The step comes at a time when e-tailers are facing rigorous regulatory scrutiny over various practices, particularly over having lopsided contracts favouring some merchants. A merchant, who sells independently on the marketplace and also supplies to Amazon-backed seller firms, said he has used seeding to improve search results.
A Y Combinator spokesperson said the number of from each country is still not final and that it is not related to its Chinese exit either.
Sharma said the payments bank will approach the government and the banking regulator for a small finance bank licence as it can leverage the model using technology enabled low-cost operations — a central theme of small finance banks, according to the RBI.
Earlier this week, ClearTax obtained the licence to be a GST Suvidha Provider, enabling it to offer tech solutions to taxpayers.
Rapido was founded by Aravind Sanka, Rishikesh S R and Pavan Guntupalli in 2015 and also counts Hero MotoCorp MD Pawan Munjal among its investors.
Valued at around $6 billion, Ola plans to go public in around two to three years and being profitable before filing for an IPO is a desirable situation.
The issue might only be picked up later next year as WhatsApp's payments ambitions have virtually been thwarted.
A couple of early stage startups are trying to address the problem of neighbourhood shuttle or micro-mobility. This is beyond bike-taxi startups, or bike rentals. The idea here is that these startups will move a group of people together for 3-5 km at a cheaper rate than a cab or scooter.
Amazon will have an option to acquire these brands at a mutually agreed pre-decided price. One of the riders by Amazon is also that these brands cannot be sold on any other marketplace globally, unless Amazon has given permission.
NPCI manages UPI, which clocked over a billion transactions last month. The SC had recently asked RBI to update it on WhatsApp’s data localisation status. WhatsApp could be hit in its biggest mkt. This was RBI’s response dated November 6 to the SC as the apex court had asked it to update it on WhatsApp’s data localisation compliance status in August.
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