Payments startup MSwipe Technologies raised Rs 219.8 crore in a new round of funding from US-based hedge fund Falcon Edge, Facebook Co-founder Eduardo Saverin’s B Capital Asia, late-stage technology investment firm Epiq Capital and consumer-focused fund DSG Consumer Partners. Founded in 2011 by Manish Patel, mPOS network provider MSwipe plans to use the new funds to shore up business operations.
Paytm Payments Bank launches mobile banking app
Paytm Payments Bank Limited (PPBL) has launched a mobile banking app that offers users quick, effortless, and secured access to their bank account on the go. The mobile app will enable customers to check their balance, raise requests for physical debits cards, and access digital debit cards, etc. Customers will also be able to receive 24x7 help and support through the mobile banking app.
Google killed 2.3 billion ‘bad ads’ in 2018
In a bid to fight ad fraud, malware, phishing ads, and fake sites, Google has not only tightened its policies and rules, but also killed millions of “bad ads” every day. In 2018 alone, the tech giant took down over 2.3 billion bad ads for 'violations of both new and existing policies', which makes it nearly six million bad ads every day. In April, the company will launch a new policy manager to give tips to advertisers to avoid common mistakes.
Facebook partners with T-Series, Zee Music and Yash Raj Films
Social networking giant Facebook has partnered with Indian music labels including T-Series Music, Zee Music Company, and Yash Raj Films, licensing their music. This means, users can now add their favourite tunes to videos, messages, stories, and other creative content on Facebook and Instagram. The idea is to make rights to Bollywood songs available so that Facebook users can express their feelings with 'added masala and tadka'.
Rebel Foods receives $15.8M from Sequoia Capital, and more
Cloud kitchen restaurant company Rebel Foods, which operates the Faasos brand, has raised Rs 110 crore ($15.8 million) from Sequoia Capital India, Lightbox Ventures, and Evolvence India Fund. This is reported to be part of its Series D1 round. The Pune-based online food delivery startup also has other established brands like Oven Story, Firangi Bake, and Behrouz Biryani under its umbrella.
CBDT directs officials not to take coercive action against startups
Startups directly impacted by Angel Tax can look forward for further relief as the Central Board of Direct Taxes has directed its officials not to take any coercive action against firms who have received notices. It has also asked them to expedite all cases where startups have filed appeals, on a priority basis. The development comes after the government recently passed a fresh directive where it exempted startups from the ambit of Angel Tax up to a certain limit.