Waves in Data Security🔒, Swiggy's Fee Hike🍜
Venture Highway's Lucrative Exit, Zomato's Xtreme Delivery App, and Exclusive Insights into the Latest Funding Deals, and more.
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🔒 New Data Law: Age Verification Mandate Creates Waves 🌊
The recent data law's requirement for age verification, involving parental consent for minors, has stirred various sectors including social media, telecom, banking, and e-commerce companies. This mandate has left legal teams across industries navigating challenges to comply with the regulation.⚖️
🍔 Swiggy Ups Platform Fee on Food Orders 🍜
In a bid to bolster its unit economics, Swiggy, headquartered in Bengaluru, has implemented a 50% increase in the platform fee to Rs 3, a fixed charge associated with food delivery orders. This decision aligns with the move by its competitor, Zomato, to raise its fee by the same magnitude. 💼
🛍️ Venture Highway Sells Meesho Stake for 50-Times Returns 💰
Seed fund Venture Highway has sold 1.5% of its stake in e-commerce platform Meesho, making a remarkable 50-times return on investment. The transaction was a secondary sale to WestBridge Capital, valuing Meesho at approximately USD 3.5 billion. 📈
🛵 Zomato Introduces Merchant-Focused Parcel Delivery App Xtreme 📦
Zomato has rolled out Xtreme, a service designed for merchants to send and receive small parcels, leveraging the company's extensive network of delivery partners. This move signifies Zomato's expansion into additional revenue streams and a strategic diversification effort. 🚀
Proxgy, a dynamic Industrial Internet of Things (IIoT) startup, has successfully raised Rs 16 crores (approximately $2 million) in a Pre-Series A funding round led by LetsVenture, Planify Angel Fund, Mach Tech Fund, Cogniphy Angel Fund, Madhuram Papers Family Office, and AKGVG and Associates, among others.
Nawgati, an innovative home-grown Fuel Aggregator startup, has successfully raised an undisclosed amount in seed funding, with All in Capital.
Flutrr, India’s pioneering vernacular dating app, has announced a successful fundraise of INR 4 Crores in a funding round led by The Chennai Angels, with participation from The Times of India and esteemed individual investors like Vivek Singh, Adhiraj Sarin, and Ramki Ravulpalli, among others.
Curelo, a diagnostics platform founded in 2022 by Dr. Arpit Jayswal, has announced a successful fundraising round, securing $100,000 in funding from IIMA’s CIIE.CO.
Tweet of the day🐥
“Time will pass anyway, you can either spend it creating the life you want or spend it living the life you don't want. The choice is yours.”
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