BUSINESS
Shiprocket raises $33.5 mn, becomes India's 106th unicorn
Shiprocket was valued at around $1.2 billion with the fresh round of funding. The fresh funds will help Shiprocket extend its operating system by building newer software and intelligence products along with deepening its capability on the fulfilment and same-day delivery experience, it said in a statement. The Series E2 funding round also saw participation from existing investors, Bertelsmann India Investments, March Capital, Moore Strategic Ventures, PayPal Ventures and Huddle.
Reserve Bank of India tightens noose on fraudulent Chinese lending apps
Investigating agencies found that various fintech companies in collusion with NBFC had thus indulged in predatory lending, by-passing the regulatory system. These fintech companies had been providing instant personal loans for terms ranging from seven to 30 days. Digital lending platforms, mainly Chinese apps mushroomed during the Covid-19 pandemic, offering quick loans targeting rural population and unemployed youths, who suffered most.
Telcos in a huddle on tariff plans as Indian consumers await faster 5G
Just like 3G and 4G, telcos will soon announce dedicated 5G tariff plans and according to industry experts, consumers may pay more to access the 5G services on their devices. Reliance Jio, Airtel and Vodafone Idea are currently tight-lipped, deliberating internally whether to opt for a substantial or a modest price hike for the end users, along with discussions on providing lucrative data bundling offers with smartphone makers when 5G roll out takes a better shape, according to sources.
RBI releases discussion paper on charges in payment systems
Feedback may be provided in respect of questions raised therein, including other relevant suggestions, through e-mail on or before October 3, 2022. "The focus of RBI's initiatives in the payment systems has been to ease frictions which may arise from systemic, procedural or revenue related issues. While there are many intermediaries in the payments transaction chain, consumer complaints are generally about high and non-transparent charges.
Banks hike deposit rates ahead of festive season
The hike in deposit rates are in line with the Reserve Bank of India's (RBI) 50 basis points hike in repo rate in the August monetary policy. The rise in deposit will help banks fund the demand for loans during the festive season. "Going forward, banks are expected to raise deposit rates for boosting deposits to support this rising credit offtake given that liquidity is narrowing in the banking system.
Akasa Air's financial muscle: Can induct 72 aircraft over next 5 yrs
The company added that it has received its third aircraft in Delhi which will be put into operation on the Mumbai-Bengaluru sector shortly. "We will continue to grow our fleet by adding one new aircraft every two weeks," Vinay Dube, Founder and CEO said in a statement. "Thanks in no small part to Jhunjhunwala, for which we will always be grateful, Akasa Air is a well-capitalised airline with the financial means to induct 72 aircraft over the next five years," he added.
Bharti Airtel stock ends 2.68% up after company pays spectrum dues upfront
At close, the stock ended 2.68 per cent up at Rs 722.95 on the NSE. Earlier on Wednesday, the telecom operator paid Rs 8,312.40 crore to the Department of Telecom (DoT) for 5G spectrum. "The company believes that this upfront payment, coupled with the moratorium on spectrum dues and AGR related payments for four years, will free up future cash flows," Bharti Airtel said in an exchange filing.
Flipkart to pay Rs 1L fine for selling sub-standard pressure cookers
According to CCPA Chief Commissioner Nidhi Khare, the CCPA has directed Flipkart to notify consumers of all 598 pressure cookers sold on its platform, recall the pressure cookers and reimburse their prices to the consumers and submit a compliance report of the same within 45 days. The company has also been directed to pay a penalty of Rs 1,00,000 for allowing sale of such pressure cookers on its e-commerce platform and violating rights of consumers.
Reliance Jio, Voda step up hiring as 5G related job postings up 65%
Active jobs were up by 46 per cent, whereas job closures went up by 75 per cent in the same period, according to GlobalData's analysis of 175 companies globally. Reliance Jio is hiring for 'Lead 5G Core & Cloud Architecture' to support diverse use cases and core products for 5G. Vodafone Idea's posting for an 'AGM-Practice Lead-Smart Mobility' will be required to have experience in the smart mobility vertical and 5G-connected cars and electric vehicles.
5G tablet shipments grew 71% YoY in India in Q2: Report
According to Cybermedia Research (CMR), the shipment of tablets with an eight-inch display constituted 78 per cent of the overall shipments in the Indian market. On the other hand, tablets with 10-inch and above displays contributed to 227 per cent of the YoY shipments. "Driven by the 5G rollouts in the near future, we foresee an impetus in 5G tablet shipments in the tablet market, similar to the trends observed in the 5G smartphone market," Menka Kumari, Analyst-Industry Intelligence Group (IIG), CMR, said in a statement.
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