Startup news and updates: daily roundup (Feb 19, 2021)

WhatsApp to offer more info on privacy policy update via banner

WhatsApp will display a banner on the app providing users with more information on privacy policy and terms of use updats that have drawn massive criticism over concerns on data sharing with parent Facebook. The contentious policy, whose rollout date was pushed to May 15 from February 8, however, remains unchanged.

Zoom had 70x user growth in India amid pandemic: CEO Eric Yuan

The pandemic-induced lockdowns resulted in a 70-time increase in the user base for Zoom in the four months to April 2020, the video conference app's founder and Chief Executive Eric S Yuan said on Thursday. He said the app, which enjoyed a runaway jump in valuations after the pandemic, will continue to be relevant for its users as the world switches to a hybrid mode of working, which entails dividing time between home and offices.

MSME Minister Nitin Gadkari inaugurates incense stick manufacturing unit in Assam

Union Minister Nitin Gadkari on Thursday inaugurated a major bamboo agarbatti manufacturing unit in Assam. Set up at a cost of Rs 10 crore, the agarbatti stick (incense stick) unit will provide direct employment to 350 people while creating indirect employment for over 300 people.

RBI issues master direction to ensure security of digital payments

The Reserve Bank on Thursday came out with a Master Direction for banks and card-issuing entities laying down common minimum standards to ensure security of digital payments. The Master Direction lays down guidelines for internet banking, mobile payments, card payments, customer protection, and grievance redressal mechanism.

Small VCs making a beeline for startups: Report

Investments into the startup ecosystem by micro venture capital funds (investments under $ 30 million) have jumped manifold to $ 341 million in the past three years through 730 deals across 566 startups, says an industry report. In the past decade, micro VCs have emerged as promising players in the domestic startup investor landscape, providing much-needed risk capital as well as hands-on mentorship to their portfolio companies as they seek to achieve product-market fit and become ready to scale with stable business models.