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Ola detects million-dollar fraud in company by HR-admin head
short by Saloni Tandon / on 16 Feb 2018,Friday
Cab aggregator Ola has detected an alleged million-dollar fraud at the firm by Yugantar Saikia, the company's Chief Administrative Officer and head of human resources. Saikia allegedly favoured a few vendors in return for kickbacks, besides siphoning off money in recruitments. Ola has hired a top auditor to investigate the scam, with the hiring of nearly 1,000 employees being reviewed.
short by Saloni Tandon / 05:13 pm on 16 Feb
WhatsApp Vice President Neeraj Arora quits Paytm Board
short by Aditi Verma / on 15 Feb 2018,Thursday
WhatsApp's Vice President Neeraj Arora has resigned from Paytm's Board of Directors days after WhatsApp launched its payments feature in India. Arora, an alumnus of Indian School of Business, was among the first WhatsApp employees when he joined in 2011. Meanwhile, Paytm Founder Vijay Shekhar Sharma called WhatsApp's payment feature rollout unfair and said it's killing "beautiful open UPI system".
short by Aditi Verma / 05:48 pm on 15 Feb
Uber EATS driver shoots US customer dead, surrenders
short by Shifa Naseer / on 20 Feb 2018,Tuesday
Uber Eats driver Robert Bivines shot a customer multiple times during a food delivery in the US over the weekend and turned himself in on Monday, authorities said. According to reports, Bivines exchanged words with and then shot the 30-year-old customer, Ryan Thornton. Bivines had been a driver for the food delivery service for about a week, according to Uber.
short by Shifa Naseer / 10:17 am on 20 Feb
Govt delayed Paytm UPI so Google could launch Tez: Paytm CEO
short by Aditi Verma / on 16 Feb 2018,Friday
Paytm Founder Vijay Shekhar Sharma has claimed the National Payments Corporation of India (NPCI) asked the company to delay its UPI launch so that Google could launch its payments app. Google launched 'Tez' in September last year. "The problem is about an Indian company being treated like a third world country by... the law," Sharma added.
short by Aditi Verma / 11:53 am on 16 Feb
We're opening our banking system to biggest fraud: Paytm CEO
short by Aditi Verma / on 16 Feb 2018,Friday
Talking about WhatsApp's payments feature, Paytm Founder Vijay Shekhar Sharma has said, "We are opening our banking system to the biggest of possible fraud." Sharma alleged that while three-factor authentication is mandatory for Indian payment players, western players are allowed to dodge the set rules. He further accused the National Payments Corporation of India of favouring foreign players.
short by Aditi Verma / 07:44 pm on 16 Feb
Startup makes device which fits on glasses, reads text aloud
short by Shifa Naseer / on 20 Feb 2018,Tuesday
Israeli visual aid company OrCam has developed a device for visually impaired users which can be attached to a pair of eyeglasses and can read text aloud. Priced at $4,500, the device can also announce the names of friends and family in 12 languages. The startup has been valued at $1 billion after a recent $30.4 million round of funding.
short by Shifa Naseer / 02:13 pm on 20 Feb
Facebook is most evil company in the world: Paytm Founder
short by Aditi Verma / on 16 Feb 2018,Friday
Paytm Founder Vijay Shekhar Sharma has said, "Facebook is one of the most evil companies in the world right now." Sharma's statement comes after Facebook-owned WhatsApp launched its digital payments service via UPI platform in India. He explained that the lack of three-factor authentication in WhatsApp's platform leaves users vulnerable to hacks and poses a "bigger security threat."
short by Aditi Verma / 09:07 am on 16 Feb
It's ok if SoftBank does business with competitors: Uber CEO
short by Shifa Naseer / on 20 Feb 2018,Tuesday
Talking about SoftBank's partnership with Uber rival Didi Chuxing, CEO Dara Khosrowshahi said, "If you're going to do business with SoftBank, you have to get used to the way that they do business with your competition", and added that its okay. He also said that SoftBank is "simply the smartest money in the transportation space."
short by Shifa Naseer / 07:07 pm on 20 Feb
Oyo accuses Zostel founders of blackmail, breach of trust
short by Shifa Naseer / on 20 Feb 2018,Tuesday
Gurugram-based hotel aggregator Oyo has filed a criminal complaint against hotel chain Zostel's founders, alleging breach of trust, cheating, and blackmail for getting into a deal. An Oyo spokesperson said the founders continuously harassed the company, "intimidating and pressurising" to submit "to their unreasonable demands". This comes after Oyo called off talks to acquire Zostel-owned Zo Rooms.
short by Shifa Naseer / 01:58 pm on 20 Feb
Amazon launches its first food retail service in India
short by Shifa Naseer / on 19 Feb 2018,Monday
Amazon has become the first foreign e-commerce firm to start its own food retail venture in India called Amazon Retail, piloting its services in Pune. It will reportedly be available on Amazon India platform and sell locally made and packaged food to the consumers directly. Amazon also has Amazon Now app, which connects retailers with customers for sale of groceries.
short by Shifa Naseer / 03:20 pm on 19 Feb
Walmart in talks to buy over 40% stake in Flipkart: Reports
short by Aditi Verma / on 16 Feb 2018,Friday
US-based retail giant Walmart is in talks to buy more than 40% stake of homegrown e-commerce startup Flipkart, according to reports. Earlier, reports suggested that Flipkart's valuation may double to $20 billion if Walmart invests in the company. Walmart might invest $5-10 billion for a substantial stake, which would make it one of the largest cross-border deals in India.
short by Aditi Verma / 04:05 pm on 16 Feb
Tesla car sent to space may hit Earth in million yrs: Study
short by Aditi Verma / on 17 Feb 2018,Saturday
The Tesla Roadster car which was recently launched into space by SpaceX will likely collide with Earth or Venus in the next million years, according to researchers at the University of Toronto. However, the event's probability "is very small," one of them said. The car was launched into space aboard SpaceX's most powerful rocket, Falcon Heavy, earlier this month.
short by Aditi Verma / 01:40 pm on 17 Feb
Was a little jealous of SpaceX Falcon Heavy launch: Branson
short by Aditi Verma / on 16 Feb 2018,Friday
Virgin Group Founder Richard Branson has admitted that he was a "little bit jealous" of SpaceX's Falcon Heavy rocket launch which took place earlier this month. Branson highlighted, what Elon Musk achieved with the launch is "extraordinary". He added that he will be "very disappointed" if his spaceflight company Virgin Galactic is not in space in the next few months.
short by Aditi Verma / 02:55 pm on 16 Feb
Startup makes phone-controlled paper plane priced at $50
short by Shifa Naseer / on 18 Feb 2018,Sunday
US-based startup PowerUp Toys has launched a $50 updated version of its paper airplane which features a device controlled by a smartphone. The startup also offers folding papers which can be made into different airplanes. Users can connect the device through Bluetooth and control it via app to take flight and tilt the wrist for turns, tilts, or speed boosts.
short by Shifa Naseer / 03:15 pm on 18 Feb
Website tracks Elon Musk's Tesla car sent into space
short by Shifa Naseer / on 18 Feb 2018,Sunday
A website named 'whereisroadster.com' is tracking Elon Musk's Tesla Roadster sent into space. According to the website, the Roadster, moving at a speed of around 10,800 kmph, is currently 3.3 million km from Earth and over 222 million km from Mars. The website also states the car has exceeded its 57,936 km warranty 573.6 times while circling the Sun.
short by Shifa Naseer / 02:51 pm on 18 Feb
Canada startup developing skin patch to deliver drugs
short by Shifa Naseer / on 20 Feb 2018,Tuesday
Canada-based biotech startup Avro is developing skin patches to deliver drugs to patients who are unable to swallow or chew. It is based on a technology which uses a biopolymer as platform for passive transdermal drug delivery of small molecules and drugs. The patches act much like nicotine patches and can deliver a variety of drugs, including allergy medications.
short by Shifa Naseer / 05:26 pm on 20 Feb
US fines Amazon $1.2mn for illegally distributing pesticides
short by Aditi Verma / on 16 Feb 2018,Friday
Amazon has been ordered to pay $1.2 million by the US for illegally distributing unregistered pesticide products in the country. The fine will settle allegations that Amazon committed nearly 4,000 violations for selling imported pesticide products not licensed for sale in the US. Amazon will also develop an online training course on pesticide regulations as part of the settlement.
short by Aditi Verma / 11:43 am on 16 Feb
Walmart-Flipkart deal will include retail chain: Report
short by Shifa Naseer / on 20 Feb 2018,Tuesday
US-based retail giant Walmart's proposed deal with Indian e-commerce firm Flipkart will reportedly include a provision to set up a chain of retail stores across the country. Earlier reports also suggested Walmart might invest $5-$10 billion for a substantial stake in Flipkart at $20 billion valuation. This comes after rival Amazon launched its own food retail service in India.
short by Shifa Naseer / 05:14 pm on 20 Feb
Uber to sell Southeast Asian business to rival Grab: Report
short by Shifa Naseer / on 18 Feb 2018,Sunday
US-based ride-hailing startup Uber is preparing to sell its Southeast Asian business to rival Grab in exchange for a stake in the Singapore-based ride-sharing company, according to reports. The deal is reportedly part of a strategy to help Uber reduce costs ahead of a planned IPO. Earlier, Uber also sold its China business to rival Didi Chuxing for 20% ownership.
short by Shifa Naseer / 01:08 pm on 18 Feb
Fintech startup Fincash raises ₹1 crore
short by Aditi Verma / on 17 Feb 2018,Saturday
Mumbai-based fintech startup Fincash has raised $150,000 (about ₹1 crore) in a fresh funding round from a group of angel investors, the startup announced. The amount will be used to build its team and expand its product line, it further said. Founded in 2016, Fincash is an online platform for investors to transact and monitor investments in mutual funds.
short by Aditi Verma / 01:56 pm on 17 Feb
Car rental startup Zoomcar raises $40 million in Series C
short by Aditi Verma / on 16 Feb 2018,Friday
Bengaluru-based car rental startup Zoomcar has raised $40 million in a Series C investment round led by Mahindra and Mahindra. The startup has been valued at around $172 million after the funding round, according to reports. Founded in 2012, Zoomcar is a self-drive car rental platform and also allows car owners to share their car when it's not in use.
short by Aditi Verma / 02:10 pm on 16 Feb
Fake ads bought using PayPal for US election meddling: US
short by Aditi Verma / on 17 Feb 2018,Saturday
In a recent indictment, US Special Counsel Robert Mueller has alleged PayPal was used to buy fake advertisements on social media to meddle in the 2016 US elections. The indictment, which charges 13 Russians, claimed false identities were used to open PayPal accounts to pay for the advertisements. The accounts were created using social security numbers of real US citizens.
short by Aditi Verma / 03:19 pm on 17 Feb
Online marketplace ShopClues raises $1 million
short by Shifa Naseer / on 20 Feb 2018,Tuesday
Gurugram-based online marketplace ShopClues has raised $1 million from Mumbai-based venture capital firm Unilazer Ventures, amid reports of a cash crunch. The Indian arm of Clues Network has allocated about 1,027 equity shares to the startup for raising this round, as per business research platform Paper.vc. Tiger Global, Nexus Venture Partners and GIC are some notable investors in ShopClues.
short by Shifa Naseer / 05:17 pm on 20 Feb
Pet care startup PetSutra raises ₹95 lakh
short by Aditi Verma / on 16 Feb 2018,Friday
Gurugram-based pet care startup PetSutra has raised ₹95 lakh in an angel funding round from a group of investors, the company said in a statement. The amount will be used to expand its brand presence across India and globally, the company added. Founded in 2016 by Amol Sharma, PetSutra facilitates adoption of dogs and cats and also retails pet accessories.
short by Aditi Verma / 12:57 pm on 16 Feb
TVS-backed car servicing startup Carcrew buys ClickGarage
short by Shifa Naseer / on 20 Feb 2018,Tuesday
Motor company TVS-backed Mumbai-based car servicing startup Carcrew has acquired Delhi-based ClickGarage for an undisclosed amount in a stock-and-cash deal, the startup said. All employees at ClickGarage will join the car servicing startup, as part of the deal. Founded in 2016, Carcrew offers an online repair marketplace that provides customers all car related service requirements.
short by Shifa Naseer / 05:24 pm on 20 Feb
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