India

Spotify’s CFO Paul Vogel is leaving the company
09 Dec

Spotify’s CFO Paul Vogel is leaving the company

Priyanka Bhowmick0 CommentsBusiness, India,
Spotify's chief financial officer will step down next year, according to the music streaming service, just days after announcing a third round of layoffs for 2023. In a statement announcing CFO Paul Vogel's departure, Spotify CEO Daniel Ek said the two 'came to the conclusion that Spotify was entering a new phase and needed a CFO with a different mix of experience.' Spotify said this week it would cut 17 percent of its global workforce, citing the need to cut costs and become profitable. About 1,500 people will lose their jobs, a spokesman confirmed to the Associated Press (AP). Shortly…
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Dunzo delays November salary amid cash crunch
08 Dec

Dunzo delays November salary amid cash crunch

Priyanka Bhowmick0 CommentsBusiness,
Hyperlocal delivery platform Danzo, which is facing a serious financial crisis, has reportedly failed to pay its employees for November. According to a report, Dunzo is awaiting the first tranche of capital from its investors to pay salaries. “We have received assurances from our investor that the expected funds will be sent to us early next week. We will be able to publish the November salary as soon as we receive it. With this infusion, we will be able to manage payroll for the next few months until the equity round closes in January," the startup reportedly told its employees.…
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Rapido enters 4-wheeler cab-hailing segment
07 Dec

Rapido enters 4-wheeler cab-hailing segment

Priyanka Bhowmick0 CommentsBusiness, India,
Leading two-wheeler and auto-rickshaw transportation service provider, Rapido, which has revolutionized the transportation game in the country, has finally entered the cab business. From now on, the platform will offer a seamless yet affordable cab service in multiple cities including Delhi, Hyderabad and Bangalore. The company plans to capture the market across the country and offer similar facilities as Ola and Uber. As per the details shared by Rapid through an official release, it says that steps have been taken to revolutionize the urban mobility sector, ensuring that the needy masses get seamless inter-city transport services under an affordable price…
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Paytm eyes to bring 10 mn merchants on ONDC platform in next two years: Vijay Shekhar Sharma
06 Dec

Paytm eyes to bring 10 mn merchants on ONDC platform in next two years: Vijay Shekhar Sharma

Priyanka Bhowmick0 CommentsBusiness, India,
Vijay Shekhar Sharma, CEO and founder of Paytm parent One97 Communications, said on Monday that the company is considering bringing 10 million merchants by 2025 to the government-backed Open Network for Digital Commerce, adding that the firm has routed around 11.8 million customers from its products from the platform, news agency PTI reported. "Paytm's ecosystem is built around small merchants and our mission is to help small merchants and small businesses be part of the mainstream economy. We have done that through payments. We have paid new customers who want to get new customers. That's where ONDC comes in. We…
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Byju’s founder pledges homes for staff salaries
05 Dec

Byju’s founder pledges homes for staff salaries

Priyanka Bhowmick0 CommentsBusiness, India,
Byju Raveendran, the founder of Indian ed-tech company Byju's, pledged his home and those owned by his family members to raise money to pay his employees, Bloomberg News reported on Monday. The assets include two homes owned by the billionaire founder's family and an under-construction villa in the southern Indian city of Bangalore as collateral for a $12 million loan, the report said, citing people familiar with the matter. The surplus of funds will help pay the 15,000 employees of the troubled company's parent Think and Learn Pvt Ltd, the report added. The company is facing several setbacks, including investors…
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Bajaj Chetak Urbane launched at Rs 1.15 lakh
04 Dec

Bajaj Chetak Urbane launched at Rs 1.15 lakh

Priyanka Bhowmick0 CommentsBusiness, India,
Bajaj has relaunched the Chetak Urbane electric scooter in India. It now features a few changes compared to the previous version and here is what the updated Bajaj EV now offers. On the design front, the Chetak Urbane looks like the premium trim. It boasts round LED headlights, curvy body panels, a single-piece seat, and a flat floorboard. Chetak e-scooter's retro appeal is intact. However, it also gets a dash of modern features with the new TechPac. It offers urban model features such as heel hold, reverse mode, complete smartphone connectivity package that includes tamper alerts, OTA updates, and more.…
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Adani Group plans to invest Rs 7 trillion in infra projects over next 10 yrs
02 Dec

Adani Group plans to invest Rs 7 trillion in infra projects over next 10 yrs

Priyanka Bhowmick0 CommentsBusiness, India,
Billionaire Gautam Adani-led Adani Group plans to spend `7 lakh crore ($84 billion) over the next decade, mainly on infrastructure, Adani Group Chief Financial Officer Jugeshinder Singh said on Friday. It's the largest investment announced by the port-to-power company since the stock route, thanks to a report by US-based short-seller Hindenburg Research earlier this year. "Our capex will grow to operate and develop infrastructure," Singh said, without disclosing further details. On the fundraising plans, Singh said that between Adani Ports and SEZ, Adani Green Energy, Adani Power and Adani Enterprises, airports and roads will soon tap into the domestic bond…
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Centre tightens grip against ‘dark patterns’
02 Dec

Centre tightens grip against ‘dark patterns’

Priyanka Bhowmick0 CommentsBusiness, India,
The government has banned the use of "dark patterns" — intentionally designed deception — by e-commerce and all other online platforms when selling products and services that manipulate customers and force them to sign up or buy products they don't mean or tempt them to buy more expensive products. The government has informed the adoption of this as an "unfair trade practice". Under the Consumer Protection Act, offenders can face fines and disciplinary action from the Central Consumer Protection Authority (CCPA) and can also be prosecuted before the Consumer Commission. In a Gazette Notice issued by the CCPA titled "Guidelines…
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5G subscriptions in India to top 130 mn by year-end: Report
01 Dec

5G subscriptions in India to top 130 mn by year-end: Report

Priyanka Bhowmick0 CommentsBusiness, India,
India will have 130 million 5G users by the end of this year, just over a year after consumer 5G services are launched in the country. The number of 5G users in India has tripled from last year — and is expected to grow to 860 million subscribers by 2029, according to the Ericsson Mobility Report 2023 released on Thursday. Last year, Ericsson based India's 5G subscriber base at 31 million users, a 4-fold increase in 2023 itself. Over the next six years, 5G subscribers will grow 6.6x, while 4G subscribers—estimated at 870 million at the end of this year—will…
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D-Mart’s Hurun India crowns Radhakishan Damani as India’s top self-made entrepreneur
30 Nov

D-Mart’s Hurun India crowns Radhakishan Damani as India’s top self-made entrepreneur

Priyanka Bhowmick0 CommentsBusiness, India,
Radhakishan Damani, veteran investor and founder of retail chain D-Mart, has topped the list of top 200 self-made entrepreneurs of the Millennia 2023, with a market capitalization of Rs 2.38 lakh crore. He is closely followed by Binny Bansal and Sachin Bansal, founders of e-commerce behemoth Flipkart, with an equity value of Rs 1.19 lakh crore, according to an report of IDFC First Private Hurun India published on November 30. The list also includes Zomato's Deepinder Goyal and Dream 11 promoters Bhavit Sheth and Harish Jain, with a market cap of Rs 86,835 crore and equity value of Rs 66,452…
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