Cab-hailing firm Uber has applied for a licence to operate in Karnataka while messenger app Hike is in talks with Tencent Holdings to raise funds. Meanwhile, online jewellery retailer Bluestone is in talks with venture capital firm Iron Pillar to raise about Rs 200 crore. Here’s a quick round-up of the startup and technology stories today.
Uber applies for licence to operate in Karnataka
Uber has applied for a licence to operate in Karnataka under the new rules governing app-based cab aggregators, even as its appeal against the new rules is pending before the Karnataka High Court, according to a report in Business Standard. Uber, which has several run-ins with the Karnataka government, had alleged that the state rules were unconstitutional. The taxi aggregator has had trouble with the local government in several places around the world.
Homegrown rival Ola has already filed for such a licence in Karnataka. The Karnataka On-demand Transportation Technology Aggregators Rules-2016 requires aggregators to obtain licences to operate cabs and taxis, comply with the cap on fares prescribed by the government and end surge pricing.
Hike in talks with WeChat parent Tencent Holdings to raise funding
Messaging app Hike Ltd is in talks with Chinese internet company Tencent Holdings Ltd to raise at least $100 million in funding, Mint has reported quoting two unidentified people familiar with the matter. Hike’s existing investors Tiger Global Management and Bharti SoftBank are likely to participate in the round. Tencent runs WeChat messaging app, but the app has not found too many takers in India. In January this year, Hike had raised undisclosed amount of funding from investors led by Quora founder Adam D’Angelo and WordPress founder Matt Mullenweg. Hike is seen by Tencent as the local app that can best compete with Facebook Inc.-owned WhatsApp.
Bluestone in talks with VC firm Iron Pillar for fourth round of funding
Ratan Tata-backed online jewellery retailer Bluestone is in talks with venture capital firm Iron Pillar to raise about Rs 200 crore (around $30 million) in a fourth round of funding, according to a report in Mint. Existing investors Accel Partners, Kalaari Capital and IvyCap Ventures will also participate, it said, quoting two unnamed people familiar with the development. Bluestone had raised $15.8 million in a Series C round last July, from IvyCap Ventures, Accel Partners, Dragoneer Investment Group, Kalaari Capital and Saama Capital. Iron Pillar had participated in a $200 million funding round in Snapdeal in February, its first investment in India.
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