18, 2019 mentions that on a voluntarily winding up application by ABIPBL, the Bombay High Court has passed an order on September 18, 2019, appointing a liquidator for the bank. Shri Vijaykumar V Iyer, Senior Director of Deloitte Touche Tohmatsu India LLP…

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