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Indian Narcotics Control Bureau Busted an Illegal Internet Pharmacy Startup

20Apr By AnkitaNo Comments

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Indian Narcotics Control Bureau Busted an Illegal Internet Pharmacy Startup

The Narcotics Control Bureau of India today said it has arrested two persons involved in an illegal internet pharmacy business and has seized psychotropic drugs worth lakhs of rupees from them. The NCB teams of Andhra Pradesh, Karnataka and Telangana raided on April 18 night a "clandestine and unregistered" call centre at Thanisandra that used to sell psychotropic substances and other prescription drugs through the internet to thge US, Australia and various European countries. During the search, a large quantity of psychotropic substances like Alprazolam, Amphetamine, Diazepam, Clonazepam, Lorazepam among others were seized, NCB said in a statement. It said two persons, Salim Pasha and Mohammed Suhail Ahmed, were arrested under the Narcotic Drugs and Psychotropic Substances (NDPS)...

Britain Loses 1 Billion Pounds Through VAT Fraud and Error by Amazon and eBay Sellers

20Apr By reutersNo Comments

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Britain Loses 1 Billion Pounds Through VAT Fraud and Error by Amazon and eBay Sellers

Britain is losing up to 1 billion pounds ($1.28 billion) a year in value added tax (VAT) because of fraud or error by sellers using online marketplaces eBay and Amazon, a report by the government auditor said. The National Audit Office (NAO) said on Wednesday that the sellers involved are often based in China and that consumer regulator Trading Standards had found that U.S. companies Amazon and eBay had failed to remove sellers that were flouting VAT rules, even after being informed of the sellers' non-compliance. "The size of the VAT losses due to online VAT fraud or error on transactions taking place on Amazon’s and eBay’s online platforms could be up to 1 billion pounds a year," the NAO said, citing latest figures from the Trading Standards Institute. All retailers selling to c...

Matrix Cellular Launches App, Enters Into E-commerce Space

20Apr By AnkitaNo Comments

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Matrix Cellular Launches App, Enters Into E-commerce Space

International mobile sim seller Matrix Cellular today launched an app for international travellers to help them book movie tickets, restaurants and taxi, among other things. Matrix Travel Companion App is now available for free on Android and Apple iOS platform, Bollywood actress and Matrix Cellular Independent Director Gul Panag said. She said the app has been incubated by Matrix Cellular but its business will operate independently from sim service business of Matrix. "Though we will like existing Matrix users to use this app but it is not mandatory for them to download it. It is free for everyone across the globe," Panag said. She said the company has partnered with Zomato, Uber to provide services in which they specialise while Matrix on its own has worked on tie-up with ven...

Nomura Launches FinTech Program for Indian Startups

19Apr By AdityaNo Comments

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Nomura Launches FinTech Program for Indian Startups

Global financial services company Nomura today launched a financial technology (FinTec) program to help start ups develop innovative solutions for capital markets and investment banking. Under the 'Voyager - Nomura FinTech Partnership' program selected startups would get a chance to collaborate with Nomura businesses across regions and create products and solutions which can potentially be implemented in the financial industry. The program will also provide them global exposure and enhanced visibility in the FinTech ecosystem. "Nomura, today commenced the 'Voyager - Nomura FinTech Partnership' in India aimed at harnessing emerging technologies to help transform its businesses and services," the firm said in a statement. "We are inviting entrepreneurs to participate in the progr...

Housing.com Re-enter Into Rental Business

18Apr By PriyankaNo Comments

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Housing.com Re-enter Into Rental Business

Realty portal Housing.com, which has recently merged with PropTiger.com, has re-entered into rent business and targets to list 2 lakh homes in the next three months. Housing.com, which was founded in 2012, initially focused on providing independently verified listings of homes to address the issue of finding homes for rent in metros and major cities. However, the company had in November 2015 decided to restructure its business to focus only on buying and selling of apartments. "... The reintroduction of rentals is a crucial step for the brand which was a leading player in the segment," Housing.com said in a statement. With the relaunch, the portal has over 60,000 verified units listed to be rented with the number expected to exceed 2,00,000 in three months. Housing.com, part...

OLA Reach Out to Over 1,00,000 Driver Entrepreneurs Across 10 Cities

18Apr By PriyankaNo Comments

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OLA Reach Out to Over 1,00,000 Driver Entrepreneurs Across 10 Cities

Ola, India’s most popular mobile app for transportation, today announced plans to reach out to over 1,00,000 driver entrepreneurs through ‘Auto Driver Partner Melas’ across all major cities and towns in India. This follows the success of the first-ever Auto Driver Partner Mela – ‘Ola Baasha Mela’- that was held in Chennai, Tamil Nadu. The three-day Chennai Mela held between 8th April to 10th April witnessed hundreds and thousands of auto rickshaw driver partners availing the opportunity of becoming micro-entrepreneurs by owning auto rickshaws for the first time. They also benefitted from other value additions such as free vehicle insurance, and garage services, etc., including the unique opportunity to join Ola as a driver partner on the platform. Ola plans to replicate the grand suc...

Snapchat Stock Falls as Alleged CEO Comments on India

18Apr By AdityaNo Comments

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Snapchat Stock Falls as Alleged CEO Comments on India

Shares of Snap fell 1.5 percent as the Snapchat owner faced criticism for comments allegedly made by its CEO about not prioritising growth in India and Spain because they were "poor" countries. The dip put Snap on track to close at its lowest level in nearly a month, a bad sign following its $3.4 billion public listing that was the hottest by a technology company in three years. Twitter users using the #boycottsnapchat hashtag called for uninstalling the Snapchat app after a legal document unsealed last week alleged that Snap Chief Executive Evan Spiegel in 2015 said he was uninterested in prioritising growth in India and Spain because they were "poor". The legal document filed in a Los Angeles state court concerns claims made in a lawsuit filed by an employee who left the company...

Snapchat App is For Everyone and We are “Grateful” To Have Indian users: Official

17Apr By AdityaNo Comments

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Snapchat App is For Everyone and We are “Grateful” To Have Indian users: Official

Snapchat today refuted the reported claims of a former employee who alleged that its CEO Evan Spiegel made negative comments about the Indian market, saying the multimedia mobile app is for everyone and the company is "grateful" to its Indian users. "Obviously Snapchat is for everyone! It's available worldwide to download for free," a spokesperson for Snapchat said in a statement to CNN. Snapchat is strongly denying allegations by a former employee Anthony Pompliano, who alleged in a lawsuit that Spiegel had once shot down his suggestion to pursue growth in certain international markets. Pompliano alleges that Spiegel said Snapchat is "only for rich people" and that he didn't want to "expand into poor countries like India and Spain. "Those words were written by a disgrunt...

Instagram Stories Overtakes Snapchat to Hit 200M Daily Active Users

16Apr By reutersNo Comments

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Instagram Stories Overtakes Snapchat to Hit 200M Daily Active Users

Facebook-owned Instagram has claimed that more than 200 million people a day use its Stories feature, which competes against Snapchat. Snapchat had 161 million daily active users at the end of last year, ahead of Snap's March initial public offer, which was the largest by a technology firm in three years despite decelerating user growth. Instagram Stories' daily active users announced on Thursday has grown by 33% from the 150 million daily active users it had in January. The Instagram feature, which launched last year, lets users and businesses post a string of photos and videos that disappear after 24 hours, similar to Snapchat. Facebook last month introduced an update to allow users to tweak photos on their smartphones with visual details like a rainbow or a beard of glitter,...

Insurance regulator Irdai Unveils Portal For Insurers to Sell Policies Online

16Apr By Press Trust of IndiaNo Comments

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Insurance regulator Irdai Unveils Portal For Insurers to Sell Policies Online

Insurance regulator Irdai has launched a web portal for insurers that will allow them to register and sell policies online. The portal isnp.irda.gov.in is also open to intermediaries in insurance business, Irdai said in a circular. Last month Insurance Regulatory and Development Authority of India (Irdai) issued guidelines on e-commerce for insurance sector. Announcing the launch of registration portal for Insurance Self Networking Platform (ISNP), Irdai said insurance companies, brokers and corporate agents can sell and service insurance policies through this platform. Insurers and intermediaries can create a login credential for registration and submit ISNP application form on the portal. In its guidelines issued in March, Irdai had said that companies may offer discount...

Snapdeal Founders Summoned For Usurping Marketing Concept

16Apr By PriyankaNo Comments

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Snapdeal Founders Summoned For Usurping Marketing Concept

E-commerce major Snapdeal's CEO Kunal Bahl and two others have been summoned by a Delhi court on a criminal complaint of an entrepreneur who alleged that his idea of connecting sellers and buyers through an e-platform was unauthorisedly usurped by the firm and its officials. Additional Sessions Judge R K Tripathi issued notice to Snapdeal CEO Kunal Bahl, COO Rohit Bansal and its former chief financial officer (CFO) Vijay Ajmera for allegedly cheating entrepreneur Gaurav Dua's concept of "non-inventory holding marketplace model for retail" in the garb of collaborating with him. "Heard. Record perused. Issue notice of revision petition to respondents vide all prescribed modes returnable for May 17, 2017," the judge said. Dua had lodged a criminal complaint against the founders and t...

25 Investors and 300 Entrepreneurs Participated in Venture Garage “Capitalize Funding Conclave” at IIT Delhi

15Apr By RishabhNo Comments

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25 Investors and 300 Entrepreneurs Participated in Venture Garage “Capitalize Funding Conclave” at IIT Delhi

On Friday 7th April , Venture Garage organized “Capitalize-Funding conclave ” at IIT Delhi which saw an overwhelming response with over 25 investors and 300 entrepreneurs attending the event. The event started with a panel discussion moderated by Rahul Narvekar, ex CEO of NDTV Ethnic and now CEO, Scale Ventures. Rehan Yar Khan of Orios Ventures who is one of the first investors in OLA Cabs was special guest of honor. Other panel members included Ravi Kaushik, Partner at Water Bridge Ventures, Ojasvi Babber of Amity VC, Girish Shivani of Yournest Angel Fund and Tej Kapoor of Fosun Kinzon Capital. These investors together have over $1 Bil to be invested in startups. The investors shared their views on the startup ecosystem and its outlook in the new financial year, why profitability ...