Tuesday, September 10, 2019

Jet Airways bankrupt, Goyals under scanner, scion floats new company

Mumbai: Naresh Goyal’s son Nivaan Goyal has founded a travel technology company, seeking a fresh path out of family’s troubles as his parents face government probes and their grounded airline Jet Airways awaits an investor.
The Goyal family scion, with his cousin Nikhil Raghavan, also a former executive at Jet, started Digital Blinc Technologies, according to documents filed with the Registrar of Companies under the Ministry of Corporate Affairs. The company is registered in Maharashtra and was formed in June with an initial share capital of Rs 10 lakh, the documents showed. They listed Goyal and Raghavan as the first directors.
Raghavan announced the formation of the company in a Facebook post in August.
“I’m glad to announce that I have co-founded a tech startup called ‘Blinc Technologies’. Our first product is a really exciting play in the B2C (business-to-customer) travel space and is set to go live in 2020,” he said on the social network.
The company website lists Raghavan, the former head of innovation and technology at Jet, as Blinc’s co-founder and president. It lists services including online ticketing solutions, a cab-ride sharing application, a loyalty platform for earning and burning points and a digital payment system.
Jet, India’s oldest private carrier, stopped operating on April 17 after running out of cash to stay afloat and failing to raise money. In June, India’s bankruptcy court admitted an insolvency plea from its biggest lender, State Bank of India, after the airline repeatedly defaulted on loan repayments. A resolution professional appointed by the court is now trying to find a new investor for the airline.
10/09/19 Anirban Chowdhury/Economic Times

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