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Govt Preps Ola-Uber Rival, Abound Nets $14 Mn & More
- The Indian government is preparing to launch its ride-hailing service called Sahkar Taxi, posing a potential challenge to Ola and Uber by offering drivers 100% earnings retention.
- The zero commission model of Sahkar Taxi may attract drivers away from Ola and Uber, but customer loyalty remains a key hurdle in challenging the duopoly.
- Success for Sahkar Taxi hinges on developing a reliable tech infrastructure, scaling fleets, and ensuring a competitive customer experience.
- Abound, a cross-border financial solutions startup, secured $14 million in a seed round led by NEAR Foundation to facilitate seamless transactions for the Indian community in the US.
- Cult.fit has enlisted Axis Capital, Jefferies, Goldman Sachs, and others for its upcoming INR 2,500 crore IPO, aiming for a valuation of INR 17,132 crore.
- JioHotstar recently reached 100 million subscribers following its merger with JioCinema, attributing the growth to strategic pricing and telecom partnerships.
- Reliance-funded JFS invested INR 1,000 crore in its NBFC arm, Jio Finance Limited, to support its home loan and mutual fund-backed loan offerings.
- MobiKwik reported a fraud case where a former employee allegedly altered merchant details to siphon off INR 1.26 crore, leading to legal action and the employee's arrest.
- The Delhi HC is set to hear the trademark infringement case between Tesla and Tesla Power India on April 15 after unsuccessful mediation attempts.
- 2 AM VC announced the launch of its second fund to invest in 30 Indian startups across various sectors like consumer tech, fintech, and AI.
- Beyond Appliances, focusing on smart kitchen solutions, aims to disrupt the market with AI-powered chimneys and hob-top stoves, competing against established brands with innovative features and data-driven strategies.
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