RBI passed a new regulations regarding foreign investment in Alternative Investment Funds (AIF) on 16 November which stated that any AIF as long as it is sponsored or managed by an Indian resident, is to be considered as a domestic vehicle. This would be independent of what percentage of its corpus is from overseas funds.
Ola, Didi Kuaidi, Lyft, And GrabTaxi Join Hands To Form Anti-Uber Alliance
Four of the world’s largest taxi-hailing apps – India’s Ola, China’s Didi Kuaidi, US-based Lyft and Malaysia’s GrabTaxi, entered into a strategic partnership which will allow passengers to book rides on any of these four services using just one app.
Myntra Makes A U-Turn On App-Only Strategy
The once confident companies about the app-only strategy have now planned to re-launch its mobile site. Following Flipkart’s step, Myntra, who reported 90% of its traffic and 70% of sales through mobile app, has now decided to relaunch its mobile website.
Indian Tele Operators Blocked Ringo App
Some of the Indian Telecom operators were allegedly reported to block Ringo app on their networks, due to which the company has to suspend its domestic call service launched just a few days back.
Uber Launches New Features & Services
Uber announced ‘Ride Request’ feature for third party developers. With this users can instantly get a ride with one tap. The ‘intent to ride’ button is added next to every address in the app. The company also launched its uberASSIST service in India, a specialised service for disabled and elderly passengers.
Snapdeal Launches Snapdeal Ads
Snapdeal’s Snapdeal Ads, an in-house advertising platform, will help sellers drive discovery of their products and increase revenue through targeted advertising tools. Snapdeal Ads will have a self-service panel integrated into the seller platform.