Google's Rs 1338 Cr penalty🧐, upGrad raises💸, Akshay Kumar + Good Glamm🧔🏻‍♂️

NCLAT upholds Rs 1,338-crore penalty, upGrad raises $36.4 mn, Good Glamm, Akshay Kumar form JV, Funding Deals, ChatGPT Hack and more.

Rise & Shine ☀

Mar 30, 2023

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Today, we are covering:

NCLAT upholds Rs 1,338-crore penalty imposed on Google by CCI
upGrad raises $36.4 million through a rights issue
Good Glamm group has set up a joint venture with Bollywood actor Akshay Kumar
Funding Deals
Using ChatGPT to generate 100s of writing ideas

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NCLAT upholds Rs 1,338-crore penalty imposed on Google by CCI🧐

In a major setback for Google, a two-member bench of the National Company Law Appellate Tribunal (NCLAT) has upheld the fine of Rs 1,338 crore imposed on the search giant by the Competition Commission of India (CCI), saying the competition watchdog’s order did not violate the principles of natural justice.

The NCLAT bench has directed Google to carry out the competition regulator’s directions and deposit the fine within 30 days.

The penalty of Rs 1,337.76 crore had been slapped on Google by the CCI on October 20 last year, holding the US tech giant guilty of anti-competitive practices in relation to Android mobile devices.

upGrad raises $36.4 million through rights issue from Ronnie Screwvala, Temasek, others💰

Edtech startup upGrad has raised Rs 300 crore ($36.4 million) from Singapore government investment vehicle Temasek, cofounder and chairperson Ronnie Screwvala as well as other minority shareholders, through a rights issue.

While Screwvala contributed Rs 212 crore ($25.7 million), Temasek infused Rs 81 crore ($9.8 million).

What is a rights issue?🤔
A rights issue is a dividend of subscription rights offered to existing shareholders, inviting them to buy additional stock in a company.

Good Glamm Group, Akshay Kumar enter into JV for selling men’s care products🧔🏻‍♂️

Direct-to-consumer beauty and personal care startup Good Glamm group has set up a joint venture with Bollywood actor Akshay Kumar to sell personal care and wellness products for men.

The company is expected to launch its product range by the middle of this year.

Kumar and the Good Glamm Group will invest capital and work together to scale up the business. The subsidiary will come under the Good Glamm group’s Good Brand vertical.

Claim settlement platform Vitraya Technologies has secured $5 million in a Series A round led by StartupXSeed.
EazyDiner, a restaurant table reservation, food discovery and payment platform, has raised Rs 40 crore in a new round of funding from DMI Alternative Investment Fund – The Sparkle Fund.
Digital lending platform LoanTap has acquired Unofin, a healthcare-focused fintech startup, to expand its presence in the healthcare finance space.