Business
States sue Zillow, Redfin for alleged antitrust violation in online rental housing
Rafael Henrique | Lightrocket | Getty Images
Attorneys general from five states sued Zillow and Redfin on Wednesday, alleging the companies schemed to stop competition in the online housing rental market.
The lawsuit follows a similar one filed by the Federal Trade Commission on Tuesday.
Officials from New York, Arizona, Connecticut, Washington and Virginia jointly filed the lawsuit Wednesday, citing a February deal between the two companies in which Zillow “paid Redfin $100 million to shut down its apartment rental advertising business and transfer its clients to Zillow,” New York Attorney General Letitia James’ office said in a news release.
“This agreement is nothing more than an end run around competition that insulates Zillow from head-to-head competition on the merits with Redfin for customers advertising multifamily buildings,” the lawsuit reads.
The suit alleges that the agreements violate federal antitrust laws and may harm renters using the companies’ resources. It also claims that Redfin fired hundreds of employees and then worked with Zillow to rehire some of them.
“Millions of New Yorkers rely on online apartment listings to find an affordable and safe place to live,” James said in a statement. “Zillow’s attempt to shut down its competition could drive up costs for advertisers and leave renters with fewer options when searching for a new apartment.”
Zillow, Redfin and CoStar, which owns Apartments.com, are the three largest players in the market and account for 85% of all market revenue, according to James’ office.
The AGs are seeking an injunction to bar the two companies from allegedly scheming and proposes a possible restructuring of the businesses to maintain competition.
“Redfin strongly disagrees with the allegations and is confident we will be vindicated by a court of law,” a spokesperson for the company said in a statement. “Our partnership with Zillow has given Redfin.com visitors access to more rental listings and our advertising customers access to more renters. By the end of 2024, it was clear that the existing number of Redfin advertising customers couldn’t justify the cost of maintaining our rentals sales force. Partnering with Zillow cut those costs and enabled us to invest more in rental-search innovations on Redfin.com, directly benefiting apartment seekers.”
A Zillow spokesperson said the company maintains that its partnership with Redfin is “pro-competitive and pro-consumer by connecting property managers to more high-intent renters so they can fill their vacancies and more renters can get home.”
Shares of Zillow and Redfin’s parent company Rocket Companies initially traded lower following the announcement, after each losing ground on Tuesday following the FTC’s lawsuit.
The FTC’s complaint cites a similar alleged scheme between the two companies. Zillow and Redfin both disagreed with those allegations and said they remained confident in their partnership.
Business
BVG India IPO: Fresh Issue Of Rs 300 Crore, Existing Shareholders To Sell 2.85 Crore Shares
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BVG India Limited files DRHP with SEBI for IPO, offering Rs 300 crore fresh issue and OFS. With 85000 staff and Rs 3301.8 crore revenue.
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BVG India IPO: Pune-headquartered BVG India Limited, the country’s largest integrated facility management (IFM) services provider, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO).
BVG India IPO Composition
The issue comprises a fresh issue of equity shares aggregating up to Rs 300 crore and an offer for sale (OFS) of up to 2.85 crore equity shares by existing shareholders. Out of the fresh issue proceeds, Rs 250 crore has been earmarked for repayment or pre-payment of borrowings, while the balance will be deployed towards general corporate purposes.
About BVG India Company
The company operates through three business verticals—Integrated Facility Management (IFM), Emergency Response Services (ERS), and Environment & Sustainability Services (ESS)—catering to clients across industrial, commercial, healthcare, education, government and transport infrastructure sectors.
Under IFM, BVG India provides soft services such as mechanised housekeeping, janitorial services, industrial housekeeping, manpower supply, security, office support and retail fuel outlet maintenance; hard services including electro-mechanical works, mechanical, electrical and plumbing (MEP) services, repairs and maintenance, road management, city cleaning and infrastructure upkeep; and specialised services like catering, paint-shop cleaning, back-office support, logistics management, and fleet operation, including EV bus management. The company is also a trusted partner to the Indian Railways, managing station facility operations, rolling stock and track maintenance, and on-board housekeeping.
Through ERS, BVG India pioneered police emergency response in India and introduced ambulances equipped with advanced medical devices and staffed with doctors. Notably, BVG India introduced the practice of staffing ambulances with doctors, setting new benchmarks for emergency medical care and reinforcing its leadership in public service delivery. Under ESS, it delivers waste management, horticulture, landscaping, afforestation, lake rejuvenation, and smart city projects, while also producing solar modules and installation and maintenance for solar projects nationwide.
BVG India Financials
As of 31 March 2025, BVG India had a workforce of over 85,000 employees operating across 2,218 active sites nationwide, making it one of the largest employers in the facility management space. For FY25, the company reported revenue from operations of ₹3,301.8 crore, total income of ₹3,319.5 crore, and profit after tax of ₹207.2 crore, translating into a healthy Return on Equity (ROE) of 17.44%. Its robust financial performance and diversified business model highlight its ability to scale operations while maintaining profitability.
The IPO will be managed by ICICI Securities Limited, JM Financial Limited and Motilal Oswal Investment Advisors Limited, with MUFG Intime India Private Limited acting as the registrar.
The global outsourced Facility Management (FM) market, valued at USD 1,030 billion in 2024, has grown at a CAGR of 4.2% from 2019 to 2024, recovering from the pandemic-led disruption and regaining pre-2020 spending levels by late 2021. With rising infrastructure investments, rapid industrialisation, the development of smart buildings and increasing adoption of digital solutions, the market is expected to grow strongly. Government initiatives in emerging economies to contract private operators for clean, green and smart infrastructure further open up opportunities. By 2029, the outsourced FM market is projected to reach USD 1,495.1 billion, growing at a CAGR of 7.7% between 2024 and 2029.
With its leadership position, diverse service portfolio, strong execution track record and commitment to sustainability, BVG India is strategically placed to benefit from these industry tailwinds and strengthen its position as a pioneer in integrated facility management and allied services in India.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
October 03, 2025, 18:00 IST
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Business
Global recognition: India wins ISSA Award 2025 for social security; coverage jumps from 19% to 64% in a decade – The Times of India
India has been recognised globally for its strides in social protection, becoming the fifth country to win the prestigious International Social Security Association (ISSA) Award for Outstanding Achievement in Social Security.The honour was conferred at the World Social Security Forum (WSSF) in Kuala Lumpur, Malaysia, where Union Labour and Employment Minister Mansukh Mandaviya received the award on behalf of the government, PTI reported.“The award is a testament to the vision of Prime Minister Narendra Modi… empowering the last person in the line, that has shaped our journey towards inclusive and universal social protection,” Mandaviya said.According to the labour ministry, India’s social security coverage expanded sharply to 64.3 per cent in 2025, up from just 19 per cent in 2015. Mandaviya said the government is pursuing comprehensive reforms in policy, process, and technology to deepen social security.The ISSA award, first introduced in 2013, is presented once every three years. Brazil was the inaugural recipient, followed by China in 2016, Rwanda in 2019, and Iceland in 2022.India’s approach, the ministry noted, has moved from fragmented systems to an integrated, lifecycle-based safety net. Examples include PM POSHAN for child nutrition, Janani Suraksha Yojana for safe childbirth, PM-KISAN for farmers, and the National Old Age Pension Scheme for senior citizens.Mandaviya said India is leveraging digital innovation to widen opportunities for income generation and strengthen social protection through financial access, skilling, and self-employment.
Business
UPI transaction in September slip below 2 billlion but daily average up – The Times of India
MUMBAI: UPI (Unified Payments Interface) transactions in September 2025 continued to show strong momentum, with growth evident in both daily transaction counts and values. While the total number of transactions for the month dipped slightly compared to August, the average daily data—adjusted for the shorter 30-day September—indicates a clear upward trend in activity on the platform.UPI processed 19.63 billion transactions in September, marginally lower than the 20.01 billion recorded in August. In value terms, the platform saw Rs 24.90 lakh crore transacted, almost flat compared to Rs 24.85 lakh crore in August. On a month-on-month basis, this translated into a 1.9% decline in volume but a 0.2% increase in value. The fall in aggregate numbers was largely due to September having one fewer day than August, making the daily averages more representative of underlying growth.On an average daily basis, UPI handled 654 million transactions worth Rs 83,000 crore each day in September. This marked a 1.37% increase in daily transaction count compared to August’s 645 million and a sharper 3.54% rise in daily value from Rs 80,160 crore. The stronger rise in value relative to volume indicates a growth in average ticket size, with users transacting higher amounts per payment in September. July’s daily averages were lower at 628 million transactions and Rs 80,900 crore, showing a clear three-month progression.The year-on-year picture remains more robust. September’s total transaction volume was 31% higher than the same month last year, while August had posted 34% growth. In value terms, both August and September registered 21% growth over their respective 2024 levels. These double-digit gains underscore the platform’s continued expansion and deepening integration into everyday payments.
BVG India IPO: Fresh Issue Of Rs 300 Crore, Existing Shareholders To Sell 2.85 Crore Shares
Nelly wins Swedish court case against Shein over photo copyright
Global recognition: India wins ISSA Award 2025 for social security; coverage jumps from 19% to 64% in a decade – The Times of India
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