Startup news and updates: daily roundup (March 26, 2021)

Issues are not around the use of social media but over abuse and misuse: Ravi Shankar Prasad

Union Minister Ravi Shankar Prasad on Thursday said that the government has no issue around the use of social media but over abuse and misuse of the platforms. The minister said that the government is the voice of those who are victimised on social media and wants platforms to set up grievance redressal mechanisms in the country.

Companies need to disclose cryptocurrency dealings under revised rules: Govt

Companies will now be required to disclose their dealings in cryptocurrencies, with the government putting in place stricter disclosure requirements to enhance transparency. The Ministry of Corporate Affairs (MCA) has amended various rules under the companies law pertaining to audit, auditors, and accounts.

Centre set to introduce single-window clearance for investors by Apr 15: DPIIT Secy

As part of furthering the ease of doing business in the country, the government is set to introduce a single-window clearance mechanism for investors by mid-April to attract greater foreign investment, a senior official said on Thursday. The single-window portal will integrate the existing clearance systems of various central and state departments.

DotPe secures $27.5M in Series A from PayU, Info Edge Ventures, Google (Funding)

Gurgaon-based offline-to-online commerce platform DotPe, on Friday, announced it has raised $27.5 million in Series A funding, making it the first O2O company in India to receive such a substantial amount within a year of launch. The round was led by its early investor, PayU, the payments and fintech business of Prosus, resulting in an increase in the existing stake in the company.

Digital financing startup Drip Capital gets $40M warehouse credit line from US bank (Funding)

Accel and Sequoia-backed fintech player Drip Capital has secured a $40 million (about Rs 290 crore) warehouse credit line from the California-based East-West Bank to expand its trade finance solutions to small businesses. Founded by Indians, the California-based Drip Capital deals with cross-border trade finance. India is its largest market, followed by the US where it mostly deals with buyer finance, and Mexico.