In today’s story Snapdeal files FIR against former GoJavas promoters, VoxWeb Raises $1M, SoftBank’s $100 billion vision & more.
1. ‘Bring Kalanick Back’ drive finds many riders in India
A majority of Uber India’s 1,000 employees have signed a global petition calling on former CEO Travis Kalanick to return to the company in an operational role, according to eight staffers ET spoke with. Kalanick was forced to quit on June 21 by investors unhappy with his apparent inability to resolve accusations of a pervasive ‘bro’ culture of harassment and other issues.
Many employees have also been posting on Facebook groups through their profiles, indicating their displeasure with Kalanick’s departure from the San Francisco-based cab-hailing company that he cofounded. “Uber isn’t the same without Travis,” said an employee.
2. Online lending startup LoanTap raises $4 million
Online lending startup LoanTap has raised $4 million from Kae Capital, India Quotient, IFMR and MAS Finance along with other angel investors, in a round that saw a mix of equity and debt instruments.
The equity infusion of Rs 10 crore was led by Kae Capital with participation from LoanTap’s existing investors including India Quotient. The rest of the capital came in the form of debt from IFMR, Muthoot Finance and MAS Finance. The Mumbai-based startup, which was launched in May last year, had earlier raised $3 million.
3. SoftBank’s $100 billion vision fund eyes quantum computing
SoftBank Group Corp’s $100 billion Vision Fund is scouting for possible investments in quantum computing, an experimental science being researched by companies such as Google and IBM to succeed current computer processor technology.
Shu Nyatta, who helps invest money for the fund, said the group wanted to find and back the company whose quantum computing hardware or software that runs atop it would become the “de facto industry standard.”
4. Snapdeal files FIR against former GoJavas promoters with EOW alleging cheating, conspiracy
In midst of acquisition talks with online marketplace Fipkart, Snapdeal owner Jasper Infotech has registered a First Information Report (FIR) with the Economic Offences Wing of Delhi Police against former senior executives of Quickdel Logistics, the parent company of e-commerce logistics entity GoJavas.
This comes at a time when Flipkart is conducting due diligence on Snapdeal for a possible acquisition which will also bring in investment from Japanese telecom and internet major SoftBank, the largest shareholder in Snapdeal.
5. Practo Under IT Department Scanner For Tax Evasion
Bengaluru-based healthtech startup Practo is reportedly undergoing a tax probe. As per a recent report, the company is being investigated by the Income tax authorities for tax evasion through a cross-border corporate restructuring.
As per the same report, the Bengaluru office of the Income Tax Department has summoned Practo officials to explain discrepancies in valuations, that seem to have fluctuated within a short period of time in 2014.
6. Whatsapp Approaches SBI, NPCI For Payments Via UPI
Instant messaging app Whatsapp, has reportedly approached SBI and NPCI for enabling UPI payments on its digital wallet.
Whatsapp was looking to enter the payments space in India. The messenger platform is looking forward to utilise government-approved UPI for the same.
UPI is run by the NPCI, it was launched by RBI in April 2016. UPI is built over Immediate Payment Service (IMPS) for transferring funds using a Virtual Payment Address.
7. Social Networking Platform VoxWeb Raises $1 Mn
Mumbai-based VoxWeb, a mobile-first, social networking platform has raised $1 Mn from undisclosed individual investors.
The startup will use the funding to strengthen back-end technologies and to add new front-end features. It will also invest in scaling marketing efforts to increase its user base.