Digital Personal Data Protection Bill passed📜
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Tech Updates
Digital Personal Data Protection Bill passed in Lok Sabha
India’s very own data privacy legislation, the Digital Personal Data Protection (DPDP) Bill, 2023, passed the lower house of parliament through a voice vote amid sloganeering by opposition lawmakers.
Paytm shares jump over 11% as Vijay Shekhar Sharma buys 10.3% stake from AntFin
Shares of fintech One 97 Communications, which runs the payments platform Paytm, jumped 11.6% to Rs 887 in Monday's trade on BSE after the company's boss Vijay Shekhar Sharma entered into an agreement with Ant Financial to buy its 10.30% stake in One97 Communications.
Bessemer says India's SaaS is on track to touch $50 billion by 2030
Venture capital firm Bessemer Venture Partners (BVP) expects the Indian Software as a Service (SaaS) industry to reach $50 billion in annual recurring revenue (ARR) by 2030. It also expects Indian SaaS companies and unicorns to generate revenues of $20-$25 billion by 2030.
Byju’s, Davidson Kempner in talks to settle the dispute
Byju’s and New York-based investor Davidson Kempner Capital (DK) have begun negotiations to settle their dispute over the breach of a loan covenant linked to the troubled Indian edtech company’s test preparation subsidiary, Aakash Institute.
Meesho reports a maiden profitable month on uptick in order volumes
Joining the growing list of new-age firms reporting profitability, ecommerce startup Meesho on Monday said it had turned profitable for the first time on a consolidated profit after tax (PAT) level, in July.
Global investors skip Ant's buyback after valuation slumps 70%
A number of global investors are opting out of Ant Group's proposed share buyback after the Chinese fintech's valuation was slashed by more than 70%, Bloomberg News reported on Monday.
Funding Deals
Green energy company Waaree Energies has raised Rs 1,000 crore in a funding round led by investment firm ValueQuest.
Specialty chemicals company Harmony Organics has raised Rs 225 crore from Piramal Alternatives, the fund management business of the Piramal Group, to tap into growing global opportunities in the fragrance and flavor industry.
Stable Money, the Bengaluru-based fixed-return investment platform, raised $5 million in a seed round led by Matrix Partners India and Lightspeed Venture Partners, with participation from Titan Capital, Mar Shot Ventures, and prominent angel investors.
AI video bot edtech startup Expertrons has raised a strategic round of funding from Shine.com’s parent company Hindustan Media Ventures Ltd (HMVL).
Tweet of the day🐥
“I can accept failure, everyone fails at something. But I can't accept not trying.”
- Michael Jordan
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