Karnataka blinks, allowing app-based car collectors to charge 5%; Former Nykaa CFO joins PayU India

The Karnataka government on Friday announced that it has decided to allow app aggregators to charge a convenience fee of 5% to customers who book auto-rickshaws through their Bengaluru platforms.

Credit: Giphy

Also in this message:
■ Former Nykaa CFO Arvind Agarwal joins PayU India
■ Elon Musk announces a “pardon” for banned Twitter accounts
■ Apple earns $1,820 every second


Karnataka allows app-based car collectors to charge 5% convenience fee

the cars

App-based auto rickshaw collectors can now charge customers a 5% convenience fee. This does not include the Goods and Services Tax (GST) which collectors charge on the total fare.

Next hearing: The state government made the decision before the deadline for submitting an affidavit before the Supreme Court on Friday. Judge CM Poonacha will hear the case on Monday.

Recently, the Minister of Transport N.A.

Court order: The court is hearing written petitions filed by Uber and Ola challenging an October 6 order from the Department of Transportation asking them to stop allowing car rides to be booked on their apps in Bengaluru. The request came after media reports that said the compilers were being paid a minimum wage of 100 rupees. The state had set the base fare at 30 rupees.

Collectors continued to accept bookings for auto-rickshaw rides on the basis of a temporary order issued by the Supreme Court on October 14 by Judge M.


Arvind Agarwal, former CFO of Nykaa, joins PayU India

Former Nykaa CFO Arvind Agarwal to take over as Chief Financial Officer of PayU India

PayU has appointed former Nykaa Chief Financial Officer Arvind Agarwal as Chief Financial Officer of PayU India Payments, replacing current Chief Financial Officer Maneesh Goel, who is set to leave the company. Agarwal’s last day at Nykaa was on Friday.

Who is Agarwal? Arvind Agarwal joined Nykaa in 2020 from Amazon India, where he was the Financial Planning and Analysis Lead for about three years. At Nykaa, Agarwal oversaw the IPO of the omnichannel beauty retailer in October 2021. Prior to Amazon, he worked in the telecom sector with Vodafone India for over five years and Tata Teleservices for over two years, and prior to that he had various assignments in various telecom companies. He started his career as a Finance Executive with Adani Group based in Ahmedabad.

What happened to purity? The timing of Agarwal’s departure from Nykaa raised eyebrows, as the announcement came just weeks after the company’s bonus shares were issued. The move came under the regulatory spotlight of the Securities and Exchange Board of India (SEBI), according to a report by online news site Moneycontrol. “Arvind deserves kudos for the crucial role he played in Nykaa’s emergence as a profitable listed startup. While we regret his loss, we are aware of his personal dreams, and wish him all the best,” said Falguni Nayar, CEO and Chairman of Nykaa announcing Agarwal’s resignation.

What’s Next? Agarwal will join PayU India, the fintech and payments arm of Dutch internet giant Prosus, starting next week. India is Prosus’ largest payments market, and PayU is looking forward to a stronger foothold in the sector. Earlier this year, Prosus canceled its $4.7 billion deal to acquire payments company BillDesk through PayU India, a year after it was announced. If acquired, the acquisition would have been the second largest M&A deal in the Indian startup ecosystem.

Pros results: Prosus, which reported its April-to-September financials earlier this week, reported that its consolidated payments and fintech revenue grew 57% to $412 million.

In India, Prosus’ largest payments market, the company’s total payments value (TPV) grew 59% to $28 billion, while revenue increased 48% to $183 million.


Elon Musk announces amnesty for banned Twitter accounts

Elon Musk is putting Twitter Blue on hold to begin hiring for key roles

A day after posting a poll on Twitter about whether the microblogging platform should offer a general amnesty to suspended accounts, owner Elon Musk said many previously suspended users would be allowed to return to the platform. A large number of users responded to the unofficial poll in favor of the move.

yes and yes: Of the 3.16 million people who answered Musk’s question in Wednesday’s poll, 72.4% said Twitter should allow suspended accounts back on Twitter as long as they didn’t break laws or engage in “horrible spam.”

musk says: Responding to the poll, Musk tweeted, “People have spoken up. Pardons start next week.”

He added “Vox Populi, Vox Dei,” a Latin saying that translates to “the voice of the people is the voice of God.”


Notably, former US President Donald Trump’s Twitter account was recently reinstated after a slim majority of respondents supported the move.

However, Trump said he is not interested in returning to Twitter. He was banned from the platform early last year for instigating the Jan. 6 attack on the US Capitol by a mob of his supporters in an effort to overturn the results of the 2020 election.

Meanwhile, EU Commissioner for Justice Didier Reynders said Twitter’s decision to close its Brussels office and lay off thousands of employees raises concerns about whether the company can comply with tough new EU rules against illegal content online.

A European Commission official told Reuters that Reynders, who met Twitter representatives at the social media platform’s European headquarters in Dublin, had asked the company for clarifications.


Infographic Infographic: Apple makes $1,820 per second

apple

iPhone maker Apple earns a staggering $1,820 (over INR 1.48 crores) per second, making the phone maker the most profitable company in the world – making around $157 million (over Rs. 1,282 crores) per day.

In the second position, Microsoft makes around $1,404 (Rs. 1.14 lakh) per second while Berkshire Hathaway makes $1,348 (roughly Rs. 1.10 lakh) per second.

Alphabet (Google’s parent company) also attracts more than $1,000 a second ($1,277), according to new research from Tipalti, a fintech company for accounting software. Meta Platforms associates below this bar, generating $924 in profits every second.

How much money do the world's largest companies generate every second? Graphic_ETTECH

ETtech Deals Digest Summary: The moment of truth comes: Amidst the ‘tech winter’, startups are bracing themselves for disruption

startup box

Amid the ongoing tech winter, the funding taps for Indian start-ups are running out. While global macroeconomic headwinds and rising interest rates are making investors cautious about taking risks with new companies, geopolitical volatility and rising energy prices have made things worse.

Last week, Flipkart Group CEO Kalyan Krishnamurthy, speaking at the Economic Business Awards 2022, said that Indian startups will go through a lot of turmoil and volatility over the next 12-18 months, as the financing crisis will start to affect tech companies in the new era. Only in the first part of next year.

“Things will be tough next year. I think a lot of people will come to the market (for fundraising) between April and June next year. Maybe this will be the moment of truth for all of us in the ecosystem,” added Krishnamurthy.

With financing still scarce, Indian start-ups are looking into debt and convertible notes as alternatives to raise funds. B2B startup Udaan announced it raised $35 million through debt and convertible notes this week and topped the funding charts.

Here’s a look at all the startups that raised money in funding this week.

Deals summary

Today’s ETtech Top 5 newsletter was curated by Megha Mishra in Mumbai and Siddharth Sharma in Bengaluru. Drawings and drawings by Rahul Awsti.

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