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The government has expressed "strong displeasure" over Twitter's delay in taking prompt action against accounts and hashtags spreading misinformation and provocative content around the farmers' stir, as the IT Ministry made it clear that the company must comply with the country's laws irrespective of the platform's own rules. During a virtual interaction between the IT Secretary and senior officials of Twitter, the government told the microblogging platform that as a business entity operating in India, it must respect the laws and democratic institutions and take strong action against "well-coordinated" campaigns "designed to create disharmony and unrest" in the country.
Ecommerce sees 36 pc growth in last quarter in India: Report
The last quarter of 2020 saw ecommerce order volume growing by 36 percent in India with Personal care, Beauty, and Wellness (PCB&W) segment being the biggest beneficiary, according to a report. In October to December 2020 period, PCB&W and FMCG & Healthcare (F&H) categories' volumes grew by 95 percent and 46 percent year-on-year (YOY), respectively, said the Q4-2020 Ecommerce Trends Report, released by Unicommerce and Kearney. Tier II and III cities accounted for a 90 percent YoY incremental volume and value growth, it said.
Rapido Captains
By FY2022-end, our business will be twice the pre-COVID levels: Rapido
Bike taxi platform Rapido has seen a strong recovery in its operations over the last few months and is confident of business doubling by the end of March 2022 from pre-COVID levels, a top company executive said. The company, which is operational in close to 100 cities, has added 'Rental' services across six cities to meet customer demand for multi-stop rides. Speaking to PTI, Rapido co-founder Aravind Sanka said over the last months, the company saw a growing need for multi-stop and affordable ride among customers.
Ola to deploy ABB robotics at its mega-factory for electric scooters
Ola, the mobility unicorn, announced that it has onboarded ABB as its key partner for robotics and automation solutions for its mega-factory in India. This is in line to roll-out the Ola electric scooter. Currently work in progress, the factory is expected to be ready and operational soon. The team is looking at over 5000 robots and automated guided vehicles in use once the factory is fully operational to its full capacity.
Fintech platform BharatPe raises $108 M in series D round (Funding)
Fintech startup for merchants, BharatPe, on Thursday announced that it has raised $108 million in Series D equity round, at a valuation of $900 million. The round was led by the company’s existing investor Coatue Management. All seven existing institutional investors - Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital also participated in the round . With this round, the company has raised a total of $268 million in equity and debt till date.
On-demand tutor app Filo raises $260K from Better Capital (Funding)
Instant tutor app Filo has raised $260,000 as part of its pre-seed investment round from Better Capital. Founded by school friends Imbesat Ahmad and Shadman Anwer in October 2020, one can access a tutor on-demand within just 60 seconds for a one-to-one video call on Filo.
India Quotient launches fourth fund with a target corpus of $80M
India Quotient, an early-stage venture capital firm, has announced the launch of its fourth fund with a target corpus of $80 million where it aims to raise funds from both domestic and global investors. This VC firm primarily focuses on startups in SaaS, Social media, D2C, edtech, and fintech. Through the launch of its fourth fund, India Quotient is looking to support around 35-40 startups at its early stages, which can go to the level of paper stage entities.
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