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We’ve all been there—hungry, scrolling through <keyword id="20299302" type="General" weightage="20" keywordseo="food-delivery" source="keywords">food delivery</keyword> apps, trying to satisfy our cravings. And among the many options, one name stands out: <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords">Zomato</keyword>. And huge credit for this goes to those cheeky push notifications. A household name in India and many parts of the world, Zomato has become synonymous with food delivery. But have you ever wondered where the name “Zomato” actually came from and what is the reason behind those push notifications that seem to be flirting with you? <keyword id="19901325" type="General" weightage="20" keywordseo="Deepinder-Goyal" source="keywords">Deepinder Goyal</keyword>, the CEO of the <keyword id="23915877" type="General" weightage="20" keywordseo="food-tech-giant" source="keywords">food tech giant</keyword>, answered these questions on the latest episode of The <keyword id="21100902" type="General" weightage="20" keywordseo="Great-Indian-Kapil-Show" source="keywords">Great Indian Kapil Show</keyword> on Netflix. <h2>How was Zomato’s name born</h2>In a conversation with comedian Kapil Sharma, Goyal shared how the name “Zomato” was born out of necessity rather than creativity. The platform’s founders had originally envisioned the name to have something to do with “tomato” — a staple ingredient in many dishes, and a word that’s easily recognisable. But here’s the twist: when they went to register the domain, tomato.com was already taken! Not to be deterred, they simply tweaked the letter and came up with “Zomato” — a name that not only worked but ended up being memorable, too. The “Z” was added for that perfect tech-savvy ring to the name, and the rest, as they say, is history. And while Goyal didn’t spill the final details about whether it’s pronounced “Zomato” or “Zomaato,” he did confirm one thing — it’s all about how you want to say it. Just like a ripe tomato, the name has become part of the cultural fabric. The debate about the exact pronunciation, as seen in hilarious ads with cricketers Harbhajan Singh and Sreesanth, only adds to the charm. <h2>About Zomato’s <keyword id="23915874" type="General" weightage="20" keywordseo="cheeky-notifications" source="keywords">cheeky notifications</keyword></h2>That’s not all. The Zomato CEO also talked about another amusing aspect of the Zomato experience—those cheeky, flirtatious push notifications. We’ve all received a notification that says, “Your food is just 10 minutes away!” But did you ever stop to think about why Zomato’s notifications always seem to have a bit more personality? Well, it turns out the company’s marketing team, full of youthful energy and passion, took Deepinder’s advice to heart. He had asked them to “build a relationship with the customer,” inspired by a book he read—though he himself wasn’t entirely sure what that meant. The results? A fun, almost flirtatious tone that’s become a signature of Zomato’s communication style. “Our marketing team is very young. They don't have any background in marketing. They are passionate people. So, I briefed them one day to make a relationship with the customer. Even I didn't know what it meant. I don't have any marketing background. I read a book and it said to make a relationship with the customer. I told them. They took me seriously,” Goyal said during the show. So, next time you get that slightly cheeky notification from Zomato, you’ll know that it’s not just about food—it’s about building a connection with you.

I asked my young marketing team to 'make a relationship' with customers, they took me seriously: Zomato’s Deepinder Goyal on cheeky notifications

When A (name kept anonymous) bought tickets for the 2025 <keyword id="22044624" type="General" weightage="20" keywordseo="Coldplay-concert" source="keywords">Coldplay concert</keyword> in Mumbai from a certain “concert organizer” account on <keyword id="19900288" type="General" weightage="20" keywordseo="instagram" source="keywords">Instagram</keyword>, they were over the moon. Yes, the tickets were exorbitantly expensive, way above the prices advertised on <keyword id="20215809" type="General" weightage="100" keywordseo="BookMyShow" source="keywords" meta.keywordsubtype="org" meta.entityname="BookMyShow" meta.hostid="261" meta.entityid="BookMyShow">BookMyShow</keyword> (BMS), the official ticketing partner. But so what? What mattered was that they could finally attend Coldplay's concert. At 12 noon on September 22, when bookings for Coldplay’s 2025 India leg of “Music of the Sphere” world tour had commenced, A was also in line, having logged in since 11:30 am, from 4 different screens and through 6 cousins. But God, and BMS were in no mood to reward her efforts and patience. The ticket sale lasted for a mere few seconds, before the site crashed and all tickets were sold out. Turns out, even the second time wasn’t the charm for them. The first time, too, A had not been able to get tickets for Diljit’s Dil-luminati India tour, which had gone live earlier last month. They had applied for an HDFC Pixel credit card to access the early-bird offer, but it was as if luck was taunting them “vibe teri meri na mildi aa”. could not get tickets for Diljit’s concert as well, which had also vanished within minutes of going live, much like Coldplay's. That’s why, when they saw that tickets for both Diljit and Coldplay were being sold by various Instagram accounts, despite showing as sold out on <keyword id="20496317" type="General" weightage="20" keywordseo="Zomato-Live" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato Live" meta.hostid="261" meta.entityid="Zomato Live">Zomato Live</keyword> and BookMyShow, it seemed magical to A. And per Coldplay, “If you were to ask me, after all that we've been through. Still believe in magic?”, the only acceptable response is “Yes I do, of course I do!” So, they went ahead, agreed to pay Rs 35,000, and bought Coldplay tickets which would’ve cost them Rs 6,450 via BMS. A steep price to pay, but at least they had their ticket to “an experience of a lifetime!”. As it is, the band had announced its retirement post its 12th album, and the band had just launched its 10th album, "Moon Music". <h2>BookMyShow to “fix” scalpers?</h2>But this morning, BMS startled many people like A by stating that unethically sourced tickets (read: tickets not directly booked via BMS) could be canceled. The platform had already filed an FIR to this effect with the <keyword id="19906039" type="General" weightage="20" keywordseo="Mumbai-police" source="keywords">Mumbai police</keyword> on October 2, 2024, against the rampant “ticket scalping and black marketing of tickets for Coldplay's <keyword id="22420646" type="General" weightage="20" keywordseo="Music-of-the-Spheres" source="keywords">Music Of The Spheres</keyword> World Tour 2025 in India”. The ticketing platform added that they had provided details of all resellers that had caught their sight, including independent individuals reselling tickets for Coldplay’s tour across social media platforms such as Instagram (where A had purchased their tickets from) and WhatsApp. Not just these small resellers, but multinational ticket exchange and <keyword id="23273060" type="General" weightage="20" keywordseo="ticket-resale" source="keywords">ticket resale</keyword> platform <keyword id="23278340" type="General" weightage="20" keywordseo="viagogo" source="keywords" meta.keywordsubtype="org" meta.entityname="viagogo" meta.hostid="261" meta.entityid="viagogo">Viagogo</keyword>, and its parent company StubHub Holdings have also been served legal notices by Zomato Live and BMS. While Zomato Live has not commented on if the tickets purchased via Viagogo or such scalpers would be canceled or not, it is no secret that hours after the tickets were shown as sold out on these official sites, tickets for both Diljit and Coldplay’s concert were available on Viagogo, albeit at sky-high prices. Even as of today, you can buy tickets for Coldplay’s concert in Mumbai’s DY Patil Stadium on January 19th, 2025 on Viagogo. The catch? You should be willing to empty your pockets. Consider this. Tickets for level 2 stand E were priced at Rs 9,000 on BMS. On Viagogo, the tickets for this specific category start at Rs 54,431, and go as high as Rs 1,89,512. The tickets A bought were also originally priced at Rs 6,450. But on Viagogo, the starting range is Rs 31,288, going up to Rs 1,13,207. Talk about earning 5x-6x returns! In comparison, the ticket prices offered by these Instagram reseller accounts, also termed as scalpers, might look benign, even generous. But at the end of the day, scalpers are also looking to rake in profits, which they earn by selling these tickets in bulk i.e. lots of 5-10 tickets at once. After all, who is attending concerts alone? The slim margins on individual tickets are well cushioned by the extra bucks brought in by the higher quantities of tickets sold at once. Consider this: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Phase/Level (For Diljit’s Concert) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Original Price (As shown on Zomato Live) (In Rs) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prices offered by an IG account reselling tickets for Delhi (26th October, 2024) (In Rs) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Silver </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,499 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,399-3,999 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gold Standing (Phase 1,2,3) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 4,999-8,999 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,999- 10,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fan Pit (Standing) Phase 1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,999 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fan Pit (Standing) Phase 2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19,999 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25,000 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Zomato Live, IG accounts of resellers/scalpers <h2>Modus Operandi</h2>Most scalpers don't demand the entire money upfront. In A’s case, the scalper demanded a 20% advance for booking confirmation. Others ask for as much as 50% of the booking amount. Once that’s done, the customer would get an e-ticket on their registered email ID, which will mention their seat number and booking ID. Then, once this customer pays the remaining amount, the physical tickets will be dispatched to their registered address. Mind you, these physical tickets are important. Just e-tickets won't make the cut for both Coldplay and Diljit. You would not be able to enter the venue if you don't have this physical ticket or a wearable band. So, if the tickets are not delivered to your place before the concert, you’d be left stranded, even after paying all that money. Also, dont be surprised with a constant, relentless barrage of messages and calls, if you so much as just inquire about the tickets. Most scalpers, in a bid to quickly close on the opportunity, call incessantly, not giving buyers enough headspace to make rational, or for that matter, rationally priced decisions. But even after all the hassle, there is no guarantee of timely, or even delivery. While there were multiple screenshots on each of these pages, showing confirmation from various Instagram users saying that tickets had been delivered, but is that convincing proof enough? Or legal enough? <h2>Its legit, its not legit-No one knows! </h2>Well, it's a gray area, truth be told. But Germaine Pereira, Partner, Solomon &amp; Co. underlines that if the buyer is willing to pay a premium or higher price than the ticket’s original face value, it is valid, and perfectly legal under the Indian Contract Act, 1872 “Ticket resale or scalping, where individuals or entities buy tickets for specific events, and then resell such tickets at a higher price to make a profit, is valid if it meets the essential elements of a contract-offer, acceptance, consideration, and lawful object. Unless there is a clearly established motive of cheating or fraudulent inducement or exorbitant pricing of tickets in the secondary markets, there’s nothing wrong”, continues Pereira. State governments are also largely reluctant to establish regulations in these waters, since a resale would entail double entertainment tax, which only adds to their coffers. Says advocate Siddharth Chandrashekhar, Senior Panel Counsel at Bombay High Court, "Although some state police forces, like in Tamil Nadu, Karnataka and Punjab, have cracked down on illegal sales, arrests are rare, and the absence of cohesive legislation leaves enforcement inconsistent. Black marketing or reselling of live event tickets at escalated prices constitutes an offense under the Bharatiya Nyaya Sanhita 2023 for petty crimes, the Consumer Protection Act 2019 for unfair trade practices, and the Competition Act 2002 for abuse of dominant position”, Chandrashekhar highlights. “While Maharashtra’s Entertainment Duty Act, 1923, attempts to curb resale for some events, most states lack clear laws addressing scalping. Concert ticket scalping in India operates in a regulatory vacuum. With no specific national laws, opportunistic sellers can legally resell tickets for exorbitant sums, with no recourse for buyer”, he signs off.

'Will my tickets get canceled now?' people who purchased tickets from scalpers during the Diljit-Coldplay mania ask

<ul><li><keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> shares fell by 22% in two days, wiping out over ₹9,000 crore of investor wealth.</li><li>The fall may seem sudden, but this was expected to happen.</li><li>Here’s why the Zomato stock tanked today.</li></ul>Shares of Zomato tanked 22% in the last two days, wiping out over ₹9,000 crore of investor wealth. Zomato is a leading food delivery service – the only listed one, while its rival Swiggy is still not on the stock exchanges. According to data obtained from the stock exchanges, there was a huge volume of trades as soon as the markets opened on July 25. Zomato’s shares plunged over 10% during this time. While the sale volumes subsided later, the stock declined further. <div type="image" title="Zomato 01_01_22 to 25_07_22." msid="93101950" hostid="261" caption="&amp;lt;p&amp;gt;Zomato share price in 2022&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="So why exactly did the Zomato stock tank 22% in two days?" comment="subhead" text="So why exactly did the Zomato stock tank 22% in two days?">So why exactly did the Zomato stock tank 22% in two days?</cmsannotation> Zomato’s shares tumbled today because the investor lock-in period ended on July 25. As many as 613 crore shares which were locked in since the initial public offering (IPO) in July 2021, which can now be traded freely. This is not the first time that an investor lock-in period for Zomato has ended. Back in August last year, too, the company’s shares tumbled 8% as the lock-in period for anchor investors ended. Now, the lock-in period has ended for promoters and employees, and it is likely that many of those shareholders have likely cut their holdings – according to market data, the Zomato stock witnessed volumes of 64.5 crore in the last two days. <cmsannotation type="cmsannotation" annotationid="What is the investor lock-in period?" comment="subhead" text="What is the investor lock-in period?">What is the investor lock-in period?</cmsannotation> Lock-in period, as the name explains, is a period during which the shareholders cannot sell their holdings. Lock-in periods are essential to prevent extreme volatility in the stock immediately after it’s listed, giving the company enough time to build its business model and demonstrate its strength in the market. Different classes of investors have different tenures of lock-in periods. For instance, Zomato’s anchor investors had a lock-in period of 30 days, which ended in August last year. Now, the lock-in period for promoters and employees has ended today, a year after the Zomato stock was listed on the stock exchanges. <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-posts-a-moderate-5-increase-in-profits-in-q1-fy23-adds-10-million-new-subscribers/articleshow/93058640.cms">Reliance Jio posts a moderate 5% increase in profits in Q1 FY23, adds 10 million new subscribers</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-reports-profit-decline-in-q1-fy23-increases-revenue-margin-guidance-for-fy23/articleshow/93092886.cms">Infosys reports a sequential decline in net profit, but increases revenue &amp; margin guidance for FY23</a> <a href="https://www.businessinsider.in/finance/news/zero-tolerance-for-high-volatility-says-rbi-guv-shaktikanta-das-as-rupee-stays-above-80/articleshow/93049194.cms">Zero tolerance for high volatility, says RBI guv Shaktikanta Das as Rupee stays above 80/$</a>

Zomato tanks 22% in two days wiping out over ₹9,000 crore investor wealth – here’s what is happening

<ul><li><keyword id="6357979" type="General" weightage="100" keywordseo="mutual-funds" source="Orion">Mutual funds</keyword> raised stakes in the financial services sector as economic activity and consumer demand picked up in July.</li><li>Research reports suggest that the sharp rally in July led to profit booking by mutual funds and investors alike.</li><li>Overall, the Indian mutual fund industry has ₹37.8 lakh crore of assets under its management.</li></ul>Mutual funds continued to plough in money into equities in July, after making purchases of nearly $2 billion in June. And, they are betting on financial services firms the most, as their stake in the overall mutual fund holdings increased to 31.56% from 30.56% in July. According to data from AMFI and ICICI Direct, mutual funds invested over $1 billion in July, and their biggest purchases included <keyword id="830092" type="General" weightage="80" keywordseo="zomato" source="Orion">Zomato</keyword>, <keyword id="268065" type="General" weightage="80" keywordseo="hdfc-life-insurance" source="Orion">HDFC Life Insurance</keyword>, and United Phosphorus, among others. Zomato’s purchases came after the stock experienced a major correction after the lock-in period ended in July, <a href="https://www.businessinsider.in/stock-market/news/why-is-zomato-share-price-down-today/articleshow/93101975.cms">resulting in a 22% correction</a>. Another interesting entry into the list is Wipro, which <a href="https://www.businessinsider.in/business/corporates/news/wipros-net-profit-drops-12-drop-in-q1-as-recession-fears-grip-its-non-us-clients/articleshow/93006573.cms">missed analyst estimates in terms of growth and margin</a>. Its rivals TCS and Infosys have seen mixed movements, with some fund houses paring their stakes while others have added. Overall, the Indian mutual fund industry invested ₹8,900 crore into Indian equities in July, down from ₹15,500 crore in June. “After having seen lows in previous months, the sharp rally in July led to many investors shying away from putting incremental money and few exiting as well during recovery,” said a report by ICICI Direct. Some other of the biggest names that mutual funds purchased includes Rakesh Jhunjhunwala-backed Star Health and the government-owned National Aluminium Company, among others. “On a month-on-month basis, the weights of NBFCs, private banks, consumer, retail, automobiles, capital goods, PSU banks, metals, cement, and media increased, while the weights of oil &amp; gas, technology, telecom, healthcare, and utilities moderated,” said a report by Motilal Oswal. Overall, according to the Association of Mutual Funds in India (AMFI), the total assets under management (AUM) of the Indian mutual fund industry increased to ₹37.8 lakh crore in July 2022 from ₹35.6 lakh crore in June 2022. There has been a sharp growth in MF AUMs which grew at around 90% in the last five years. In the past decade, AUMs multiplied by over five times, from ₹7 lakh crore in July 2012 to ₹37.8 lakh crore in July 2022. <div type="image" title="Mutual fund large cap July 2022." msid="93651789" hostid="261" caption="&amp;lt;p&amp;gt;Mutual fund activity in the large cap segment&amp;lt;/p&amp;gt;"></div> <div type="image" title="Mutual fund midcap July 2022." msid="93652196" hostid="261" caption="&amp;lt;p&amp;gt;Mutual fund activity in the midcap segment&amp;lt;/p&amp;gt;"></div> <div type="image" title="Mutual fund small cap July 2022." msid="93652308" hostid="261" caption="&amp;lt;p&amp;gt;Mutual fund activity in the small cap segment&amp;lt;/p&amp;gt;"></div> <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-transmission-becomes-first-group-company-to-hit-4-lakh-crore-market-cap/articleshow/93593431.cms">Adani Transmission becomes first group company to hit ₹4 lakh crore market cap</a> <a href="https://www.businessinsider.in/stock-market/news/rakesh-jhunjhunwala-backed-concord-biotech-files-for-an-ipo/articleshow/93594255.cms">Rakesh Jhunjhunwala-backed Concord Biotech files for an IPO</a> <a href="https://www.businessinsider.in/stock-market/news/checkout-rakesh-jhunjhunwala-top-stocks-current-valuation/articleshow/93589814.cms">Rakesh Jhunjhunwala’s top five stocks delivered 3 times the returns Nifty50 did</a>

Mutual funds tank up on financial services and retail stocks

New Delhi, The <keyword id="76562" type="COMPANY" weightage="20" keywordseo="Confederation-of-All-India-Traders">Confederation of All India Traders</keyword> (CAIT) in a communication sent to Union Commerce Minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="piyush-goyal">Piyush Goyal</keyword> demanded <keyword id="2465241" type="PERSON" weightage="20" keywordseo="immediate-action">immediate action</keyword> against e-commerce entities including <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword>, <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> and others. "It is a case of daylight robbery of e-commerce entities in India and therefore demand immediate action against the erring e-commerce portals and online mechanism providers," CAIT said. CAIT has accused Amazon, Flipkart, Zomato, Swiggy and various other e-commerce entities for violation of mandatory display of Country of Origin and Manufacturer, seller Details on products sold through their respective E-Commerce Portals as required under the Consumers Protection (E Commerce) Rules,2020, Legal Metrology (Packaged Commodities) Act, 2011 and guidelines of Food Safety &amp; Standards Authority of India. CAIT has asked Goyal to take action against E-commerce entities including Amazon, Flipkart, Zomato, Swiggy and others. "It is a case of daylight robbery of e-commerce entities in India and, therefore demands immediate action against the erring e-commerce portals and online mechanism providers," CAIT said. CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal in a communication to Goyal said that e-commerce entities conducting business in India including Amazon, Flipkart and others are highly violating the mandatory conditions spelled out in above Acts. "It is a pity that particularly in e-commerce every guidelines, Rules &amp; Regulations, Laws and policies are being flouted openly and no department has so far taken any cognizance of compliance issues resulting in a highly vitiated and mess like e-commerce trade of India," CAIT said. Bhartia and Khandelwal said that Rule 10 of Legal Metrology (Packaged Commodities) Rules, 2011 provide that e-commerce entities should have to display name and address of the manufacturer, name of the country of origin, common/generic name of the product, net quantity, best before/use by date (if applicable), maximum retail price, dimensions of the commodity, etc. This rule was introduced in June 2017 and provided a transition period of six months thereby its implementation from January 1,2018 but even after a lapse of three years, the above rules are not being complied by e-commerce companies prominently by Amazon, Flipkart, etc. Failure to make declarations as above will amount to selling non-standard packages and will invite penalty under the above said Act, including fine or imprisonment or both, CAIT said. Both trade leaders further said that similar obligations were imposed on e-commerce food business operators vide guidelines issued by the Food Safety &amp; Standards Authority (FSSAI) on February 2,2017. "But such FBOs like Zomato, Swiggy, etc. are not complying with the above rules," CAIT said. Bhartia and Khandelwal said that under Rule 4(2) of the Consumer Protection (E Commerce) Rules, 2020, it is provided that every e-commerce entity shall provide the following information in a clear and accessible manner on its platform, displayed prominently to its users, namely, legal name of the e-commerce entity, principal geographic address of its headquarters and all branches, name and details of its website, and contact details like email address, fax, landline and mobile numbers of customer care as well as of grievance office. Similar provisions are also spelled out in Press Note 2 of the FDI Policy, 2016. CAIT said no e-commerce entity has appointed a Nodal Officer as also complying with above provisions. Important rights of the consumers are being violated as they are not aware of the seller or description of the product at the time of purchase of products from e-commerce portals. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-shares-are-down-32-from-the-peak-post-listing-analysts-say-it-is-still-overpriced/articleshow/80430865.cms">Mrs Bectors shares are down 32% from the peak post listing — analysts say it is still 'overpriced'</a> <a href="https://www.businessinsider.in/budget/news/indias-co-working-sector-wants-recognition-under-real-estate-tax-benefits-as-flexible-workspaces-aim-for-a-significant-revival-in-the-post-covid-era/articleshow/80431768.cms">India’s co-working sector wants recognition under real estate, tax benefits as flexible workspaces aim for a significant revival in the post-COVID era</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-indian-railway-finance-corporation-irfc-ipo/articleshow/80406208.cms">Indian Railway Finance Corporation IPO allotment: Here’s how to check share allotment status</a>

CAIT seeks action against Amazon, Zomato, Flipkart and Swiggy for 'daylight robbery'

A user by the name of ‘<keyword id="4545596" type="UNKNOWN" weightage="20" keywordseo="nclay">nclay</keyword>’ has claimed to hack India’s online food delivery app <keyword id="830092" type="COMPANY" weightage="100" keywordseo="Zomato">Zomato</keyword>. The <keyword id="6524922" type="UNKNOWN" weightage="20" keywordseo="Security-breach">security breach</keyword> saw more than 17 million user records stolen from Zomato’s database. The stolen information has email addresses and hashed passwords of customers. As per Hackeread.com, nclay is willing to sell data pertaining to 17 million registered users on a popular Dark Web marketplace with the price set for the whole package at $1,001.43 (0.5587 <keyword id="6395759" type="UNKNOWN" weightage="20" keywordseo="Bitcoins">bitcoins</keyword>). Hashing turns an original password into an incoherent set of characters, bringing down the possibility of it being easily converted back to plain text. Although in theory the password may still be safe, Zomato is encouraging its users to change that password if used for any other services. “Payment related information on Zomato is stored separately from this (stolen) data in a highly secure PCI Data Security Standard (DSS) compliant vault,” Zomato stated in its blog. “Since we have reset the passwords, affected users' zomato account as well as credit card information is secure, so there is nothing to worry about there,” the blog read. Zomato has termed the <keyword id="6357115" type="UNKNOWN" weightage="20" keywordseo="hacking">hacking</keyword> a human error as the cause of the security breach where an employee's development account got compromised.

Zomato hacked! 17 million user records stolen; hackers ask for payment in bitcoins

<ul><li><keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">Softbank</keyword> is said to be in talks to take a stake in <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword>. It commenced similar discussions with Zomato's rival <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> last year.</li><li>India's <keyword id="6376068" type="UNKNOWN" weightage="20" keywordseo="food-delivery">food delivery</keyword> market is estimated to be growing at a quarterly rate of 15%.</li><li>Softbank is expected to make an investment decision by the end of 2018.</li></ul> In the aftermath of Walmart’s $16 billion acquisition of e-commerce upstart Flipkart, Softbank, a Japanese tech giant and investor, looks set to double down on the Indian market. The Economic Times <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/softbank-now-in-talks-to-put-zomato-on-its-menu/articleshow/64198467.cms">reported today </a>that Softbank was engaged in initial talks with Zomato, a food delivery service, to take a stake in the company. In fact, a source told ET that Softbank was scouring the Indian food delivery market for deals, with plans to infuse anywhere between $200 million and $400 million in a worthy candidate. The Japanese company had reportedly commenced talks with Swiggy, another food delivery service, late last year to invest as much as $250 million in the latter’s growth, although nothing seems to have come of it yet. India’s food delivery market, which is dominated by Zomato and Swiggy, is growing fast. Earlier this year, RedSeer Consulting, a research and consulting firm, estimated that the market grew at a quarterly rate of <a href="http://redseer.com/newsletters/food-tech-market-updates-feb18/">15% last year</a>, with daily order volumes more than doubling to 460,000 by September 2017. In April, RedSeer also pegged the size of the market <a href="http://redseer.com/newsletters/food-tech-market-updates-apr18/">at $740m</a>. The increasing level of interest in India’s food delivery market is thought to be reminiscent of the investor hype surrounding ride-hailing services a few years ago when Uber entered the country. Interestingly, Softbank has a stake in both Ola and Uber. Both companies have or had their own food delivery services. Ola <a href="https://www.olacabs.com/media/press/ola-and-delivery-hero-join-forces-in-india">acquired Foodpanda</a>, a food ordering app, in December last year with plans to invest $200 million in the company. Meanwhile UberEats was launched in May 2017 and <a href="https://www.thenewsminute.com/article/uber-eats-sees-50-pc-growth-first-year-operations-focus-tier-2-markets-81332">is said to be going strong</a>. Softbank is expected to make an investment decision by the end of 2018. Last month, the company’s CEO, Masayoshi Son, said that Softbank was on track to invest <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/set-to-overachieve-on-10-billion-india-investment-target-softbank-ceo-masayoshi-son/articleshow/63966163.cms">more than its original target of $10 billion</a> in India by 2024. It’s already invested $8 billion since 2014, partly through its <keyword id="4031888" type="PERSON" weightage="20" keywordseo="vision-fund">Vision Fund</keyword> for tech investments, making bets on the <a href="https://www.reuters.com/article/us-softbankgroup-gcl-solar/softbank-chinas-gcl-team-up-for-930-million-indian-solar-venture-idUSKCN1H909S">solar energy,</a> <a href="https://in.reuters.com/article/softbank-group-paytmecommerce-stake/softbank-alibaba-to-invest-445-million-in-paytm-e-commerce-idINKCN1H91OB">e-commerce</a> and <a href="https://inc42.com/buzz/softbank-vision-fund-oyo/">hotel booking</a> markets to name a few. It is currently said to be mulling <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/softbank-in-talks-to-invest-big-money-in-paytm-mall/articleshow/64152935.cms">a $3 billion investment</a> in Paytm Mall, the e-commerce arm of Paytm, in which it already owns a 21% stake, pending a possible exit from Flipkart. The news of the possible investment in Zomato follows speculation regarding the launch of a <a href="https://www.bloombergquint.com/business/2018/05/16/softbank-s-son-is-said-to-eye-another-100-billion-for-fund-2-0#gs.3Va=5TY">second Vision Fund </a>by Softbank. The new fund is expected to also have a $100 billion corpus and could launch as early as 2019.

Softbank is eyeing a slice of the Indian food delivery market

The Supreme Court on Monday dismissed the petition seeking to constitute a "<keyword id="16471584" type="General" weightage="100" keywordseo="renaming-commission" source="Orion">Renaming Commission</keyword>" to find out original names of 'ancient historical cultural religious places and remarked that <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> is a secular country and Hinduism is a way of life, because of that India has assimilated everybody. Supreme Court bench comprising Justice <keyword id="3333505" type="General" weightage="80" keywordseo="km-joseph" source="Orion">KM Joseph</keyword> and Justice BV <keyword id="620466" type="General" weightage="80" keywordseo="nagarathna" source="Orion">Nagarathna</keyword> expressed its unhappiness with the petitioner and advocate Ashwini Upadhyay and said that such petitions should not be entertained. "Hinduism is a way of life, and that was the reason, India has assimilated everybody and therefore we are able to live together," said Justice BV Nagarathna. Justice Nagarathna mentioned the divide-and-rule policy brought by the British in the country and remarked that "let us not break it again with such kind of petitions". The court remarked not to dig up the past as it would only create disharmony and they can't allow the country on the boil. Justice KM Joseph, who was heading the bench, said, "In Kerala, the state where I belong to, the Hindu king has donated the land to build churches". The court said that our country is secular and supposed to protect the Constitution and remarked that the petitioner is concerned about the past and digging it up to place its burden on the present generation. "The history of any nation cannot haunt the present and future generations of a nation to the point that succeeding generations become prisoners of the past," said the court. Justice KM Joseph said that there is no bigotry in Hinduism. Trying to convince the bench, petitioner Ashwini Upadhyay said, "Hindus have become a minority in many historical places. The country has roads after Lodhi, Ghazni, Ghori and other invaders but there is no single road named after Pandavas." In reply to the petitioner, the court said, "Keep the country in mind, not any religion. A country cannot remain a prisoner of the past and the government is wedded to rule of law, secularism, and constitutionalism." "Being a Christian, he is equally fond of Hinduism, which is the greatest religion in terms of metaphysics. The country should be proud of that", added Justice Joseph. The petitioner has sought to constitute a "Renaming Commission" to find out the original names of 'ancient historical cultural religious places', named after barbaric foreign invaders in order to maintain <keyword id="502906" type="General" weightage="80" keywordseo="sovereignty" source="Orion">Sovereignty</keyword> and to secure the 'Right to Dignity, Right to Religion and Right to Culture. Advocate Ashwini Kumar Upadhyay has sought to issue appropriate direction to the Home Ministry to constitute a "Renaming Commission" to find out the original names of 'ancient historical cultural religious places', named after barbaric foreign invaders in order to maintain Sovereignty and to secure 'Right to Dignity, Right to Religion and Right to Culture' guaranteed under Articles 21, 25 and 29 of the Constitution. Alternatively, the petitioner has urged the court to direct the Archaeological Survey of India to research and publish the initial names of ancient historical-cultural religious places, which were renamed by barbaric foreign invaders, to secure the 'Right to Know' guaranteed under Article 19 of the Constitution. The petition has urged the court to direct the Centre and State Governments to update their websites and records and mention the original names of ancient historical cultural religious places, named after the barbaric foreign invaders. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/hyundai-creta-bajaj-pulsar-emerge-as-the-most-popular-car-and-bike-droom-report/articleshow/98275912.cms">Hyundai Creta, Bajaj Pulsar emerge as the most popular car and bike: Droom report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/stock-price-run-up-in-paytm-nykaa-zomato-pb-fintech-delhivery-could-see-large-shareholders-cashing-out-bofa/articleshow/98274102.cms">Stock price run up in Paytm, Nykaa, Zomato, PB Fintech &amp; Delhivery could see large shareholders cashing out - BofA</a>

SC dismisses plea to constitute "Renaming Commission"; says India a secular country

<ul><li><keyword id="6357073" type="General" weightage="100" keywordseo="itc" source="Orion">ITC</keyword>’s dream run in FY23 is expected to continue with multiple tailwinds and growth levers in place.</li><li>After surging by over 51% in FY23, brokerages see a further upside in the ITC stock going forward.</li><li>Clear earnings visibility and strong cash generation are expected to help ITC deliver 15% earnings growth over the next two years.</li></ul>India’s largest cigarette manufacturer ITC has had a dream run in FY23, with its stock going up by over 51%. ITC’s stock hit its fresh all-time high this month, helping the company enter the ₹5 lakh crore market capitalisation club. Thanks to easing commodity prices and a conducive operating environment, there is still more juice left in this cigarette-to-flour giant. The ITC stock has also been amongst the top performers this year, gaining 20% while the broader Nifty FMCG index has risen only 5%. Going by the outlook of analysts on the FMCG sector as well as ITC, the bull run still has legs. “ITC is better placed than peers with accelerated earnings growth over the past two years, especially in FY23, and strong earnings visibility compared to peers into FY24 as well,” said the analysts at Motilal Oswal. <cmsannotation type="cmsannotation" annotationid="ITC’s cash cow healthy on strong cigarette volumes" comment="subhead" text="ITC’s cash cow healthy on strong cigarette volumes">ITC’s cash cow healthy on strong cigarette volumes</cmsannotation> ITC has a diversified set of businesses which include tobacco, other FMCG products, packing and agriculture, to name a few. Amongst these, the tobacco business is the cash cow of the company. Thanks to a stable tax regime and strong cigarette volumes, ITC’s cash cow is in a healthy shape, helping the company weather the boiling commodity prices last year. For context, ITC has generated cumulative free cash flows of over ₹35,000 crore in the last three years, allowing the company’s management to target capacity expansion with annual investments of ₹3,000 crore. “This has been the best growth levels in over a decade and far superior to the flattish volumes of the past 10 and 20 years,” said the Motilal Oswal report. With there being no material increases in tax on cigarettes and other tobacco products, ITC’s cigarette business is expected to maintain its growth momentum, with the analysts at ICICI Direct raising their estimates for FY23 cigarette volume growth from 13% to 17%. A marginal price hike could be on the cards, though, but the broad analyst consensus is that it should not impact volumes. This is in part due to cigarette demand being inelastic in nature, and also since a marginal hike is easier to ignore. <cmsannotation type="cmsannotation" annotationid="Growth levers set ITC on a double-digit growth path through FY25" comment="subhead" text="Growth levers set ITC on a double-digit growth path through FY25">Growth levers set ITC on a double-digit growth path through FY25</cmsannotation> ITC has successfully weathered the storm of high commodity prices last year, maintaining its margins and registering a sales growth of nearly 20% in the first nine months of FY23. With prices of key commodities like palm oil, crude and coconut oil down by 35%, 16% and 13%, respectively, in the last six months, gross margins of FMCG players will see an upward swing going forward. Wheat prices have also eased from the highs of ₹30 per kilogram in December last year, and a good Rabi crop is expected to further ease the prices. “ITC (FMCG) business is also expected to see strong growth of 19.1% led by higher growth in foods, discretionary &amp; stationary segment,” said a report by ICICI Direct. With these tailwinds and growth levers in place, the analysts at Sharekhan expect ITC to post a 15% compounded annual growth rate (CAGR) in its earnings through FY25. Any more margin expansion in the non-cigarette FMCG business will further boost the company’s overall earnings, the brokerage added. <cmsannotation type="cmsannotation" annotationid="Valuation attractive" comment="subhead" text="Valuation attractive">Valuation attractive</cmsannotation> Despite the 51% run up in its share price in FY23, and the 20% increase in 2023 so far, analysts say the ITC stock has an upside of nearly 18% from the current market price of ₹400. “ITC’s earnings outlook is better than other large cap staples players both on a two-year CAGR ending FY23E as well as FY24 earnings growth expectations,” the Motilal Oswal report said. With no major risks to ITC’s tobacco business on the horizon, clear visibility over the company’s long-term earnings growth and strong cash generation, brokerages are broadly bullish on the company’s prospects going forward. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-projects-its-revenue-to-grow-between-6-8-in-fy24/articleshow/99644337.cms">HCL Tech projects its revenue to grow between 6-8% in FY24</a> <a href="https://www.businessinsider.in/business/corporates/news/rils-q4-to-be-driven-by-sustained-momentum-in-retail-business-o2c-to-see-modest-growth/articleshow/99629278.cms">RIL’s Q4 to be driven by sustained momentum in retail business, O2C to see modest growth</a> <a href="https://www.businessinsider.in/business/startups/news/zomatos-cost-control-efforts-are-hurting-the-startup-strike-at-blinkit-to-hurt-revenues-by-1/articleshow/99609906.cms">Zomato's cost control efforts are hurting the startup: Strike at Blinkit to hurt revenues by 1%</a>

ITC has had a dream run in FY23 and here’s why there’s more juice left in the stock

<ul><li>E-commerce giant Amazon is back with its 48-hour-long Prime Day Sale starting July 23.</li><li>Nearly 400 brands like Samsung, Xiaomi, Puma and Adidas will be launching 30,000 products.</li><li><keyword id="758541" type="General" weightage="20" keywordseo="amazon-prime" source="Orion">Amazon Prime</keyword> members would also get early access to the sales event, new product launches and lightning deals.</li></ul>E-commerce giant Amazon is back with its 48-hour-long Prime Day Sale, with 30,000 new product launches from 400 top brands like Samsung, Xiaomi, Intel, BoAt, Puma and Adidas, to name a few. It will be offering up to 55% off on all latest smart speakers, smart displays and Fire TV products, Amazon India’s top executive told Business Insider. Amazon India’s director for Prime and delivery experience, Akshay Sahi, told Business Insider India that consumers will get the year’s best deals on Amazon Echo, Fire TV and Kindles devices this Prime Day. It will also offer 10% discounts on payments through ICICI Bank credit or debit card, SBI credit cards and EMI transactions through ICICI Bank credit or debit cards. The sale will be held next weekend, on July 23 and 24, and will host product ranges from both big and small retailers. Sahi noted that even 120 small and medium businesses like XECH, Cos-IQ, Himalayan Origins, SpaceinCart, Mirakii, Karagiri and Nirvi Handicrafts will be launching 2,000 new products across categories — like electronics, fashion, grooming, accessories, handmade products and more. <cmsannotation type="cmsannotation" annotationid="Amazon has 50% off for young members" comment="subhead" text="Amazon has 50% off for young members">Amazon has 50% off for young members</cmsannotation> The company will also offer one-day and two-day deliveries across 100 cities. Besides this, Amazon Prime members would also get early access to the sales event, new product launches and lightning deals. “18-24-year old’s can get 50% cashback on joining Prime membership. This is available across plans and makes the effective membership price as low as ₹89/month for customers,” he added. Amazon also allowed the young members to refer Prime membership to their family and friends, in exchange for a 15-day extension on their own membership. The referred friend between the ages of 18 and 24, can avail the membership at flat 60% off — including 50% in cashbacks for the Youth Offer and the extra 10% as the referral reward. <cmsannotation type="cmsannotation" annotationid="Amazon Prime Videos is running offers too" comment="subhead" text="Amazon Prime Videos is running offers too">Amazon Prime Videos is running offers too</cmsannotation> Amazon would also be launching several original series and popular movies across multiple languages on Prime Videos. The list includes Runway 34 in Hindi, Sarkaru Vaari Paata in Telugu, Tamil and Malayalam, and Samrat Prithviraj in Hindi, Tamil and Telugu. The company recently launched its original action-thriller series starring Chris Pratt, The Terminal List, in multiple Indian languages; a new season of Comicstaan; and the second Indian adaptation of the beloved global series Modern Love Hyderabad (Telugu). “Also, as a special Prime Day offer, many of our partners will be offering up to 50% discount on add-on subscriptions through Prime Video Channels this Prime Day,” Sahi added. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/as-zomato-paytm-and-new-age-start-ups-struggle-at-bourses-their-unlisted-peers-stare-at-funding-winter/articleshow/92870126.cms">As Zomato, Paytm and new-age start-ups struggle at bourses, their unlisted peers stare at funding winter</a> <a href="https://www.businessinsider.in/tech/enterprise/news/indian-tech-firms-contributed-nearly-200-billion-to-the-us-economy-creating-2-lakh-jobs/articleshow/92854889.cms">Indian tech firms contributed nearly $200 bn to the US economy, more than the combined economies of 20 US states</a> <a href="https://www.businessinsider.in/business/news/fintechs-are-helping-indian-msmes-get-over-their-biggest-challenges-but-there-is-still-a-long-way-to-go/articleshow/92848620.cms">Fintechs are helping Indian MSMEs with their biggest challenge — data and the lack of it</a>

Amazon's Prime Day offers are trying to catch em young with special membership discounts

<ul><li><keyword id="12006311" type="General" weightage="20" keywordseo="revos-plans" source="Orion">Revos plans</keyword> to set up a million <keyword id="6116214" type="General" weightage="20" keywordseo="ev-chargers" source="Orion">EV chargers</keyword> across 500 cities over the next three years.</li><li>Union Square Ventures and Bengaluru-based Prime Venture Partners participated in its Series A round.</li><li>It has deployed over 10,000 devices in 30 OEMs across India, China, Vietnam, Nepal and Egypt. </li></ul>Bengaluru-based startup <keyword id="12003975" type="General" weightage="20" keywordseo="revos" source="Orion">Revos</keyword> on Thursday, September 2, announced that it has raised $4 million to build a million electric vehicles (EV) chargers across 500 cities over the next three years. The company will tap into expansion opportunities in both India and other emerging markets. Launched only two years ago in 2019, Revos has set up over 10,000 devices — especially electric two-wheeler and three-wheeler chargers — in 30 original equipment manufacturers (OEMs) across India, China, Vietnam, Nepal and Egypt. The company will use this capital to deploy these EV charging infrastructure across the country and also strengthen its technology team with more hires. Revos’ Series A funding round witnessed participation from US-based Union Square Ventures (USV) and Bengaluru-based Prime Venture Partners (PVP). This is Union Square Ventures’ first investment in India and Prime Venture Partners’ first investment in the EV space. “The move to EVs is essential and inevitable. India runs on two/three wheelers. Making recharging available “anytime, anywhere” was pivotal to the penetration of mobiles in India. We believe Revos is well positioned to trigger a similar inflexion in the EV market,” said Sanjay Swamy, managing partner of Prime Venture Partners. Revos was founded in 2017 by Jyotiranjan Harichandan and Mohit Yadav. “Revos is not only creating the largest charging infrastructure to support EVs but also building a world class OS [operating software] to make EVs smart, safe, connected and ready for the future,” Harichandan said in a press note. The company’s name stands for Revolutionary EV Operating Stack (REVOS). It is an artificial intelligence (AI)-integrated platform that allows EVs to communicate with each other. It enables EVs to have connected features like on-bike navigation, diagnostics, smart alerts and anti-theft lock. The company relates itself to ‘Android for EVs’ and allows EV manufacturers to build smart mobility features on top of the software developed by Revos. Revos is also piloting a peer-to-peer (P2P) charging infrastructure named Bolt that will be compatible with any portable EV charger that comes with each respective vehicle. The charger will work with existing AC power supply at home and establishments. "This fundraiser is a very important step in our journey. We are focused on democratising the technology for EVs and chargers so that anyone can build a smart EV or participate in building the P2P charging network,” Yadav, co-founder of Revos, said in a press note. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/uber-has-ola-zomato-has-swiggy-but-whos-urban-company-competing-with/articleshow/85835674.cms">Uber has Ola, Zomato has Swiggy but who’s Urban Company competing with?</a> <a href="https://www.businessinsider.in/investment/news/doge-meme-nft-is-being-auctioned-off-in-17-billion-pieces/articleshow/85833023.cms">The most expensive meme NFT ever sold will be auctioned off in 17 billion pieces tonight </a> <a href="https://www.businessinsider.in/business/corporates/news/icici-bank-becomes-the-sixth-valuable-firm-after-ril-tcs-hdfc-bank-infosys-and-hul-in-india/articleshow/85828220.cms">ICICI Bank becomes the sixth valuable firm in India with over ₹5 trillion mcap after RIL, TCS, HDFC Bank, Infosys, and HUL</a>

This Bengaluru startup is looking to set up 1 million EV chargers in next three years, raises $4 million

New York, A <keyword id="98892" type="ORGANIZATION" weightage="20" keywordseo="federal-court">federal court</keyword> has permanently shut down a US-based computer scam that preyed on elderly Americans using call centre operators in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> resulting in losses of hundreds of thousands of dollars. In a statement on Tuesday, the <keyword id="67869" type="COMPANY" weightage="20" keywordseo="Department-of-Justice">Department of Justice</keyword> said that the court gave the <keyword id="3528317" type="PERSON" weightage="20" keywordseo="Permanent-injunction">permanent injunction</keyword> against Michael Brian Cotter and four <keyword id="22917" type="CITY" weightage="20" keywordseo="Companies">companies</keyword> barring them offering <keyword id="843005" type="PERSON" weightage="20" keywordseo="technical-support">technical support</keyword> through telemarketing and web sites following a joint operation by US authorities and India's Central Bureau of Investigation (CBI). The alleged fraudsters in some cases impersonated Microsoft, which brought cases to the attention of the Transnational Elder Fraud Strike Force., the <keyword id="6360339" type="COMPANY" weightage="20" keywordseo="department">Department</keyword> said. The Department had filed in October a request for the injunction against Cotter and the companies before the court in Miami, <keyword id="6357385" type="LOCATION" weightage="20" keywordseo="florida">Florida</keyword>, which is an area with a concentration of retirees, and a temporary injunction was granted immediately and was now made permanent. Acknowledging India's cooperation, Acting Assistant Attorney General Jeffrey Bossert Clark said: "The Department is grateful for the cooperation of foreign law enforcement, including India's CBI, in investigating, disrupting, and prosecuting technical-support fraud schemes and other schemes originating abroad and directed at the American public." The complaint said that Cotter allegedly worked with co-conspirators in India, but did not identify them. One of the companies mentioned in the complaint is registered in Singapore. The US federal government also took over 19 domain names like "assistmysoftware" and "helpforsoftware" that were used in the alleged scam to prevent their continued use. According to the Department of Justice's complaint, the alleged fraud involved causing pop-up messages to appear on computer screens purporting to be from Microsoft or other companies falsely claiming that the computers were infected with viruses and asking the users to call a phone number for help. When they called the number it was transferred to call centres in India from where the operators asked to access the computers and then claimed they had detected "non-existent" problems and charged them hundreds of dollars claiming falsely to fix fake issues on the computer, the complaint said. The Department said that since President Donald Trump signed the Elder Abuse Prevention and Prosecution Act (EAPPA) into law in October 2017, it has participated in hundreds of enforcement actions against scams targeting seniors. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-sbi-hdfc-bank-wipro-ril-future-retail-tcs-jindal-stainless-upl-irctc-and-others/articleshow/80019871.cms">Top stocks to watch — SBI, HDFC Bank, Wipro, RIL, Future Retail, TCS, Jindal Stainless, UPL, IRCTC, and others</a> <a href="https://www.businessinsider.in/india/news/india-detects-14-new-cases-of-uk-covid-19-strain-putting-the-tally-at-20/articleshow/80020163.cms">India detects 14 new cases of UK COVID-19 strain, putting the tally at 20India detects 14 new cases of UK COVID-19 strain, putting the tally at 20</a> <a href="https://www.businessinsider.in/business/startups/news/2021-could-finally-be-the-year-of-indias-tech-ipos-as-startups-like-zomato-delhivery-policybazaar-head-for-the-public-markets/slidelist/80019978.cms">2021 could finally be the year of India’s tech IPOs as startups like Zomato, Delhivery, Policybazaar head for the public markets</a>

You Searched For "Zomato name origin" and got 12 results

I asked my young marketing team to 'make a relationship' with customers, they took me seriously: Zomato’s Deepinder Goyal on cheeky notifications

Divyanshi Sharma

'Will my tickets get canceled now?' people who purchased tickets from scalpers during the Diljit-Coldplay mania ask

Ira Alok Puranik

Zomato tanks 22% in two days wiping out over ₹9,000 crore investor wealth – here’s what is happening

Rounak Jain

Mutual funds tank up on financial services and retail stocks

Rounak Jain

CAIT seeks action against Amazon, Zomato, Flipkart and Swiggy for 'daylight robbery'

IANS

Zomato hacked! 17 million user records stolen; hackers ask for payment in bitcoins

BI India Bureau

Softbank is eyeing a slice of the Indian food delivery market

Dilsher Dhillon

SC dismisses plea to constitute "Renaming Commission"; says India a secular country

ANI

ITC has had a dream run in FY23 and here’s why there’s more juice left in the stock

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