The state government directive could also put market leader Ola—which has a driver network operating about 40,000 cabs across the country.
The founder and CEO of a leading auto comparison and purchase website, who is in the market to raise capital, said all potential investors he was talking to were hedge funds.
Both Ryerson Futures, the acceleration unit of the university, and Chokhani Group will be anchor investors in the fund, putting in around Rs 5.5 crore each initially.
At its office in Bengaluru, Quikr plans to ramp up staff strength to 600 from 150 at present, with a bulk of fresh hires in the technology team.
Companies want end to two-step authentication for commuters paying small amounts, freedom to operate digital wallets without payment gateways.
The six-year-old company, which competes with South African media conglomerate Naspers' OLX in India, will make the transition over the next six months.
Uber says that under its tieup with Paytm, users can have a mobile wallet in which they can store money to be paid after a ride
SAIF Partners, one of the early investors in local search provider Just Dial, has sold 2.41% stake in the Mumbai-based company.
It may not have been an easy offer to refuse as some of these early investors are sitting on returns of 100 times their investment on paper.
The idea for the startup struck Nathani four years ago when she was searching for extracurricular activities for her children.
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