In a move to reduce cash burn, Softbank-funded budget hotel accommodation provider, OYO Rooms has almost stopped giving minimum guarantee of occupancy, it offered to partner hotels. It now purely operates on a revenue share model, according to a top company executive. “Minimum guarantees have bee…
Tag: SoftBank
Ola may raise up to Rs 2k cr from Softbank
Home-grown taxi-aggregator Ola may raise up to USD 250-300 million (Rs 1,700-2,000 crore) from Japan’s Softbank. The company plans to raise around USD 500 million in a fresh funding round led by the bank. According to the report, SoftBank is leading the new round and the first tranche will close …
SoftBank in talks to put money into FreeCharge
Japan’s SoftBank Corp, the largest shareholder in Snapdeal, is in talks to invest in FreeCharge, the digital payments unit of the online marketplace, according to two people aware of the development. The round is expected to see FreeCharge, which competes with Alibaba backed Paytm, take in $150-$…
Ola lays off 700 employees shuts down taxiforsure business
Ola has shut down its Taxi-ForSure business and has laid off 700 employees, according to three people directly aware of the developments at India’s largest cab aggregator. The move comes nearly a year and half after Ola acquired its crosstown rival TaxiForSure for $200 million to gain marke…
Freecharge to take on Paytm on taxi fare payments
While ride hailing services Ola (ANI Technologies Pvt. Ltd) and Uber Inc. strive for a pole position in the domestic ride hailing market, there is another battle silently brewing among wallet and payment service providers Paytm (One97 Communication Pvt. Ltd) and Freecharge to make the most of the…
Ola to raise $1 billion to fend off Uber
ANI Technologies, the company that owns India’s largest taxi aggregator, Ola, is in talks to raise nearly $1 billion (Rs 6,700 crore) in fresh funding to compete with global rival Uber, which has a war chest for India, ‘the only market that remains open globally. Ola is expected to close th…
Housing.com to achieve $10 mn revenue this fiscal year
Housing.com, which has risen over $ 100 million from various investors including Softbank and has restructured the business, today said it expects $ 10 million revenue in the current fiscal. Last November, it had decided to monetize its products as part of the restructuring exercise. “Housi…
Snapdeal establishes its data sciences centre in California
Snapdeal, India’s largest online marketplace, has established its data sciences centre in San Carlos, California, the New Delhi-headquartered company announced on May 30th 2016. The centre will act as the focal point for the online retailer’s efforts in big data and advanced analytics…
SoftBank’s investments in India may surpass $10 billion
Having made a string of technology investments in India, Japanese telecom and Internet giant SoftBank has said its investments in the country will top $10 billion in 5-10 years. SoftBank, which owns one of Japan’s biggest mobile carriers and a controlling stake in US-based Sprint Corp, will…
Anshu Jain, ex-colleague Bhupinder Singh to launch NBFC in India
Deutsche Bank’s former co-chief executive Anshu Jain is partnering with former colleague Bhupinder Singh to launch a non-bank finance company in India, counting on the millions underserved by the banking sector in his home country. The NBFC will lend to individuals, SMEs and entrepreneurs, …