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<keyword id="19960124" type="General" weightage="20" keywordseo="mergers-and-acquisitions" source="keywords">Mergers and acquisitions</keyword> (M&amp;A) deals in India during the first nine months of this year surged by as much as 66% in value terms compared to the same period in 2023. This means corporate deals, largely mergers and acquisitions, are getting back strongly on their feet, noted a recent report by <keyword id="19896306" type="General" weightage="20" keywordseo="Boston-Consulting-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Boston Consulting Group" meta.hostid="261" meta.entityid="Boston Consulting Group">Boston Consulting Group</keyword> (BCG). This comes right after a steep deal-making dip India experienced between mid-2022 and 2023. Per the 21st edition of BCGs Global M&amp;A Report, companies around the world announced deals worth $1.6 trillion through the first 9 months of 2024, by way of approximately 22,400 transactions. In terms of deal value, this was a 10% uptick from the year ago period. Even with a marginal decline of 3% in deal volumes, India continued to defy the larger trend of a 13% volume decline, which was observed in the Asia-Pacific region and even globally. BCG’s M&amp;A Sentiment Index, which reflects how willing dealmakers are to undertake mergers and acquisitions over the next 6 months, is presently at 82, which is towards the lower end of the spectrum. However, India is outpacing this trend with a 66% surge in M&amp;A activity, as compared to a 5% decline noticed in the wider Asia-Pacific region. Notably, deals within the Asia Pacific region dropped to a 10-year low of $263 billion. While the major contributors to this decline were the dips in deal values in China (down by 41%) and Australia (down by 7%), there were some bright spots like India and Malaysia, where deal values increased by a massive 132%. Singapore (deal values up by 48%) and Japan (deal value up by 37%) emerged as other major bright spots. The number of <keyword id="23669152" type="General" weightage="20" keywordseo="megadeals" source="keywords">megadeals</keyword>, i.e., those valued at over $10 billion, failed to reach the levels seen in 2022 and 2023. During the first 9 months of this year, BCG reported a total of 17 megadeals, as opposed to 28 seen in the first 9 months of 2022 and 20 seen until October 2023. <h2>India's deal galore</h2> Some of the most prominent deals made by Indian companies during the first nine months of this year include Bharti Airtel's acquisition of British Telecom Group in August, which was valued at around $4.08 billion and gave Bharti Airtel a 24.5% stake in the British telecommunications company. In September, <keyword id="23669154" type="General" weightage="20" keywordseo="Gujarat-State-Petronet" source="keywords">Gujarat State Petronet</keyword> Limited (GSPL) announced its merger with Gujarat State Petroleum Corporation (GSPC). Additionally, GSPC Energy Limited (GEL) was also to merge with Gujarat Gas Limited (GGL). In August 2024, food delivery giant Zomato also completed its acquisition of Blinkit, formerly known as <keyword id="20676227" type="General" weightage="20" keywordseo="grofers" source="keywords">Grofers</keyword>. Per media reports, while Zomato paid Rs 4,447 crore to buy out Blinkit, the quick commerce company's warehousing and ancillary business was purchased for Rs 61 crore.

India's M&A deal value surges 66% in 2024, bucks global trends of just 10% uptick in value

Imagine this! Expanding from 11 hotels in two cities to 7000 hotels in 2000 cities in a little more than three years isn’t an easy task. But Ritesh <keyword id="781" type="PERSON" weightage="20" keywordseo="Agarwal">Agarwal</keyword> of <keyword id="2808667" type="UNKNOWN" weightage="100" keywordseo="OYO">Oyo</keyword> has achieved that. Not just the growth in expansion, revenue has boomed as well. Last year at annual general meeting of the Indian Hotels Company, Cyrus Mistry, the erstwhile Tata chief admitted that going like this Oyo may be a clear ‘threat’ to hospitality space where Tata owns groups like Taj, Vivanta, Gateway and Ginger. Talking to the Economic Times, Agarwal said that Oyo will be closing $250-300 million round of funding from <keyword id="163404" type="COMPANY" weightage="100" keywordseo="Softbank">SoftBank</keyword>, which will take its valuation to over $850 million and a step closer to the unicorn club. At a time when most of the SoftBank’s investments in India are bleeding including <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>, Ola and Grofers, Japan’s conglomerate is expecting a big gain from India’s hotel aggregator. Agarwal told the ET, that losses are a ‘part of investment’. What investors are looking at is also growth more than profits. They hate high burn rates but they hesitate to fund a profit making company with slow growth rate. While Oyo seems to be the dark horse of SoftBank’s investments in India, it needs to be checked how it fares in the long run. Oyo’s new initiative <keyword id="4100346" type="UNKNOWN" weightage="20" keywordseo="Oyo-Townhouse">Oyo Townhouse</keyword> will cater to the upscale clientele. The Townhouse model, according to ET news report, will call for investment - an estimated Rs 3.5 lakh in each room, with each property having up to 20 rooms - as the company goes about setting up 250 Townhouses over the next six months. However what needs to be seen if customers prefer Oyo Townhouse versus a Sarovar or a Lemon Tree. Agarwal told ET that Oyo has more than doubled its growth. Its burn rate has come down by as much as 60%, customer service rating is at the highest, and losses have come down from Rs 496.31 crore in March-ended 2016 fiscal to Rs 325.26 crore a year later. The venture, he maintains, has found the right momentum, has shunned incentivisation as a long-term, customer-acquisition strategy, and has the backing of its investors.

This is how Oyo is becoming the dark horse of SoftBank’s investments

<keyword id="4741" type="LOCATION" weightage="20" keywordseo="Tokyo">Tokyo</keyword>, At least 30 people were injured after a <keyword id="505091" type="PERSON" weightage="20" keywordseo="massive-earthquake">massive earthquake</keyword> measuring 7.3 on the Richter scale struck <keyword id="6355311" type="LOCATION" weightage="20" keywordseo="japan">Japan</keyword>'s Fukushima prefecture, authorities said on Sunday. The quake which struck late Saturday night was preliminarily measured with a magnitude of 7.1 and was later revised up to 7.3, the Japan Meteorological Agency (JMA) said. The injuries were reported in Miyagi and Fukushima prefectures, Xinhua news agency quoted the authorities as saying. The temblor occurred at 11.08 p.m., with its epicentre at a latitude of 37.7 degrees north and a longitude of 141.8 degrees east, and at depth of 60 km, according to the JMA. So far no tsunami warning has been issued. The quake logged Upper 6 in some parts of Fukushima prefecture on the Japanese seismic <keyword id="10760158" type="UNKNOWN" weightage="20" keywordseo="intensity-scale">intensity scale</keyword> which peaks at 7. Chief Cabinet Secretary Katsunobu Kato said about 950,000 households were left without electricity following the strong earthquake. The blackout affected 860,000 homes under the area covered by <keyword id="589499" type="COMPANY" weightage="20" keywordseo="Tokyo-Electric-Power-Company">Tokyo Electric Power Company</keyword> Holdings Inc. and 90,000 homes under Tohoku Electric Power Co., Kato said. Following the quake, the Japanese government set up a task force at the Prime Minister's Office. Prime Minister Yoshihide Suga instructed the government to quickly survey the damage from the quake, conduct rescue efforts in areas necessary, and to relay information to the public as soon as possible. The quake was also felt in the capital Tokyo where an intensity scale of 4 was logged, with many reporting that their houses and furniture underwent strong shaking and some saying they felt dizzy because of the quake. Tokyo Electric Power Company said it has found no abnormalities with the reactors at the Fukushima Daiichi and Daini nuclear power plants after the quake. Meanwhile, no abnormality has been found at Japan Atomic Power Co.'s inactive Tokai No. 2 nuclear power plant in the village of Tokai in Ibaraki prefecture, according to the operator. The quake is believed to be an aftershock of the earthquake that triggered a massive tsunami in 2011 in the same area, said Kenji Satake, a professor at the University of Tokyo's Earthquake Research Institute. "Because (the 2011 quake) was an enormous one with a magnitude of 9.0, it's not surprising to have an aftershock of this scale 10 years later," Satake said. According to the professor, although the quake was relatively large in scale with the focus off Fukushima prefecture, it was unlikely to cause tsunami because it had a deep epicentre of about 55 km below the sea surface. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/why-grofers-may-allow-an-american-blank-cheque-firm-to-buy-it-out-instead-of-fighting-ambani-and-bigbasket-for-ipo/articleshow/80874979.cms">Here’s why Grofers may allow an American “blank cheque” firm to buy it out instead of fighting Ambani and BigBasket for IPO</a> <a href="https://www.businessinsider.in/india/news/spicejet-and-indigo-stocks-take-off-as-a-2-hour-flight-could-now-cost-up-to-13000/articleshow/80873865.cms">SpiceJet and IndiGo stocks take off as a 2-hour flight could now cost up to ₹13,000</a> <a href="https://www.businessinsider.in/business/auto/news/centre-earned-100-crores-by-sharing-vehicle-registration-data-with-companies-such-as-bmw-axis-bank-bajaj-allianz-lt-and-others/articleshow/80879638.cms">Centre earned ₹100 crores by sharing vehicle registration data with companies such as BMW, Axis Bank, Bajaj Allianz, L&amp;T and others</a>

30 people injured in massive earthquake in Japan

<a href="http://www.businessinsider.in/searchresult.cms?query=Japan%E2%80%99s+SoftBank+">Japan’s SoftBank</a> might provide a <keyword id="6357455" type="EVENT" weightage="60" keywordseo="Funding">funding</keyword> of Rs 650 crore ($100 million) to Grofers, a quick-delivery service for groceries and electronics from neighbourhood stores. 
 The Gurgaon-based startup is in talks with investors including <keyword id="163404" type="COMPANY" weightage="100" keywordseo="Softbank">SoftBank</keyword>, according to two people aware of the development. 
 The company is looking to close the round at a valuation of between $300 million and $400 million, said a <keyword id="6357097" type="COMPANY" weightage="100" keywordseo="venture-capital">venture capital</keyword> investor. 
 
If the deal fructifies, it will mark an over ten-fold increase in valuation and the third round of funding this year for Grofers, which was valued at $33 million in February in its first major round quickly followed by another round in April, taking its total venture funding to $46.5 million. 
 Grofers, founded in December 2013, has also held talks with Russian billionaire Yuri Milner's DST Global. But SoftBank, whose president is the India-born former <keyword id="6355629" type="CITY" weightage="100" keywordseo="Google">Google</keyword> executive Nikesh Arora, is now in talks to lead the round, sources said. 
 
The new fundraising comes as Grofers, founded by IIT graduates Dhindsa and Saurabh Kumar, gets ready to compete in the so-called hyperlocal delivery space with larger players such as <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart%2C+Snapdeal+and+JustDial+">Flipkart, Snapdeal and JustDial</a> besides grocery delivery firms like BigBasket and PepperTap. 
 
Softbank most aggressive when it comes to invest in Indian startups: Over the past year, SoftBank has become the <a href="http://www.businessinsider.in/searchresult.cms?query=investor">most aggressive investor in Indian startups, backing Snapdeal, Ola, Housing and Oyo</a> with over $1 billion in total funding. SoftBank founder Masayoshi Son pledged last year to invest $10 billion in India over a decade. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Grocery+">Grocery accounts</a> for over 70% of India's total retail market of $350 billion, according to a recent report on the Indian Internet market by IIFL. "Our interactions indicate that the top three brick-and-mortar grocers invested $2-3 billion in the past three years. Despite such <keyword id="6362476" type="ORGANIZATION" weightage="40" keywordseo="investments">investments</keyword>, the share of organised grocery retailing remains low. This provides a significant opportunity for an online grocer," said the report. 
 Competition in hyperlocal grocery service: India's largest online retailer has started piloting its hyperlocal grocery service, <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> Nearby, while <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> recently bought a stake in PepperTap by participating in its $36-million round. <a href="http://www.businessinsider.in/searchresult.cms?query=Grocery+">Paytm</a>, backed by China's Alibaba Holdings, also has a grocery app while Amazon has been experimenting hyperlocal delivery with kirana stores. 
 Grofers raised $36 million in April this year from venture capital firm <keyword id="270604" type="ENTERTAINMENT" weightage="80" keywordseo="Sequoia">Sequoia</keyword> Capital India, New York-based investment firm Tiger Global Management and Apoletto Asia, the personal investment vehicle of DST Global's Milner. 
 
(Image: Indiatimes)

SoftBank is likely to invest in Grofers! In talks to raise Rs 650 crore

<ul><li><keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> is looking to invest in secondary deals in India i.e. buy out investors in other <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword>.</li><li>Many of SoftBank’s star bets in India are either struggling or staring at an uncertain future</li><li>Rajeev Misra, the CEO of the <keyword id="3749718" type="PERSON" weightage="20" keywordseo="softbank-vision-fund">SoftBank Vision Fund</keyword>, reportedly said that talks are underway for 15-20 deals.</li></ul>SoftBank Vision Fund has invested over $10 billion and has $13 billion more to invest in India. That would seem like good news for new startups— or its existing bets like <keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword>, <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword>, or Paytm— but it really isn’t. The Japanese billionaire <keyword id="357983" type="PERSON" weightage="20" keywordseo="Masayoshi-Son">Masayoshi Son</keyword>’s India office would rather spend that money on buying out investors in other startups because there is a shadow on the prospects of its current investments⁠; the COVID-19 coronavirus pandemic has hurt some firms and some others were struggling even before the outbreak. In an interview with <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/amid-turmoil-at-softbank-its-vision-fund-scouts-for-secondary-deals-in-india/articleshow/75398164.cms">Economic Times</a>, the fund’s CEO Rajiv Misra said, “We are actively looking at India, to invest at the right valuation. SVF1 and 2 are both interested in buying secondary positions from early-stage investors who are wanting to exit as their fund lives come to an end. Next three months, we will announce deals as currently we are in mid-stages of talking to 15-20 companies for both secondary and primary investments.” Misra also told ET that SVF1 has invested $81 billion so far and has also returned $10.7 billion to investors. The fact is SoftBank has already bet over $10 billion in India’s startup ecosystem but many of its bets are bleeding or staring at an uncertain future. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">SoftBank Vision Fund star India investments </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;">Last reported valuation </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;">Delhivery </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;">$1.5 bn </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;">FirstCry </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;">$1.2 bn </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;">Grofers </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;">$650 mn </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;">Ola </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;">$5.7 bn </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;">OYO </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;">$10 bn </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;">Paytm </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;">$16 bn </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;">PolicyBazaar </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;">$1.5 bn </td></tr></tbody></table> The fault in his stars For instance, OYO, which owes a lot of its $10 billion valuation to the share buyback by the founder <a href="https://www.businessinsider.in/business/startups/news/oyo-founder-ritesh-agarwal-admits-the-share-buyback-in-2019-was-bad-timing/articleshow/75125466.cms">Ritesh Agarwal</a>, before coronavirus rattled the world, is part of the hospitality industry whose prospects are bleak at best in the near to medium term. The recent spate of problems, including the recent layoffs, further dent the <a href="https://www.businessinsider.in/business/startups/news/in-oyo-crisis-ritesh-agarwal-has-a-task-to-rebuild-the-companys-brand/articleshow/73282573.cms">brand value</a>, and possibly, the valuation too. Son has $1.5 billion riding on OYO. Meanwhile, the other big <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> has seen a spike in valuation in the last three years but the road ahead is fraught with risks as it goes to head-to-head against the combined might of Reliance Jio and Facebook ⁠— owned by two of the world’s richest men Mukesh Ambani and Mark Zuckerberg respectively⁠— in payments, retail and more, areas that Paytm has called itself a leader in. The future of ride-hailing services like Ola in the post-COVID world with a rising preference for work-from-home is just as <a href="https://www.livemint.com/companies/news/india-s-gig-economy-goes-off-the-rails-as-the-coronavirus-crisis-deepens-11585508887763.html">uncertain</a>.Softbank’s investment gave Grofers another lease of life but in reality, online delivery of essentials is an overcrowded space with everyone from BigBasket to Amazon to Flipkart fighting it out. SoftBank itself poured in $5 billion into the second vision fund (SVF2) with a total reported size of $108 billion. Indian eyewear company Lenskart became the first company in India to receive funds from SVF2 in December 2019, just months before the world went into recession. According to <a href="https://www.reuters.com/article/us-softbank-group-results/softbank-sees-16-5-billion-full-year-vision-fund-loss-idUSKCN21V0TT">a Reuters report</a>, the group said it sees a $16.5 billion loss for its $100 billion Vision Fund. Thi was the first time in 15 years Softbank posted a loss because of ‘the deteriorating performance of its tech bets’. The group as a whole is set to report a $12.5 billion loss in FY20. SoftBank announced its largest ever share buyback to prop up their value in March. Son has already pledged two of every five shares in Softbank as collateral for loans. So it’s hardly a surprise that Son is having second thoughts on his own ‘vision’. "I promise you I'll start to be more careful and listen. My view doesn't change, but my behavior becomes a little more careful,” he <a href="https://tech.economictimes.indiatimes.com/news/internet/softbank-ceo-masayoshi-son-tells-us-investors-hell-be-more-careful/74451463">reportedly told his investors in the US.</a> SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-turns-to-masayoshi-son-for-help-in-japan-but-softbank-itself-is-struggling/articleshow/75201970.cms">OYO turns to Masayoshi Son for help in Japan, but SoftBank itself is struggling</a> <a href="http://businessinsider.in/business/news/chalk-and-cheese-when-steve-schwarzman-first-met-masayoshi-san/articleshow/74522400.cms">Chalk and cheese: When Steve Schwarzman first met Masayoshi Son</a>

SoftBank has $13 billion unspent in India but Masayoshi Son is not betting on his own ‘vision’

<ul><li><keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> partnered with <keyword id="4410318" type="PERSON" weightage="20" keywordseo="SUN-Mobility">Sun Mobility</keyword> for electric three-wheelers.</li><li>Sun Mobility with offers e-mobility solutions to companies, was founded by Chetan Maini, who had built India’s first <keyword id="46640" type="ORGANIZATION" weightage="20" keywordseo="electric-car">electric car</keyword> <keyword id="51538" type="COMPANY" weightage="20" keywordseo="Reva">Reva</keyword>. </li><li>Uber had earlier also partnered with Bengaluru-based Yulu bikes for electric bicycles.</li></ul>Ride hailing giant Uber has partnered with Sun Mobility to bring electric three wheelers in India. Interestingly, Sun Mobility is founded by Chetan Maini who had made India’s first electric car Reva. It was later sold to Mahindra &amp; Mahindra. Sun Mobility offers technological solutions to <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">electric vehicles</keyword>. With their <a href="https://www.livemint.com/companies/news/uber-and-sun-mobilty-come-together-to-deploy-e-three-wheeler-in-india-1563953667519.html">partnership</a> with Uber, Sun will offer swappable smart batteries and quick interchange stations to original equipment manufacturers who will build EVs. Uber drivers and fleet owners can then in turn buy the EVs for lesser costs without the battery. “This (partnership) is an important step forward in fulfilling our vision for creating a mobility ecosystem that is sustainable, provides cleaner air and helps build smarter cities across the region," <a href="https://www.livemint.com/companies/news/uber-and-sun-mobilty-come-together-to-deploy-e-three-wheeler-in-india-1563953667519.html">said Pradeep Parameswaran</a>, president, <keyword id="2502101" type="PERSON" weightage="20" keywordseo="Uber-India">Uber India</keyword>. Uber earlier partnered with Bengaluru-based Yulu bikes to bring electric bicycles on Indian roads. The Indian government too has been pushing for the growth of EVs in India. There are reports that the government <a href="https://www.businessinsider.in/uber-ola-to-have-electric-vehicles-in-india-by-2026/articleshow/69679364.cms">could </a>ask ride-hailing giants Uber and Ola to replace 40% of their fleet to electric cars by 2026. Uber’s Indian competitor Ola has a subsidiary company Ola Electric which is wholly focussed on e-mobility. Ola Electric recently gained the unicorn status too. From ride-hailing companies to logistics or delivery companies, many entities in the country have been piloting EV projects. Uber Eats is also a part of electric vehicle freight project by the Delhi government called Deliver Electric Delhi. Others driving the EV trend include Amazon, Flipkart, Zomato, BigBasket, and Grofers. See Also: <a href="https://www.businessinsider.in/japans-mitsui-invests-14-million-in-indian-ev-startup-smarte/articleshow/70328611.cms">Japan’s Mitsui invests $14 million in Indian EV startup SmartE</a>

Uber partners with India's first electric car maker for e-autorickshaws

<ul><li><keyword id="143842" type="COMPANY" weightage="20" keywordseo="Mobikwik">Mobikwik</keyword>, a digital payments company, has said that its payment gateway business has turned profitable. </li><li>With an IPO in mind, the company is now aiming for a ₹1.4 lakh crore annual payment volume from the payment gateway business.</li><li>Earlier in July, Mobikwik had reported a funding of ₹8.67 crores. </li></ul>Mobikwik, one of India’s leading digital payments companies, has claimed that its payment gateways vertical had turned profitable since April 2019. “Our focus on building the best tech stack for our merchants is evident in the growth and success of our Payment Gateway business. Our product and user experience (UX) philosophy is to keep the user experience simple and ultra fast. Payment Gateway is one of our fastest growing verticals and will play an instrumental role in our path to profitability,” said Upasana Taku, Co-Founder, MobiKwik. With this, the payments company now aims to ₹1.4 lakh crore annual payment volume for its payment gateway business. As a payment gateway, Mobikwik finds clients in businesses like Uber, IRCTC, Dream11, Bajaj Finance, Zomato, Grofers, Blue Dart, Delhivery, Dominos, Maruti Suzuki, Hyundai, etc. “Over 94 million unique cards are saved on MobiKwik PG platform; this includes 20 million credit cards which is 50% of all credit cards issued in India,” said the company’s official statement. In July, the company had also announced a new round of funding of ₹8.67 crore from Trifecta Capital and NDTV. Its previous investors include Sequoia Capital and American Express among others. According to <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/ahead-of-ipo-mobikwik-scouts-for-investor-eyes-profit-from-fy21/articleshow/69810493.cms?from=mdr">reports</a>, Mobikwik is also planning to head for an IPO in the next three years. "We are looking for an investor who will help the company go for an initial public offering (IPO) in three years," co-founder and chief executive Bipin Preet Singh told <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/ahead-of-ipo-mobikwik-scouts-for-investor-eyes-profit-from-fy21/articleshow/69810493.cms?from=mdr">ET.</a> Mobikwik finds competition from the likes of Paytm, PayU and Razorpay in the payment gateway business. Paytm claims to hold over 50% of the market share and has said that it does 400 million transactions per month; is five times more than its next competitor. A report by Credit Suisse Group AG says that the Indian digital payments market will increase five-fold from the current $200 billion to $1 trillion by the year 2023. This has also resulted in many international players eyeing the Indian market like <a href="https://www.businessinsider.in/google-wallet-creator-osama-bediers-startup-poynt-will-launch-in-india-in-2019/articleshow/68145220.cms">Osama Bedier's Poynt.</a> Bedier is also credited to be the creator of the Google Wallet. In June 2019, Mobikwik had also partnered with DT One, a global B2B network for mobile recharge, giving its users the opportunity to recharge their phones in 150 countries. MobiKwik’s competitor in India, Paytm had already entered two international markets – Canada and Japan.

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