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Singapore regulator raises concern on Grab plan to buy Trans-cab

Economic Times

Economic Times · 1y ago

Singapore regulator raises concern on Grab plan to buy Trans-cab

The Competition and Consumer Commission of Singapore (CCCS) has raised concerns about ride-hailing company Grab's plan to acquire Trans-cab, Singapore's third-largest taxi operator. CCCS stated that feedback suggests concerns over Grab's ownership of Trans-cab and its impact on rival ride-hail platforms. The commission will review the competition effects of the acquisition in more detail.

Related News

Grab unveils first-ever share buyback after profitable quarter

Reuters · 1y ago

Grab unveils first-ever share buyback after profitable quarter

Singapore-based company Grab Holdings announced its first-ever quarterly profit and a share repurchase plan worth $500 million. The profit was attributed to cost-cutting measures and increased demand for their ride-share and food-delivery services. Grab has reduced its workforce, cut back on incentives, and minimized technology costs over the last two years. The company also forecasted its fiscal 2024 revenue at $2.70 billion to $2.75 billion, with full-year adjusted core profit estimated between $180 million to $200 million. In the fourth quarter, Grab reported revenue of $653 million and a net income of $11 million.

Singapore's Grab not in talks with GoTo over a buyout

Economic Times

Economic Times · 2m ago

Singapore's Grab not in talks with GoTo over a buyout

Singapore-based Grab has denied being in talks for a potential acquisition of Indonesian rival GoTo. Previously, reports suggested that Grab was eyeing a second-quarter deal, possibly valuing GoTo at $7 billion. However, Grab clarified in a stock exchange filing that no discussions are currently underway and no agreements have been made. Despite past merger speculations, Grab remains focused on strategic capital allocation and organic growth, particularly in key markets like Indonesia.

Ola likely to hire a veteran Unilever executive as CEO for cab business: Report

Livemint

Livemint · 1y ago

Ola likely to hire a veteran Unilever executive as CEO for cab business: Report

Ola is reportedly set to appoint a new CEO for its cab business, with the potential candidate being a former Unilever executive, possibly Hemant Bakshi, who has experience as the country head of Unilever Indonesia and currently holds a global executive position at Unilever Marketplace in Singapore. Ola has been looking to separate its cab and electric vehicle businesses, and the new CEO would oversee the cab business, while Bhavish Aggarwal focuses on Ola Electric and its IPO plans.

IRDAI raises concern over Hinduja Group-led IIHL bid for Reliance Capital

Livemint

Livemint · 1y ago

IRDAI raises concern over Hinduja Group-led IIHL bid for Reliance Capital

The Insurance Regulatory and Development Authority of India (IRDAI) has raised concerns about IIHL's ₹9,650 crore resolution plan to acquire bankrupt Reliance Capital. IRDAI stated that the plan does not comply with insurance regulations and expressed worries over the exceeding limit of Foreign Direct Investment (FDI) in the company. The regulator requested details of IIHL shareholders and sought clarifications on the capital infusion and debt raised by IIHL. IRDAI emphasized the need to protect policyholders and questioned the permissibility of 100% FDI in the transaction. The National Company Law Tribunal had approved IIHL's resolution plan in February.

Fintech startup Jiraaf raises $8.7 million in funding led by Accel, Harmony Partners

Economic Times

Economic Times · 1y ago

Fintech startup Jiraaf raises $8.7 million in funding led by Accel, Harmony Partners

Indian fintech startup Jiraaf has raised $8.7 million in Series B funding, led by existing investor Accel and Harmony Partners. The company plans to use the funds for team expansion, improving customer service, and attracting more customers. Jiraaf offers a platform for retail investors to buy corporate debt issuances, generating average yields of around 12.5%. It aims to secure a license as an online bond platform provider from the market regulator, SEBI, and has already deployed around $322 million of capital through its platform.

SEBI To Vote On Regulating Finfluencers On June 27 Meet

Inc42 · 1y ago

SEBI To Vote On Regulating Finfluencers On June 27 Meet

The market regulator is considering new regulations to limit the revenue model of unregistered financial influencers in India. These rules could potentially prevent SEBI-regulated entities from engaging with unregistered finfluencers in any way. The concern stems from the influence these finfluencers hold over investments due to their mass appeal.

Wealth management platform Syfe raises $80 Mn in Series C

Entrackr

Entrackr · 2m ago

Wealth management platform Syfe raises $80 Mn in Series C

Wealth management platform Syfe raises $80 Mn in Series C Syfe, a digital wealth management platform operating across Asia-Pacific, has raised a total of $80 million in its Series C round. This includes a new $53 million Series C2 all-equity round led by two UK family offices, adding to the $27 million Series C1 raised in August 2024. Existing investors Unbound and Valar Ventures also participated in the round. The proceeds will be used to expand operations in Singapore, Hong Kong, and Australia, with a significant focus on scaling its engineering and product teams at its tech headquarters in Gurugram, India. Syfe now manages over $10 billion in assets and has recently acquired Selfwealth in Australia. According to the company, the business has doubled in Hong Kong in 2025 and nearly doubled overall in the past year. Syfe also announced recent senior hires including Sanjeev Malik from BlackRock and Dane Ricketts from Procter & Gamble and Grab. Syfe has increased its India headcount by nearly 15% since the last raise and continues to hire strategically. The fresh funds will also support the adoption of AI-assisted tools, enhance customer experience, and broaden the product suite. The company, licensed in Singapore, Hong Kong, and Australia, now serves users across 60 countries and plans to deepen its focus on the growing mass affluent segment in Asia.

BluSmart cab services stay suspended in Delhi-NCR, Bengaluru, Mumbai as cofounder under Sebi lens

Economic Times

Economic Times · 3m ago

BluSmart cab services stay suspended in Delhi-NCR, Bengaluru, Mumbai as cofounder under Sebi lens

BluSmart cab services in Delhi-NCR, Bengaluru, and Mumbai are suspended due to the co-founder's scrutiny by a market regulator over alleged fund misuse. The sudden halt affects over 8,000 taxis and numerous drivers' livelihoods. Backed by BP Ventures, BluSmart assured customers of refunds within 90 days. The crackdown also involves Gensol Engineering's promoters accused of fund diversion. BluSmart's related party, Gensol, faces allegations of mishandled funds intended for electric vehicle procurement.

Uber to pay ₹54,000 to Delhi man for not providing cab on time

Inshorts · 8m ago

Uber to pay ₹54,000 to Delhi man for not providing cab on time

Delhi State Consumer Disputes Redressal Commission upheld a district commission ruling that ordered Uber to pay ₹54,000 to a Delhi resident for not providing a cab on time. The incident occurred in 2022, when the man booked a cab to reach Delhi airport. However, the cab never arrived, and Uber didn't respond to his complaints and he missed his flight.

From Green Promise To Crisis: BluSmart Faces SEBI Heat; Deepika Padukone, Dhoni, Ashneer Grover Among High-Profile Backers

Business Today

Business Today · 3m ago

BluSmart, an electric cab service, is under SEBI scrutiny for alleged financial misconduct. Co-founder Anmol Singh Jaggi is accused of misusing funds intended for electric vehicles to buy a luxury apartment, leading to operational halts in major cities. Despite investments from celebrities like Deepika Padukone and MS Dhoni, along with a $3 million angel round and a $24 million pre-series B round, the financial impropriety led SEBI to investigate further.

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