Tech

ETtech Weekly Recap: What startups want from Budget 2021, verification badge scam, & more

Hello everyone,

The Union Budget 2021-22 is around the corner. After the pandemic-hit 2020, expectations are running high on this year’s budget to put India back on a recovery path.

During the week, we looked at what the startup sector’s
key expectations are from the Budget. We also tracked the Economic Survey 2020-21 and what it
had to say about the country’s startup ecosystem and how the Covid-19 pandemic and subsequent lockdowns helped make India one of the largest gig economy hubs in the world.

ETtech

Here are the most important stories of the week, curated by the ETtech editorial team

Startup Blue tick scamETtech

Verified badges for social media accounts are being sold on private marketplaces, putting their credibility quotient at stake.

TikTok exitETtech

TikTok always had a rocky relationship with India. Now, as the most valued startup in the world exits its biggest international market, a look at the key events that underscored the tumultuous run.

The clarification comes almost four weeks after WhatsApp’s new privacy update had stated that the messaging app will share transaction data with its parent company.

The reworked policy is based on several discussions the technology major has had with startup founders and executives in India and across the world.

The banned Chinese apps—including TikTok, SHAREit, UC Browser, shopping app Club Factory as well as Tencent’s WeChat—had been served an interim ban order in June.

PE VC hiringETtech

There were about 220 hires in global and domestic private equity and venture capital funds in India in the past one year, the highest at least in five years.

The government has started deliberations on easing regulations to allow pension and insurance funds to flow to startups, giving them access to stable, long-term domestic capital.

ETtech Deals Digest

A quick look at this week’s most important investments in the tech and startup space.

  • Mpower Financing, an education-loan provider to international students, has raised $25 million from US-based investment management firm Tilden Park Capital Management.

  • Ula, an e-commerce marketplace for small retailers in Indonesia, has raised $20 million in Series A funding, led by Quona Capital and B Capital Group, with participation from existing investors Lightspeed India and Sequoia Capital India.

  • British multinational consumer goods major Reckitt Benckiser has led a Rs 45 crore funding round in Bombay Shaving Company. It also saw participation from Rajesh Sud of Bharti Enterprises, Anjali Bansal of Avaana Capital, and Kuldeep Jain from CleanMax Energy.

  • Saveo Healthtech, a business-to-business ecommerce marketplace for pharmacies, has raised $4 million in seed funding, co-led by Matrix Partners and RTP Global, and participation from Incubate Fund and India Quotient.

  • Venwiz, a manufacturing-focused business-to-business industrial service market network, has raised $3 million led by Accel and Nexus Venture Partners. Titan Capital and Five9’s Anand Chandrasekaran also participated in the round.

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