GoMechanic Fraud 🚨, Mamaearth IPO 🤝, Jio 5G Power 💪

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Welcome to today's edition of the NextBigWhat Daily IndiaTech News! Today's top stories include fraud charges against GoMechanic, Mamaearth going public, and Jio 5G network. 🔥 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( GoMechanic co-founders and officials charged with fraud by Delhi Police’s Economic Offences Wing 🇮🇳 IndiaTech - The Economic Offences Wing of Delhi Police has booked GoMechanic’s co-founders and senior officials for alleged criminal conspiracy, fraud, document forgery, cheating, and account falsification. - The complaint was filed by three venture capitalists who invested over Rs 211 crore in the company between 2017 and 2021, alleging falsification of financial records. - The complainants claim they have confessions and recorded admissions from the accused, and have accused the directors of forging bank records to misrepresent the company’s financial position. Honasa Consumer, parent company of Mamaearth, to launch IPO on October 31 🇮🇳 IndiaTech - Honasa Consumer Ltd, the parent company of Mamaearth, will launch its IPO on October 31, with the public offer closing on November 2. - The company will issue fresh shares worth Rs 365 crore and an offer for sale of 41.25 million shares, with the listing on BSE and NSE scheduled for November 10. - Co-founders Varun and Ghazal Alagh, along with other investors, will sell some of their shares through the IPO, while the largest investor, Peak XV Partners, will not participate in the offer for sale. Unraveling the Mysteries of the Mind: Insights from Neuroscientist Andrew Huberman [NBW Newsletter Ad]( In a riveting conversation with Lex Fridman, Stanford neuroscientist Andrew Huberman delves into a wide array of topics, from the intricacies of relationships and the subconscious mind to the impact of physical fitness on cognitive function. Save time. Get the #BigIdeas from this conversation [Get it]( Ola Electric scooters see sales surge during festive season, says CEO 🇮🇳 IndiaTech - Ola CEO Bhavish Aggarwal announced a significant increase in sales of Ola Electric scooters during Dussehra and Navratri, selling a scooter every 10 seconds. - The company attributed the success to growing consumer interest in electric vehicles and offered various benefits to boost sales, including exchange offers and a 5-year battery promise. - Ola Electric’s lineup includes three new scooters targeting tech-savvy Indian consumers, with rival Ather Energy also offering discounts and benefits to its buyers. MeitY requests RBI to develop enhanced KYC process to combat predatory loan apps 🇮🇳 IndiaTech - The Ministry of Electronics and Information Technology (MeitY) has requested the Reserve Bank of India (RBI) to create a more comprehensive Know Your Customer (KYC) process for financial entities. - This proposed KYC process, referred to as Know Your Digital Finance App (KYDFA), aims to ensure that only legitimate and scrutinised financial apps can access the Indian banking system. - The move is part of ongoing efforts to curb predatory loan apps, which have been engaging in unethical recovery practices despite new digital lending guidelines and other measures. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( OnEMi Technologies, parent of Kissht, sees revenue surpass Rs 1,000 Cr in FY23 🇮🇳 IndiaTech - OnEMi Technologies, the parent company of consumer lending platform Kissht and digital payment app RING, reported a significant increase in revenue to Rs 1,020.9 crore in FY23, up from Rs 513.6 crore in FY22. - RING contributed to around 70% of the overall operating revenue in FY23, and the company also gained 4 million new customers in the last 12 months, bringing its total subscriber base to over 10 million. - Despite a surge in scale, Kissht’s profit decreased by 5.8% to Rs 59 crore in FY23 due to ESOP related expenses, but excluding this, the company’s profits surged over 45% to Rs 95.5 crore in FY23. Wow! Momo secures $9 million in Series D funding from ValueQuest Capital 🇮🇳 IndiaTech - Quick service restaurant chain Wow! Momo has raised $9 million in a Series D round from ValueQuest Capital, bringing its valuation to around $340 million. - The company plans to raise an additional Rs 100 crore in the second tranche of the ongoing round, having already raised over $25 million in Series D financing. - Wow! Momo, which operates three QSR brands, aims to reach a top-line revenue of Rs 650-700 crore in FY24, up from Rs 435 crore in FY23. Garuda Aerospace secures $3 million in funding round 🇮🇳 IndiaTech - Drone startup Garuda Aerospace has raised $3 million in a bridge round led by Venture Catalysts and WeFounderCircle. - The funds will be used to meet the rising demand for drone solutions and to fulfill pre-booked orders. - Garuda Aerospace, backed by MS Dhoni, has partnered with IFFCO for a drone order of 400 units and has pre-bookings for 10,000 drones from 700 dealers across India. Reliance Jio deploys 85% of India’s 5G network, can set up a 5G cell every 10 seconds: Akash Ambani 🇮🇳 IndiaTech - Reliance Jio has deployed 85% of India’s 5G network, with the ability to set up a 5G cell every 10 seconds, according to Chairman Akash Ambani. - The company has covered the entire country with a 5G network ahead of the promised deadline of December 2023. - Ookla has recognized Jio as the number one network in India, winning all nine Speedtest awards for mobile networks, including all awards for 5G networks. Indian government issues tax notice of ₹1 lakh crore to online gaming firms 🇮🇳 IndiaTech - The Indian government has issued tax notices to online gaming companies, amounting to around ₹1 lakh crore. - Companies including Dream11, Gameskraft, and Delta Corp have received notices for alleged short payment of taxes. - The finance ministry imposed a 28% GST on online gaming platforms in August, requiring offshore platforms to register and pay taxes in India. Paytm reports robust Q2 results with revenue of Rs 2,519 cr and nearly doubled EBITDA 🇮🇳 IndiaTech - Paytm, India’s leading fintech company, reported a 32% YoY revenue growth to Rs 2,519 crore in Q2FY24, despite festive season revenue expected to be captured in Q3. - The company’s EBITDA before ESOP nearly doubled to Rs 153 crore, and the loss for the quarter reduced 49% YoY to Rs 292 crore. - Paytm’s payments revenue increased 28% YoY to Rs 1,523 crore, and its Gross Merchandise Value (GMV) increased by 41% YoY to Rs 4.5 lakh crore. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](