There were several developments in the startup space during the day, which include Paytm First Games back on Google Play Store, Ecommerce giant Amazon has pumped in Rs 700 crore in Amazon Pay India, Amazon India opens new specialised fulfilment centre in Karnataka; US explores restrictions on Ant Group, Tencent payment platforms, say reports; and Facebook to stop running political Ads after US Polls close on November 3.
Here are top startup updates of the day:
1. Paytm First Games back on Google Play Store
Paytm First Games makes a comeback on Google PlayStore after weeks it was removed over violating Google’s guidelines on ‘gambling’ and ‘fantasy real-money gaming’ for app developers.
‘’While Google does not allow us to promote our pro app on our own free app or Paytm app, we can promote it on Google and YouTube by paying hefty fees to Google. To put it simply, Play Store will ban the Paytm app or the Paytm First Games app if we promote our pro app. But it will freely allow YouTube to promote our free app, for a fee. Once again, if users type Paytm First Games on Play Store, they won’t find the pro app because we are violating their “policies” which “is designed to provide a safe and secure experience for our consumers”. If the Paytm app promoted Paytm First Games, then Paytm app would also be violating their “policies”. But when YouTube promotes the same Paytm First pro app (for a hefty advertising fee), then it is not a violation of such “policies” and suddenly does not create a risk to the customers.’’ Said Paytm First Games in a blog post
Google earlier had removed Paytm's mobile application from its mobile app store platform Play Store and cities cited its policies on gaming and betting as the reason for the move. Paytm was restored the same day three weeks ago.
2. Funding of the day
Ecommerce giant Amazon has pumped in Rs 700 crore in Amazon Pay India, the payments arm of Amazon, as per Tofler.
Ed-tech startup Pesto Tech has raised an undisclosed amount from a clutch of Silicon Valley angels investors including Ryan Hoover (Founder, Product Hunt), Anand Chandrasekaran (Stalwart Angel Investor), Ankur Nagpal (Founder & CEO, Teachable), Sahil Lavingia (Founder & CEO, Gumroad), Hiten Shah (Co-founder & CEO, FYI, usefyi.com), Andreas Klinger (Investor, Remote First capital), Maran Nelson (Founder, Interact), Derek Anderson (Co-founder, Bevy/Startup Grind) & Cindy Bi (General Partner, CapitalX). The startup will be using these funding to strengthen its presence in Silicon Valley.
Bengaluru-based cryptocurrency exchange Unocoin has raised $5 million in its Series A round of funding, the company said in a press note today. The round has been led by Draper Associates along with participation from XBTO Ventures and 2020 Ventures, both investors in the digital assets industry.
B2B and B2C ayurveda tech platform NirogStreet has raised $2 million in Pre -Series A funding. The funding is led by Wavemaker Partners and Amand Ventures. Existing investor Spiral Ventures has also participated in this round.
Delhi based fantasy games Startup FanBall XI has raised Rs 1 crore seed round from USA based venture capital firm Foxhog ventures Corp. The startup will invest the amount in the gaming business mostly focused on fantasy football games.
3. Amazon India opens new specialised fulfilment centre in Karnataka
Amazon India has announced the expansion of its fulfilment network in Karnataka with the launch of a new specialised fulfilment centre the largest in India.
With the storage capacity of more than 1.2 million cubic feet, the new fulfilment centre at Malur in Kolar is specialised to store and manage customer orders from the large appliances and furniture category.
With this infrastructure expansion, Amazon.in will now offer storage capacity of more than four million cubic feet across 4 fulfilment centres to its close to 35,000 sellers in Karnataka.
4. US explores restrictions on Ant Group, Tencent payment platforms: Reports
The United States is considering restrictions on China’s Ant Group as well as Tencent Holdings Ltd over concerns their digital payment platforms threaten national security, Bloomberg News reported.
Such a move would mark a new deterioration in relations between the world’s two largest economies, which have been stained by disputes over trade, Hong Kong’s autonomy, cyber security and the spread of the novel coronavirus.
5. Facebook to stop running political Ads after US Polls close on November 3
Facebook will stop running political or social issue ads after the US polls close on November 3 to reduce chances of confusion or abuse. The leading social network also said that any posts prematurely declaring a winner or contesting the count will be labeled with reliable information from news outlets and election officials.
"If a candidate or party declares premature victory before a race is called by major media outlets, we will add more specific information in the notifications that counting is still in progress and no winner has been determined," said vice president of integrity Guy Rosen.
Facebook and other social networks have been tightening rules as they gear up for post-election scenarios, including efforts by President Donald Trump to wrongly claim victory or contend the outcome is not legitimate.