Bengaluru 2nd🥈, ED raids CoinSwitch Kuber💰, Google removed 2000 loan apps🚫
Bengaluru 2nd🥈, ED raids CoinSwitch Kuber💰, Google removed 2000 loan apps🚫
Bengaluru ranks 2nd in list of top APAC tech hubs, ED raids CoinSwitch Kuber, Google removed 2000 loan apps, Funding Deals and more.
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Bengaluru ranks 2nd in list of top APAC tech hubs🥈
Bengaluru is close behind Beijing as one of the top tech hubs across the Asia-Pacific, followed by Chennai, Hyderabad, and Delhi, said a report by Cushman and Wakefield.
Globally, 46 top tech markets were identified from more than 115 tech cities in total. Six of the 14 cities in the Asia Pacific region were in India.
The country has added more than 500,000 jobs in IT over the past financial year, the study said.
In Bengaluru, the tech sector accounts for 38-40% of annual leasing, higher than the national average of 35%, the report said.
ED raids CoinSwitch Kuber in money laundering probe💰
The ED on Thursday carried out searches at five locations linked to crypto exchange CoinSwitch Kuber. The searches were part of the ED’s money-laundering probe into the instant micro loan app scam.
This is the third exchange under the ED’s scanner for allegedly diverting the proceeds of crime of about 365 instant loan apps that charged exorbitant rates and used illegal means to recover the money.
CoinSwitch, which is backed by the likes of Andreessen Horowitz and Sequoia Capital India, has over 18 million registered users. According to its website, crypto worth over Rs 1 lakh crore has been traded on its platform.
Earlier this month, the ED seized assets worth Rs 370 crore from the Flipvolt crypto exchange, the Indian arm of Singapore crypto platform Vauld.
Hot Shorts⚡
Awign, an on-demand work fulfillment platform, has mopped up USD 15 million in a Series B funding round co-led by Bertelsmann India Investments and Amicus Capital Partners, along with Mynavi Corporation.
Data privacy solutions provider Privado has bagged USD 14 million in its Series A funding round led by Insight Partners and Sequoia Capital India.
Jackett, an edtech platform, has raised USD 1 million in a seed funding round led by Forge Ventures, Entrepreneur First, and Epic Angels Network.
Healthtech company HealthAssure which aggregates primary healthcare services and OPD insurance, has secured Rs 50 crore in a Pre-Series B funding round led by the Rajiv Dadlani Group.
Google removed 2,000 loan apps from India Play Store this year🚫
Google India removed as many as 2,000 credit disbursement apps between January and June for violating its Play Store policies as well as rules around money lending by the Reserve Bank of India and law enforcement agencies, and on user feedback, the company said on Thursday.
The search giant is in the process of introducing stricter policies for listing loan offering apps on the Play Store, said Saikat Mitra, a senior director and the head of trust and safety at Google in Asia-Pacific.
The changes would further increase scrutiny on such apps, he said on the sidelines of the second edition of the Safer with Google event.
Google India introduced a new Play Store policy in May, requiring apps that offer loans in any form to display prominently for users the bank which underwrites these loans, the rate of interest being offered, and other details.
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