Startup news and updates: Daily roundup (November 2, 2021)
World's richest person Elon Musk-owned SpaceX has incorporated its wholly-owned subsidiary in India to start local broadband operations, a top official of the company said.
SpaceX's satellite broadband arm Starlink aims to start broadband services in India from December 2022, with two lakh active terminals subject to permission from the government.
The initial share-sale of FSN E-Commerce Ventures Ltd, which runs an online marketplace for beauty and wellness products, was subscribed 81.78 times on the last day of subscription on Monday, mainly helped by huge interest from institutional investors.
The Rs 5,352 crore IPO received bids for 2,16,59,47,080 shares against 2,64,85,479 shares on offer, according to data available with the NSE.
Social media giant Meta on Monday said over 26.9 million content pieces were "actioned" on Facebook across 10 violation categories proactively in India during the month of September.
Its photo sharing platform Instagram took action against over 3.2 million pieces across nine categories during the same period proactively, as per data shared in a compliance report.
More than 2.2 million Indian accounts were banned by WhatsApp while 560 grievance reports were received by the messaging platform in September, according to its compliance report.
In its latest report released on Monday, WhatsApp said 2,209,000 Indian accounts on the platform were banned in September. An Indian account is identified via a '+91' phone number, it added.
Google received 29,842 complaints from users and removed 76,967 pieces of content based on those complaints in September, the tech giant said in its monthly transparency report.
In addition to reports from users, Google also removed 4,50,246 pieces of content in September as a result of automated detection. Google had received 35,191 complaints from users and removed 93,550 pieces of content in August, while 6,51,933 pieces of content were removed as a result of automated detection.
Bengaluru-based spacetech startup, involved in building decision insights using data from satellites for the banking and insurance sectors, has raised an undisclosed amount of equity funding in a round led by Baring Private Equity India.
According to the official statement, the funding will be used for expanding its team to 100 people by March 2022, grow its product portfolio, and increase its international business footprint. It is also looking to capitalise its high-resolution optical and multispectral payload demonstration mission in orbit that was announced earlier this year.
Ruptok Fintech Pvt Ltd, a fintech platform for gold loans, has raised Rs 16 crore worth of capital in its pre-Series A funding round from existing and new investors, including Manuvel Malabar Jewellers, and industry veterans and HNIs Nivedan Sahay and Neeraj Aggarwala.
The fresh capital will be utilised to bolster its business growth by diversifying its loan book and integrating breakthrough technology into its financial products and services.
Ride-hailing platformsaid it has undertaken various activities supporting driver-partners and their families to weather the impact of COVID-19 with a commitment of Rs 100 crore towards these programmes.
Driver-partners across moto, auto, and car have benefitted from initiatives like Uber Care Driver fund, COVID-19 financial assistance, vaccination compensation for drivers, safety kit distribution, free online doctor consultation, and microloans, Uber said in a statement.