#Marketwire is your quick summary of notable market movements in the technology industry. The firms covered in this segment include Ola, Infibeam, InMobi and Patanjali.
Ola’s Revenue Rises Eight-fold to Rs 418 crore
Taxi aggregator app Ola’s total revenue increased from Rs 51.50 crore in 2013-14 FY to Rs 418.25 crore in 2014-15 FY. Indicating heavy expenditure to lead over rival Uber Technologies Inc., its losses jumped to Rs 754.87 crore.
ANI Technologies which owns Ola, has classified the revenue of Rs 380 crore as the revenue coming from the car rental service while the company earned Rs 2.26 crore through commission on taxi services. Read More
Infibeam to Invest $8.9M in Payment Gateway Firm CCAvenue
Infibeam has decided to invest $8.9 million in payment gateway firm CCAvenue. The investment has been raised from an initial commitment of $6.5 million (Rs 45 crore), which was announced last month.
Infibeam’s wholly owned subsidiary NSI Infinium Global Pvt Ltd has signed a definitive agreement with Avenues India Pvt Ltd for the investment. The company offers cloud-based e-commerce platform service in B2C and B2B verticals. It was founded in 2010 by Vishal Mehta, a former Amazon executive. Read More
InMobi to Pay $950K Fine to US FTC for Tracking Consumers Location Without Consent
Mobile advertising firm InMobi will pay $950,000 in civil penalties and implement a comprehensive privacy programme that will be independently audited every two years for the next 20 years to settle the federal trade commission (FTC) charges.
“InMobi tracked the locations of hundreds of millions of consumers, including children, without their consent, in many cases totally ignoring consumers’ express privacy preferences,” said Jessica Rich, director of the FTC’s Bureau of Consumer Protection. “This settlement ensures that InMobi will honour consumers’ privacy choices in the future, and will be held accountable for keeping their privacy promises.” Read More
Ola Gets License to Operate Under Karnataka’s Taxi Aggregator Rules
The state transport department has issued a licence to cab aggregator Ola (ANI Technologies Pvt. Ltd) under the Karnataka On-Demand Transportation Technology Aggregators Rules 2016. The company registered and furnished the details of more than 100 cabs in order to obtain license.
As confirmed by Transport commissioner Rame Gowda to ET, Ola will have to follow the rules for the rest of its fleet as well. He siad, “They have to install GPS, digital meter in the rest of their cars, only then will they get a licence.” Read More
Baba Ramdev’s Patanjali Plans to Raise Rs 1000 crore in its First Project Loan
The home-grown consumer goods company, Patanjali Ayurved is planning to raise Rs. 1,000 crores in project loans. The company is in talks with banks including State Bank of India, Bank of Baroda, UCO Bank and a few others as it plans to expand by setting up plants across the country.
“Long term project loans with 5-10 years maturity should serve our purposes,” the company’s managing director Acharya Balkrishna told ET. “Project financing will increase as we expand our presence nationwide, extending product lines. We require this as we are now setting up more plants across the country,” he added. Read MoreCategory Business News