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Lightspeed's $500 Mn Fund💰, Dhawan to launch 1st metaverse sports city🏏, RBI fines Ola⚠️
Lightspeed raises $500 million, Dhawan collaborates with Bliv. Club and WIOM to launch, RBI fines Ola Financial Rs 1.67 crore, Funding Deals and more.
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Lightspeed raises $500 million to invest in startups across India, Southeast Asia💰
Lightspeed Venture Partners has closed its largest India- and Southeast Asia-dedicated fund at $500 million, joining a growing set of technology investors that have amassed large amounts of dry powder amid a slowdown in funding.
Lightspeed, which has backed startups such as Oyo, Udaan, Sharechat and Byju’s, has increased the size of its fourth India fund substantially from its previous corpus of $275 million, which it racked up in 2020.
The India fund is a part of the $7 billion that Lightspeed announced it had raised overall to deploy in early- and growth-stage companies.
The fund will cut cheques of $500,000 to $15 million and focus on seed to Series B investments, with growth capital coming from its global vehicles.
Shikhar Dhawan collaborates with Bliv. Club and WIOM to launch the first metaverse sports city🏏
Cricketer Shikhar Dhawan has collaborated with Web3 fintech startup, Bliv.Club, and Web3 Metaverse startup, WIOM to launch a sports city in the Metaverse.
The multifaceted sports city will be home to cricket stadiums, a sportsplex- where one can leisurely enjoy watching sport, a sports cafe, gym, e-sports zone, cottages, running tracks, the first of its kind 3D immersive sports museum, sports library, an arena for other sports and much more, a statement said.
"We are building a fully functional and sustainable multiverse economy to narrow the gap between the existing offline sports/fitness avenues and metaverses. You have to be a bit crazy to create something like this and make an innovative impact," said Dhawan.
Web 3.0 startup zbyte has raised $10 million in a funding round led by private investors.
Attentive, an AI-based SaaS startup has raised $5 million from Sequoia India’s Surge Fund and InfoEdge Ventures.
Content monetisation platform ConsCent has raised $1.75 million (about Rs 14 crore) in a funding round led by Inflection Point Ventures.
➡️ Check out our LinkedIn space to read more on the funding deals.
RBI fines Ola Financial Rs 1.67 crore for flouting KYC, PPI rules⚠️
The Reserve Bank of India (RBI) has imposed a Rs 1.67 crore fine on Ola Financial Services Ltd, the financial services arm of the ride-hailing firm, for not complying with its prepaid payment instrument (PPI) and know-your-customer (KYC) guidelines.
The penalty is based on deficiencies in regulatory compliance and is not intended to pronounce on the validity of any transaction or agreement that Ola Financial has entered into with its customers, the RBI said in its order.
The RBI has taken a tough stand on compliance for certain payment and lending fintech firms. Last month, the central bank barred PPIs from being loaded through credit lines.
Ola Financial Services, formerly known as Zipcash Card Services Pvt Ltd, operates a PPI called OlaMoney Wallet; a digital credit line called OlaMoney Postpaid; and has a co-branded credit card in association with SBI Card.
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