BUSINESS
Ola Electric DRHP: Promoter's conflict of interest, mounting losses, soaring attrition among 7 things to watch out for
Ola Electric filed its Draft Red Herring Paper (DRHP) on December 22 and plans to raise Rs 7,250 crore via IPO.
BUSINESS
Ola Electric files DRHP, plans to invest Rs 1,226 crore for capex
The EV maker with a total IPO size of Rs 7,250 crore, will also utilise the some of the net proceeds of up to Rs 1,600 crore towards investment into Research and Development.
BUSINESS
Startup funding may face the heat after RBI crackdown on evergreening loans to AIFs
India’s top venture capital investors are holding meetings with the Reserve Bank of India’s deputy governor and other officials to discuss and submit recommendations on the unintended consequences of the move.
BUSINESS
With licences in, payment aggregators gear up for rising demand from merchants
The RBI’s approval for companies such as Cashfree and Razorpay to onboard new merchants has come as a relief for the payments ecosystem.
BUSINESS
Cashfree will double down on payment gateway business, 15,000 merchants to go live soon: CEO Akash Sinha
After receiving the final nod from RBI to operate as a payment aggregator, the Bengaluru-based firm expects payments to continue to contribute more than 65-70 percent of its overall revenues
BUSINESS
Life after getting payment aggregator license: Thousands of merchants already pinging us, says Razorpay's Harshil Mathur
Razorpay received the final approval from the Reserve Bank of India to operate as a payment aggregator on December 19. Mathur says company is very much ready, and can on-board merchants from day one.
BUSINESS
Razorpay, Cashfree receive final RBI nod to operate as payment aggregators
The license will mean that the payments firms can now start onboarding of new merchants to their platforms. Neobank Open, Enkash and Paymentz has also received the final nod.
TECHNOLOGY
SoftBank-backed FirstCry, Ola Electric to file draft IPO papers in the next week
While FirstCry is likely to list only after the general election in 2024, Ola Electric's management has already begun roadshows with domestic and international investors
BUSINESS
Hyderabad auto, taxi drivers hitch ride on ONDC to launch ride-hailing app Yaary
Similar to Bengaluru's Namma Yatri platform, ONDC-backed Yaary also promises not to charge any commission from drivers on its platform
BUSINESS
Exponent Energy raises $26 million in Series B round led by Eight Roads Ventures
The firm is aiming to clock a revenue of Rs 600 crore by 2025 by expanding to three-wheeler cargo, three-wheeler passenger and e-bus, Vinayak said.
BUSINESS
Non-AI SaaS startups to face challenges in raising funds in 2024: Upekkha Report
The report said that Series A (around $5 million to $10 million) investments might see a significant dip and increased stringency in metrics in the coming years.
BUSINESS
Spotlight on zero-commission models after Namma Yatri, auto union break tie-up
Namma Yatri has been collecting a subscription fee from drivers since September 1, 2023. Drivers have two options under the plan: Rs 25 for unlimited trips a day or Rs 3.50 per ride. This is one of the issues that eventually led to the drift
TECHNOLOGY
M2P Fintech acquires transaction behavioural Intelligence firm Goals101
This acquisition will allow M2P to bring in a high degree of personalisation in its digital banking products to its customers, the startup said. Sources say the deal is worth $30-$40 million
BUSINESS
MSME Lending firm Aye Finance raises Rs 310 crore led by British International Investment
The firm is also mulling over entering the public markets in FY26 with Rs 7,000 crore of AUM from the present Rs 3,600 crore, cofounder Sanjay Sharma told Moneycontrol.
BUSINESS
Khosla Ventures-backed Healthify enters B2B biz, announces partnership with Swiggy
The company also revealed a fresh brand identity, transitioning its name to Healthify and announced going global with its offerings.
TECHNOLOGY
Omidyar Network to exit India market by end of 2024
Moneycontrol checked with six portfolio companies and none of the founders had a clue about a move of this magnitude.
TECHNOLOGY
Auto Rickshaw Drivers Union in Bengaluru breaks up with Namma Yatri
A Namma Yatri spokesperson has said that the app represents the entire driver community and is not exclusively affiliated with any single union.
TECHNOLOGY
Cyclone Michaung: Brand Chennai takes a hit as production in key industrial units disrupted
Several SMEs belonging to the textile, auto parts, electronics, and other industries faced heavy losses due to flooding and lack of electricity. The supply chain is slowly limping back to normal.
TECHNOLOGY
AI startup Sarvam.AI bags $41 million in funding led by Lightspeed, Peak XV, others
The AI firm plans to use the funding to focus on India-specific offerings which includes training AI models to support the diverse set of Indian languages and voice-first interfaces
BUSINESS
Ola Electric reports Rs 2,782 cr revenue in FY23, targets Ebitda profitability by FY25
Ola Electric’s net loss has widened to Rs 1,472 crore which has doubled from Rs 784 crore it reported in FY22.
TECHNOLOGY
BNPL startup ZestMoney to shut down, to let go of remaining 150 employees
The move to shut down ZestMoney, which was last valued at $450 million, comes months after it raised fresh capital from Quona Capital, Omidyar Network India, Flourish Ventures, Zip and Scarlet Capital.
TECHNOLOGY
Cyclone Michaung: Chennai SaaS firms take precautions to keep business running, announce WFH for employees
In addition to flooding, Chennai is grappling with persistent power outages. Companies have devised a business continuity plan that entails relocating some operations from Chennai to other regions.
BUSINESS
Ex Paytm Money CEO Pravin Jadhav’s Dhan launches mutual fund distribution service
The company aims to provide an execution-only service for its half a million users to invest in zero commission direct plans of mutual funds.
BUSINESS
India’s E2W sales surpass 91K units in November as festive cheer continues
The rise in sales comes despite the reduction of the FAME subsidy from 40% to 15% in June of 2023
