CCI approves Hyundai, Kia’s 300 mn investment in Ola and its electric arm
The Competition Commission of India has finally approved Hyundai and Kia's $300 million investment in Ola and its electric mobility arm. And, Twitter Communications India revenue increased 31% in the year ended March.
Hyundai and Kia's $300 mn investment in Ola and its electric arm gets CCI nod
The country’s antitrust watchdog Competition Commission of India has approved Hyundai and Kia's $300 million investment in Ola and its electric mobility arm, the Economic Times reports.
“@CCI_India approves the acquisition of shares in ANI Technologies and OLA electric by Hyundai Motor and Kia Motors subject to compliance of modifications," CCI tweeted.
ANI Technologies, which operates cab aggregator Ola, is likely to see its valuation surge by close to 20% to $8 billion. Hyundai and its affiliate, Kia, will also take a minority stake in Ola Electric, the report said.
Twitter's India arm profit doubles in FY19
Twitter Communications India revenue increased 31% in the year ended March, according to a report by the Economic Times. Its profit doubled during the same period
The net profit of Twitter’s India unit rose 108% to Rs 5.8 crore for FY19, whereas the revenue moved up to Rs 59.6 crore, the report said.
Infosys whistleblower row
The anonymous whistleblower group, who wrote to the board of Infosys alleging financial misconducts, also sent the letter to founder NR Narayana Murthy and former senior executive TV Mohandas Pai, The Economic Times reported.
Industry watchers have now raised concerns over the group’s decision to seek outside help instead of going through the company’s redressal system, the report said.
The Infosys board has tasked Shardul Amarchand Mangaldas and consultancy firm Ernst and Young to investigate the whistleblower allegations and has asked them to speed up the investigation, the report added.
Indians downloaded 5 billion apps between July and September 2018
Indians have downloaded about 5 billion applications between July and September, the Economic Times reports citing a survey by market intelligence firm Sensor Tower.
However, apps made in India did not make it to the top 20 most downloaded apps list, the report said.
The list was dominated by American, Chinese and Russian messaging, social media, ecommerce and streaming apps.
Across the world, about 29.6 billion apps were downloaded during the quarter, clocking a rise of 10% rise compared to the year-ago period.
The worldwide app downloads stood at 29.6 billion in the quarter, clocking a 10% rise from the year-ago period, it added.
Coworking space provider Smartworks raises $25 mn
Noida-based coworking space provider Smartworks Coworking Space has raised $25 million from Keppel Land, the property arm of Keppel Corporation.
The company has not disclosed the stage of the funding round.
“With this strategic investment by Keppel Land, we will be able to scale up even more rapidly across India’s Tier 1 and Tier 2 cities and further invest in building up our next generation product, improving client experiences, as well as boosting our talent and technology,” said Neetish Sarda, founder, Smartworks.
Founded in 2016 by Harsh Binani and Nitish Sarda, Smartworks offers workspaces to enterprises and established start-ups.
It has 23 operational centres in nine Indian cities including, Delhi, Noida, Gurgaon, Kolkata, Bengaluru, Mumbai, Hyderabad, Chennai and Pune, the company said in a statement.
Paytm Payments Gateway rolls out OTP-less offline and online card payments
Digital payments platform Paytm has launched a one-time password (OTP)-less single click offline and online card payments.
One97 Communications, which owns and operates Paytm, claimed that this move will improve the overall payment flow in terms of transaction completion time and success rates, it said in a statement.
The Noida-based company also announced its payment integration with Flipkart owned Myntra where Paytm users will be able to pay through any of their preferred payment mode (cards, wallet and unified payments interface UPI), the statement added.