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Big Tech market dominance📱, Globalbees to sell 10 brands in India🐝, OpenAI offer users $20,000🤖
Regulations to restrain Big Tech dominance, Globalbees signs pact to sell overseas brands in India, OpenAI offer users $20,000, Funding Deals and more.
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Today, we are covering:
India working on regulations to restrain Big Tech market dominance
Firstcry subsidiary Globalbees signs pact to sell overseas brands in India market
OpenAI to offer users up to $20,000 for reporting bugs
India working on regulations to restrain Big Tech market dominance📱
The government is working on regulations to restrain Big Tech companies from misusing market dominance, in light of the competition watchdog’s recent rulings against Google.
The decision has been taken following learnings from the Competition Commission of India’s (CCI) rulings that Google had abused its dominance in Android Play Store market as well as the Play Store billing space.
One of the provisions being considered is that if a Big Tech company exceeds a certain percentage of market share, it may be asked to follow additional regulatory compliance compared to other companies operating in that domain.
Firstcry subsidiary Globalbees signs pact to sell overseas brands in India market🐝
Globalbees, a subsidiary of SoftBank-backed etailer FirstCry, has snagged licenses from foreign brands across the consumer durables and appliances segment, to sell them exclusively in India both online and offline, under a new line of business.
Globalbees has signed up with around 10 such brands, including Australia’s K Mart, South Korea's Kuvings and Coway, and US and China-based Anker, among others, company’s CEO and cofounder Nitin Agarwal told in an interaction.
Instant Brands, Ecovacs, Xgimi, Ecoflow, and Tineco are among the other brands for which Globalbees has an India license.
Globalbees, in addition to selling these brands online, is also expanding its reach with offline stores under the name "Frootal."
OpenAI to offer users up to $20,000 for reporting bugs🤖
OpenAI, the firm behind chatbot sensation ChatGPT, said on Tuesday that it would offer up to $20,000 to users reporting vulnerabilities in its artificial intelligence systems.
OpenAI Bug Bounty program, which went live on Tuesday, will offer rewards to people based on the severity of the bugs they report, with rewards starting from $200 per vulnerability.
According to details on the bug bounty platform Bugcrowd, OpenAI has invited researchers to review certain functionality of ChatGPT and the framework of how OpenAI systems communicate and share data with third-party applications.
Workspace interiors platform OfficeBanao has raised $6 million in its seed round led by Lightspeed India Venture Partners.
Electric vehicle (EV) components startup Nysha Mobility Tech has raised $3.5 million in a seed funding round in a combination of equity and debt from Touchstone Ventures, Panthera Peak Capital, and some family offices and angel investors.
Farm-to-face luxury skincare and personal care brand RAS has raised $1.5 million in its pre-Series A round from Green Frontier Capital.
Meme marketing firm WLDD has raised $1.25 million in its seed round led by Negen Capital.
Electric vehicle motorcycle startup Raptee has secured a grant of Rs 3.27 crore from the Automotive Research Association of India (ARAI).
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