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    STARTUP DIGEST: Here’re top 10 startup stories of the day

    STARTUP DIGEST: Here’re top 10 startup stories of the day

    STARTUP DIGEST: Here’re top 10 startup stories of the day
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    By Palak Agarwal   IST (Published)

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    There were many developments in the startup space on Thursday, which include Eduvanz raises $5 million in Series-A funding, InCred acquires Vishuddha Capital Management LLP, online seller body asks RBI to act against ClubFactory over payment default, DaveAI raises an undisclosed amount of funding.

    There were many developments in the startup space on Thursday, which include Eduvanz raises $5 million in Series-A funding, InCred acquires Vishuddha Capital Management LLP, online seller body asks RBI to act against ClubFactory over payment default, DaveAI raises an undisclosed amount of funding. Here’s a closer look at today’s startup news and everything you need to know:
    1. Eduvanz raises $5 million in Series-A funding led by Sequoia India
    Fintech startup Eduvanz, which provides loans to students and skill seekers has raises $5 million in Series-A funding led by Sequoia India along with its existing investor Unitus Ventures.
    "By making otherwise inaccessible financing accessible, Eduvanz helps skill seekers be relevant for the ‘jobs of the future. Expanding reach to tier 2 & 3 cities, it aims to disburse Rs 400-500 crore in loans over the next few years," said Sequoia Capital India in a tweet.
    2. InCred acquires Vishuddha Capital Management LLP
    InCred Asset Management, part of InCred Capital, has acquired Vishuddha Capital Management – an equity focussed AIF -founded by fund manager Aditya Sood.
    This is the first acquisition made by InCred Asset Management following the previous announcement of globally renowned fund manager Punita Kumar Sinha joining InCred to spearhead the asset management business.
    The acquisition of Vishuddha is subject to regulatory approvals.
    3. Online seller body asks RBI to act against ClubFactory over payment default
    The All India Online Vendors Association (AIOVA) has approached the Reserve Bank of India against Chinese e-commerce platform ClubFactory over default on payments, and has appealed to the central bank to seize the company's escrow bank accounts.
    Ecommerce platform ClubFactory, which was among the 59 Chinese apps that were banned in India, has allegedly stopped payments to sellers on its platforms. This comes after the company is said to have suspended its India operations.
    The association says ClubFactory is in violation as per the RBI's “Guidelines on Regulation of Payment Aggregators and Payment Gateways” of the Payment and Settlement Systems Act, 2007.
    The association also alleged that ClubFactory was withdrawing money from the escrow bank account designated for merchant dues, and has south that the RBI seize these accounts.
    AIOVA, which represents over 2000 online sellers, had last month filed a legal notice against the company, calling the force majeure clause invoked by the latter illegal.
    The legal notice was sent to ClubFactory’s India registered company FutureTimes Technology India Private Ltd in July.
    4. DaveAI raises an undisclosed amount of funding from Mumbai Angels Network, GHV Accelerator, and others
    Bengaluru-based Artificial Intelligence sales augmentation platform, DaveAI said it has raised an undisclosed amount in their pre-series round of funding from Mumbai Angels Network, GHV Accelerator, IIIT Technology Venture partners and Mohan Kumar, CEO of Crestere Technologies. With this new funding the startup aims to humanize digital conversations with virtual Avatars.
    “We are pleased to be backed by investors who understand technology & believe that world class deep technology products can be built in India. DaveAI is an enterprise grade AI platform for creating next generation of Sales Experiences. This investment will help us enter new markets & sustain this growth at a global scale,” said Sriram, co-founder & CEO at DaveAI
    5. “MoRTH's new policy is a great move for both customers and OEMs’ says Tarun Mehta of Ather Energy
    The Ministry of Road Transport and Highways on Wednesday said that automobile makers could at sell electric vehicles without batteries at their own discretion. The batteries could be sold separately to the vehicle owner, or the owner could buy the battery from some other service provider.
    Government sources said the rationale behind the move was to make electric vehicles more affordable as the battery cost was 30-40 percent of the total.
    Welcoming this move, Tarun Mehta, CEO & Co-founder, Ather Energy, said, ‘‘MoRTH's new policy is a great move for both customers and OEMs. It lowers the upfront cost that the consumer has to pay and allows OEMs to build superior products at an affordable price point.”
    6. Paytm Money launches stock broking with free delivery trades, intraday trades at Rs 10
    Digital payments major Paytm has launched stock trading feature on its wealth management platform — Paytm Money. Currently, the offering is in a beta testing mode. Paytm Money is offering a low price on trades, for intraday trades to be at Rs 10 and a completely digital KYC process for customer onboarding.
    Varun Sridhar, CEO - Paytm Money, said, "With the addition of equities, Paytm Money seeks to drive financial inclusion among investors by removing information gaps and facilitating stock penetration in the country."
    This new addition will benefit experienced as well as first-time investors to seamlessly invest and trade in stocks in a completely digital & secure environment, the company said.
    7. Facebook cracks down hate speech and terrorism content
    Social media network Facebook released its Sixth edition of Community Standards Enforcement Report from April 2020-June 2020. Facebook witnessed proactive detection rate for hate speech increased 6 points from 89 percent to 95 percent. In turn, Facebook removed 22.5 million posts of hate speech in Q2, an increase from 9.6 million in Q1.
    Talking about Instagram, proactive detention rate for hate speech increased 39 points from 45 percent to 84 percent and the amount of content removed increased from 808,900 in Q1 2020 to 3.3 million in Q2.
    The social media network also took action against terror content, by removing 8.7 million of terror content in Q2, an increase from 6.3 million in Q1
    Facebook is also updating its policies to more specifically account for certain kinds of implicit hate speech, such as content depicting blackface, or stereotypes about Jewish people controlling the world.
    Since October 2019, Facebook has conducted 14 strategic network disruptions to remove 23 different banned organizations, over half of which supported white supremacy.
    8. SoftBank-backed KE Holdings raises $2.12 billion in US listing
    SoftBank-backed Chinese owner of real estate platforms KE Holdings Inc raised $2.12 billion in a U.S. initial public offering that was priced above the target range.
    The company, which owns property brokerage brand Lianjia and housing transactions platform Beike, said it sold 106 million American depositary shares (ADS) for $20 each. Apart from SoftBank, KE counts Tencent Holdings, Hillhouse Capital and Sequoia Capital among its largest investors.
    The company’s share sale is the largest IPO of a Chinese company since March 2018, when video streaming site iQiyi raised $2.4 billion from its U.S. listing.
    9. Apple must pay $500 million in damages over 4G patent violations, US court rules
    A Texas court has ordered Apple to pay more than $500 million in damages and interest for 4G patent infringements held by intellectual property company PanOptis.
    The US tech giant -- now worth almost $2 trillion -- vowed to appeal Tuesday's decision.
    "We thank the jury for their time but are disappointed with the verdict and plan to appeal,"Apples aid in an email response to an AFP inquiry.
    "Lawsuits like this by companies who accumulate patents simply to harass the industry only served to stifle innovation and harm consumers."
    PanOptis, which specializes in licensing patents, took Apple to court in February last year, claiming it refused to pay for the use of 4GLTE technologies in its smartphones, tablets and watches.
    10. Mozilla lays off 250 employees as a part of restructuring its business
    Mozilla is laying off 250 employees and closing its operations in Taipei, Taiwan as revenues get hit due to the ongoing global pandemic.
    "Our pre-COVID plan for 2020 included a great deal of change already: building a better internet by creating new kinds of value in Firefox; investing in innovation and creating new products; and adjusting our finances to ensure stability over the long term. Economic conditions resulting from the global pandemic have significantly impacted our revenue."
    "As a result, our pre-COVID plan was no longer workable. Though we’ve been talking openly with our employees about the need for change — including the likelihood of layoffs — since the spring, it was no easier today when these changes became real. I desperately wish there was some other way to set Mozilla up for long term success in building a better internet," said Mozilla Corporation CEO and Mozilla Foundation Chairwoman Mitchell Baker in a blog post.
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