#MarketWire is your daily roundup of notable business movements in the technology industry. This segment features news from TinyOwl, Mobikwik, Whatsapp, Freecharge and Tiens Group
TinyOwl Rolls Back Operations from Everywhere But Mumbai
Mumbai based food delivery startup, TinyOwl, which has raised $27.6 million till date has now shut down operations everywhere but its native city. The company was in news earlier this month for merging with hyperlocal logistics startup Runnr (Previously known as Roadrunnr).
Even in Mumbai, it will be catering to just a few select areas. The company earlier catered to 11 cities, and now plans to gradually re-launch its services with its new logistics partner, with which it shares common investors – Sequoia Capital and Nexus Venture Partners. Tinyowl would be retaining user data it has gathered till date to help it in re-expansion. In 2015, there were rumours of the firm getting acquired by bigger companies in the segment, but nothing fell through. Would it now be able to rise again from the ashes? Read More
Mobikwik Launches Consumer Loans for Wallet Users
Gurgaon based payments firm, Mobikwik is growing its services by now offering micro loans to users running low on balance. The company which claims to have 30 million wallet users, had launched this as a pilot feature a few weeks back and has already disbursed out loans to about 25,000 users.
The range of these micro loans vary from Rs 500-2,500, and Mobikwik is seeing repayment rates of around 97%. The firm is in direct competition with other wallet companies like Paytm and Oxigen and has partnered with consumer-lending marketplace, CashCare for the service. Read More
WhatsApp Money With Freecharge
In a big step towards social payments, Freecharge (acquired by Snapdeal in April 2015), has tied up with WhatsApp. The new integration will allow its users to send and receive money via WhatsApp.
The pay via chat feature would be available to Freecharge users in WhatApp’s accessibility settings. The chat application has over 100 million users in India. Will this give a boost to Freecharge’s user base as well? Read More
China Based Tiens Group to Launch eCommerce in India
China based multinational conglomerate, Tiens Group is planning to launch a new eCommerce marketplace in India in late 2016. The firm presently operates in multiple segments – from biotechnology to logistics to retail and more.
“We plan to sell 3,000 products from the online shopping platform, which would be ready in the second half of the year. Indian customers will be able to buy products from different countries on the platform,” Tiens South Asia Region President Kevin Hou told PTI. Tiens marketplace would be competing with the likes of Flipkart & Snapdeal. Read More