Lok Capital expects to deploy the fund in next five years, targeting investments ranging from $2 million (Rs 13.4 crore) to $10 million (Rs 67 crore).
At least 75% of ‘Micro’ customers are first-time users of air-conditioned taxis, the spokesperson said. ‘Micro’ is cheaper than Ola’s previous lowest-fare service, Mini.
The Chinese company is also chalking out a plan to get Paytm to spin off its marketplace business and plans to top it up with more capital, said a source.
Jeff Bezos said the company would invest an additional $3 bn in India, boosting the company's committed investment in the country to $5 billion.
The announcement takes total investment commitment in India by Amazon, which is competing with market leader Flipkart for the top spot, to $5 billion.
The investment by venture capital firm, which was founded by Krishna Gupta along with Neil Chheda while still studying at MIT, comes at a time when the firm is looking at more deals in India.
The latest investment in Amazon Seller Services takes the total capital infused into the main India unit since early 2015 to Rs 8,618 crore.
Chief Executive Binny Bansal has stitched together a plan to cross-sell Flipkart’s commerce, supply chain and advertising services to its top-selling merchants.
Amazon India has roped in Manish Tiwary, a twenty year veteran at global fast moving consumer goods (FMCG) major Unilever, as vice president of category management.
Zomato has also written off Rs 104 crore of the value of its $52 million acquisition of UrbanSpoon, terming it as a non-cash charge on goodwill of the brand.
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