We bring you the weekly dose of important Indian startup news of the week.
One of the biggest startup news of the week was Dhiraj Rajaram taking over his former spouse and ex-CEO Ambiga Subramanian’s 24% stake as well as employee stock holdings to gain major shareholding. The buyback was completed around two weeks ago. Furthermore, for the transaction, Rajaram acquired a $400 Mn credit line against his shares from four international banks.
Next up, Former Google and SoftBank executive Nikesh Arora is in the race for becoming the new Uber CEO, according to recent reports. Uber is pitching top executives such as Susan Wojcicki, who leads YouTube; Adam Bain, Twitter’s former CEO; David Cush, a former Chief Executive at Virgin America; Marissa Mayer, ex-CEO Yahoo, and Thomas Staggs, ex-COO Disney. However, it was unclear what level of interest, if any, have these executives evinced in the position. Earlier, Facebook’s COO Sheryl Sandberg was also being considered by Uber Board member Arianna Huffington.
Important Indian Startup News Stories Of The Week
Police Files FIR Against AIB
The cyber branch of the Mumbai police department has filed an FIR against comedy group AIB for allegedly insulting PM Narendra Modi. The FIR was filed after the group tweeted an image of PM Narendra Modi. The punishment for this offence is up to three years in jail, besides a fine of about $7,755 (INR 5 Lakhs). According to the police, the FIR or First Information Report was filed by the cyber cell after “due legal consultation.”
Google To Integrate Android Pay With UPI
Google is in advanced talks with the NPCI to integrate its digital payment service, Android Pay, with UPI. Apart from Google, Facebook and WhatsApp are in preliminary talks as well. As stated by NPCI Managing Director and Chief Executive A.P. Hota, “Google and apps such as WhatsApp and Facebook will have a pervasive presence in India. Such an integration is technologically possible but we are waiting for the Reserve Bank of India’s approval.”