BUSINESS
Razorpay plans IPO post-FY26, India domicile process to close in 6-12 months: CEO Harshil Mathur
Razorpay initiated the process to move its parent entity to India from the US in May 2023, ahead of its plans to list in the Indian bourses
BUSINESS
Uber signs MoU with Government-backed ONDC for mobility service integration
Uber’s announcement comes after the company's direct rival in India, Ola, joined the government-backed Open Network for Digital Commerce (ONDC) to provide food delivery services in September of 2023.
TECHNOLOGY
India is one of the toughest markets for Uber, says CEO Dara Khosrowshahi
Despite the challenges, Khosrowshahi said the company plans to expand its low-cost service segments, particularly two-wheeler and three-wheeler services in India.
BUSINESS
Ride-hailing firms knock EV 2W manufacturers’ doors for bike-taxi electrification
Several states including Karnataka and Delhi NCR have put down stringent rules on ride-hailing firms to convert their bike-taixs to electric vehicles.
TECHNOLOGY
Fintech wars intensify as Paytm, Pine Labs, and PhonePe rivalry spills onto social media
After Paytm's front-page ad on a national daily, Pine Labs came up with their digital ad campaign saying, 'The front page can be bought. Trust cannot.'
TECHNOLOGY
Ola Electric sells 10,000 scooters in three days after price cut
The firm last week announced a price cut on its S1 Pro, S1 Air, and S1 X+ by Rs 25,000 a unit in a move to increase adoption.
TECHNOLOGY
EV financing startup Vidyut raises $10-mn funding led by 3One4 Capital
BUSINESS
Freshworks board cancels Girish Mathrubootham’s CEO Performance Award of 6 million stock units
The board has also announced grant of time-based and performance based restricted stock units (RSUs) to other top executives in the firm including its President and CFO.
TECHNOLOGY
Endiya Partners to launch Fund III with corpus exceeding $100 million
With the new fund, the VC firm will continue to focus on deep tech, health, fintech, SaaS and also enter newer segments such as AI
TECHNOLOGY
As team captain, I need to field the best one to win: Freshworks CEO Girish Mathrubootham
Freshworks has seen some management rejig and internal consolidation in the past year with the firm’s CTO departing at the beginning of 2023 and the company’s CRO Pradeep Rathinam leaving the firm in Q4.
BUSINESS
Ather Energy CFO Deepak Jain to leave, Sohil Parekh named successor
These changes come at a time when Ather is gearing up for a public listing in the next year, and months after it raised funds from existing investors
TECHNOLOGY
Freshworks revenue chief Pradeep Rathinam resigns, Abe Smith to take over
Rathinam founded AnsweriQ, an AI-based customer service automation company, which was acquired by Freshworks in 2020 after which he joined the firm as the Chief Customer Officer.
TECHNOLOGY
Indian B2B fintech industry to reach $20 billion market size by 2030: Report
Report by Chiratae Ventures and The Digital Fifth shows that the total funding for fintech segment has come down by 52% to $2.4 billion in 2023, as against $5.1 billion in 2022.
TECHNOLOGY
Ola announces fellowship program for AI researchers at IIT Bombay
Several top companies within India and globally have said that there is a huge demand for AI talent. Ola's program will span across engineering disciplines
TECHNOLOGY
EV two-wheeler sales up by 26% at 81,577 units in January, Ola Electric breaches 32k mark
With continued government support like the PLI scheme coupled with innovative products, the industry is set to reach 8.5 lakh units in FY 2023-24, analysts say
TECHNOLOGY
Ola Electric launches new 4 kwh EV range, plans to set up 10,000 fast charging units by April
Along with the new range of EVs, Ola has also announced expansion of its service network by 50 percent to 600 centres by April 2024.
TECHNOLOGY
Industry is preparing for complete withdrawal of FAME subsidies: Bhavish Aggarwal
The interim budget reduced the FY25 allocation for the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) scheme by nearly 44 percent to Rs 2,671 crore
TECHNOLOGY
Zoho reports Rs 8,703 crore of revenue in FY23, PAT crosses Rs 2,800 crore
Zoho's total expenses were around Rs 5,392 crore which jumped 51% YoY compared to Rs 3,571 crore in FY22 due to a rise in the firm's employee benefit expense
BUSINESS
Union Budget 2024 evokes mixed reactions among India’s EV startup industry
While the Finance Minister has reiterated the government’s push for expanding EV manufacturing, the FAME subisidy budget estimate has come down by 44% to Rs 2,671 crore in FY25
BUSINESS
Govt reduces budget allocation to FAME subsidy by 44% to Rs 2,671 crore for FY25
While the FAME subsidy is decreased, the Production Linked Incentive (PLI) Scheme for automobiles and auto components has increased by a whopping 623% to Rs 3,500 crore
BUSINESS
RBI’s Paytm crackdown causes shockwaves across fintech industry
While many founders continue to hope for the issue to resolve, others said the move will have a ripple effect on the ecosystem and restrict newer players from coming into the banking business.
TECHNOLOGY
Office commute platform MoveInSync raises $15 million funding from Bessemer Venture
The fundraise for the startup founded in 2009 comes nearly six years after it raised $8 million in Series B funding round led by Nexus Venture Partners.
TECHNOLOGY
Ola, Uber challenger Namma Yatri goes live in Chennai via ONDC
The firm said it has already registered over 10,000 drivers in the Tamil Nadu capital, and aims to onboard over 1 lakh drivers in the next 6 months.
TECHNOLOGY
Flipkart co-founder Binny Bansal to stay on at PhonePe board
Binny Bansal’s decision to step down from Flipkart's board comes months after he sold his remaining stake in the firm and at a time when he is starting up again, in the e-commerce space with OppDoor.
