In brief: Grab postpones changes to rewards scheme; Ola outlines IPO plan

Photo credit: Ola

Grab reverses rewards scheme changes after public backlash (Singapore). It emerged over the weekend that the ride-hailing company had revised its GrabRewards loyalty program, effectively making it more difficult for some users to accrue points or redeem coupons. In an email, Grab today announced that users will again be able to redeem ride rewards at the previous rates, until the company finally implements the revised rates on September 30. “Last Friday, we announced changes to GrabRewards which took effect immediately,” the company wrote. “We acknowledge that we should have given you more time to redeem rewards for the points you earned, and would like to make things right again.” (Grab)

Ola CEO foresees IPO in “about 3 to 4 years” (India). Bhavish Aggarwal hinted at the ride-hailing firm’s IPO gameplan while speaking at an event in Bangalore. He didn’t say where Ola might seek a listing, however. Last week, Ola CEO Aggarwal told employees that he expects the company to hit profitability by the end of this year. (TechCrunch)

Other news

Ele.me commits US$147 million to cornering China’s food-delivery market (China). The on-demand delivery firm will spend the money on subsidies and marketing in an effort to up its share of the country’s on-demand food-delivery market to 50 percent. Ele.me was wholly acquired by Alibaba earlier this year in a deal that valued the startup at US$9.5 billion. (Reuters)

TradeGecko banks US$10 million in series B round (Singapore). The startup – which offers a software-as-a-service inventory management platform for small and medium-sized businesses – will use the funding to expand its product suite. TNB Aura Fund 1 and Aura Venture Fund led the round, with participation from Perle Ventures and 33 Capital. (AsiaOne)

HappyFresh rumored to get Grab investment (Indonesia/Singapore). The online grocery-delivery startup partnered with Grab earlier this month to offer its services through the ride-hailing firm’s app. Grab declined to comment on the rumor when contacted by Tech in Asia. (DealStreetAsia)

MaNaDr Mobile Health acquires Uninstall.io for undisclosed amount (India/Singapore). The city-state’s Mobile Health – which has developed an online platform linking patients and doctors called MaNaDr – said its takeover of Bangalore-based app optimization startup Uninstall.io will enhance its capabilities in data analysis, data warehousing, and machine learning. (Inc42)

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