#Marketwire is your quick summary of notable market movements in the technology industry. The organisations covered in this segment include SEBI, Yepme, Uber and FINO Paytech
SEBI Proposes Amendments to Ease Startup Listing in India
SEBI had recommended updating the norms of Institutional Trading Platform (ITP) in August 2015, to promote startups to list & trade their shares in India. However after failing to grab much interest from these technology firms, the market regulator has proposed relaxing certain regulations to encourage startup promoters to list their companies.
As per the current norms no entity – individual or collective – can own 25% or more of the post issue capital to list on the ITP. SEBI proposes that persons acting in concert (PAC) should be allowed to hold more that 25% stake in the post issue capital. Further, it suggests raising the cap of allotment of shares for non-institutional investors & HNIs to higher than 25%. Read More
Yepme Plans to Open 400 Brick & Mortar Stores by Early 2017
Gurgaon-based fashion retailer Yepme wants to grow its offline presence. The company is planning to open 400 retail outlets across the country for its expansion.
Yepme’s Chief Vivek Gaur claims that its 4 outlets in Gurgaon, earn over five times in sales than what its online portal rakes in in the city. The company plans to operate on a franchise based model in Tier-2 & Tier-3 cities, and it intends to fulfil even the online orders through the local stores. Read More
Uber is Planning to Invest $500M in a Global Mapping Project
In order to reduce its dependency on Google Maps, global cab aggregator Uber is planning to put in half a billion dollars on building mapping technology in-house. A fortnight ago, the company had tied up with satellite imaging company DigitalGlobe.
Uber announced last week that its mapping initiative would be headed by Brian McClendon, the former head of Google Maps. Will building its own mapping technology from scratch be more viable for the firm than paying Google a recurring fee? Read More
Financial Services Firm FINO Paytech to Launch Payments Bank in 6 Months
Payments technology company FINO Paytech is readying itself to launch its payments bank in another 6 months. The company which was among the firms to get a banking license from RBI, recently raised Rs. 250-crore in investment from BPCL.
Mumbai-based FINO PayTech was started by 17 ICICI Bank executives in July 2006. The banking firm had incubated FINO, which now holds BPCL, ICICI Bank, IFC, HAV3 holdings, The Blackstone Group and Intel Capital among its stakeholders. Read More
Government Asks Email Service Providers to Allow Creating Email Address in Local Languages
With an agenda of enabling more Indians to go online, the Ministry of Electronics & IT has asked email service providers like Google, Rediff & Microsoft to allow users to sign up for addresses in local languages, starting with Hindi.
Executives of these firms who attended the meeting in which this was proposed, reportedly accept that this is technologically possible, and such a system could be deployed easily. It’s unclear if and when will this come into effect. Read More
Image Credit: DalaltimesCategory Business News