Tuesday, 23rd October, 2018

Snippets

Given the high surge prices, Uber drivers in Bengaluru are accepting equity instead of cash from entrepreneur passengers

23, Jul 2018 By Santosh Pradhan

Its well-publicized troubles with basic infrastructure and political instability notwithstanding, Bengaluru is proving that it is by far and away India’s startup capital, aided in the assumption of this title by the software companies which first put the city on the global map. But the entrepreneurial culture is indeed helping the city in different ways. The surge pricing in online cabs is unaffordable for so many people, even the entrepreneur class and the cab drivers, in fact, have an amazing solution to it. Some cab drivers in Bengaluru are accepting equity instead of cash to lessen the burden on the Entrepreneurs in the city.

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Finance minister Arun Jaitley in his budget speech proposed a slew of measures to hasten India’s movement to a digital economy. And the Bengaluru cab drivers are one step ahead of the finance minister. Knowing the fact that every 5th or 6th person in Bengaluru is an Entrepreneur, it makes sense to take equity instead of hard cash. This way it is possible to track the use of money in the economy, of which the online cab service is a big part.

Jagdish malik on Thursday became the first cab driver in human history to accept equity instead of Cash. Jagdish was giving a trip to Sanil Jain, the owner of CupShup, from the airport to Kormangala. The total bill including the surge price came out to be Rs. 10,211. It was pretty obvious that Sanil didn’t carry this amount of cash and didn’t have the same in his electronic wallets. This is when Jagdish came up with an idea to ask for equity and Sanil readily agreed. Sanil Jain spoke to our Faking News reporter and said, ” It would be so easier for the whole tech community if common people like Jagdish start accepting equity. Its a much easier transaction.”

The finance ministry has taken note of this historic occasion and decided to honor Jagdish for his innovative act which is bound to create a economic impact.