Latest news with #WestBridge
Economic Times
21-05-2025
- Business
- Economic Times
Govt body issues notice to Uber for 'advance tip', consumer affairs minister terms practice unethical
The Central Consumer Protection Authority (CCPA) has issued a notice to ride-hailing platform Uber for 'advance tip' -- a feature through which the app lets users pay tips to drivers prior to booking rides. In a post on X, union minister for consumer affairs Prahlad Joshi wrote, "The practice of 'Advance Tip' is deeply concerning. Forcing or nudging users to pay a tip in advance, for faster service is unethical and exploitative. Such actions fall under unfair trade practices. Tip is given as a token of appreciation not as a matter of right, after the service". — JoshiPralhad (@JoshiPralhad) "Taking cognisance of this, I had asked CCPA to look into it and today CCPA has issued a notice to Uber in this regard, seeking explanation from the platform. Fairness, transparency and accountability must be upheld in all customer interactions," Joshi added.A screenshot of the Uber app posted by Joshi showed the advance tipping option that reads, "A driver may be more likely to accept this ride if you add a tip". Gig work platforms, including ride-hailing, food delivery and quick commerce, typically offer the tipping option after the fulfilment of the order. Uber did not comment on the development. Over the past few years, Uber faced criticisms over increasing driver cancellations and elongated booking times -- following which it introduced a slew of measures to address these customer concerns. In a September interview with ET, Uber India and South Asia president Prabhjeet Singh had said ride-hailing platforms in India do not have enough vehicles to fulfil the growing consumer and its rival Ola have been facing rising competition -- especially in the four-wheeler ride-hailing segment -- from WestBridge Capital-backed Rapido, which has a market share of around 40% across all verticals including bike taxis and auto rickshaws.
Time of India
21-05-2025
- Business
- Time of India
Govt body issues notice to Uber for 'advance tip', consumer affairs minister terms practice unethical
— JoshiPralhad (@JoshiPralhad) Live Events The Central Consumer Protection Authority (CCPA) has issued a notice to ride-hailing platform Uber for 'advance tip' -- a feature through which the app lets users pay tips to drivers prior to booking a post on X, union minister for consumer affairs Prahlad Joshi wrote, "The practice of 'Advance Tip' is deeply concerning. Forcing or nudging users to pay a tip in advance, for faster service is unethical and exploitative. Such actions fall under unfair trade practices . Tip is given as a token of appreciation not as a matter of right, after the service"."Taking cognisance of this, I had asked CCPA to look into it and today CCPA has issued a notice to Uber in this regard, seeking explanation from the platform. Fairness, transparency and accountability must be upheld in all customer interactions," Joshi added.A screenshot of the Uber app posted by Joshi showed the advance tipping option that reads, "A driver may be more likely to accept this ride if you add a tip".Gig work platforms, including ride-hailing, food delivery and quick commerce, typically offer the tipping option after the fulfilment of the did not comment on the the past few years, Uber faced criticisms over increasing driver cancellations and elongated booking times -- following which it introduced a slew of measures to address these customer concerns. In a September interview with ET, Uber India and South Asia president Prabhjeet Singh had said ride-hailing platforms in India do not have enough vehicles to fulfil the growing consumer and its rival Ola have been facing rising competition -- especially in the four-wheeler ride-hailing segment -- from WestBridge Capital-backed Rapido, which has a market share of around 40% across all verticals including bike taxis and auto rickshaws.
Time of India
28-04-2025
- Business
- Time of India
Ultrahuman in talks with WestBridge to raise $100-120 million after SoftBank deal falls through
After discussions with Japanese investor SoftBank fell through, Bengaluru-based smart wearables maker Ultrahuman is now in advanced talks with WestBridge Capital to raise $100-120 million in fresh funding, people aware of the matter told ET. The potential deal with WestBridge could value Ultrahuman at around $500-550 million, they said. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" Earlier, Ultrahuman had been in talks with SoftBank for a $35-40 million round, but the deal collapsed due to differences over round size and valuation. 'At the time of the SoftBank discussions, which was more than 7-8 months ago, the company's scale was different. SoftBank wanted to do a smaller round at a lower valuation, which the company was not aligned with,' a person briefed on the negotiations said. Ultrahuman's financial performance has improved since then, these people added. The startup closed calendar year 2024 with around $80 million in revenue, and is currently tracking an annualised run-rate of $150-160 million, according to sources. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Top 25 Most Beautiful Women In The World Articles Vally Undo In March 2024 , the company closed a $35 million round led by Blume Ventures and Nexus Venture Partners, with participation from existing investors Alpha Wave Global and Eternal founder and CEO Deepinder Goyal. That round valued the startup at $125 million. International expansion Live Events "Talks with WestBridge are at an advanced stage... Ultrahuman plans to use the funds to push its expansion outside India," another person aware of the plans said. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The company had announced plans last year to open a new factory in Indiana, US, adding to its existing manufacturing facilities in Bengaluru and Texas. In its annual report released in January , Ultrahuman said it recorded a 6X growth in revenue year-on-year in 2024, with an average profit before tax (PBT) of 11%. The company expects PBT margins to rise to around 20% over time, as it invests in expanding its product line up—including new wearable form factors, fertility and cardiovascular health clinical trials, experience centres, and its Texas UltraFactory. Started by Mohit Kumar and and Vatsal Singhal, cofounders of Roadrunnr, a hyperlocal logistics startup sold to Zomato, Ultrahuman sells smart rings and metabolic health-tracking services. Currently, the founders jointly hold around 29% of the company. Nexus Venture Partners owns over 17%, while Alpha Wave Global and Blume Ventures own 15.2% and 10.1%, respectively. According to startup data platform Tracxn, Ultrahuman has raised a total of $55 million in equity and debt so far. SoftBank, WestBridge Capital and Ultrahuman's Mohit Kumar did not respond to ET's queries. The development was first reported by Moneycontrol
