CarTrade Faces Notice, Blue Dart Begins Drone Deliveries, Paytm Employees Move Labour Ministry and more

CarTrade faces tax shortfall notice; FM excludes gaming GST talk; Centre launches scheme for small enterprises joining ONDC; Blue Dart launches drone deliveries with Skye Air; Paytm employees seek reinstatement; and Unicommerce IPO sees SoftBank and Snapdeal founders as new promoters.

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What Matters

“Sadda Haq Aithe Rakh”: Paytm Employees Move Labour Ministry Citing Unlawful Termination

Aggrieved by alleged unfair and unethical terminations, Paytm employees have approached the Labour Ministry seeking reinstatement.

The All India Professionals' Congress (AIPC) has voiced its support for these employees. This move follows reports that the fintech startup was pressuring staff to resign voluntarily or face disciplinary action.

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“Sab Changa Si”: BIS Unveils Two New Standards To Enhance Safety Of EVs In India

BIS has introduced two new standards, IS 18590: 2024 and IS 18606: 2024, aimed at enhancing the safety of electric vehicles in India, specifically for L, M, and N categories.

These standards impose stringent safety and performance requirements for powertrains and batteries, reflecting the authorities' commitment to safer EVs. With these additions, India now has a total of 30 local standards focused on electric vehicles and their accessories, including charging systems.

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“Taxman”: CarTrade Gets Demand Letter From I-T Dept For Tax Shortfall

CarTrade received a demand notice from the I-T department for a tax shortfall of INR 15.79 Lakh, as disclosed in a filing with the BSE. The startup plans to file the necessary rectifications and take appropriate action to address the demand.

Interestingly, despite the notice, CarTrade shares closed 3.67% higher at INR 856.90 on the BSE on June 21.

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“Kathauti Mein Ganga”: No Discussion On GST For Gaming Companies, Says FM

In a press conference after the GST Council meet, Finance Minister Nirmala Sitharaman confirmed that GST on online gaming was not on the agenda. Since October 1, 2023, real-money gaming has been subject to a 28% GST, a decision slated for review six months post-implementation.

Despite speculation, the Council's focus did not include any immediate changes for the gaming industry.

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“Saathi Haath Badhana”: Centre To Launch Trade Marketing Scheme To Help Small Enterprises Join ONDC

The MSME ministry is set to launch the Trade Enablement & Marketing scheme to assist small enterprises in joining the ONDC. This initiative will provide subsidies through seller network participants to cover costs for services like catalog creation, account management, packaging, and logistics.

Additionally, ONDC's earlier collaboration with the Quality Council of India led to the launch of the DigiReady Certifications (DRC) portal, further supporting the MSME sector.

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“Hum Saath Saath Hai”: Blue Dart Begins Drone Deliveries In Partnership With Skye Air

Blue Dart has launched drone deliveries in partnership with Skye Air, initially focusing on e-commerce and last-mile services, though the specific cities remain undisclosed. In a BSE filing, Blue Dart mentioned plans to expand coverage to additional pin codes nationwide in future stages.

This launch follows nearly three years of experimentation, starting with piloting VLOS drones in Hyderabad's Vikarabad area back in September 2021.

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“Taal Se Taal Mila”: Unicommerce IPO As SoftBank, Snapdeal Cofounders Added As Promoters

In a recent SEBI filing, Unicommerce announced that Starfish I Pte Ltd, along with Snapdeal cofounders Kunal Bahl and Rohit Kumar Bansal, have been added as its promoters.

Starfish, an investment holding company fully owned by SoftBank, also signed an indemnity agreement with AceVector, Bahl, and Bansal to shield itself and its employees from any claims related to its new promoter status. This move comes as Unicommerce gears up for its IPO.

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1. WestBridge Capital divested 14.6 lakh IndiaMART shares for INR 379.7 Cr through open market transactions at INR 2,601 per share, a 1.8% discount to the last close. Despite the sale, IndiaMART shares rose 1.25% to INR 2,648.80 on the BSE on June 21.

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2. Wahter, an innovative Indian startup blending advertising with packaged drinking water, has secured Rs 5 crore in pre-seed funding, valuing the company at Rs 52 crore. Wahter is enabling affordable pricing as low as Rs 1 or Rs 2 per bottle for consumers.

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3. VOC Automotive, specializing in two-wheeler services, has secured INR 1.5 crore in funding from Corporate Warranty India Pvt Ltd (CWI). The investment aims to fuel VOC Automotive's expansion initiatives, enhancing accessibility to affordable and high-quality services.

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4. Metis Intellisystems, a BFSI-focused AI and machine learning platform, has raised Rs 1.3 crore in funding led by Inflection Point Ventures. The investment will support Metis in developing innovative solutions and optimizing strategic applications.

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