Paytm Payments Bank, the largest issuer of RuPay debit cards, said that it will now issue Visa cards and is targeting one crore of these next year. The move comes in the wake of the government barring banks from recovering any fees from merchants accepting RuPay cards. According to bankers, the government’s decision to have […]
SoftBank lays ground to abandon $3 billion WeWork tender offer: Sources
SoftBank Group is considering pulling out of a $3 billion bid to buy additional shares in WeWork, because it feels the office-space sharing firm has not met the conditions for the deal, people familiar with the matter said on Tuesday. SoftBank’s U-turn would be the latest blow for WeWork’s investors, which last year saw the […]
Go digital: Banks, ecomm companies tell customers
Top banks, ecommerce players, regulatory authorities and fintech companies are urging Indian consumers to abandon cash and adopt digital payments and internet banking services as a precautionary measure to slow the spread of Covid-19 epidemic in the country. Leading banks such as HDFC Bank, State Bank of India, Kotak Mahindra Bank, ICICI Bank and RBL […]
Govt issues a hygiene note for e-tailers
The Ministry of Consumer Affairs issued a circular on Tuesday directing e-commerce companies to maintain proper hygiene of all last-mile delivery processes in order to safeguard employees and consumers from the Covid-19 virus. The guidelines follow a March 13 notification from the ministry ordering that surgical masks and hand sanitizers be designated as essential commodities […]
With discretionary spends in a freeze, retailers catch a cold
Illustration: Rahul Awasthi Sales of smartphones, electronics, apparel, home appliances and furnishing have taken a beating due to the Covid-19 virus outbreak, as Indian consumers stay at home and cut back on discretionary spending in an already sluggish market. Several consumer brands, retailers and sector analysts told ET that demand has dropped palpably, except food […]
Oyo parent gets $807 million from SVF, RA Hospitality
Oravel Stays, the parent company of hospitality chainOyo Hotels & Homes, has received a capital infusion of about $807 million (around Rs 5,976 crore) from two of its backers, SVF India Holdings and RA Hospitality, the Ritesh Agarwal-controlled investment entity, as part of its ongoing $1.5 billion funding round. In regulatory filings with the Registrar […]
Indonesia’s Gojek closed $1.2 billion funding last week: Internal memo
Indonesian ride-hailing and payments firm Gojek closed an additional $1.2 billion of funding last week, according to an internal memo reviewed by Reuters. The memo said the company’s total funding stands at just under $3 billion, and added it was still seeing “strong demand” among the investment community despite “turbulence within the tech investment environment […]
MS Dhoni invests in fintech startup Khatabook
Former India cricket team captain M S Dhoni has invested an undisclosed sum in accounting services provider Khatabook. He will also be the brand ambassador of the startup, which helps merchants record and track business transactions. “He (Dhoni) embodies the spirit of true sportsmanship and entrepreneurship. At Khatabook, we aspire to build the same level […]
Amazon to hire 100,000 workers as online orders surge on coronavirus worries
Amazon on Monday said it would hire 100,000 warehouse and delivery workers in the United States to deal with a surge in online orders, as many consumers have turned to the web to meet their needs during the coronavirus outbreak. With shoppers clearing out shelves in fear of quarantines or product shortages, retailers are racing […]
Social media giants warn of AI moderation errors as coronavirus empties offices
Alphabet’s YouTube, Facebook and Twitter warned on Monday that more videos and other content could be erroneously removed for policy violations, as the companies empty offices and rely on automated takedown software during the coronavirus pandemic. In a blog post, Google said that to reduce the need for people to come into offices, YouTube and […]