Consequent to a petition filed by Uber to restart its operations, HC lifted a ban on OLA’s taxi operations in Delhi thus making it a nightmarish for OLA. On asking, in regard to the taxi operations of OLA in Delhi, the Transport authority told the court that OLA had been working illegally which further resulted in Transport authorities filing an FIR against OLA and serving of a notice to other taxi operators for violating the norms. The Transport Dept. amended the radio taxi rules and has asked the taxi operators to get their licenses renewed as per the new rules.
Lets have a look at important developments of the week:
Quickr made it’s next move with ‘Quickr Nxt’
Quickr launched an instant messenger name ‘Quickr Nxt’ which provides to offer unified and unbroken transactions between users with the use of instant chat ensuring user privacy in an improved manner by giving buyers and sellers an alternate of completing the transaction without sharing their phone numbers or email-IDs. Pranay Chulet, CEO and founder of Quikr said, “For used goods, it used to take two-three days for a sale, but with the messaging we have seen that time come down to less than a day in some cases”. Company is planning to launch a ‘Quickr Nxt’ Programme which will help the parties to transaction overcome the hassles of logistics.
SEBI Plans to provide startup friendly business environment
Due to multiple problems that Indian startups were facing in India and the favourable facilities provided by foreign govt and investors Indian startups preferred external sources over Indian, which became a concern of U K Sinha, chairman of Securities and Exchange Board of India, who called in a meeting with a group of entrepreneurs to devise an escape policy. Startups put forward the problems faced by them at different levels by them as a result of which following propositions were made at the meeting-
- SEBI will put in place a framework for crowd-funding
- SEBI will facilitate fund raising by startups
- SEBI team will meet industry representatives every month to discuss and solve issues.
Infosys widens its sphere by expanding investments in startups
Infosys in it’s latest feat has expanded it’s funds five-fold from $100 Mn to $500 Mn to focus on new ideas and products for which it appointed Deepak Padki, Infosys’s former head of M&A. Infosys spokesperson told that this capital will be used to invest in young companies working in areas like Al, Internet of Things, Automation, Collaboration and Design. With the growth of such young startups, traditional players like Infosys, TCS, IBM and Mu Sigma are associating with such startups.
DoneByNone shuts down
With ecommerce rising with each day to earn the expected $20 Bn notch by 2020, there are some players which are struggling hard to make fortune in not so easy business environment. DoneByNone is one of such players which shut down itself. In a note on it’s Fb page it announced it’s close down there with an apology to their customers and a promise to fix it soon and return back in the arena.