Startup news and updates: Daily roundup (November 16, 2021)

Ratan Tata-backed startup Bombay Hemp raises $2M (Funding)

Ratan Tata-backed Bombay Hemp Company (Boheco) has raised $2 million (about Rs 15 crore) from the family offices of Achin Kochar of the Vi-John Group, Riteesh Mohan Bakshi and Raghav Mohan Bakshi.

The startup supplies premium hemp (cannabis/ marijuana) leaf extract and industrial hemp products.

Banking platform DGV raises $3.1M in pre-Series A from Info Edge Ventures and Omnivore

Digivriddhi Technologies Private Limited (DGV), a dairy industry-focussed neo-banking startup, announced on Tuesday that it has raised $3.1 million in pre-Series A round from Info Edge Ventures and Omnivore.

Founded in 2019 by Ragavan Venkatesan, DGV is currently working with some of India’s leading co-operatives dairy unions and their respective milk co-operative societies and farmers, by providing them access to payments, liabilities, and asset products through its partnership with Federal Bank.

CCI to meet Amazon, Future Coupons on Jan 4

The Competition Commission of India (CCI) will meet Amazon and Future Coupons Pvt Ltd (FCPL) in January next year in connection with the approval given by the fair trade watchdog to the ecommerce major's investment in FCPL, a regulatory filing said on Monday.

Independent directors of Future Retail Ltd have approached the CCI to seek revocation of the nod given to the US giant's 2019 investments into FCPL, Future Retail Ltd's (FRL) promoter group entity.

Have made investments to be ready for seasonally strong quarter ahead: Nykaa

Nykaa CEO Falguni Nayar on Monday said the company expects to continue its growth momentum in terms of revenue increase and Ebitda, and that the firm has made a significant investment to be ready for a seasonally strong quarter ahead.

Operated by FSN E-Commerce Ventures Ltd, Nykaa was listed on the stock exchange last week.

The company has logged a 47 percent jump in revenue to Rs 885.3 crore, even as its net profit declined over 95 percent to Rs 1.2 crore, on account of higher marketing spend during the September 2021 quarter as compared to the year-ago period.

Government may introduce Bill on cryptocurrencies in Parliament winter session

The government is likely to introduce a Bill on cryptocurrencies during the winter session of Parliament beginning November 29, amid concerns over such currencies being allegedly used for luring investors with misleading claims and for funding terror activities, sources said on Monday.

Currently, there are no particular regulations or any ban on the use of cryptocurrencies in the country. Against this backdrop, Prime Minister Narendra Modi, on Saturday, held a meeting on the cryptocurrencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue.