BUSINESS
Ola, Uber take auto ban row to Karnataka High Court
Both companies contended that an autorickshaw is included under the definition of a taxi under the rules as it means a motor cab having a seating capacity not exceeding six passengers, excluding the driver, with a public service permit on contract.
BUSINESS
India welcomes Tesla and other EV investments as long as the vehicles are made in India: Nitin Gadkari
"The hydrogen-fuelled cars are the future of India and we can get green hydrogen from multiple ways like sewage water, and municipal waste…We will also export green hydrogen to the world and that is the dream,” said Nitin Gadkari
BUSINESS
Indian startup funding hits two-year low in September quarter: PwC
Decline has been the least in early-stage deals which made up around 21% of the total funding value
BUSINESS
App-based auto ban in Karnataka leaves drivers confused, citizens frustrated
The state’s transport department has termed Ola, Uber and Rapido autos ‘Illegal’ and issued a directive to the companies to apply for a separate three-wheeler licence. But with some drivers being told it's "business as usual" and others asking passengers to cancel bookings, confusion prevails.
BUSINESS
Ola, Uber and Rapido-run autos continue services despite ban in Karnataka
In an official statement, Uber said that the company is ready to work with the government to continue its three-wheeler auto services.
BUSINESS
LeadSquared FY22 revenue doubles to Rs 193.5 crore but losses widen to Rs 62 crore
The company's expenses shot up to around Rs 262.3 crore from Rs 113.3 crore in the previous year. Employee benefits accounted for around 54% of the total expenses
BUSINESS
Nisarg Shah-led VC firm Kettleborough closes maiden fund at $5 million
So far, through this maiden Fund, Kettleborough has deployed capital in five companies including Zippmat with Matrix and Zephyr Peacock, Zocket with Kalaari, and Bytelearn with Leo and Chiratae, and is closing two more transactions with Infoedge and Kae in the coming month, the company said in a media statement.
BUSINESS
Co-living platform Isthara bags $10 million funding led by Dubai-based Eagle Investments
The startup plans to deploy the new funds to foray into the business-to-consumer (B2C) retail food court space and expand its presence in the co-living sector
BUSINESS
Deeptech EV startup Vecmocon raises $5.2 million funding led by Tiger Global and Blume Ventures
Vecmocon was founded in 2016 by Peeyush Asati, Shivam Wankhede, and Adarshkumar B, alumni of IIT Kanpur, IIT Delhi, and ISB respectively
BUSINESS
Ola, Uber, Rapido will need separate three-wheeler licences to run autos on platforms, says K'taka Transport Dept
The transport commissioner clarified that if the autos continue to run or be allowed to book by passengers, the company will be charged a fine of Rs 5,000 per vehicle, per day, as first offense.
BUSINESS
Ola, Uber and Rapido reduce base fares in Karnataka after state govt intervenes
The decision to increase the base fare to Rs 60 has been reversed by the auto and cab aggregators.
BUSINESS
Headcount management startup TeamOhana raises $4 million in seed funding
Founded in 2021 by Tushar Makhija and Baishampayan Ghose helps companies to plan and manage headcount. The platform offers products to help company's personnel planning, empowering all teams to collaborate and execute strategic hiring plans on time and within budget.
BUSINESS
Karnataka stops services of Uber, Ola, Rapido over auto ride charges
The department has called the auto services run by the cab aggregators ‘illegal’ under On-Demand Transportation Technology Act 2016.
BUSINESS
Robotics startup Miko acquires AI firm Square Off
With the acquisition, Miko is planning to expand its product line beyond the AI robot companions that it has developed
BUSINESS
Billing automation firm Zenskar raises $3.5 Mn led by Bessemer
The firm plans to utlise the funds towards to hiring and upskilling engineering talent, accelerating product development and advancing its go-to-market initiatives
BUSINESS
EV finance company Mufin Green raises $5.7 million from Incofin
Through this funding, the company plans to disburse income-generating loans worth Rs 5,000 crore in the next 5 years.
BUSINESS
SaaS firms freeze or cut down hiring as US recession looms
Companies are hiring judiciously as they worry about the impact of the US slowdown on business. HR experts say SaaS firms should use the opportunity to make business processes more efficient.
BUSINESS
Ather's electric bikes to be available on Flipkart platform, companies sign deal
Clarifying the availability of other marketing channels, Phokela commented that this move is not meant to replace the offline channel but to complement it.
BUSINESS
Lending platform EarlySalary rebrands itself to Fibe
Fibe plans to clock assets under management of $2.5 billion over the next five years.
BUSINESS
Capillary Tech names Sameer Garde as CEO, cofounder Aneesh Reddy to serve as vice chairman
Garde is an alumnus of IIT Delhi and IIM Calcutta. He started his career with Nestle as an Area Sales Manager in India, and then worked with Whirlpool as a Regional Director for West in India and as a Brand Head in Western Europe.
BUSINESS
Rising venture debt market in India: A strategic shift or a short-term frenzy?
Volatility in equity markets and the fact that startups are unable to find the desired valuation in the last 6-8 months are making venture debt a more viable option across late and growth stages.
BUSINESS
Ola Electric to sell S1 scooters in Nepal, signs MoU
Ola Electric had launched the Ola S1, its second electric two-wheeler, last month, and said that the company will launch electric cars by 2024. Ola Electric plans to enter Latin America (LATAM), the ASEAN and the EU markets next.
BUSINESS
Farm-to-consumer brand Deep Rooted raises $12.5 million led by IvyCap Ventures
Deep Rooted provides urban consumers access to quality fruits and vegetables sourced directly from farmers. The firm currently operates in Bengaluru, Hyderabad, and Chennai offering over 200 varieties of fruits and vegetables
BUSINESS
Zetwerk's revenue up 6 times to Rs 4,961 crore, operating loss at Rs 42 crore in FY22
The B2B manufacturing service marketplace's revenue grew to Rs 4,961 crore in FY22 from Rs 835 crore in the previous year. If the non-cash ESOP expenses were to be omitted, Zetwerk would report an Ebitda profit of Rs 57 crore, it said
