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Ola Gets Fresh Funding Of $350 Mn From Softbank, Witnessed Drop In Valuation

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Online transportation network company Ola has raised a fresh funding of about $350 million from Japan’s existing investors Softbank and two others. Ola’s investors include Softbank, Tiger Global, Sequoia Capital and Matrix Partners.

According to the business reports, the latest funding was done at a rate of $3.5 billion valuations, a decline of 30 percent from a peak of $5 billion. From past six months Ola was looking to raise funds and now had to settle down for a lower valuation to seek this funding.

This is likely to be the first fund raised by a unicorn company at a lower valuation. Ola had been under tremendous pressure since its rival Uber started pumping money into the Indian market to get a larger share of the market. Uber pledged to pump in $1 billion in India.

Seems like this year hasn’t been great for these cab aggregators. There is an increased pressure from both the government as well as the driver partners. Driver partners in Bengaluru and Delhi too are protesting for a hike in their incentives and fares.

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Essential Steps to Prepare Your iPhone for the iOS 18 Update!

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Startup Stories

Preparing Your iPhone for iOS 18: Essential Steps

As Apple rolls out the much-anticipated iOS 18 today, it’s important to ensure your device is ready for the update. This guide outlines the necessary steps to prepare your iPhone for a smooth installation of iOS 18, which promises to enhance customization and introduce several new features.

1. Verify Device Compatibility

Before proceeding, confirm that your iPhone is compatible with iOS 18. The update will be available for the following models:

  • iPhone 15
  • iPhone 15 Plus
  • iPhone 15 Pro
  • iPhone 15 Pro Max
  • iPhone 14
  • iPhone 14 Plus
  • iPhone 14 Pro
  • iPhone 14 Pro Max
  • iPhone 13
  • iPhone 13 mini
  • iPhone 13 Pro
  • iPhone 13 Pro Max
  • iPhone 12
  • iPhone 12 mini
  • iPhone 12 Pro
  • iPhone 12 Pro Max
  • iPhone 11
  • iPhone 11 Pro
  • iPhone 11 Pro Max
  • iPhone XS
  • iPhone XS Max
  • iPhone XR
  • iPhone SE (2nd generation or later)

2. Free Up Storage Space

iOS 18 requires approximately 6.98 GB of available storage. To ensure a smooth installation, check your storage by navigating to Settings > General > iPhone Storage. Delete unused apps, photos, and files. Consider offloading photos to iCloud to create additional space.

3. Back Up Your Data

Backing up your iPhone is crucial before any major update. Use iCloud or connect your device to a computer with iTunes/Finder to create a backup. This protects your data in case of any issues during the update process.

4. Check App Compatibility

Some apps may not be immediately compatible with iOS 18. Check for updates from app developers or consider waiting a few days after the update to ensure your essential apps function correctly.

5. Ensure a Stable Wi-Fi Connection and Charge Your iPhone

A stable Wi-Fi connection is essential for downloading the update. Additionally, ensure your iPhone is charged to at least 50% before starting the installation to avoid interruptions.

6. Wait for Early Reviews

If you’re not in a rush, consider waiting a few days after the initial release to install iOS 18. This allows time for developers to identify and resolve any initial bugs, ensuring a smoother experience.

By following these steps, you’ll be well-prepared to install iOS 18 and take full advantage of its new features. Enjoy your updated iPhone experience!

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Apple India’s Website Goes Down Hours Before iPhone 16 Pre-Orders Open!

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Startup Stories Apple

Apple’s eagerly awaited iPhone 16 series is set to kick off pre-orders today, September 13, 2024, at 5:30 PM IST. However, just hours before this crucial moment, the Apple India website has encountered an unexpected outage, causing frustration among customers eager to secure their new devices.

iPhone 16 Series Launch Overview

The iPhone 16 lineup includes four models: the iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max. These devices were introduced at Apple’s recent “It’s Glowtime” event, showcasing impressive features powered by the new A18 chipset and enhanced AI capabilities. In India, prices for the iPhone 16 series start at ₹79,900 for the base model, with the Pro models priced higher, reflecting their premium specifications.

Impact of the Website Outage

As the pre-order launch approaches, the sudden downtime of the Apple India website has left many potential buyers frustrated. Customers typically rely on the official website for pre-ordering their devices, accessing exclusive offers, and obtaining detailed information about the new models. The outage disrupts this process, potentially delaying the ability of eager customers to secure their devices.

The timing of the outage is particularly concerning, as interest in the iPhone 16 series has surged. Apple is offering promotional incentives, including instant discounts of ₹5,000 for customers using select bank cards during the pre-order process. This discount, along with trade-in options for older models, has attracted a significant number of consumers, increasing the urgency to access the website.

Alternatives for Pre-Ordering

Despite the website issues, customers have several alternatives for pre-ordering the iPhone 16 series. They can visit physical Apple Stores or authorized retailers across India, as well as popular e-commerce platforms like Flipkart and Amazon. These options may help alleviate the frustration caused by the website outage, allowing customers to secure their devices without relying solely on Apple’s online platform.

Conclusion

The launch of the iPhone 16 series is a pivotal event for Apple and its customers in India. However, the unexpected downtime of the Apple India website just hours before pre-orders begin raises concerns about accessibility and customer experience. As consumers seek ways to navigate this challenge, the availability of alternative purchasing options may provide some relief. Apple will need to address this outage promptly to ensure a smooth pre-order process and maintain customer satisfaction during this critical launch period.

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Apple Ordered to Pay €13 Billion in Back Taxes to Ireland by EU’s Top Court!

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In a significant ruling, the European Court of Justice (ECJ) has ordered Apple to repay €13 billion ($14 billion) in back taxes to Ireland, affirming a 2016 European Commission decision that Apple received illegal state aid from the Irish government. This ruling concludes a lengthy legal battle that began in 2014 when the Commission initiated an investigation into Apple’s tax practices in Ireland, where the company has its European headquarters.

Background of the Case

The European Commission’s investigation revealed that Apple benefited from two tax rulings in 1991 and 2007, which allowed the company to significantly reduce its effective tax rate in Ireland—from 1% in 2003 to just 0.005% in 2014. The Commission determined that these arrangements constituted unlawful state aid, prompting it to instruct Ireland to recover the unpaid taxes from Apple.

Legal Proceedings

Initially, in 2020, the EU General Court sided with Apple, overturning the Commission’s ruling by stating that it had not adequately proven that Apple received a selective tax advantage. However, the Commission appealed this decision, leading to the recent ECJ ruling that reinstated the original order for Apple to repay the taxes.

Apple’s Response

In response to the ruling, Apple expressed disappointment, asserting that it has always paid the taxes owed in accordance with international law and that the income in question had already been taxed in the U.S. The company maintained that the case was not about the amount of tax owed but rather about which government had the right to collect it. Apple emphasized its role as a significant taxpayer and contributor to economic growth in Europe.

Implications for Ireland and the EU

This ruling is seen as a setback for Ireland, which has positioned itself as a favorable location for multinational corporations due to its low corporate tax rates. The Irish government has contested the need for Apple to repay these taxes, arguing that such arrangements are essential for attracting foreign investment. The ECJ’s decision, however, reinforces the European Commission’s efforts to eliminate preferential tax deals that give certain companies an unfair advantage over others in the EU market.

Conclusion

The ECJ’s ruling not only marks a pivotal moment in Apple’s tax saga but also serves as a critical victory for the European Commission in its ongoing campaign against tax avoidance by multinational corporations. As the legal landscape continues to evolve, this case underscores the tensions between U.S. tech giants and European regulatory frameworks regarding taxation and competition.

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