BUSINESS
VCs want start-ups to park money in ‘too big to fail’ banks, avoid GIFT City
VCs spurn GIFT City invitation as regulations are ambiguous about RBI control, transactions are expensive and Indian banks have branches rather than subsidiaries in the hub
BUSINESS
Zomato eating into Swiggy's market pie with Gold loyalty scheme: HSBC
From March quarter onwards, Gold programme expected to cause a negative impact to Zomato unit economics in the range of Rs 10-12 per order which could concern investors, say HSBC analysts
BUSINESS
Govt plans incentive scheme for cloud startups to thwart Microsoft, Amazon, Google domination
The government will also launch a tender to onboard the services of a private player for its cloud technology needs, said Union Minister Rajeev Chandrasekhar
BUSINESS
SVB crisis | Over $200 million has already been moved to GIFT City banks, says Rajeev Chandrasekhar
Chandrasekhar also emphasised that both startups and Indian banks should figure out a way to work together as the country's banking system is one of the healthiest in the world.
BUSINESS
SVB crisis | Rajeev Chandrasekhar hears out anguished startups as they seek ‘financial airlift’
Union Minister assures virtual gathering of more than 450 participants from the startup community of help to tide over the crisis, says will put together suggestions for FM
BUSINESS
YCombinator-backed Indian start-ups are collateral damage in Silicon Valley Bank collapse
Startups funded by American incubator YC, which makes Indian companies flip their corporate entities to the US, are scrambling for working capital as California regulators shut down Silicon Valley Bank.
BUSINESS
Exclusive: Meta mulls a Twitter competitor codenamed ‘P92’ that will be interoperable with Mastodon
P92 team wants to use data of all Instagram users regardless of their participation in the new platform being planned by Meta, according to sources
BUSINESS
Every crisis is a godsend opportunity, SoftBank chief tries to inspire Indian founders
Masayoshi Son said that while SoftBank’s initial internet investments in the country around 2015 were made on the basis of his instincts, it has now turned into a core belief in India
BUSINESS
Swiggy sells its cloud kitchen business amid broader cost cutting measures
Swiggy Access, the company’s cloud kitchens business, was started in November 2017 to aid restaurant brands to set up delivery-only kitchens in areas where certain food categories weren’t present.
BUSINESS
ONDC starts giving discounts to scale transactions to 5,000 per day
ONDC has aggressively ramped up its seller base to more than 10,000 at present from just about 1,000 at the end of last year.
BUSINESS
Ashneer Grover's Third Unicorn plans to enter cricket fantasy sports with CrickPe
The move comes ahead of the marquee Indian Premier League (IPL) tournament which is set to begin from March 31, 2023.
BUSINESS
Nearly 5,000 of Flipkart's senior staff won’t get any pay hike this year
Flipkart in a February 22 mail said those at Grade 10 and above won't get any hikes. However, bonus payouts and employee stock option allotments are on track as planned for employees of the Walmart-owned firm.
BUSINESS
Zomato ‘Everyday’ offers 10-minute delivery of low-priced home-style food in Gurugram
The new service is currently being piloted in Gurugram and the company plans to launch it soon in other cities. These meals are priced as low as Rs 89 per serving, excluding delivery costs.
BUSINESS
Flipkart’s contribution margin is positive and expanding: Walmart
PhonePe’s annualised total payments value crosses $950 billion while number of monthly transactions tops 4 billion
BUSINESS
'Contribution margins 1, 2, 3 are rubbish. Sach bol do,' says Sanjeev Bikhchandani
Nakuri.com founder Sanjeev Bikhchandani even suggested that founders take large pay cuts in order to achieve profitability quickly.
BUSINESS
Indian govt snipes at Amazon, says not fair if private labels appear first in search results
Consumer Affairs Secy also takes aim at edtechs like Byju's, says they shouldn't push a lot of ads to put pressure on students, parents
BUSINESS
Tech investments will be harder to find as investment cycles get shorter: TRAI chief
The TRAI chairman also noted that India's focus must remain on using tech to enable social and inclusive development, unlike developed countries where the focus is more towards making monetary gains.
BUSINESS
Startup Inc suggests measures to soften angel tax blow of Budget
Industry bodies ask to exclude investments made by foreign VC funds, endowment funds, hedge funds, sovereign wealth funds from angel tax regime
BUSINESS
India books a diplomatic win at G20 digital economy meet
About 80 percent of the agenda set by India for the digital economy working group is expected to get nods by members, says senior official
BUSINESS
Indian government’s ChatGPT tool will help students with homework, in any language
India is leveraging ChatGPT for building two important projects – democratisation of school education in vernacular languages and spreading awareness about government schemes
BUSINESS
Those giving up long-term growth for short-term profitability are wrong: Nykaa’s Falguni Nayar
Nayar highlights the lipstick effect, says people will spend more on beauty when they can't afford big pleasures
BUSINESS
BharatPe fight escalates: Ashneer Grover writes to NPCI, independent director alleging data theft by Bhavik Koladiya
Ashneer Grover has alleged that there is a serious breach of data of over 150 million UPI users at BharatPe by Bhavik Koladiya.
BUSINESS
SoftBank invested $300 million in Q3, doesn’t want to ‘rush and waste money’
SoftBank CFO says that the company is ready for three scenarios — linear early recovery, instability followed by recovery in H2 2023 which is based on the view of the majority of the unlisted market, and the worst case scenario of recovery after 2024
BUSINESS
Paytm on hiring mode to rope in more merchants, sell payment devices
Fintech major aims to expand presence by over 2X to 1,000 cities and towns in the next 2-3 years, but profitably
