There were several developments in the startup space during the day. Here are the top startup stories of the day:
GooglePay developer meet
Google held part two of its meeting with Indian app developers and founders of startups regarding its play store policy, which had received massive backlash over the 30 percent commission proposed for in-app purchases of digital goods.
A"Google Play Policy Webinar" is part of its outreach following complaints by startups, many of whom approached the IT Ministry as well as the Competition Commission of India (CCI) on the issue.
Flipkart acquires gaming startup Mech Mocha
Walmart-owned Flipkart has strengthened its gaming strategy through the acquisition of Intellectual Property from Mech Mocha for an undisclosed amount. Mech Mocha is a mobile gaming startup that runs India’s first live-social gaming platform ’Hello Play’. Co-founded by Arpita Kapoor and Mohit Rangaraju, Mech Mocha has been backed by investors including Accel Partners, Blume Ventures and Shunwei Capital.
In addition to the acquisition of the company’s IP, Mech Mocha’s gaming team along with the co-founders will also join Flipkart as the company continues to focus on developing new and innovative formats to engage with users on its platform, Flipkart said. The team will focus on scaling Flipkart’s gaming efforts under the leadership of Prakash Sikaria, Vice-President at Flipkart.
Funding of the day
Bengaluru-based startup 'Bizlog Value chain' raises Rs 12 crore
Reverse logistics solutions startup Deliveryontime Logistics known as ‘Bizlog’ has raised Rs 12 crores in a pre-series-A round led by IAN Fund. Paras Jain Founder of Adishwar, an Electronics retail in Karnataka, also participated in the fund raise along with the IAN Angels.
With this raise, the company will further develop the technology, create a roadmap to onboard new verticals and expand the business pan India over the next few years.
9Unicorns invests in Tamasha
9Unicorns, Titan Capital & First Cheque along with a host of angels invest Rs 2.5 crore in Tamasha, an influencer-led live real money gaming platform.
The Rs 2.5 crore funding round also saw participation from several other eminent investors such as PointOne Capital, Maninder Gulati (Global Chief Strategy Officer - OYO Rooms), Ramakant Sharma (Co-Founder - LivSpace), Ankit Khandelwal (Co-Founder - Gromo), and Abhishek Hota (VP - OYO). Other investors who participated in the funding round include Rishabh Kumar (Head UK & Europe - OYO), and Aakash Kumar (AVP - Hotstar).
The seed-stage funding will support the disruption of real money gaming by bringing together the experience of both reality TV and live video gaming on a single platform
Unicorn India Ventures invests in AI-driven insuretech startup Fedo
Mumbai-based early stage VC Fund house Unicorn India Ventures has announced its 5th investment from INR 400 crore Fund II in Fedo, a Bengaluru-based insuretech startup. The company has raised $1 million in a Pre Series A from UIV. The round saw participation from SEA fund along with Ashish Mehrotra (Former MD and CEO, Max Bupa).
The startup will use the funds to enhance the computer vision capabilities for enhanced non-invasive identification of health risks usable in various use cases requiring health assessment and to co-create personalised insurance products.
Ola Electric scouts for land to build world’s largest e-scooter facility: Report
Cab aggregator Ola is planning to foray into electric scooter manufacturing according to a newspaper report. The company is reportedly in talks with multiple state governments for 100 acres of unencumbered land on which it plans to build the world’s largest e-scooter facility.
Ant Group’s record $34.5 billion IPO suspended in Shanghai and Hong Kong
The Shanghai Stock Exchange and Hong Kong Stock Exchange have suspended Ant Group's A-share IPO on its STAR Market, which was initially set for Thursday (October %), the exchanges said.
Following Shanghai's move, reports suggest that the Hong Kong Stock Exchange too suspended the IPO.
Ant Group recently reported to China's securities regulator about the significant changes in the regulatory environment, the exchange said, and this development might make Ant Group fall short of listing requirements on information disclosure, the Shanghai stock exchange said in a statement, reports said.
Microsoft to invest in Ant Group-backed Indonesian startup Bukalapak
Microsoft Corp invests in Ant Group-backed Indonesian online marketplace Bukalapak. According to reports, the tech company joins a $100 million investment round in the Indonesian startup. Under the deal, Bukalapak will adopt Microsoft's cloud platform Azure and provide digital skills training for Bukalapak employees and their merchants, Microsoft said via a blog
Twitter, Facebook outline action on posts claiming early US election victory
Social media companies Twitter and Facebook outlined plans for placing warning labels on posts from U.S. election candidates and campaigns that claim victory in advance of official results. The moves come as social network platforms brace for what has been an unusual election cycle due to a high number of mail-in ballots that may cause a delay in final results.
Twitter board expresses confidence in CEO Dorsey
The board of Twitter expressed support for Chief Executive Officer Jack Dorsey saying it had confidence in the social media company's "current structure". “The committee expressed its confidence in management and recommended that the current structure remain in place,” the board said in a regulatory filing.
The board cited Twitter’s “significantly improving product” and financial performance in the third quarter when revenue grew 14% year-over-year to $936 million. Earlier this year, Dorsey fought off an attempt by activist investor Elliott Management to oust him from his job by agreeing to growth targets.
Apple 'One More Thing' event to be hosted on November 10 | New Silicon-powered 13-inch MacBook Pro, MacBook Air models expected
Cupertino-based tech giant Apple is all set to host a new event on November 10. Apple is expected to launch a new Apple Silicon-based Mac alongside the rumoured AirTags and AirPods Studio at the 'One More Thing' event. An easter egg on the Apple event page hints that the company will be launching a new MacBook model at the Apple Event on November 10.
TikTok signs deal with Sony Music to expand music library
Short video-sharing app TikTok signs a deal with Sony Music Entertainment that will give all its users access to Sony’s portfolio of music including global artists such as Beyonce, Martin Garrix and Harry Styles. The deal will allow Sony Music to use TikTok's platform, home to several viral internet trends and where emerging artists have garnered fans quickly, to promote its artists.