Walmart-owned digital payments firm PhonePe has decided to halt its proposed acquisition of Goldman Sachs- and Xiaomi-backed ZestMoney, a Bengaluru-based buy now, pay later (BNPL) platform. The deal, which was poised to fetch anywhere between $150-200 million and $300 million, has hit a snag over lapses in due diligence, disagreements over valuation, sustainability of the business, and shareholding structure of ZestMoney, according to people familiar with the matter. The collapse of the deal is also being attributed to a slowdown in the financial technology (fintech) sector in the midst of a funding winter, difficult regulatory environment, and macroeconomic uncertainty, informed other sources.
'He is exposing the failings of the BJP, which is rankling the party.'
Indian start-ups raised issues, such as blockages in international wire transfers, disruptions due to threshold limits on withdrawals, lack of communication from US agencies, and the need for preferential access to credit, in a meeting with the government over the fallout of Silicon Valley Bank's collapse. Rajeev Chandrasekhar, minister of state for electronics and information technology, held a virtual meeting with over 450 members from start-ups, venture capitalists, and investors who have been directly affected by the closure of SVB. He assured them that the IT ministry would put together a list of suggestions and give it to the finance minister on behalf of start-ups.
Indian start-ups breathed a sigh of relief after the UK government facilitated the acquisition of the now-defunct Silicon Valley Bank's (SVB's) British arm by HSBC. In a bid to allay fears, the US Federal Deposit Insurance Corporation (FIDC) announced recently that it had transferred all deposits of start-up-focused SVB to a newly created bridge bank and all depositors would have access to their money. President Joe Biden also sought to reassure jittery depositors that they can have confidence that the US banking system is "safe".
Subsidies have been stopped for several manufacturers that are under investigation for alleged violations of local-sourcing rules.
As promised, Domino's 20-minute delivery started across 170 stores in Bengaluru on Tuesday. But, as the day progressed, some teething issues came to the fore. If delivery partners' accounts are anything to go by, these are unlikely to go away anytime soon.
Rebel Foods, the world's largest internet restaurant company, has entered into a deal with American burger giant Wendy's to run its restaurants in India. The partnership includes committing to the development of traditional restaurants and building on their existing development agreement for cloud kitchens. In this expanded, new franchise commitment, Rebel will help the brand grow its restaurant model in India with digital expertise in delivery, automation, and innovation.
This is the highest number of tiger deaths in three years.
Tata Motors, India's largest electric passenger vehicle manufacturer, has signed an agreement with ride-hailing company Uber to supply 25,000 electric vehicles (EVs), the company said. The agreement is the largest EV commitment between an automotive manufacturer and a ride-sharing platform in India. Under the agreement, Uber will deploy Tata Motors' XPRES-T EVs by partnering fleet operators in Delhi National Capital Region, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad.
Tata Motors, India's largest electric passenger vehicle manufacturer, has signed an agreement with ride-hailing company Uber to supply 25,000 electric vehicles (EVs), the company said. The agreement is the largest EV commitment between an automotive manufacturer and a ride-sharing platform in India. Under the agreement, Uber will deploy Tata Motors' XPRES-T EVs by partnering fleet operators in Delhi National Capital Region, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad.
The Supreme Court on Monday directed Uber to apply for a licence within three weeks to operate in Maharashtra, stressing that cab aggregators cannot function without one. A bench led by Chief Justice of India (CJI) D Y Chandrachud said that an earlier interim order by the Supreme Court that had allowed Uber to operate in the state would not provide legal cover, since an aggregator cannot operate without a licence. It ordered Uber to apply for a licence by March 6, said a report by Bar and Bench.
Ola Electric on Thursday teased five new electric motorcycles that the SoftBank-backed company is working on, announcing the range after selling electric scooters. The products are labelled cafe racer, an adventure tourer, a scrambler and a naked motorcycle. The motorcycles are expected to be launched next year and would include premium and mass-market versions, said sources.
PhonePe said on Tuesday it has launched a service that will allow the fintech firm's Indian users traveling abroad to pay foreign merchants using Unified Payments Interface (UPI). 'UPI international' supports merchant outlets in UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR (quick response) code. Users will be able to make direct payments in a foreign currency from their Indian bank, like they do with international debit cards.
as the FAME II deadline of March 31, 2024, nears, EV manufacturers are worried about their investments and future plans.
'Through volume numbers and unit sales one can see, we are not making a loss'
Innovation ranging from exterior designs of vehicles to EV charger locks grabbed eyeballs at the expo
Almost all of these companies either unveiled their new electric vehicle or alternative energy-powered models.
Even as India overtakes Japan in automotive sales in 2022, moving to third place for the first time, oddly enough the country's biggest motor show is going to see some big hitters give it a clear miss. Some prominent automotive brands have cited high event costs, negligible returns on investment, poor event management, and unfavourable location as reasons for their reluctance to participate. Major pure-play electric two-wheelers, too, are riding past this year's edition of the Auto Expo.
The tourism industry plays a vital role in the town, accounting for 70 per cent of its economy, according to experts.
China's covid crisis could provoke a raw material crunch for India's EV industry later this year.
