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JPMorgan helps startups💸; IAN closes Rs 1000 Cr fund💰; CCI imposes fine on Google🚫
JPMorgan Chase & Co. is introducing Capital Connect, IAN closes its second fund, CCI imposed a penalty of Rs 1,337.76 crore on Google, Funding Deals and more.
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JPMorgan launches fundraising platform to lure startups💹
JPMorgan Chase & Co. is introducing Capital Connect, a tool that attempts to link company founders with venture capital investors to simplify the fundraising process.
The new platform, which marks the goal of the largest US bank by assets to further enter the private sector and create a founder-friendly brand in Silicon Valley, focuses on meeting the financing needs of companies from their early stages.
On Capital Connect, entrepreneurs can create virtual data rooms, request introductions to investors, and perhaps even exchange their firm shares on a secondary market. As early in the process as the Series A round, they are able to raise money using the platform.
Indian Angel Network closes its second fund of Rs 1,000 cr🤑
Seed and early-stage investment firm Indian Angel Network (IAN) has closed its second fund - IAN Alpha Fund - with a corpus of Rs 1,000 crore.
This is more than twice the size of its previous fund launched in 2017 with a corpus of Rs 350 crore.
Alpha Fund will deploy the capital in sectors including cleantech and environment, health tech, agritech, edtech, fintech, and emerging sectors like web3, space-tech, among others.
IAN plans to invest the money over eight years.
GlobalFair, a supplier of building materials in the cross-border space, has raised $20 million in its Series A round through a mix of equity and debt led by Lightspeed.
RevFin, an EV financing platform for individual drivers, has raised a Series A round of $10 million in a combination of equity and debt led by Green Frontier Capital (GFC).
Tring, a Mumbai-based celebrity engagement platform raised $5 million in a Pre-Series A round led by Kalaari Capital.
Carapace, a protocol to connect buyers and sellers of protection against default risk for under-collateralized DeFi loans, has secured $2.5 million led by NFX, Titan Capital and other investors.
CCI imposes Rs 1,338-crore fine on Google for 'anti-competitive practices'🛑
The Competition Commission of India (CCI) imposed a penalty of Rs 1,337.76 crore on Google for abusing its dominant position in multiple markets with its Android mobile operating system (OS) and prescribed a set of about a dozen key measures that the company has to comply with.
The regulator said makers of devices that run on Android shouldn’t be forced to pre-install Google services on their devices. It also asked Google to provide fair access to all stakeholders.
CCI said the onus is on dominant players such as Google to ensure their conduct doesn’t affect competition on merit. It noted that Google has perpetuated its dominant position in the online search market, resulting in the denial of market access to competing apps.
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