Category: Startup

SoftBank reportedly pushes for Ola-Uber merger

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Japan’s SoftBank has called for a merger between the ride-hailing majors – Ola and Uber, in order to make the consolidated firm the biggest in Asia, the Business Standard reported.

SoftBank, the largest investor in both companies, has been holding talks between the ride-hailing apps for almost a year, sources told the paper.

SoftBank’s push for the merger heated up after Uber announced its exit from Southeast Asia and sold its local unit to Grab, according to the report.  Post the Uber-Grab deal, Uber will take charge of 27.5% stake in the combined entity.

There have been talks between the senior executives of Uber and Ola and a conclusion is expected in a couple of months, sources told the paper. They added that SoftBank is in favour of Ola acquiring the Indian unit of Uber.

Since both the firms are seeking a controlling stake in the merged entity, the talks have not been borne fruit as of yet, the paper said.

If the deal goes through, it will mark the Uber’s fourth large retreat globally.

Read more about the story in Business Standard’s report.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Uber exits SE Asia in new retreat from global markets

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Uber sold its Southeast Asian business to rival Grab today, ending a bruising battle between the ride-hailing behemoths and marking the US firm’s latest retreat from international markets.

Singapore-based Grab is taking over the ride-sharing and food delivery operations of Uber in the region, with the California-based company to receive a 27.5 percent stake in the business in return.

The sale is Uber’s latest withdrawal from a market where it had faced fierce competition, as new chief executive Dara Khosrowshahi seeks to stem huge losses and move past a series of scandals.

After a fierce battle, Uber sold its China operations to rival Didi Chuxing in 2016 in return for a stake, and last year the US firm merged in Russia with the taxi-hailing app of internet giant Yandex.

The deal with Grab is similar to the one struck with Didi, and ends a years-long fight for market share in a region that is home to some 650 million people and an increasingly affluent middle class.”Today’s acquisition marks the beginning of a new era,” said Grab chief executive Anthony Tan. “The combined business is the leader in platform and cost efficiency in the region.”

Khosrowshahi, who is joining Grab’s board as part of the deal, said: “This deal is a testament to Uber’s exceptional growth across Southeast Asia over the last five years. It will help us double down on our plans for growth.”

Grab has long been the dominant force in ride-hailing in Southeast Asia and speculation mounted that a deal with Uber was on the cards after Japanese financial titan Softbank invested huge sums in the US firm.

Softbank is also a major investor in Grab, and is known for pushing for consolidation in the global ride-hailing industry, which has been losing billions of dollars a year due to turf wars.
Grab, launched in 2012, has poured money into expanding its regional fleet and now has more than 2.1 million drivers in Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia.

Competition between ride-hailing apps has been heating up in Southeast Asia, with the market forecast to grow more than five times to $13.1 billion by 2025, according to a 2016 report by Singapore sovereign wealth fund Temasek.

Uber is the largest firm of its kind with a presence in more than 600 cities, but it has been rocked by scandals and is facing fierce competition from rivals in Asia and Europe. Chief executive Travis Kalanick was ousted in June last year after missteps including allegations of executive misconduct, a toxic workplace atmosphere and potentially unethical competitive practices.

New boss Khosrowshahi has vowed to turn the company around as Uber gears up for 2019 public share offering. But he has a fight on his hands — Uber’s losses in 2017 grew to USD 4.5 billion from the USD 2.8 billion the company lost a year earlier.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Commerce Ministry discusses regulatory issues faced by startups

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The commerce and industry ministry on Friday held consultations with various departments to resolve regulatory issues being faced by startups in the sectors such as e-pharmacy and unmanned aerial vehicle (UAV).

Issues like presence of pharmacist at e-pharmacy platforms, stream lining of application process for NBFCs by the Reserve Bank, reforms in current guidelines for UAV sector, “which does not allow for manufacturing of drones, and vehicle specifications for door to door retail delivery of petroleum, were discussed at length,” the ministry said in a statement.

Commerce and Industry and Civil Aviation Minister Suresh Prabhu chaired the roundtable meeting here.

Matters related with retail delivery of petroleum from door to door was also deliberated upon in detail.

“Held a roundtable meeting on regulatory issues with startups and representatives of various Ministries. An interactive discussion to understand regulatory issues faced by startups and the way ahead to facilitate.We are committed to foster entrepreneurial ecosystem in the country,” Prabhu said in a tweet.

Officials from different departments including industrial policy and promotion, RBI, SEBI, Ministry of Petroleum and Natural Gas, Ministry of Health and Family Welfare, Drugs Controller General OF India, Ministry of Finance were present in the meeting, it added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Indian and Nepal aim to establish better connectivity to help entrepreneurs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Business leaders from Nepal and India today participated in an international entrepreneurship conclave here and discussed the need to establish better connectivity between the two countries to explore new business opportunities.

Nepalese Finance Minister Yuvaraj Khatiwada who inaugurated ‘The International Entrepreneurship Conclave-Connect-IN’, said that the conclave provides a platform for the entrepreneurs from both the countries to come together and exchange innovative ideas.

“Young and innovative entrepreneurs from both the countries need to come forward with their innovative ideas and the governments of the two countries should play the role of facilitators by creating conducive business environment,” the minister said.

“Nepal needs to benefit from the economic prosperity attained by its two neighbours, India and China through sharing knowledge, skills and transfer of technology,” he said.

The event, organised by Embassy of India in Kathmandu in collaboration with Clock b Business Innovations was attended by over 300 delegates.

Speaking on the occasion, India’s ambassador to Nepal Manjeev Singh Puri said the event will be instrumental in connecting the budding entrepreneurs from both India and Nepal and will also serve as platform for providing suitable opportunities to the business communities of the two countries that would be mutually beneficial.

Seven CEOs and investors from India and eight from Nepal addressed the audience who were mostly young entrepreneurs.

Those representing Indian entrepreneurs include Ritesh Agarwal, Founder and CEO of OYO Hotels, Ashutosh Tyagi, Executive Vice President, Tata Capital Private Equity, Navin Surya, Chairman, Payments Council of India and Mrs. Ritu Marya, Editor-in-Chief, Entrepreneur Media among others.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

WhatsApp co-founder urges followers to delete Facebook

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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WhatsApp co-founder Brian Acton on Tuesday posted a tweet asking people to delete Facebook. The tweet appeared in the twitter account of Acton, who had earlier sold the popular messaging service to Facebook back in 2014.

“It is time,” tweeted Acton along with the hashtag ‘#deletefacebook’ on his account on Tuesday. While no comment has come up from Acton regarding the tweet, some indicate that he may be planning to take on Facebook.

It is time. #deletefacebook

— Brian Acton (@brianacton) March 20, 2018

Acton, who as per the Forbes, has a real time net worth of $ 5.5 billion had last month made news by investing $ 50 million in to “Signal,’ widely expected to be an independent alternative for the Facebook controlled WhatsApp.

Acton, along with his partner Jan Koum had remained in the top of WhatsApp till a few months back after selling it to Facebook back in 2014 for $ 19 billion. However he later left the company and along with Moxie Marlinspike founded the ‘Signal Foundation’ last month.

With an aim “to develop open source privacy technology that protects free expression and enables secure global communication” the foundation is expected to develop its messaging app as an alternative to existing apps.

It is not uncommon for former employees to speak up against Facebook. Earlier former head of growth Chamath Palihapitiya had attacked the social networking giant saying that it was ripping apart the fabric of  society. Similar outbursts have come from others including Sean Parker, Justin Rosenstein etc.

However what makes Acton’s tweet more effective is its timing. The tweet comes at a time when Facebook is facing criticism from across the globe over its involvement in Cambridge Analytica’s misuse of user data. Questions have been raised about the security of personal data in the site and Mark Zuckerberg himself has been summoned by a parliamentary committee under UK’s House of Commons.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow