Startup News – 7th October 2017
Startup news for the day:
- AOL Instant Messenger, one of the pioneering chat applications of the internet’s early days, will be shut down on December 15, the company said on Friday.
- Bengaluru-based fitness app HealthifyMe has been strengthening its team to foray into emerging international markets like South East Asia, Middle East, Latin America.
- GoJavas parent has sent a Rs 300-crore legal notice to Snapdeal founders Kunal Bahl and Rohit Bansal, and Jasper Infotech, the entity which runs Snapdeal. The notice, reviewed by TOI, accuses the founders and the company of criminal breach of trust and siphoning off money from GoJavas to Vulcan Express, the in-house logistics firm of Snapdeal.
- Axis Bank has completed FreeCharge acquisition and also appointed Sangram Singh as CEO
- Tencent has invested $400 million in ride-hailing major Olacabs in a deal that will take the total capital mobilised by the Bengaluru-based company in the last 12 months to $800 million, according to filings with the Registrar of Companies on Friday.
- Amazon.com is reportedly going to extend its two-day delivery services to more and more products in order to relieve the overcrowding in its warehouses.
- According to GST rules, e-commerce players are required to collect 1% tax collected at source (TCS) on payments to suppliers of goods in excess of Rs 2.5 lakh. The government on Friday notified that this provision will not come into effect until April next year.
- Bihar Industrial Area Development Authority (BIADA) will provide common office space or co-working space to startup firms at Pataliputra Industrial Estate and Udyog Bhawan in Patna.
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