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Top 10 stories of the week: April 10th to April 16th 2017

In no particular order, here are MediaNama’s top 10 stories of the week ended 16th April 2017

MediaNama would like to thank its sponsors: Indian Express and E2E for their support.

Flipkart raises $1.4 billion from Microsoft, eBay and Tencent

FLIPKARThas raised $1.4 billion from Chinese investment holdings firm Tencent, global e-commerce player eBay and technology company Microsoft. Following this, the FLIPKART Group is valued at $11.6 billion down significantly from the previous valuation of $15 billion. Read it here

Fino Payments Bank CEO Rishi Gupta on why they won’t be a digital-only bank

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“There will be about four sources of income for the payments bank. One is the balances in the accounts. Second is the remittance business. The third revenue stream will be coming in from the Banking Correspondents and lending business. Read it here

Instamojo is close to profitability but needs to keep an eye on competition

Instamojo, a platform which allows users to buy and sell their digital goods, has said that it is close to cashflow break-even. In a blog post, its Founder and CEO Sampad Swain writes that “We are at a stage where we can think profitably without making a trade-off between business growth and our burn rate. Read it here

Cyber thieves attempt to steal $170 million from Union Bank of India: report

The Union Bank of India, a public sector bank, was under attack from cyber criminals who attempted to steal $170 million last July, the Wall Street Journal reports. The attack was initiated after a bank employee opened an email attachment which looked like it was sent by the Reserve Bank of India (RBI). Read it here

Amazon gets a wallet license in India

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Amazon India has received permission to run a wallet license in India, becoming one of the 84 companies authorised by the Reserve Bank of India to operate payment licenses. The license has been given to “Amazon Online Distribution Services Private Limited”. The license was issued to Amazon on the 22nd of March 2017, and is valid till the 31st of March 2022. Read it here

A look at Reliance Jio’s new tariff pack, post TRAI intervention

Reliance Jio has launched a set of new tariff packs, after India’s telecom regulator TRAI recently asked the telco to pull down its earlier ‘Summer Surprise Offer’, which offered 3 months of free data and calls as complimentary on the first recharge. The new pack termed as ‘Jio Dhan Dhana Dhan offer’ provides two different usage plans for Prime and non-Prime customers, but frankly, the new plan does not differ much when compared to the previous plan. Here’s how:

Under the previous Summer Surprise Offer, subscribers on Jio Prime making their first recharge of Rs 303 or higher, would get extra 3 months complimentary services wherein data usage is capped at 1GB or 2GB. After the 3-month period, the initial pack would get activated. Read it here

Airtel Internet TV integrates DTH with Android TV

Airtel today launched a DTH set-top-box (STB) with Android TV, preloaded with apps like Netflix, YouTube, Google Play, etc. This offering essentially combines its DTH service of over 500 satellite channels, with the ability to stream content on TV using apps supported by Android TV. The set-top-box connects to the Internet over WiFi, and Airtel says that users will need at least a 4mbps connection for Internet TV to work. Read it here

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The NPCI is trying merge Bharat QR and QR codes generated by UPI

Turns out, there are efforts to merge BharatQR and the Unified Payments Interface (UPI). “There are some discussions happening, but there is no decision that has taken place. But there are some efforts in that direction,” Dilip Asbe, CEO, National Payments Corporation of India chief operating said. Read it here

India defers Apple’s tax exemption requests till GST comes into force: reports

Apple Inc’s demands for tax exemptions to set up a manufacturing unit in India have been deferred by the Union Finance Ministry, PTI reports. In a written reply to the Lok Sabha, the Minister of State for Electronics and IT, PP Chaudhary claims, the exemptions cannot be accepted, as with the coming into force of the new indirect tax regime “all imports will be liable to IGST (integrated GST) and any exemptions from CGST (centre)/SGST (state)/IGST can be granted based on the recommendations of the GST Council only.” Read it here

Delhi Metro gets a wallet license, National Common Mobility Card surrenders theirs

Last month, the Delhi Metro Rail Corporation (DMRC) has received the go-ahead from the Reserve Bank of India (RBI) to launch semi-closed prepaid wallet (PPI/wallet). It is now among the 84 entities that currently have an operational PPI/wallet license. Read it here

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