Manish Singh, Author at TechCrunch

Ola Electric surges in India’s biggest listing in two years

Manish Singh — Fri, 09 Aug 2024 04:48:11 +0000

Ola Electric, India’s largest electric two-wheeler maker, saw its shares rise as much as 20% on its public debut on Friday, making it the biggest listing among Indian firms in two years. Shares of the Bengaluru-based firm, which counts SoftBank and Temasek among its backers, jumped to as high as ₹91.18 (about $1.1) after starting […]

Amazon is fumbling in India

Manish Singh — Thu, 08 Aug 2024 19:56:19 +0000

Amazon's decision to overlook quick-commerce in India is now looking like a significant misstep.

Indian conglomerate Reliance slashed over 42,000 jobs last financial year

Manish Singh — Thu, 08 Aug 2024 06:30:54 +0000

Reliance, India's largest conglomerate, reduced its workforce by 11%, or more than 42,000 people, in the financial year ended March 2024.

Amazon’s India chief resigns amid intensifying competition

Manish Singh — Tue, 06 Aug 2024 12:39:03 +0000

Manish Tiwary, the head of Amazon’s India operations, is leaving the firm “to pursue an opportunity outside of the company” as the U.S. e-commerce giant grapples with mounting pressure from competitors in one of its crucial international markets, TechCrunch has confirmed. Tiwary, who took over as country manager in late 2020, is departing as Amazon […]

Flipkart blitzes into India’s 10-minute quick commerce battle

Manish Singh — Mon, 05 Aug 2024 14:10:59 +0000

India’s fast-growing quick commerce market is getting a new deep-pocketed entrant: Walmart-owned Flipkart, India’s largest e-commerce firm. Flipkart has started to roll out Flipkart Minutes, its quick commerce service, in parts of Bengaluru. The new service offers customers the ability to have a wide range of items, from grocery to smartphones, delivered to them within […]

Rediff, once an internet pioneer in India, sells majority stake for $3M

Manish Singh — Fri, 02 Aug 2024 11:08:24 +0000

Payments infrastructure firm Infibeam Avenues has acquired a majority 54% stake in Rediff.com for up to $3 million, a dramatic twist of fate for the 28-year-old business that was the first Indian internet firm to list on Nasdaq back in the year 2000. Founded in 1996, Rediff rode the initial dot-com wave to become one […]

Indian startups gut valuations ahead of IPO push

Manish Singh — Thu, 01 Aug 2024 12:36:14 +0000

Ola Electric and FirstCry are set to test investor appetite with public listing, both pricing their shares below their previous valuation asks.

Tiger Global partner Alex Cook to leave firm, sources say

Manish Singh — Wed, 31 Jul 2024 03:50:48 +0000

Alex Cook, a partner at Tiger Global who oversaw some of its largest fintech investments and India deals, is departing the firm after a tenure of nearly seven years, three people familiar with the matter told TechCrunch. Cook has briefed multiple people around him about his departure news in recent days, although he hasn’t explained […]

India’s Rapido becomes a unicorn with fresh $120M funding

Manish Singh — Mon, 29 Jul 2024 14:21:47 +0000

Bike-taxi startup Rapido, which counts Swiggy among its investors, is the latest Indian firm to become a unicorn.

WazirX to ‘socialize’ $230M security breach loss among customers

Manish Singh — Sat, 27 Jul 2024 17:03:51 +0000

Indian cryptocurrency exchange WazirX announced on Saturday a controversial plan to “socialize” the $230 million loss from its recent security breach among all its customers, a move that has sent shock waves through the local crypto community. The Mumbai-based firm, which suspended all trading activities on its platform last week following the cyberattack that compromised […]

Apple cuts iPhone price in India amid China slowdown

Manish Singh — Fri, 26 Jul 2024 10:58:21 +0000

Apple has reduced prices of its iPhone models in India by 3-4% following a cut in import duties in the South Asian market.

CRED launches personal finance manager for India’s affluent

Manish Singh — Thu, 25 Jul 2024 00:31:00 +0000

CRED, an Indian fintech startup, has rolled out a new feature that will help its customers manage and gain deeper insights into their cash flow, as the startup seeks to drive engagement through personal finance tools. Known primarily for its credit card bill payment and consumer lending service, the new feature of the Bengaluru-based startup […]

India scraps ‘angel tax’ in boost for startups

Manish Singh — Tue, 23 Jul 2024 07:16:22 +0000

India’s federal government has removed the so-called angel tax for all classes of investors, delivering a major victory to the country’s startup ecosystem that had lobbied for years against the measure. “To bolster the India startup ecosystem, to boost entrepreneurial spirit and support innovation, I propose abolishing angel tax for all classes of investors,” Finance […]

WazirX halts trading after $230 million ‘force majeure’ loss

Manish Singh — Sun, 21 Jul 2024 16:14:48 +0000

WazirX, one of India’s largest cryptocurrency exchanges, has “temporarily” suspended all trading activities on its platform days after losing about $230 million, nearly half of its reserves, in a security breach. The Mumbai-based exchange said in a tweet Sunday evening that the cyberattack had substantially impaired its ability to maintain the critical 1:1 collateral ratio […]

Faulty CrowdStrike update causes major global IT outage, taking out banks, airlines and businesses globally

Manish Singh — Sat, 20 Jul 2024 00:01:02 +0000

Security giant CrowdStrike said the outage was not caused by a cyberattack, as businesses anticipate widespread disruption.

Paytm loss widens and revenue shrinks as it grapples with regulatory clampdown

Manish Singh — Fri, 19 Jul 2024 06:21:31 +0000

Indian fintech Paytm’s struggles won’t seem to end. The company on Friday reported that its revenue declined by 36% and its loss more than doubled in the first quarter as it continues to grapple with a regulatory clampdown that has significantly curtailed business at its payments bank subsidiary. Once the poster child of India’s startup […]

WazirX halts withdrawals after losing $230 million, nearly half its reserves

Manish Singh — Thu, 18 Jul 2024 17:38:00 +0000

The Mumbai-based firm said one of its multisig wallets had suffered a security breach, and it was temporarily pausing all withdrawals from the platform.

InMobi eyes $10 billion valuation in 2025 India IPO

Manish Singh — Wed, 17 Jul 2024 19:41:11 +0000

Adtech startup InMobi is eyeing a valuation of about $10 billion in an initial public offering it is planning for next year.

Byju’s, once valued at $22 billion, faces insolvency proceedings

Manish Singh — Tue, 16 Jul 2024 10:25:09 +0000

An Indian court has initiated insolvency proceedings against edtech giant Byju's, once-valued at $22 billion.

Google backs Indian open source Uber rival

Manish Singh — Tue, 16 Jul 2024 05:32:00 +0000

Google has become one of the latest investors in Moving Tech, the parent firm of Indian open source ridesharing app Namma Yatri that is quickly capturing market share from Uber and Ola with its no-commission model. Bengaluru-based Moving Tech has raised $11 million in a pre-Series A funding round co-led by Blume Ventures and Antler, […]