Sequoia closes India’s largest seed fund and SEA at $2.85 billion
The development comes after Sequoia recently announced to its limited partners (LP), or fund sponsors, that it had decided to postpone the closing of its latest fund amid an investigation at one of its portfolio companies. , as we reported on May 18.
Earlier, Sequoia Capital sent a memo to its portfolio companies saying it had stopped working with law firm Algo Legal after an investigation into one of its investee companies, multiple people who have told us. received the email.
RBI rejects proposal on digital-only banks
Banks and payment aggregators are pursuing tokenization, but concerns remain: Indian banks and payment aggregators are continuing their plans to tokenize cards and are exploring ways to route digital transactions through these tokens so that card transactions are unaffected from July 1, multiple sources told us.
RBI lifts the brakes on Mastercard: Meanwhile, the RBI has lifted trade restrictions it imposed on Mastercard nearly a year ago, saying the company had achieved “satisfactory compliance”. In July 2021, the regulator banned Mastercard from onboarding new customers for non-compliance with its circular on the storage of payment data.
Extend tokenization deadline to June 2023: Former RBI Panel Member: Aruna Sharma, a former member of the Reserve Bank of India’s Digitization Committee, has called for extending the deadline for the implementation of the new central bank card storage guidelines until June 2023. rules are expected to come into force by the end of this month.
Amazon India bets on local stores and social commerce
The Indian branch of major US e-commerce company Amazon will focus more on local stores and social commerce to tap into the “next 500 million consumers” in India, said Manish Tiwary, Country Director, India Consumer Business at Amazon India.
The Ecomm policy should apply equally to Indian and foreign companies: Parliamentary panel: The Indian government should address e-commerce concerns related to antitrust, deep discounts and preferential treatment of sellers, whether the platform in question is Indian or foreign, a parliamentary e-commerce panel has said .
Udaan is on track to achieve a positive unit economy, CEO tells staff: Vaibhav Gupta, CEO of business-to-business (B2B) e-commerce company Udaan, told staff in an internal memo that the company was on track to achieve positive contribution margin in the last quarter of FY21 and was on track to turn economic unit-positive in the June quarter of 2022.
Coinbase lays off 8% of Indian workers after vowing to triple team
WazirX, CoinSwitch Kuber, CoinDCX urge NPCI to restore UPI services: Major cryptocurrency exchanges including CoinSwitch Kuber, WazirX, and CoinDCX have asked the National Payments Corporation of India (NPCI) to restore Unified Payments Interface (UPI) services for crypto companies.
India seeks global action to counter VPNs, encrypted messaging and crypto
India is seeking global action to counter the use of a host of technologies including virtual private networks, end-to-end encrypted messaging services and cryptocurrency by terrorists, sources tell us, reflecting its national position on these issues. In their suggestions to members of a United Nations ad hoc committee, Indian officials said, “the anonymity, scale, speed and reach afforded to (terrorists) and the growing possibility that they will remain untraceable for law enforcement” using these technologies remains one of the major challenges facing the world.
Government bans VPN for employees: The government has banned its employees from using third-party virtual private network (VPN) services offered by companies such as Nord VPN and ExpressVPN.
The government plans to expand the reach of Aadhaar from birth to death: India’s Unique Identification Authority, which has enrolled nearly all of India’s adult population in Aadhaar since its launch in 2010, is now looking to expand its scope to cover the entire life cycle of a person, from birth to death.
Closed deals ETtech
■ Mohalla Tech, which owns Indian-language social media network ShareChat and short-form video platform Moj, has raised $255 million (Rs 1,990 crore) in a new round of funding from Google and of the Times group.
■ South Korean game developer Krafton Inc, creator of the popular PlayersUnknown Battlegrounds (PUBG), plans to invest $100 million or more in Indian startups this year, its chief executive tells us.
■ Logistics aggregator Shiprocket said it acquired a majority stake in Direct Trade-focused logistics player Pickrr in a cash-and-stock deal, valuing it at around $200 million.
■ Early-stage venture capital firm 8i Ventures announced on Monday that it had partially exited its seed investment in financial infrastructure startup M2P Fintech for a more than 36x return on investment.
The computer cornerRecord US inflation to boost business of major Indian IT firms
Fancy and hot-desking avatars: Hybrid working is a playground for modern tech: Startups developing future working models have gotten pretty creative lately. Video chat platform Gather envisioned a working life where employees’ digital avatars become an extension of their identity as they sit outside a virtual cubicle in a virtual office environment.
The Middle East presents the next big opportunity for Indian IT companies: The Middle East is emerging as an important destination for Indian IT companies as countries in the region step up their digitization initiatives. Saudi Arabia alone presents a potential $500 billion opportunity, according to industry estimates.
Infosys is setting up four new offices in Tier II cities: Infosys is setting up four new offices in Tier II cities to get closer to the available talent pool, human resources development manager Krishnamurthy Shankar told us.
Indian corporate boards are getting younger thanks to startups
Startups Seek to Accelerate Hiring of Women in Product and Tech Roles: Even as the war for talent continues and tech and product roles take center stage, a slew of companies of the new era are prioritizing improving their diversity numbers. According to data from Nasscom, women make up 35% of India’s tech industry.
Google Launches Accelerator for Indian Female-Led Startups: Google has launched a cohort-based accelerator program for female-led startups in India. Called Google for Startups Accelerator Women Founders Program, it aims to boost female entrepreneurship in the country.