The company’s move comes after the US government’s development finance institution OPIC agreed to invest $42 million in the fund.
“The impact of video learning is powerful, and therefore its potential as a service presents significant disruptive opportunities," said Parekh.
"Here was an industry building a few billion dollars in value but you are desperately scuttling it," said an investor in TaxiForSure.
Industry experts don’t make much of a ban, they say a stricter regulatory framework needs to be in place. That and better use of technology.
The ban, which was announced on December 8, comes two days after an Uber-registered driver allegedly raped a woman passenger late last week.
The state government directive could also put market leader Ola—which has a driver network operating about 40,000 cabs across the country.
The founder and CEO of a leading auto comparison and purchase website, who is in the market to raise capital, said all potential investors he was talking to were hedge funds.
Both Ryerson Futures, the acceleration unit of the university, and Chokhani Group will be anchor investors in the fund, putting in around Rs 5.5 crore each initially.
At its office in Bengaluru, Quikr plans to ramp up staff strength to 600 from 150 at present, with a bulk of fresh hires in the technology team.
Companies want end to two-step authentication for commuters paying small amounts, freedom to operate digital wallets without payment gateways.
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