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Pune Based FinitePaths Gets Acquired By Ride Sharing App Lyft
US-based ride-sharing app Lyft has acquired Pune-based startup FinitePaths. FinitePaths has built an app called Trail Answers which enabled its users to get answers to their queries with the help social, local, and contextual signals. According to the official website, the company will be shutting down the app for existing users, over the next two weeks. Founded in November 2015 by Balaji Raghavan and Vinay Kakade, FinitePaths enabled people to take better travel-based decisions by using their app, Trail Answers.
NTPC to propose buying $1.3b Indian govt stake in SJVN
New Delhi-based NTPC has written to the finance ministry's Department of Investment and Public Asset Management proposing to buy India's stake in SJVN, the people said, asking not to be identified as the matter isn't public. India's 64.5 percent share in the hydro-power generator is valued at about 87.2 billion rupees ($1.3 billion), according to Bloomberg calculations. SJVN shares jumped as much as 6.4 percent to 34.70 rupees, the biggest intraday increase in more than two months.
India: Nilekani, Helion’s Sanjeev Aggarwal plan to float $100m VC fund
The fund will look to cut cheques of $10-15 million, targeting the Series B and later stages, where funding has been constrained. As per the report, the new fund will not pay 2 per cent of the total corpus as annual management fee to fund managers. Named Avanti Finance, the company was formed to focus on delivering affordable and timely credit to under-served and un-served segments in India.
Musafir.com Launch It's Technology Center in Pune
Musafir.com, one of the leading OTAs in India, today announced the launch of its third technology center in Pune. The Pune center will complement the technology and product teams that are already operating out of centers in Mumbai and UAE. The establishment of our third technology center in Pune reinforces our commitment to this promise. Musafir.com currently has 400+ members spread across 15 offices in 8 cities and is looking at aggressively bolstering its technology and product teams at the Pune center.
Amazon wants to invest $515 million in food retail
Amazon has sought government approval to invest $515 million in India over five years as the e-commerce giant seeks to enter food retailing through its online portal as well as brick-and-mortar outlets. Avinash Ramachandra, director of public policy at Amazon in India, said his company has submitted a proposal to the government. BigBasket national head for merchandising Seshu Tirumala said expansion of modern retail helps agriculture and food processing sectors to grow.
NCLT approves Cairn India, Vedanta merger
Cairn India Ltd on Thursday told stock exchanges that the Mumbai bench of the National Company Law Tribunal (NCLT) has approved its merger with Vedanta Ltd, which is also a subsidiary of London-listed Vedanta Resources Plc. The merger gives Vedanta access to Cairn's oil and gas assets, including the prolific onshore fields in Barmer, Rajasthan. NCLT, Mumbai Bench has today approved the scheme of arrangement between Cairn India Limited and Vedanta Limited, and their respective shareholders and creditors.
Uber stalls India leasing scheme as driver incomes drop
Those incentive payments have been pared back, in some cases to as little as 10 percent of fare income. Uber did not comment on Reuters queries related to Jain's announcement or the impact of the incentives cuts on its leasing programme. Raj Beri, business head for leasing in India, said the scheme was set up to help drivers without cars get on its platform and make money.
Square Yards measures global property space
Online-to-offline real estate transaction player Square Yards has introduced an international property portal to enable global cross-border real estate investments, in what the company claims to be a first for an Indian real estate startup. Square Yards has acquired multi-country real estate licences and is entering into collaborative arrangements with leading international developers for exclusive cross-border marketing and selling rights.
Instacart agreed to settle a class-action lawsuit for $4.6 million
There are over 31,000 Instacart shoppers involved in this class-action suit, which means each of them is not actually going to receive that much money. As part of the proposed settlement, Instacart will clarify the difference between a service fee and a tip - something that Instacart has received flack for in the past. As part of the settlement, Instacart will change its deactivation policy from being able to fire shoppers for any or no reason at all.
India: Tiger Global-backed Delhivery raises $100m in a funding round led by Carlyle
Existing investor Tiger Global also participated in the round that values the Gurgaon-based company at over $600 million. Prior to the funding Tiger Global held about 20 per cent stake in Delhivery while Nexus Venture Partners owns around 25 per cent. In 2015, Delhivery had raised $85 million in a series D round of investment led by Tiger Global and and existing investors Multiples, Nexus Venture Partners and Times Internet Ltd in May 2015.
5F World plans platforms to help startups go places
5F World, a startup set up by Ganesh Natarajan to help startups in the skills, social and digital sectors, is now focusing on creating digital platforms for companies. Natarajan, chairman of 5F World, told ET the company is working with startups that have created these platforms and will mentor the teams to scale them up. The platforms would initially be marketed in the US and 5F World is in talks with two companies in the US and one in the Middle East.
FreeCharge hands over two-year on-ground sponsorship rights of IPL to Future Group
Snapdeal-owned digital payments platform FreeCharge has surrendered its two-year on-ground sponsorship rights for the Indian Premier League and handed over the rights to the Kishore Biyani-led Future Group. The decision comes less than two years after the Bengaluru-based company had acquired the sponsorship rights and said it would spend more than Rs 100 crore on sponsorship, alliances and promotions during the tournament.
Yogi's Family Breaks Silence Against Siphoning Allegations
This is the latest plea from the Stayzilla CEO Yogendra Vasupal aka Yogi's family and friends, in the most recent Medium post that surfaced late in the evening today. The court, in fact, has also granted one-day's custody to the Central Crime Branch (CCB) in connection with the case. Yogendra was arrested last week on Tuesday by local authorities in Chennai on charges of defrauding the advertising agency.
India: Yes Bank revives QIP, looks to raise up to $750m
Yes Bank declined to confirm the issue size; its stock exchange statement said that it has the floor price at Rs1,498.95 per share. The bank may at its discretion offer a discount of up to 5% on the floor price in the QIP, the statement said. Yes Bank will offer these new shares at Rs1,455 to Rs1,500 apiece in this issue, Bloomberg reported citing people it didn't identify.
India: Pristine Logistics in talks to raising funding from PE investors
CDC-backed logistics services firm Pristine Logistics & Infraprojects Pvt Ltd has started talks to raise up to Rs400 crore from private equity investors, at least two people aware of the development said. Pristine Logistics has appointed investment bank Spark Capital to advise them on the fund raise. The company has initiated the process and has started reaching out to private equity and infrastructure investors. In 2015 CDC Group, the UK government's development finance institution, invested $25 million in Pristine Logistics.
India: Bank of India, Union Bank of India sell stake in TransUnion CIBIL
Public sector lenders Union Bank of India (UBI) and Bank of India (BoI) said on Thursday that they have sold their entire stakes in TransUnion CIBIL to TransUnion International Inc for Rs381.24 crore. Banks have been trying to sell assets to shore up their capital after being hit by bad loans. In the September quarter, Bank of India sold its 18% stake in Star Union Daiichi Life Insurance to Life Insurance Corp. of India, earning Rs495 crore in pre-tax profit.
India: Policybazaar readying for an IPO by the end of 2018
Policybazaar, an insurance comparison website run by EtechAces Marketing and Consulting Pvt Ltd, has turned profitable and is readying itself for an initial public offering (IPO) by the end of 2018, a top company executive said. The eight-year-old company broke even in November 2016 and expects significant growth in profits on net basis in the year ending 31 March 2018. In 2015-16, sales at Policybazaar grew 30% to Rs109 crore while losses widened 72% to Rs110 crore.
India: PE fund Paragon Partners invests $15m in 2 companies
Private Equity (PE) fund Paragon Partners has invested $15 million in two Indian companies, the company said in a statement. The fund has put in Rs 75 crore in Cravetex Brands Ltd and Rs 25 crore in InCred Finance. We believe that the company (InCred) is ideally positioned to benefit from a significant lending opportunity given the current levels of credit penetration in India, said Parekh.
Zero Motorcycles CTO Abe Askenazi on the future of two-wheeled EV’s
Brammo put its Empulse EV motorcycles out there to some fanfare, but the small Oregon-based startup sold its bike business to Polaris. They include Zero Motorcycles, Lightning Motorcycle and Alta Motors in the US, Energica Motor in Italy, and China's Evoke Motorcycles. TechCrunch recently caught up with Zero Motorcycles CTO Abe Askenazi, who has been in the motorcycle industry for about two decades, to get his take on what could make electric motorcycles the first choice for riders.
Post Intelligence says it can make your tweets better
Maybe I would've done better if I'd used Post Intelligence. Once you've drafted a post, PI will predict how well your post will do, and it might suggest what time to schedule it for. Post Intelligence co-founder and CEO Bindu Reddy told me the product examines engagement data from Facebook and Twitter. Post Intelligence was created by the same company behind social advertising platform MyLikes.

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