Karnataka HC Fines Ola, ONDC Bolsters Fintech Play, Zerodha Sticks to Zero-Brokerage Model

The Karnataka HC ordered Ola to compensate a woman INR 5 lakh over a cab driver harassment case, while ONDC made waves with its first mutual fund transaction, boosting its fintech game. Zerodha reaffirmed its zero-brokerage model despite SEBI's new norms, and the Delhi HC called on social media giants to submit SOPs for sharing data with law enforcement.

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What Matters

“Waqt Rehte Sudharna Tha”: Karnataka HC Orders Ola To Pay INR 5 Lakh To Woman Allegedly Harassed By Cab Driver

The Karnataka High Court has ordered Ola to pay INR 5 lakh to a woman who filed a sexual harassment complaint against one of its drivers. The case, dating back to 2018, also prompted the court to instruct Ola’s Internal Complaints Committee to conduct a proper investigation.

Ola must ensure confidentiality under the PoSH Act and cover an additional INR 50,000 in litigation costs.

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“Ab Humari Baari”: ONDC Bolsters Fintech Play, Sees First Mutual Fund Transaction On The Network

ONDC is stepping up its fintech game with its first-ever mutual fund transaction on the network, a modest INR 100 investment in partnership with Nippon India Mutual Fund and Appreciate.

Soon, platforms like ATX Labs and AssetPlus will join the network as buyer apps. ONDC’s goal is to make mutual fund investments more accessible to everyone.

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“Munafe Ke Hazar Tarike”: Zerodha Sticks To Zero-Brokerage Model As SEBI’s True-To-Label Norms Kick In

Despite earlier concerns, Zerodha is sticking to its zero-brokerage model as SEBI’s True-To-Label norms take effect.

The new rules, which kicked in on October 1, prevent discounts based on trading volumes or activities, but Zerodha remains firm on its pricing structure. Meanwhile, the platform saw a 61% profit jump in FY24, raking in INR 4,700 Cr.

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“Maamla Legal Hai”: Delhi HC Asks Social Media Platforms To Submit SOPs For Furnishing Info To Police

The Delhi High Court has asked social media platforms to submit their SOPs on how they provide information to law enforcement.

This move is part of an effort to streamline responses to police requests for user data. It could mark a step towards greater transparency in how platforms handle such sensitive information but also raise privacy concerns.

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1. Peak XV Partners, formerly Sequoia Capital India, has cut the size of its $2.85 Bn fund by 16%, reducing it by $465 Mn. The venture capital firm has also slashed its fees following its split from Sequoia Capital.

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2. Mumbai-based ClayCo Cosmetics has raised $2 Mn in Series A funding from Unilever Ventures to expand its product line and boost brand visibility. The young skincare brand combines traditional beauty rituals with modern science, tapping into India’s booming beauty market.

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3. Groww Invest Tech’s FY24 profit soared 4X to INR 297 Cr, with revenue doubling to INR 2,899 Cr, driven by a growing client base and rising broking volumes. Despite the impressive growth, ICRA warns of intense competition and regulatory risks ahead for the fintech unicorn.

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4. Classplus doubled its revenue to Rs 213 Cr in FY24, while slashing losses by 57%, showcasing strong growth in the edtech space. The Tiger Global-backed firm has found success by helping educators build their online presence, defying the flat growth seen by many edtech players.

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