Inaugurating the annual India Mobile Congress, communications and information technology minister Ravi Shankar Prasad announced that 5G auctions will be held within this fiscal. The spectrum was priced at Rs 492 crore per megahertz for the 3,300-3,600 MHz band by TRAI in 2018, which telcos feel is quite high.
In other news, ecommerce majors Flipkart and Amazon are in trouble for deep discounts during the festival sale. The government has issued a warning and will probe into the matter. The government has also issued a detailed questionnaire to both companies and their responses are awaited.
In the funding arena, used cars marketplace Cars24 has raised $100 million growth capital from new and returning investors.
Ride hailing platform Ola has launched a self-drive car rental service in Bengaluru and is planning to expand to other cities soon. The service, called Ola Drive, allows users to rent cars for short and long periods.
Tiger Global Management made three big investments this week including home security platform myGate where it led the Series B round worth $56 million and co-led $35 million Series C found in mobile analytics and marketing platform CleverTap.
Join our reporters as they bring you up to speed with all these developments in the latest episode of our podcast TechThisWeek #TTW.
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