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Gig economy startup CabDost merges with neobank Dvara Money

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CabDost, the startup that helps taxi drivers and other gig economy workers in filing their taxes and planning their finances, has merged with Dvara Money, a neobank catering to India’s growing urban gig-economy workers and the blue-collar segment.

In a statement, Samir Shah, Executive Vice-Chair and Managing Trustee, Dvara Trusteeship Services Pvt. Ltd, said, “CabDost has been working relentlessly over the last few years to encourage Taxi drivers in adopting the formal financial system, pay their income tax, in turn, making them eligible to plan their finances and access funds from banks, financial institutions and registered fintechs like Dvara Money. Together, we aim to offer a full-service financial service offering and facilitate the distribution of financial products by leveraging technology and deep customer insights and bring Urban Bharat within the formal financial umbrella.”

In the past three years, the statement claimed that CabDost has been running as a ‘profit with purpose’ startup. It has also partnered with India’s leading aggregators, airport authorities, and other businesses with a scalable revenue model.

The startup has been focussing on simplifying tax and compliance needs by facilitating audited financial statements while partners apply for loans, registrations and GST filing.

We started CabDost to bring financial inclusion after our research with 3,000 drivers realising that the new age contract workforce is excluded due to credibility issues. We are handholding communities through mass awareness about tax filing, PAN, and Aadhaar linking and financial literacy sessions across the country. We have built stress-free assisted mode for tax filing to help plan their finances,” said Yamuna Sastry, Founder and Chief Enabling Officer, CabDost. 

Dvara Money offers personalised financial solutions based on behavioural insights and helps customers improve their financial wellness.

Yamuna explained most of the revenues of CabDost have been reinvested for over 10,000 free IT filing campaigns with a focus on spreading awareness on financial literacy for both taxi drivers and their spouses, besides organising health camps, sessions about Government schemes and career counselling sessions for gig workforce children,

Shafeeque Thazhatheri, Co-founder CabDost, said, “Together we aim at building India’s leading digital platform for financial products exclusively built for the Urban Bharat.”

CabDost has been able to have a large impact in reducing informalities and building credibility by organising financial inclusion drives impacting more than lakh community members across 15 cities offline and 100 cities online.

Pramod Ghorpade, Co-Founder and Director, Dvara Money, said, “CabDost has been doing great work in bringing tax returns to the Urban Bharat segment. Leveraging our expertise in facilitating financial wellness in the form of Spark Account, Dvara Money will empower this segment with financial services, along with other benefits like tax returns, which will enable our customers to be better prepared to face challenges in the present and future. As a combined entity, we will be leveraging a community first approach with data insights from CabDost’s previous 50,000+ tax filings and deep understanding about the financial services to curate Savings first wealth management advisory, thus nudging them away from risky chit funds.”



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Fri 9 AM | Exchange Exemplar: Gig Work, Heaven Or Hell? – Jefferson Public Radio

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GIG inks wind offtake with Danone in Poland – reNews

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Macquarie’s Green Investment Group (GIG) has signed an agreement with Danone companies in Poland to supply renewable energy through a 10-year power purchase agreement (PPA).

The power will be provided by GIG’s Jozwin wind farm, which was acquired by the business last year.

Route-to-market and balancing services will be provided by Axpo Polska, with Axpo also acting as the intermediary with food giant Danone, which will use Axpo as their licenced electricity provider.

This PPA will support Danone’s current decarbonisation goals as its Polish operations make up 6% of the business’ total energy usage around the world.

Danone is part of RE100, a collection of the companies that have committed to using 100% renewable electricity.

Danone’s commitment is to reach 100% of renewable electricity by 2030. 

At the end of 2020, Danone exceeded its previous target of 50% by 2020, getting 54.3% of its electricity from renewable sources.

GIG Europe head Edward Northam said: “This agreement shows our ability to work in partnership with our customers, in this case Danone, to develop bespoke solutions under challenging market conditions.

“Having understood Danone’s specific needs, GIG in partnership with Axpo, has created and delivered a solution that meets Danone’s energy and carbon reduction ambitions in a cost-effective manner.”

GIG has now supported 18 corporates with PPAs, equating to 3GW of renewables capacity.

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Gig economy workers demand fair conditions | Guardian News

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James Yang is still angry over the road deaths of five colleagues at work who suffered the same pressure he felt as a food delivery driver.

The Chinese migrant worked for Hungry Panda but says the company booted him off the app after raising concerns about conditions.

Mr Yang earned as little as $12.50 an hour working 12-hour days.

He and fellow gig economy workers met with politicians at federal parliament on Thursday, campaigning for the same rights afforded to other workers.

Labor leader Anthony Albanese believes gig workers should be given the minimum wage and greater scope to access other base employment standards.

He urged the Morrison government to stand up to Uber and Hungry Panda in the same way it took on tech giants over the news media bargaining code.

“What we can’t have is a circumstance whereby we have two industrial relations systems,” Mr Albanese said.

“One that has pay, one that has annual leave, sick leave, one that has conditions that most Australians take for granted, and another whole section of society who are marginalised, who don’t enjoy any minimum wage.”

Industrial Relations Minister Christian Porter said he had a great deal of sympathy for Mr Yang but he’s not going to tell him there’s an easy fix.

He said the Fair Work Commission had consistently ruled gig workers were contractors and not subject to the same conditions as employees.

Mr Porter said media code negotiations with Facebook and Google were years in the making after a consumer watchdog inquiry.

He noted the cost to business of changing the gig model and impact on consumer pricing as key complexities in regulating the sector.

Rideshare driver Malcolm McKenzie said gig workers didn’t have the same avenues to pursue unfair dismissal.

“Drivers face the possibility of termination through the app as a result of a fallacious claim against them, unsubstantiated claim against them,” he said.

Delivery driver Ashley Moreland said he faced losing his job if orders weren’t met on the company’s timeline.

“It really is time that laws caught up to the technology and that we brought some rights to this industry,” he said.

“Because I think it’s a bit of a shame that in a modern developed democracy, we have this situation of third world work.”

Australian Associated Press



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