The Bharat Taxi Row, Weekly Funding Rebounds & More
Allegations Hit Bharat Taxi The arrival of Bharat Taxi promised zero commissions and empowered drivers. But its rollout has triggered…
Bharat Taxi, a state-backed ride-hailing service in Gujarat, has been embroiled in controversy amid allegations of coercion and passenger intimidation. Drivers claim to have faced threats and thefts, while passengers report being forced to cancel plans and delete rival apps. Despite the service's promise of zero commissions and driver empowerment, many drivers allege insufficient demand to sustain incomes, with some pressured to switch from competing platforms.
Conflicting police signals and public confusion further compound the crisis. The platform's economic viability remains unproven without adequate ride volume. Meanwhile, Indian startups collectively raised $203.4 Mn last week, with AI startups leading the funding round. Ecommerce led in deal activity, while early-stage funding activity remained strong.
InMobi secured a minority stake investment from private equity firm True North, valuing the IPO-bound adtech startup between $50 Mn and $60 Mn. However, this week's startup market saw a bearish trend, with 37 out of 65 tech stocks ending in the red.
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