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K’taka halts app-based auto rides; India in focus as Tiger eyes $6B fund


Ola, Uber and Rapido have been given three days to halt their autorickshaw companies in Karnataka. The state’s transport division despatched notices to the businesses after receiving a number of complaints of overcharging, and officers stated the licences granted to them didn’t apply to auto rides.

Additionally on this letter:
■ Indian startups in focus as Tiger International eyes $6 billion enterprise fund
■ Choose halts Twitter lawsuit, offers Musk till Oct 28 to shut deal
■ Indian SMBs lead their international friends in tech spends: report


Karnataka orders cab aggregators to halt ‘unlawful’ autorickshaw companies

The Karnataka transport division has issued notices to Uber, Ola and Rapido, terming their autorickshaw companies unlawful and ordering them to halt these in three days. The aggregators have additionally been advised to submit a report on the matter.

Why? The division despatched the notices after a number of commuters complained to it that Ola and Uber had been charging a minimal of Rs 100 for an auto journey even when the space was underneath 2 km. The auto fare in Bengaluru is Rs 30 for the primary 2 km and Rs 15 for each kilometre after that.

The division additionally advised the businesses to not cost passengers in taxis greater than the fare prescribed by the federal government, warning it will take authorized motion in the event that they did not adjust to the order.

‘Taxis solely’: State transport commissioner THM Kumar stated the licences granted to the aggregators – underneath the Karnataka On-Demand Transportation Know-how Aggregators Guidelines, 2016 – utilized solely to taxis and never autos.

Rapido rejects cost: Rapido stated in a press release that none of its operations in Bengaluru were illegal and that the allegations of overcharging had been “utterly false”.

“Rapido will proceed working in Bengaluru underneath the ambit of the regulation. Any false allegations levied on our auto taxi companies in Bengaluru aren’t solely irrational but in addition inhumane,” the corporate added.

Union’s response: C Sampath, basic secretary of the Adarsh Auto Drivers’ Union, stated the plan to cease aggregators’ autorickshaw companies wouldn’t have an effect on drivers. “Actually, the aggregators had been fleecing each passengers and chopping down our incentives. We acquired permits to not run for aggregators however for regular rides. As a union, we have now already requested our members to ply based on the government-fixed fare,” he stated.

CCI scrutiny: On September 9 the Competitors Fee of India (CCI) asked aggregators such as Ola, Uber, and Meru to formulate clear and transparent rules on how they’d share the income they earned from surge pricing with their drivers.


Indian startups in focus as Tiger International eyes $6 billion enterprise fund

Indian startups in focus as Tiger Global

New York-based funding fund Tiger International, which is focusing on a corpus of $6 billion for its new enterprise capital fund, sees India as a big part of its investment plans, based on a letter it despatched to its restricted companions or sponsors on October 6.

Catch up fast: Tiger International’s newest fund is lower than half the scale of the $12.7 billion know-how automobile it closed earlier this yr, based on numerous media experiences. Sources advised us the preliminary goal for the brand new fund was over $8 billion.

India in focus: Tiger stated that over the previous few years it has invested a majority of PIP (Non-public Funding Companions LP) 15 in early-stage enterprise software program and fintech corporations within the US and India, the place it continues to search out the very best risk-adjusted returns.

Tiger cited India’s OfBusiness, a business-to-business (B2B) ecommerce agency for uncooked materials procurement, as one such firm wherein it has a significant holding and that has grown shortly, with compelling margins. OfBusiness, which can be backed by SoftBank and Alpha Wave, is valued at practically $5 billion.

Tiger International has beforehand backed the likes of Flipkart, Delhivery, Ola, Zomato and lots of others. PIP 16 will probably be its fifteenth fund (it skipped Fund 13).

Smaller bets: Tiger International stated its common funding dimension has decreased to $30 million, and that it invests “small quantities for significant possession in main companies”.

Meltdown: News of Tiger International’s newest fund comes after it misplaced billion of {dollars} on this yr’s know-how meltdown, forcing it to cut back positions throughout its portfolio of public corporations, together with software program maker Snowflake, used automotive promoting platform Carvana, retailer JD.com, meals supply app Sprint, and cryptocurrency participant agency Coinbase.


Choose halts Twitter lawsuit, offers Musk till Oct 28 to shut deal

Musk says he wants Twitter

A Delaware decide has ordered a halt to Twitter’s lawsuit against Elon Musk on the eve of trial, giving the billionaire time to finance his $44 billion takeover of the social media platform.

Catch up fast: Musk was scheduled to go to trial on October 17 and his Thursday deposition was postponed by mutual settlement.

The decide’s order stated if Musk failed to shut by her October 28 deadline, she would schedule a trial for November.

The ruling adopted days of uncertainty about Musk’s intentions and eliminated the risk that the erratic entrepreneur must testify underneath oath this week about his claims that Twitter fraudulently misled him.

Twitter’s response: “We look ahead to closing the transaction at $54.20 by October 28,” Twitter stated in a press release. In an earlier court docket submitting, the corporate urged the decide to reject the proposal, calling Musk’s plan “an invite to additional mischief and delay”.


Indian SMBs lead their international friends in tech spends: report

tech

Small and medium companies (SMBs) in India lead their global counterparts in spending on technology, with about 35% spending over 10% of their income on it, based on the Microsoft SMB Voice and Attitudes to Know-how Examine 2022. The report was primarily based on a research of over 3,000 companies with underneath 300 workers throughout 10 markets worldwide.

Particulars: A rising buyer base and higher buyer retention had been a number of the prime drivers of know-how adoption by Indian SMBs, it famous. It stated lower than a 3rd of SMBs contemplate value or worth for cash when assessing new applied sciences, however half see it as a barrier to adoption.

Indian SMBs

Startups cleared the path: Startups are notably invested within the potential of know-how, being 1.6 occasions extra doubtless than mature or declining SMBs to extend their tech budgets by greater than 10%.

Tweet of the day


Ecom Specific raises $39 million from present traders

Ecom Express

Ecommerce-focused logistics agency Ecom Express has secured $39 million in funding from present traders Warburg Pincus, CDC Group and Companions Group, regulatory paperwork sources from enterprise intelligence platform Tofler confirmed.

Companions Group invested $29 million, Warburg Pincus invested round $5.8 million, and CDC Group put within the remaining quantity.

The corporate raised cash from present traders after it struggled to draw new ones. ET reported on July 1 that it was looking to raise $125-150 million in a private funding round. Ecom Specific is amongst a bunch of top-tier startups which have put their preliminary public providing (IPO) plans on maintain.

ETtech Offers Digest

Indian startups continued to face the brunt of the continuing tech winter this week. With massive PE and VC funds nonetheless inserting their bets cautiously amid the risky macroeconomic atmosphere, the dry spell appears set to proceed for a while.

EV startup Euler Motors and ecommerce-focused logistics agency Ecom Specific led the funding charts this week.

Here is a list of all the startups that raised funds this week

Deals Digest

In the present day’s ETtech Prime 5 publication was curated by Zaheer Service provider in Mumbai and Gaurab Dasgupta in New Delhi. Graphics and illustrations by Rahul Awasthi.

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