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The Delhi government on Saturday notified a draft ''Aggregator's Policy'' under which ride aggregators and delivery services will have to mandatorily adopt electric vehicles (EVs) while procuring new fleet. The draft policy will require ride aggregators and delivery services to ensure 10% of all new two-wheelers and 5% of all new four-wheelers are electric in the next three months.
short by Hiral Goyal / 10:51 pm on 15 Jan
Dogecoin jumped around 20% after Tesla CEO Elon Musk on Friday tweeted, "Tesla merch buyable with Dogecoin." The electric carmaker has started displaying some of its products' prices in the meme-based cryptocurrency on its website, including 'Cyberquad' for kids and Cybertruck-inspired 'Cyberwhistle'. This comes a month after Musk, who is the world's richest person, had revealed plans to do so.
short by Kiran Khatri / 12:53 pm on 14 Jan
Maharashtra minister Jayant Patil has tweeted to Tesla CEO Elon Musk, "We will provide you all the necessary help from Maharashtra for you to get established in India." He added, "We invite you to establish your manufacturing plant in Maharashtra." This comes after Telangana's Industry and Commerce Minister KT Rama Rao offered help to Musk "to set shop in India/Telangana".
short by Apaar Sharma / 12:52 pm on 16 Jan
Telangana's Industry and Commerce Minister KT Rama Rao tweeted to Tesla CEO Elon Musk, "Will be happy to partner Tesla in working through challenges to set shop in India/Telangana." This comes after Musk said he's facing "challenges with...(Indian) government" for Tesla's launch. "Our state is a champion in sustainability initiatives and a top notch business destination," Rao said.
short by Kiran Khatri / 08:52 am on 15 Jan
PM Modi declares January 16 as 'National Startup Day'
short by Aishwarya Awasthi / on 15 Jan 2022,Saturday
Prime Minister Narendra Modi at an interaction with over 150 startups on Saturday declared that January 16 will be celebrated as 'National Startup Day'. He also said, "Startups are going to be the backbone of new India. When India completes 100 years of independence, startups will have an important role." The interaction was a part of 'Azadi ka Amrit Mahotsav'.
short by Aishwarya Awasthi / 01:01 pm on 15 Jan
After Elon Musk said he's working through "a lot of challenges" for Tesla's India launch, a government official reportedly said, "Tesla's trying to put pressure...by using social media." Tesla can bring cars in "knocked down form with zero duty", the official told ET. The firm wants a reduction in import duties "without commitment to producing in India", the official added.
short by Kiran Khatri / 05:25 pm on 13 Jan
Ola's first employee Pranay Jivrajka announced the launch of Allo Health, a men's sexual wellness healthcare platform. The Bengaluru-based startup has raised $4.4 million in seed funding led by Nexus Venture Partners and entrepreneurs like Flipkart Co-founder Binny Bansal and Zomato's Deepinder Goyal participated in the round. Jivrajka, an IIT Bombay alumnus, quit Ola in March 2021.
short by Pragya Swastik / 10:46 pm on 13 Jan
Many users of stock brokerage platform Zerodha faced technical issues during market hours on Friday and took to Twitter to flag their problems. Some users said the Zerodha app wasn't loading either with Wi-Fi or mobile data connection, while others said it didn't fetch data. This comes a day after online investment platform Groww's app was down for several users.
short by Kiran Khatri / 02:54 pm on 14 Jan
Paytm CEO says global market conditions affected company's IPO
short by Pragya Swastik / on 13 Jan 2022,Thursday
Paytm CEO Vijay Shekhar Sharma said that the negative macro conditions affected Paytm's IPO. "Globally, we probably went in at a time (for IPO) when QE, free money and many other parameters brought in a little spookiness to the market," said Sharma. "South American companies are over 70% down...Well, that's not the reason completely. That's a macro reason," he added.
short by Pragya Swastik / 05:45 pm on 13 Jan
Vijay Shekhar Sharma-led Paytm will shut down its Canada app, which was launched in 2017, on March 14. It has already disabled scheduled payments on the Paytm Canada app. "During these unprecedented times we've had to make some tough business decisions," Paytm said while making the announcement. Notably, the company's shares sank during its market debut in India in November.
short by Kiran Khatri / 01:50 pm on 14 Jan
Shares of Paytm parent One97 Communications slipped below ₹1,000 apiece in the opening trade on Friday for the first time since its listing in November. The stock hit an all-time low of ₹995 apiece before recovering some of its losses. It has eroded over half of the value from its IPO price of ₹2,150 apiece in less than two months.
short by Kiran Khatri / 11:36 am on 14 Jan
Which are India's 6 edtech unicorns and what are their valuations?
short by Pragya Swastik / on 13 Jan 2022,Thursday
LEAD School has become India's latest edtech unicorn after raising $100 million in its Series E round led by WestBridge Capital at a $1.1-billion valuation. BYJU'S is India's most valued edtech startup at around $21 billion, followed by Unacademy, last valued at $3.44 billion. Eruditus was last valued at $3.2 billion, upGrad at $1.2 billion and Vedantu at $1 billion.
short by Pragya Swastik / 07:45 pm on 13 Jan
Groww users tweeted that the online investment platform's app doesn't work properly before the trading opens and during market hours, which may cause them to lose money. Some couldn't log into their accounts, while others were logged out every few minutes during trading hours. "Our tech team is working relentlessly on improving the experience," Groww's Twitter account replied to users.
short by Pragya Swastik / 05:48 pm on 13 Jan
Hero MotoCorp to invest up to ₹420 crore in Ather Energy
short by Hiral Goyal / on 14 Jan 2022,Friday
Hero MotoCorp's board has approved an investment of up to ₹420 core in Bengaluru-based electric vehicle startup Ather Energy. The company said it currently holds a 34.8% stake in Ather on a fully diluted basis and its shareholding will increase after the investment. Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather counts Hero MotoCorp as an early investor.
short by Hiral Goyal / 09:19 pm on 14 Jan
Zoho's CEO Sridhar Vembu has tweeted, "People who attack me in crude vulgar terms make my resolve stronger." He added, "I am not going to be cowed down by such attacks." The 54-year-old billionaire also said, "I come from a very ordinary background and wealth to me is a vehicle to help build our broader society, particularly our rural poor."
short by Pragya Swastik / 03:19 pm on 16 Jan
Tesla cars' heat pumps fail in cold in Canada, US evaluates feature
short by Aishwarya Awasthi / on 15 Jan 2022,Saturday
Several Tesla owners in Canada have registered complaints over their cars' heat pumps failing in extreme cold temperatures, prompting the US NHTSA to evaluate the feature for potential safety issues. A Canadian government agency said it's concerned that a failing system "may affect windshield defogging/defrosting and therefore driver visibility". The NHTSA is discussing the issue with Tesla.
short by Aishwarya Awasthi / 08:59 am on 15 Jan
Sold-out $1,900 Tesla Cyberquad for kids selling for up to $4,000 on eBay
short by Aishwarya Awasthi / on 15 Jan 2022,Saturday
The $1,900 all-electric quad bike by Tesla for children aged eight and above, 'Cyberquad for Kids', which currently is running out of stock on Tesla's website, is up for sale on eBay in the US for up to $4,000. As of the morning of January 13, there were reportedly over 40 listings on eBay for the product.
short by Aishwarya Awasthi / 12:52 pm on 15 Jan
Policybazaar parent PB Fintech announced that it has acquired technology services provider Visit Internet Services for ₹22.41 crore, through its subsidiary Docprime Technologies. This is PB Fintech's second acquisition since it got listed in November 2021 and is expected to be completed by early February 2022. The company acquired MyLoanCare for ₹40.41 crore in December 2021.
short by Subhangi Singh / 05:25 pm on 15 Jan
Indian startups raised $42 billion in 2021 as compared to $11.5 billion in 2020, as per a report by Orios Venture Partners. The report stated that India saw 46 unicorns coming up in 2021 alone, more than doubling their number to 90. "These startups are...generating large-scale employment. Today, one out of 13 unicorns globally [is Indian]," the report said.
short by Ashley Paul / 09:16 pm on 13 Jan
Flipkart acquires refurbished electronics seller Yaantra
short by Subhangi Singh / on 14 Jan 2022,Friday
Flipkart on Thursday announced that it has acquired electronics recommerce company Yaantra to enhance its after sale offerings for its consumers in the smartphone segment. However, Flipkart did not disclose the acquisition amount. Yaantra, which repairs and sells refurbished consumer tech products such as smartphones, was incorporated in 2013 by Jayant Jha, Ankit Saraf and Anmol Gupta.
short by Subhangi Singh / 02:03 pm on 14 Jan
Tesla asked law firm to fire lawyer who worked on Musk probe: WSJ
short by Hiral Goyal / on 16 Jan 2022,Sunday
Tesla threatened law firm Cooley LLP to fire one of its attorneys or risk losing its business, the WSJ reported. The lawyer had previously worked at the US Securities and Exchange Commission (SEC). He had interviewed Tesla's CEO Elon Musk during the agency's probe into Musk's 2018 tweet claiming he had obtained funding to take Tesla private, the report said.
short by Hiral Goyal / 03:11 pm on 16 Jan
Electric van maker EVage raises $28 million from RedBlue Capital
short by Hiral Goyal / on 14 Jan 2022,Friday
Chandigarh-based all-electric commercial vehicle startup EVage has raised $28 million in seed funding from US-based venture capital firm RedBlue Capital. The startup said it will use the funds to complete its production-ready factory outside of Delhi in the first quarter of 2022 and scale up production. Founded in 2014, EVage supplies electric vans to Amazon India's Delivery Service Partner.
short by Hiral Goyal / 02:53 pm on 14 Jan
Delhivery gets SEBI's approval for ₹7,460-crore IPO: Report
short by Hiral Goyal / on 14 Jan 2022,Friday
Gurugram-based logistics startup Delhivery has received markets regulator SEBI's approval for its ₹7,460-crore IPO, reported ET Now. According to its DRHP, Delhivery's IPO will comprise a fresh issue of shares worth ₹5,000 crore and an offer-for-sale of shares worth ₹2,460 crore. Delhivery investors, including Carlyle, SoftBank, Times Internet, are planning to sell part of their stakes in the IPO.
short by Hiral Goyal / 07:00 pm on 14 Jan
Block Amazon deal to acquire 100% stake in Cloudtail: CAIT to CCI
short by Hiral Goyal / on 15 Jan 2022,Saturday
The Confederation of All India Traders (CAIT) has filed a petition before the Competition Commission of India (CCI) seeking to block Amazon's deal to acquire 100% shareholding in Cloudtail. "The petition provides evidence to show Cloudtail charges less fees/commission and is a preferential seller," CAIT said. Cloudtail is a joint venture between Amazon and NR Narayana Murthy's Catamaran Ventures.
short by Hiral Goyal / 03:59 pm on 15 Jan
Zomato-backed Shiprocket acquires B2B logistics firm Rocketbox
short by Aishwarya Awasthi / on 15 Jan 2022,Saturday
Zomato-backed logistics aggregator Shiprocket has acquired Rocketbox, a B2B logistics aggregator platform, for an undisclosed amount. As part of the deal, Rocketbox founders will join the Shiprocket leadership team, and continue to build its cargo product. The acquisition comes soon after Shiprocket announced its commitment to acquire a majority stake in Delhi-based Wigzo Tech.
short by Aishwarya Awasthi / 11:01 am on 15 Jan
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