Karnataka blinks, permits app-based auto aggregators to cost 5% charge; ex-Nykaa CFO joins PayU India

The Karnataka authorities on Friday introduced that it has determined to permit app-based aggregators to cost a comfort charge of 5% to clients who e-book autorickshaw rides by way of their platforms in Bengaluru.

Credit score: Giphy

Additionally on this letter:
■ Ex-Nykaa CFO Arvind Agarwal joins PayU India
■ Elon Musk pronounces ‘amnesty’ for banned Twitter accounts
■ Apple makes $1,820 each second

Karnataka permits app-based auto aggregators to cost 5% comfort charge


App-based autorickshaw aggregators can now cost clients a 5% comfort charge. That is unique of the GST that aggregators cost on the general fare.

Forthcoming listening to: The state authorities took the choice forward of its deadline to file an affidavit earlier than the excessive court docket on Friday. The case can be heard by Justice CM Poonacha on Monday.

Not too long ago, transport secretary NV Prasad and transport commissioner SN Siddaramappa met chief minister Basavaraj Bommai and chief secretary Vandita Sharma on the matter.

Courtroom order: The court docket is listening to writ petitions filed by Uber and Ola difficult an October 6 order of the transport division asking them to cease permitting auto rides to be booked on their apps in Bengaluru. The order adopted media stories that mentioned the aggregators had been charging minimal fares of as a lot as Rs 100. The state had capped the bottom fare at Rs 30.

The aggregators have continued to simply accept bookings for autorickshaw rides on the premise of an October 14 interim order of the excessive court docket by Justice MG Shukure Kamal, which capped the comfort charge at 10%, unique of GST.

Ex-Nykaa CFO Arvind Agarwal joins PayU India

Former Nykaa CFO Arvind Agarwal to take over as chief financial officer of PayU India

PayU has appointed former finance chief of Nykaa Arvind Agarwal because the chief monetary officer for PayU India Funds, changing present CFO Maneesh Goel, who is about to depart the corporate. Agarwal’s final day at Nykaa was on Friday.

Who’s Agarwal? Arvind Agarwal joined Nykaa in 2020 from Amazon India, the place he was monetary planning and evaluation chief for nearly three years. At Nykaa, Agarwal oversaw the bumper IPO of the omnichannel magnificence retailer in October 2021. Previous to Amazon, he labored within the telecom sector with Vodafone India for greater than 5 years and Tata Teleservices for over two years, earlier than which he had a number of stints at numerous telecom corporations. He began his profession as a finance govt with the Ahmedabad-based Adani Group.

What occurred at Nykaa? The timing of Agarwal’s departure from Nykaa had raised eyebrows, with the announcement coming just some weeks after the corporate’s bonus shares subject. That transfer has come below the regulatory highlight of the Securities and Change Board of India (SEBI), based on a report by on-line information website Moneycontrol. “Arvind deserves kudos for the crucial function he has performed in Nykaa’s emergence as a listed and worthwhile start-up. Whereas we do remorse shedding him, we’re acutely aware of his private desires, and want him all of the luck,” Falguni Nayar, Nykaa CEO and Chairperson had mentioned asserting Agarwal’s resignation.

What subsequent? Agarwal will be part of PayU India, which is the fintech and funds arm of Dutch web big Prosus, beginning subsequent week. India is the biggest funds marketplace for Prosus and PayU has been eyeing a stronger foothold within the sector. Earlier this 12 months, Prosus scrapped its $4.7 billion deal to amass funds firm BillDesk by way of PayU India, a 12 months after it was introduced. If it had gone by way of, the acquisition would have been the second-largest M&A deal within the Indian startup ecosystem.

Prosus outcomes: Declaring its April-September financials earlier this week, Prosus had mentioned that its consolidated funds and fintech income grew 57% to $412 million.

In India, Prosus’ largest funds market, the corporate’s total whole fee worth (TPV) grew 59% to $28 billion, whereas income elevated 48% to $183 million.

Elon Musk pronounces ‘amnesty’ for banned Twitter accounts

Elon Musk puts Twitter Blue on hold, to start hiring for key roles

A day after posting a Twitter ballot on whether or not the microblogging platform ought to supply a basic amnesty to suspended accounts, proprietor Elon Musk mentioned that many beforehand suspended customers can be allowed again on the platform. A landslide of customers responded to the casual ballot in favour of the transfer.

Sure and Sure: Of three.16 million respondents to Musk’s Wednesday ballot query, 72.4% mentioned Twitter ought to permit suspended accounts again on Twitter so long as they haven’t damaged legal guidelines or engaged in “egregious spam”.

Musk says: Responding to the ballot, Musk tweeted: “The folks have spoken. Amnesty begins subsequent week.”

“Vox Populi, Vox Dei,” he added, a Latin adage that interprets to “the voice of the folks is the voice of God”.

Notably, former US President Donald Trump’s Twitter account was reinstated just lately after a slender majority of respondents supported the transfer.

Trump has, nevertheless, mentioned that he had no real interest in returning to Twitter. He was banned from the platform early final 12 months for inciting the January 6 assault on the US Capitol by a mob of his supporters in a bid to overturn the outcomes of the 2020 election.

In the meantime, European Union Commissioner for Justice Didier Reynders has mentioned that Twitter’s resolution to close its Brussels workplace and the shedding of 1000’s of staff are drawing issues about whether or not the corporate can adjust to robust new EU guidelines in opposition to unlawful on-line content material.

Reynders, who met with Twitter representatives on the social media platform’s European headquarters in Dublin, sought clarifications from the corporate, a European Fee official informed Reuters.

Infographic perception: Apple makes $1,820 each second


iPhone maker Apple makes a staggering $1,820 (over Rs 1.48 lakh) per second, making the cellphone maker the world’s most worthwhile firm — producing about $157 million (greater than Rs 1,282 crore) a day.

Within the second spot, Microsoft makes about $1,404 (Rs 1.14 lakh) per second, whereas Berkshire Hathaway makes $1,348 (about Rs 1.10 lakh) a second.

Alphabet (the guardian firm of Google) additionally attracts in additional than a thousand {dollars} every second ($1,277), based on new analysis by Tipalti, an accounting software program monetary know-how enterprise. Meta Platforms fellow under that bar, producing $924 in revenue each second.

How much money world's biggest companies generate every second_Graphic_ETTECH

ETtech Offers Digest: The second of reality cometh: Amid ‘Tech Winter’, startups set to face turmoil

Startup Fund

Amid the continued tech winter, funding faucets for Indian startups are operating dry. Whereas international macroeconomic headwinds and rising rates of interest are making buyers cautious about taking dangers with new companies, geopolitical volatility and rising power costs have made issues worse.

Final week, talking on the Financial Instances Startup Awards 2022, Flipkart Group CEO Kalyan Krishnamurthy mentioned Indian startups will undergo numerous turmoil and volatility over the following 12-18 months, because the funding crunch will begin to have an effect on new-age tech corporations solely by the early a part of subsequent 12 months.

“It will be robust subsequent 12 months. I feel lots of people will hit the market (for fundraising) between April and June subsequent 12 months. That’s in all probability the second of reality for all of us within the ecosystem,” Krishnamurthy added.

With funding persevering with to be scarce, Indian startups are taking a look at debt and convertible notes as options to lift cash. B2B startup Udaan introduced elevating $35 million by way of debt and convertible notes this week and led the funding charts.

Here’s a take a look at all of the startups that raised cash in funding this week.

Deals Digest

Immediately’s ETtech High 5 e-newsletter was curated by Megha Mishra in Mumbai and Siddharth Sharma in Bengaluru. Graphics and illustrations by Rahul Awasthi.