CCI raises concern over Hyundai- Kia’s $300 mn investment in Ola; Nitin Misra quits Paytm

CCI raises concern over Hyundai- Kia’s $300 mn investment in Ola; Nitin Misra quits Paytm
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1 Oct, 2019

CCI raises concern over Hyundai- Kia investment in Ola

The recently proposed $300 million investment in ride-hailing firm Ola by South Korean carmakers, Hyundai Motor Company and Kia Motors, has been questioned by the Competition Commission of India (CCI), Moneycontol reports.

In March, CCI had asked Bengaluru-based ANI Technologies, which is the parent company of Ola, to define the competitive landscape for its electric vehicle services. The company has reportedly failed to submit its report.

Earlier in the month, Ola re-filed its application with the CCI, the report added.

The antitrust watchdog is concerned about the competitive impact of car companies investing in ride-hailing apps. “It might create a monopolistic situation for one carmaker in the cab-hailing market,” a source reportedly told Moneycontrol. 

Nitin Misra quits as senior vice president of Paytm

Nitin Mishra, senior vice president at Paytm, has stepped down from his position, according to a report by Entrackr.

Misra submitted his resignation earlier this month. October will be his last working month, the report said.

He led the consumer lending vertical for the company and helped build new products, including Paytm Postpaid from scratch during his four-year stint at Paytm.

This marks the fourth such exit in the company in recent months. 

Amit Veer, who is currently the chief business officer and senior vice president of wholesale and offline payments at Paytm, might quit as well, the report added. 

Internet companies join hands to curb cyber frauds

OYO Hotels and Homes, MakeMyTrip, Paytm, Zomato, Swiggy and other internet companies have come together to fight cyber fraud, the Economic Times reports.

The companies have written to the State Bank of India (SBI) about hackers using its bank accounts to commit large-scale fraud, the report said. The companies also met the Reserve Bank of India (RBI) last week to talk about online frauds engineered via fake toll-free numbers and serial bank account generators, the report added.

The companies have shared about 4,000 subscriber identity module (SIM) card numbers and 350-400 bank account numbers with the RBI, State Bank of India (SBI) and the telecom companies, whose services are used to fool the unsuspecting consumers.