STARTUP DIGEST: Here're top stories of the day

Updated : January 18, 2021 11:26 PM IST

There were several developments in the startup space during the day on Monday. Here are important startup updates of the day:

PM Modi announces Rs 1,000-crore 'Startup India Seed Fund'

PM Modi announces a Rs 1,000 crore seed fund for startups. The Startup India Seed Fund Scheme will provide financial assistance to startups for Proof of Concept, prototype development, product trials, market-entry, and commercialization.

Nazara Technologies refiles IPO papers with SEBI

India’s startup IPO journey for 2021 kicks off as diversified gaming and sports media platform Nazara Games refiles the DRHP with market regulator Sebi.

The company had earlier filed its papers in Feb 2018 but could not launch the issue. The gaming company backed by billionaire investor Rakesh Jhunjhunwala is most well-known for its World Cricket Championship, Chota Bheem and Motu Patlu series.

Don't join WhatsApp if not accepting new policy: HC

The Delhi High Court on Monday said accepting the new privacy policy of social messaging app WhatsApp was a ”voluntary” thing and one can choose not to use or join that platform if one did not agree with its terms and conditions.

”It is a private app. Don’t join it. It is a voluntary thing, don’t accept it. Use some other app,” Justice Sanjeev Sachdeva said to the petitioner, a lawyer, who has challenged WhatsApp’s new privacy policy which was slated to come into effect in February but has been deferred till May.

Funding of the day

Fintech platform BharatPe raises 20 million dollars debt investment from Alteria Capital and ICICI Bank

Fintech platform BharatPe is on a fundraising spree to back its massive expansion strategy and has today closed a 20 million dollars debt investment from Alteria Capital and ICICI Bank. This comes a week after raising 60 crores rupees in debt from Innoven Capital. BharatPe that has been aggressively building its lending vertical, disbursing loans of Rs. 200 crores per month to merchant partners has now set higher targets - it aims to disburse $700 million in loans by FY23.

MFine raises $16 million in a new funding round led by Heritas Capital fund

Health tech platform MFine has raised $16 million in a new funding round led by Heritas Capital fund along with the Singapore-based family office of Y’S Investment. Existing investors—SBI Investment, SBI Ven Capital, Beenext and Alteria Capital—also participated in the round.

Company will use the fresh funds to strengthen its leadership team and its technology platform to create a virtual hospital network for its users.

Wealthdesk raises Pre-Series A funding from multiple Investors

B2B2C Investment Technology platform WealthDesk has raised an undisclosed amount of Pre-Series A funding. The investors include senior leaders from global banks, market participants and other top technology business corporates.

With this funding round, WealthDesk is looking to expand further and capture retail investors at scale across this B2B2C ecosystem. WealthDesk aims to utilise these funds to further solidify its objective of platformization of Investment Management Industry in India consolidating Broking, Advisory, MF Platforms and FinTech AMCs.

Curefit acquires Onyx

Cure.fit acquires US-based digital fitness company Onyx to energise its international portfolio. Onyx specialises in body tracking technology and personalisation of workout feedback.

Cure.fit recently launched in the US with its energy-meter tech wherein the phone camera tracks users’ movements as they try to follow guided content from trainers.

Google disputes Texas suit

Google SAYS antitrust claims in a Texas lawsuit are “misleading,” arguing that its rates are fair, the marketplace is open and does not favor a single partner, such as Facebook. In December Texas Attorney General Ken Paxton filed a complaint about Google’s advertising technology business, in one of several suits alleging that Google abused its dominance of the internet search business or otherwise broke antitrust law.

Grab takes the IPO route

Southeast Asian ride-hailing and food delivery giant Grab is exploring a listing in the United States this year according to Reuters. The IPO could raise at least $2 billion making it the largest overseas share offering by a Southeast Asian company as per the report.

Published : January 18, 2021 11:25 PM IST

STARTUP DIGEST: Here're top stories of the day

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