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<div type="image" title="For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire" height="900" width="1200" msid="114064202" hostid="261" caption="&amp;lt;p&amp;gt;For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire&amp;lt;/p&amp;gt;"></div> Once upon a time, there thrived a wild, wild land. Here, it was all about super high monetary stakes, lightning-fast trade deals, and bucketloads of money shifting hands every single second. This wilderness lured millions of individuals with the promise of super duper high returns. But, at what cost? Welcome to the unforgiving, ultra-risky wild west of <keyword id="19991165" type="General" weightage="20" keywordseo="Indian-equity-markets" source="keywords">Indian equity markets</keyword> called the <keyword id="145718" type="General" weightage="100" keywordseo="Futures-and-Options" source="Orion">futures and options</keyword>. Here, everyone seems to just fly right through the bright red-flagged warnings of financial risks to earn even a fraction of these promised returns. Most burn themselves in the process, but carry on nevertheless, as if nothing ever happened. <h2>Chasing the cloudy profits</h2>The data conclusively proves that every 9 out of 10 individuals only lost their hard-earned money in this land. But hey, what do the numbers know? Some hide their losses out of shame, some out of fear. The proponents, meanwhile, proudly boast unusually high returns on their investments, some open social media channels while others encourage their friends and family to take the plunge. Naturally, news of this unstoppable and humongous en-masse migration to the F&amp;O (futures and options) town has reached sheriff <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, galvanising them into action. After all, it was time to put a leash on this madness and save the common man. The inhabitants of this town doubled in the last 2 years, from 51 lakh in FY22 to 96 lakh in FY24—99.8% of whom were small and mid-income traders. But profits? Well, that's a different, rather completely absent story. <h2>Que Sera Sera, much?</h2>A recent report by SEBI (Securities and Exchange Board of India) that studied profits and losses made by traders in the equity derivatives segment between FY22-24 exposed the mad mania of futures and options trading in India, especially since the pandemic. Per the report, 91.1% of individual traders, or about 73 lakh traders had only lost money trading in futures and options in FY24. Between FY 22-24, over 1 crore traders, or about 92.8% of individual traders, had lost Rs 2 lakh each. But once bitten, twice shy? Well, not in this case. More than 75% of individuals, who had only made losses trading in F&amp;O in FY22 and FY23, continued to trade vigorously in FY24 as well, without any changes in the bottom line, which remained deep in red and negative. So, then all these traders must be uber-rich, with tons of cash and not much care to spare? Nope. 76% of traders in the F&amp;O space in FY24 had an annual income of less than Rs 5 lakh. 2 years ago, their share stood at 71%. And their choice of poison? Options! In FY24, 60% of traders made losses trading in futures, but a whopping 91.5% burnt their funds trading in options. Mind you, futures are riskier than options. With futures, which require significant capital investment, the buyer and seller both are contractually bound to adhere to the pre-determined strike price of the futures or options contract, irrespective of whether the prevailing prices are higher or lower (and thus, resulting in losses for either the buyer or seller). With options, since this adherence ain't necessary, individuals end up taking debt to take highly leveraged positions while trading here. <h2>Scale of the explosion</h2>Anyone who trades even infrequently will tell you that a demat account is the mitochondria or powerhouse of the trading cell. As of August 2024, India had over 17.1 crore <keyword id="20957284" type="General" weightage="20" keywordseo="demat-accounts" source="keywords">demat accounts</keyword>, which are a prerequisite for trading in the markets. India is the 9th biggest country in the world, in terms of total demat accounts. Did you know that our demat accounts are at par with the entire population of Bangladesh? Talk about scale! Just 4 years ago, in March 2020, this number was a mere 4 crore. Naturally, the total F&amp;O turnover on both <keyword id="20004725" type="General" weightage="20" keywordseo="NSE" source="keywords" meta.keywordsubtype="org" meta.entityname="NSE" meta.hostid="261" meta.entityid="NSE">NSE</keyword> and BSE has hit the roof, and also broken it. As of October 4, 2024, the total futures and options turnover on NSE stood at a massive Rs 4,78,27,27,750.30 crore. Good luck counting the thousands! <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;">Year </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;">Total Turnover (Both Futures and Options) (In Rs Crore) </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;">2020-21 </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;">64,36,03,951.51 </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;">2021-22 </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;">1,69,52,33,134.47 </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;">2022-23 </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;">3,82,23,26,468.06 </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;">2023-24 </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;">7,99,27,67,152.43 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source : NSE Another metric that underlines the meteoric growth of trading in India is the collection of STT or <keyword id="20930760" type="General" weightage="20" keywordseo="Securities-Transaction-Tax" source="keywords">Securities Transaction Tax</keyword>. As of September 2024, India's STT mop-up had gone past Rs 26,000 crore. Traders have to pay STT whenever they buy or sell any security in the market. So, more trading brings in more STT, and hence, more revenue for the government, so they're not really complaining. After all, this is certainly what they'd call enviable growth. As of August 2023, our STT collection stood at about Rs 21,599 crores. And in FY20-21, India's STT collection had been Rs 16,000 crore. If only our salaries also managed to grow at this rate! <h2>So, what's happening?</h2>Two things. One, it's the big bulls who are raking in all the moolah. And it's the younger lot (those aged under 30) who are propping them up for this. In FY24, 43% of individual traders in the market were less than 30 years of age. In just one year, this number has swelled by 12 percentage points from just 31% of individual traders. But who says ageing is bad? Wrinkles and silver hair seemingly have a propensity of incurring lesser losses in the market. In FY24, only 79% of traders aged above 60 years made losses, as compared to 93% of those aged below 30. Small and mid-income traders, which make up 98% of the total trader base, witnessed average losses per person of Rs 65,000 and Rs 1.5 lakh in FY24 in futures and options, respectively. The winner here? Clearly, the big bulls, who declared an annual income of over Rs 1 crore, ended up with average profits of Rs 96,000 per person this year. <h2>What’s the sheriff up to?</h2>The government has finally swung into action, hiking the STT rate for F&amp;O during this year’s budget. Effective October 1, 2024, the STT on futures stands at 0.02%, up from 0.0125%. For options, it was upped to 0.1% versus 0.0625% previously. Small margins, but huge impact oncoming. Says Puneet Sharma- CEO and Fund Manager at Whitespace Alpha, “SEBI aims to enhance market stability while safeguarding investor interests, reflecting the regulator's intent to balance risk management with market participation”. But this might come with its own share of challenges, too. “Stricter norms around leverage, transparency, and capital adequacy could limit the ability of investors to determine their own risk appetite, thereby stifling innovation in trading strategies. Over-regulation in an environment that thrives on strategic flexibility and creativity could dampen the market’s dynamism, affecting India's competitiveness in the global derivatives landscape”, he observes. SEBI recently came out with a set of guidelines that aim to thwart <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword>' participation in futures and options and hinder them from taking undue risks. Here's a quick recap of what's to come for the residents of the F&amp;O town Margin Requirements: To battle the high volatility and chaos which is generally seen on expiry days(i.e the last mandated date, post which an option becomes invalid), SEBI will put in place an extreme loss margin (ELM) of 2% for all open short options on the day of expiry. Translation? Traders will need to pony up more cash upfront, leaving them with fewer funds to take on risky bets. It ain't a choice: No more of one expiry every single day! Going ahead, an exchange like BSE or NSE will just be able to offer weekly expiries, that too, only on one benchmark index, as opposed to an entire buffet it currently offers. At present, NSE offers weekly options contracts for its financial index, bank and midcap indices. But say goodbye to this, and hello to derivatives on only 1 index per exchange. Raising the bar: Effective November 30, 2024, the minimum contract value for index derivatives will be upped to Rs 15 lakh, from the present Rs 5-10 lakh. The hope is that by making it ultra-expensive to enter these trades, investors will be dissuaded from taking on risky trades. Pay upfront: Starting February 2025, those trading in options will have to pay the entire options premium upfront, even before their trades are executed. This is because options generally carry very high leverage, and paying a significant sum upfront can force traders to think twice. Invigilation Pro Max: Starting April 1 2025, to make sure that the number of positions for equity index derivatives does not slyly slip over the mandated limit, especially on expiry days when trade volumes are huge, the exchanges will have to take a minimum of 4 position snapshots randomly. The question is, will these injections of sobriety be enough to calm down the steroid-fed bull of the futures and options market in India? Well, only time and market turnover will tell! For more insights into the financial markets and business news, stay tuned to our site and social media handles. And don’t forget to subscribe to Business Insider India’s newsletters for your weekly dose of Simply Put! Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

SIMPLY PUT: SEBI is on a mission to take on the wild, wild west of futures and options in India. Here’s why, what, and how

Uber Technologies on Wednesday announced it will hire 500 employees for its <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> tech centres by the end of this year. The app-based mobility and delivery company currently has a 1,000-strong workforce in Hyderabad and Bengaluru. "India is a key market for Uber and we continue investing in the twin tech centres here. The teams play a crucial role in driving world-class innovations by launching products and services globally," said <keyword id="13897114" type="General" weightage="20" keywordseo="Praveen-Neppalli-Naga" source="Orion">Praveen Neppalli Naga</keyword>, <keyword id="13897115" type="General" weightage="20" keywordseo="Uber-Vice-President" source="Orion">Uber Vice President</keyword> and Head of Mobility Engineering. Uber added 250 engineers to its India teams in 2021. The company has been expanding teams at all its tech centers across the globe, including the US, Canada, LatAm, Amsterdam and at its India centres. Earlier this week, Uber inaugurated a new facility at its Bengaluru tech centre in the presence of state Minister of IT, CN Ashwath Narayan. "Uber is looking for the best-in-class engineers, data scientists, and program managers to join its global engineering and product teams," said Manikandan Thangarathnam, Senior Director-Engineering, Uber. The Hyderabad and Bengaluru centres handle critical functions for Uber such as rider engineering, Eats engineering, Infra tech, data, Maps, Uber for Business, fintech, customer obsession, and growth and marketing, among others. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/supreme-court-puts-sedition-law-on-hold-no-new-firs-to-be-lodged-till-review-is-complete/articleshow/91489772.cms">Supreme Court puts sedition law on hold, no new FIRs to be lodged till review is complete</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-government-accuses-ola-uber-and-other-aggregators-of-inflating-cab-prices-for-older-customers/articleshow/91488894.cms">Indian government accuses Ola, Uber and other aggregators of inflating cab prices for older customers</a>

Uber to hire 500 techies in India by the end of this year

<ul><li>The Indian government has warned cab aggregators over rising consumer complaints.</li><li>The government is expected to issue guidelines to remove unfair trade practices.</li><li>The government has also asked aggregators to reveal their algorithm and policies for determining price and cancellation charges.</li></ul>The government has come down heavily on cab aggregators like <keyword id="1042120" type="General" weightage="20" keywordseo="uber" source="Orion">Uber</keyword> and <keyword id="6354720" type="General" weightage="20" keywordseo="ola" source="Orion">Ola</keyword> amid increasing consumer complaints over “unfair trade practices” such as surge pricing, ride cancellation, drivers refusing to turn on the air conditioner and more. According to a <a href="https://zeenews.india.com/auto/indian-govt-directs-ola-uber-to-improve-cab-quality-services-stop-unfair-trade-practice-2462130.html">report</a>, the consumer affairs ministry held a meeting with companies such as Uber, Ola, Rapido, Meru Cabs and Jugnoo and warned the companies of strict action. The main issues under discussion included the surge pricing, frequent cancellation of rides by drivers over trivial issues such as the destination and payment mode, refusal to turn on air conditioners in cabs, different pricing for different users and more. Cab aggregators have announced <a href="https://www.businessinsider.in/business/auto/news/uber-announces-a-price-hike-of-12-for-cab-rides-in-delhi/articleshow/90793725.cms">price hikes</a> in several cities across the country. One of the reasons announced for the price hike was the <a href="https://www.businessinsider.in/india/news/petrol-and-diesel-prices-hiked-for-the-13th-time-in-15-days/articleshow/90655551.cms">increasing</a> cost of petrol and diesel in the country. Some cab drivers have also been <a href="https://telanganatoday.com/cab-drivers-in-hyderabad-to-charge-extra-for-ac-amid-rising-fuel-prices">refusing</a> to turn on the air conditioner, asking riders to pay an additional amount. <cmsannotation type="cmsannotation" annotationid="Govt warns about strict action" comment="subhead" text="Govt warns about strict action">Govt warns about strict action</cmsannotation> “We told them (cab aggregators) about the rising consumer complaints against their platforms. We gave them the statistics also. We have asked them to improve their system and redress the consumer complaints otherwise the competent authority will take strict action,” Rohit Kumar Singh, consumer affairs secretary said after the meeting. "The authority is likely to issue an advisory to ensure that unfair trade practices by cab aggregators are not carried on in violation of consumers' rights," said Nidhi Khare, chief commissioner, Central Consumer Protection Authority (CCPA). "The number of complaints is very high and therefore we have called the cab aggregators for an explanation of their policies," Khare said. “We are engaged with the Department of Consumer Affairs and deeply appreciate the feedback provided by them and will continue to provide our inputs. We strive to be the platform of choice for riders and drivers alike and continue to invest in technology and customer support to deliver an excellent experience for them," Nitish Bhushan, Head of Central Operations, Uber India and South Asia said in a statement to Business Insider India "We are committed to continually raising the bar – for ourselves, our industry, and most importantly for the people who use our services," Bhushan added. <cmsannotation type="cmsannotation" annotationid="Inflated price for old customers" comment="subhead" text="Inflated price for old customers">Inflated price for old customers</cmsannotation> Another issue that has come under the government’s scanner is surge pricing and differential pricing for old and new customers. "It appears that cab aggregators are using algorithms to lure new customers, putting old customers at a disadvantage. This is an unfair practice," Khare added. As per the regulator, cab aggregators are charging a premium to their existing customers and offering discounts to lure new customers. Differential pricing for the same location has been termed as an “unfair practice” by the regulator. Khare has added that aggregators will be called upon to reveal their algorithms and policies that are used to determine prices, cancellation charges and surge prices. The aggregators have also been asked to reveal the steps taken by them to safeguard customer’s personal data on their platforms. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/ubers-ceo-said-hiring-will-be-treated-as-a-privilege-and-inefficient-incentives-will-be-cut/articleshow/91439331.cms">Uber's CEO said hiring will be treated as a 'privilege' and inefficient incentives will be cut</a> <a href="https://www.businessinsider.in/tech/news/how-a-group-of-youtubers-pranked-a-scam-call-centre-in-india-that-earns-18-million-per-year/articleshow/91463331.cms">Here's how a group of YouTubers pranked a scam call centre in India that makes $18 million per year</a> <a href="https://www.businessinsider.in/business/startups/news/top-profitable-startups-in-india-in-2021-22-zerodha-zoho-dream-11-and-firstcry-in-the-list/slidelist/91484233.cms">Top 10 profitable startups in India – from Zerodha to Zoho and Firstcry, here’s the list</a>

Indian government accuses Ola, Uber and other aggregators of inflating cab prices for older customers

Top VC firm <keyword id="136147" type="General" weightage="50" keywordseo="sequoia-capital-india" source="Orion">Sequoia Capital India</keyword> has sold 17.2 crore shares of <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> in two tranches in the open market, lowering down its stake in the online food aggregator to 4.4 per cent from earlier 6.41 per cent. In a fresh filing with the Bombay Stock Exchange (<keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>), Zomato said Sequoia Capital India sold some 6.7 crore shares in the September 6-October 14, 2021 period and 10.5 crore shares between June 27-August 25, 2022. The stock sales were performed by <keyword id="14821825" type="General" weightage="50" keywordseo="sequoia-capital-india-growth-investment-holdings" source="Orion">Sequoia Capital India Growth Investment Holdings</keyword> I and <keyword id="13302083" type="General" weightage="50" keywordseo="sci-growth-investments-ii" source="Orion">SCI Growth Investments II</keyword>, according to Zomato. <keyword id="10639596" type="General" weightage="50" keywordseo="sequoia-capital-india-investments-iv" source="Orion">Sequoia Capital India Investments IV</keyword> also received 45,153,346 incremental equity shares on August 10 owing to the acquisition of quick-commerce delivery platform Blinkit, which further has a lock-in period of one year. Sequoia Capital India joins a list of private market investors like Delivery Hero, Moore Strategic Ventures, and <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, which have sold their shares in Zomato in the past months, either in open market or via block deals, as the online food delivery platform's stock gets hammered. On Friday, Zomato shares closed around Rs 61.85. Earlier this month, ride-hailing platform Uber sold its 7.8 per cent stake worth over $390 million in Zomato. Uber, which suffered around $707 million loss in its Zomato investment in the first half of this year, sold its share in the food delivery aggregator via a block deal on stock exchanges that has been bought by several global and Indian VCs. The Zomato block deal was executed at Rs 50.44 per share equivalent to 612 million or 7.8 per cent of total outstanding shares. In a statement to IANS, Zomato had said that "We are a public company and are not privy to what our shareholders are doing with their shares". According to the company, the losses for Blinkit are coming down every month -- from Rs 2,040 million (about $26 million) in January 2022 to Rs 929 million ($12 million) in July. The 10-minute delivery platform was acquired by Zomato for Rs 4,447 crore (about $568 million). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indices-end-marginally-higher-after-a-volatile-trading-session/articleshow/93802735.cms">Indices end marginally higher after a volatile trading session</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/heres-everything-you-need-to-know-about-uks-new-scale-up-visa/articleshow/93799259.cms">Here’s everything you need to know about UK’s new Scale-up visa</a>

Sequoia Capital offloads 2% of its stake in Zomato

<ul><li><keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> invested $247 million into its India business, according to data intelligence platform paper.vc. </li><li>In October, Uber CEO <keyword id="1550747" type="PERSON" weightage="20" keywordseo="Dara-Khosrowshahi">Dara Khosrowshahi</keyword> visited India and launched the public transport feature in Delhi. </li><li>The money is reportedly set to boost the <keyword id="2960214" type="PERSON" weightage="20" keywordseo="ubereats">UberEats</keyword> business.</li></ul>Ride hailing giant Uber invested $247 million into its India business, according to data intelligence platform paper.vc. The investment which was approved on October 29, around the time Uber CEO Dara Khosrowshahi visited India. Uber recently moved its Indian ride sharing and UberEats business to an Indian entity – <keyword id="2502101" type="PERSON" weightage="20" keywordseo="Uber-India">Uber India</keyword> System Pvt Ltd. The investment came from the parent company’s Netherlands entity. "This is the single largest foreign direct investment by Uber into its Indian operations and follows the transfer of its India business from a Dutch entity to an Indian entity. We estimate that a large part of this allocation would go to Eats business, therefore posing a direct challenge to other food delivery companies such as Swiggy and Zomato,” said Vivek Durai, co-founder, paper.vc. Uber CEO Dara Khosrowshahi visited India in October to launch its public transport feature in Delhi. With this, India's national capital became the ninth city in the world and the first in Asia, to <a href="https://www.businessinsider.in/business/news/uber-ceo-dara-khosrowshahi-launches-its-public-transport-feature-in-delhi-its-first-for-asia/articleshow/71700978.cms">get the feature</a>. Khosrowshahi launched the feature in partnership with the Delhi Metro Rail Corporation. The feature allows users to check schedules for the Delhi Metro, based on pricing as well as timing. See Also: <a href="https://www.businessinsider.in/business/news/uber-ceo-dara-khosrowshahi-launches-its-public-transport-feature-in-delhi-its-first-for-asia/articleshow/71700978.cms">Uber CEO Dara Khosrowshahi launches its public transport feature in Delhi, its first for Asia</a>

Uber invests $247 million into its India business, after CEO Dara Khosrowshahi’s visit

Tech giant <keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword> will invest more than 50 billion <keyword id="136261" type="PERSON" weightage="20" keywordseo="won">won</keyword> ($44.15 million) in <keyword id="6970451" type="COMPANY" weightage="20" keywordseo="kakao-mobility">Kakao Mobility</keyword> Corp., the top taxi-hailing company in <keyword id="5565" type="LOCATION" weightage="20" keywordseo="South-Korea">South Korea</keyword>. Google will invest in Kakao Mobility by acquiring new shares worth 56.51 billion won, according to a regulatory filing from Kakao. The deal, which places Kakao Mobility's total value at 3.35 trillion won, will give Google a 1.69 percent stake in the firm, which operates taxi-hailing service Kakao T and has 28 million users. Through the investment, the two companies agreed to cooperate in the development of cloud-based artificial intelligence technology and create synergy between Google services and Kakao Mobility's platform. The latest announcement comes as Kakao Mobility faces competition from newcomer UT, a joint venture between T Map Mobility Co., a subsidiary of South Korea's top mobile carrier SK Telecom Co., and U.S. ride-hailing firm <keyword id="2628955" type="COMPANY" weightage="20" keywordseo="Uber-Technologies-Inc-">Uber Technologies Inc.</keyword> UT will release a new service in the middle of the year by combining existing taxi-hailing services from Uber and T Map Mobility, reports Yonhap news agency. T Map Mobility's service, T Map Taxi, is the second largest in the country with 200,000 registered drivers and 750,000 monthly active users, according to the company. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/nasa-estimates-pandemic-could-cost-it-around-3-billion-quick-look-at-projects-to-take-the-biggest-hit/slidelist/81869940.cms">NASA estimates the pandemic ballooned costs by $3 billion — here are the projects to take the biggest hit</a> <a href="https://www.businessinsider.in/business/startups/news/a-5-5-billion-british-fintech-start-up-may-have-200-jobs-to-offer-in-india/articleshow/81867620.cms">A $5.5 billion British fintech start up may have 200 jobs to offer in India</a> <a href="https://www.businessinsider.in/india/news/pune-set-for-a-partial-lockdown-as-covid19-cases-surge/articleshow/81870720.cms">From night curfew to restaurants being shut, Pune embraces a partial lockdown as COVID-19 cases surge</a>

Google to invest over $44 million in taxi-hailing firm Kakao Mobility

<ul><li>Uber founder and former CEO <keyword id="1739133" type="PERSON" weightage="20" keywordseo="Travis-Kalanick">Travis Kalanick</keyword> has reportedly invested in Indian cloud kitchen startup <keyword id="6971315" type="UNKNOWN" weightage="20" keywordseo="Rebel-Foods">Rebel Foods</keyword>. </li><li>But Kalanick is also <keyword id="6357342" type="UNKNOWN" weightage="20" keywordseo="Hiring">hiring</keyword> in India for his own venture – <keyword id="3155186" type="PERSON" weightage="20" keywordseo="Cloud-kitchens">Cloud Kitchens</keyword>. </li><li>He had acquired a controlling stake in Cloud Kitchens in 2018, taking on the role of CEO.</li></ul>Travis Kalanick, the founder of Uber who was ousted from his own company, is heading to India. He has invested in Indian cloud kitchen startup Rebel Foods, according to <a href="https://www.livemint.com/companies/people/uber-ex-ceo-travis-kalanick-grabs-slice-of-cloud-kitchen-arena-1569248189259.html">reports</a>. Calling itself an ‘internet restaurant company’, Rebel Foods runs restaurants like Faasos, Behrouz Biryani, Oven Story and more. It recently raised a funding of $25 million from Goldman Sachs along with existing investors Lightbox, Sequoia and others. But Kalanick is also hiring for his own venture called Cloud Kitchens. A look at the<a href="https://www.cloudkitchens.com/careers/"> careers</a> page of the company’s website will show that the startup is looking for real estate development managers across Delhi, Mumbai and Bengaluru. It’s also looking for a project manager for the India region. In 2018, Kalanick had <a href="https://www.businessinsider.in/For-his-next-act-former-Uber-CEO-Travis-Kalanick-is-quietly-building-a-new-kind-of-food-delivery-service/articleshow/68000681.cms">acquired</a> controlling stake in real estate startup City Storage Systems and announced himself as the CEO. He had made the investment through his fund 10100. City Storage Systems runs Cloud Kitchens, where they take up real estate spaces in a city and set up kitchens for restaurants to operate out of and run a delivery service. Kalanick maintained a low profile since his very public exit from Uber, a company that he built which recently went for one of the world’s biggest IPOs. Kalanick exited from Uber following a series of scandals involving sexual harassment at work to the crazy Silicon Valley parties and his work culture.

Travis Kalanick isn’t just investing in Indian cloud kitchens but also hiring for his own venture

Ride-hailing major <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> on Wednesday announced to hire nearly 250 engineers for its <keyword id="6354321" type="PERSON" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> and Hyderabad-based teams, as the company expands operations for its engineering and product work in the country. Uber said that it has started to reach out to prospective candidates for building new teams and adding to existing ones, including Uber infrastructure, Eats, Marketplace, Risk and Payments, Uber for Business (U4B), marketing and advertising platforms. "Our teams in <keyword id="6354552" type="LOCATION" weightage="20" keywordseo="hyderabad">Hyderabad</keyword> and Bengaluru work on important global mandates, and pioneer various industry-first innovations," Manikandan Thangarathnam, Senior Director, Engineering. "In order to serve more people across the globe, we're expanding our teams and are looking for bright engineering minds so we can collectively solve mobility and delivery challenges across all our global markets.," he added. The current round of hiring will strengthen the company's rider and driver growth, delivery, eats, digital payments, risk and compliance, marketplace, customer obsession, infrastructure, adtech, data, safety and finance technology teams. Uber said its expansion plans are in line with its vision to make mobility and delivery more accessible, and to become the backbone of transportation in over 10,000 cities across the globe. The tech teams have been heavily invested in building technology to enable safer rides and delivery across cities, including enabling mask-detection features and updating maps across countries. To facilitate more effective social distancing measures, Uber's engineers have been accelerating digital payments in several countries, and also using <keyword id="294572" type="COMPANY" weightage="20" keywordseo="machine-learning">Machine Learning</keyword> (ML) and Artificial Intelligence (AI) to digitise several parts of Uber's operations, including driver onboarding, and uploading digital menus. Meanwhile, the company has announced ₹3.65 crore free rides package, which includes facilitating transportation of life-saving oxygen cylinders, concentrators, ventilators and other critical medical equipment to strengthen <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s healthcare system during a devastating second wave of Covid-19. As part of its larger commitment to help communities recover, Uber will continue supporting India's ongoing vaccination drive where it has already pledged free rides worth ₹10 crore for citizens travelling to and from authorised vaccination centres. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/apple-wwdc-2021-ios-15-ipados-15-macos-monterey-and-india-specific-announcements/articleshow/83330047.cms">Apple WWDC 2021: iOS 15, iPadOS 15, macOS Monterey and India-specific announcements</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/internet-outage-in-many-parts-of-the-world-amazon-reddit-cnn-and-many-others-affected/articleshow/83337200.cms">Internet outage in many parts of the world, as a private content delivery network goes down — Amazon, Reddit, CNN and many others affected</a>

Uber to hire 250 engineers in Bengaluru and Hyderabad  to expand its tech and product teams

<ul><li><keyword id="2655160" type="PERSON" weightage="20" keywordseo="Uber-CEO">Uber CEO</keyword> Dara Khosrowshahi is eager to shift engineering innovation to India as it will be cheaper for the company, said a report by The Information.</li><li>Globally, <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> lost $2.9 billion in the first three months of the year because of the coronavirus pandemic. </li><li>Khosrowshahi had earlier said that the impact of COVID-19 would be drastic for the company. </li></ul>Ride hailing giant Uber has been severely impacted by the coronavirus pandemic across the world. Globally, Uber lost <a href="https://www.cbsnews.com/news/uber-earnings-q1-161-million-loss-ridership-falls-3-percent/">$2.9 billion</a> in the first three months of the year because of the coronavirus pandemic. And now, in a step to cut costs by shifting its engineering jobs to India, said a report by <a href="https://www.theinformation.com/articles/uber-ceo-wants-to-shift-more-engineering-jobs-to-india-sparking-internal-debate?shared=53eda2af81f50ffb">The Information.</a> According to the report, Uber CEO Dara Khosrowshahi is eager to shift engineering innovation to India as it will be cheaper for the company. <keyword id="2502101" type="PERSON" weightage="20" keywordseo="Uber-India">Uber India</keyword> didn’t comment on the same. Khosrowshahi had earlier said that the impact of COVID-19 would be drastic for the company. "I won't sugarcoat it. COVID-19 has had a dramatic impact on rides, with the business down globally around 80% in April,” he <a href="https://www.cbsnews.com/news/uber-earnings-q1-161-million-loss-ridership-falls-3-percent/">said</a> during the conference call for its earnings. Earlier, as a part of its massive global layoff of 6,700 employees, Uber India had laid off 600 employees in India. “The impact of Covid-19 and the unpredictable nature of the recovery has left Uber IndiaSA with no choice but to reduce the size of its workforce. Around 600 full time positions across driver and rider support, as well as other functions, are being impacted. These reductions are part of previously announced global job cuts this month,” Pradeep Parameswaran, President, Uber India and South Asia had said during the layoffs in May 2020. However, Uber’s wish to shift its engineering to India is not something new. During his visit to India in 2019, Khosrowshahi had said that India is going to be a big source of innovation for them. “One example is the Uber Lite app, was designed and built in India and moved to over 30 countries around the world,” he had said. Manik Gupta who was then the Chief Product Officer of Uber had said that Uber is proud of the engineering and product talent based out of Bengaluru and Hyderabad. “We have a goal to double the headcount in these offices and have 1,000 people to build innovative products out of India,” he had said. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-news-how-much-cash-does-vodafone-idea-need-to-survive/articleshow/76766763.cms">Only cash can save Vodafone Idea from a slow death⁠— and it needs a lot of it</a> <a href="https://www.businessinsider.in/business/news/reliance-jio-gets-investment-from-intel-capital/articleshow/76761995.cms">Reliance Jio gets ₹1894.5 crore from Intel Capital – the 12th investment in 11 weeks</a>

Uber is struggling due to COVID19 – now it wants to cut costs by shifting its engineering to India

<ul><li><keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> has made a whopping ₹9,000 crore on its shareholdings in <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword></li><li>Uber’s stake in Zomato was a result of the $350 million acquisition of Uber Eats.</li><li>Info Edge’s stake in the company has surged to ₹15,000 crore.</li></ul>The market value of Uber’s stake in the newly-listed company Zomato has surged to a whopping ₹9,000 crore ($1.2 billion) without investing a single penny in the food aggregator business. Uber has never made any investment in Zomato. It’s 9.19% shareholding was a result of Zomato’s <a href="https://www.businessinsider.in/business/news/zomato-acquires-uber-eats-business-in-india/articleshow/73464966.cms">$350 million acquisition </a>of UberEats India business back in 2020. Hands down, Uber was the top gainer with Zomato’s listing due to these factors. In addition, it also got rid of a liability (Uber Eats India). Overall, the Uber Eats sell-off has made Uber over a billion dollars easily. The market value of shares held by Info Edge, which is the largest stakeholder in the company, also surged to <a href="https://www.businessinsider.in/stock-market/news/info-edges-remaining-stake-in-zomato-is-worth-15000-crore/articleshow/84668883.cms">₹15,000 crore</a>. Meanwhile, Deepinder Goyal’s holdings have surged to more than ₹5,500 crore. Zomato made a strong debut on the stock exchanges on Friday, July 23. The company’s shares opened at ₹116 on the national stock exchange (NSE), representing more than a 51% premium over the issue price of ₹76. The company’s market cap breached ₹1 lakh crore at 10.16 a.m, only 16 minutes after listing. SEE ALSO <a href="https://www.businessinsider.in/business/news/zomato-and-swiggy-are-best-food-delivery-apps-in-the-world-says-zomatos-ceo/articleshow/84668175.cms" data-type="tilCustomLink">Zomato and Swiggy are best food delivery apps in the world, says Zomato’s CEO</a> <a href="https://www.businessinsider.in/science/news/there-are-very-solid-engineering-reasons-why-jeff-bezoss-rocket-looks-exactly-like-you-know-that-/articleshow/84655433.cms">There are very solid engineering reasons why Jeff Bezos' rocket looks exactly like, you know, that</a> <a href="https://www.businessinsider.in/tech/news/mark-zuckerberg-said-he-wants-to-transform-facebook-from-a-social-media-company-into-a-metaverse-company/articleshow/84659377.cms">Mark Zuckerberg said he wanted to transform Facebook from a social-media company into 'a metaverse company'</a>

You Searched For "uber investments in India" and got 10 results

SIMPLY PUT: SEBI is on a mission to take on the wild, wild west of futures and options in India. Here’s why, what, and how

Ira Alok Puranik

Uber to hire 500 techies in India by the end of this year

IANS

Indian government accuses Ola, Uber and other aggregators of inflating cab prices for older customers

Sourabh Jain

Sequoia Capital offloads 2% of its stake in Zomato

IANS

Uber invests $247 million into its India business, after CEO Dara Khosrowshahi’s visit

Sanchita Dash

Google to invest over $44 million in taxi-hailing firm Kakao Mobility

IANS

Travis Kalanick isn’t just investing in Indian cloud kitchens but also hiring for his own venture

Sanchita Dash

Uber to hire 250 engineers in Bengaluru and Hyderabad to expand its tech and product teams

IANS

Uber is struggling due to COVID19 – now it wants to cut costs by shifting its engineering to India

Sanchita Dash

Uber made a billion dollars from Zomato’s listing, without spending a single penny

Kritti Bhalla

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