Also in this letter:
â Forex betting apps attract unwitting investors as crypto craze wanes
â Rules allow cloud kitchens to service multiple brands: FSSAI
â MeitY seeks opinions on draft data anonymization rules
PEs begin to join late rounds as Tiger and SoftBank slow
Advent International, which raised a $4 billion fund dedicated to backing tech companies last December, isn’t exactly known for making tech bets in India. But that could change soon.
The the global private equity firm prepares for Indian startups in sectors such as fintech.
He is in talks to lead a $100 million (nearly Rs 800 crore) investment in Kreditbee, which could value the startup at around $600 million, sources tell us.
Emerging trend: If the deal goes through, Advent will join TPG â which announced last week that it is backing instant loan disbursement startup EarlySalary through its Rise Fund â to increase its exposure in India’s tech ecosystem.
Advent, TPG and Singaporean sovereign wealth funds Temasek and GIC have started writing large checks (typically $100m+) amid a general slowdown in late-stage funding.
Others, like Canadian pension funds CPPIB and CDPQ, also stayed here to make new investments.
Quicksands: Until last year, these late rounds were led by Tiger Global, SoftBank, Naspers and Alpha Wave (Falcon Edge). Today, these funds are tending their public technology portfolios in the United States, and new funds have sensed an opportunity.
A venture capitalist said private equity firms typically look at businesses through the lens of profitability and unit economics, which is why investing in lending companies like Kreditbee and EarlySalary makes sense. for them.
“But the important point here is that over the past few months there hasn’t been a big rush to close cycles within weeks…PEs take much longer to execute trades, unlike a Tiger…which gives them a window to evaluate technology companies Last year, the market was very different.
Forex betting apps attract unwitting investors as crypto craze wanes
The crypto market has been in turmoil in 2022, so investors looking for the next get-rich-quick scheme are deposit money with forex trading apps bet on intra-day and short-term price movements of the dollar, euro, yen and popular foreign currency pairs.
Seduction issues: But these trades could put them on the wrong side of the law, say regulatory professionals.
More than half a dozen apps, offered by registered brokerages in remote jurisdictions like St. Vincent and the Grenadines â a Caribbean tax haven â and the British Virgin Islands peddle their services along with literature commercial, webinars, demo accounts and videos of men and women. women tell how trading tools helped them beat the lockdown blues.
Yes, but: Indian laws only allow authorized dealer banks and forex trading licensed firms to trade in foreign currencies.
Residents are allowed to trade currency futures like USD-INR and Euro-INR on local exchanges, but an individual trader cannot trade foreign currencies directly or even transfer funds overseas under RBI’s liberalized remittance program to trade foreign exchange in offshore financial markets.
But the brokers that offer these apps tell a different story.
âThere is no law in India prohibiting Indian traders from trading on our platform. We have a large number of Indian customers. Also, the company is a member of the Financial Commission,â said a customer service manager of the app. OlympTrade in an online chat.
The Financial Commission, however, is not a regulatory body – as a quick internet search will show – but a dispute resolution body for forex trading.
Rules allow cloud kitchens to serve multiple brands: FSSAI
The registered entity of a cloud kitchen can supply its products to “countless brands as long as it’s up to standard”, said the Food Safety and Standards Authority of India (FSSAI).
E-commerce platforms are obligated to display the relevant entity’s FSSAI license and registration number on their platforms, an FSSAI spokesperson said in an emailed statement.
Driving the news: The food regulator’s comments came in response to our questions on a recent Twitter discussion. Prashant Baid, a writer on Substack, revealed that someone allegedly ran hundreds of fake brands from a single cloud kitchen and spammed food aggregators with restaurant listings.
Baid revealed on Sunday that an operator was running 200 brands each on two cloud kitchens in Bengaluru. In his article, he pointed out that the brand names operated by cloud kitchen look or are the same as those of other popular restaurants.
But three restaurateurs told us there was nothing illegal about it.
MeitY Seeks Opinions on Draft Data Anonymization Rules
The government has released draft data anonymization guidelines for public consultation.
The draft, authored by the Ministry of Electronics and Information Technology, shows that the main objective of the working group is to develop guidelines for data anonymization when personal information is processed and shared. , especially in various e-governance applications.
The deadline for submitting comments is September 21.
Concerns: Officials involved in preparing the project said the guidelines were voluntary, but some experts have raised concerns about such anonymization, arguing there is a fear of being re-identified.
They also said that in the absence of data protection legislation containing provisions specifically addressing the issue, re-identification through de-anonymization could result in a violation of individuals’ right to privacy.
Twitter is testing the long-awaited edit button
Twitter said on Thursday that it was test an edit button for tweets.
He said he would test the feature â which users have been asking for for years â with select Twitter Blue accounts and users over the next few weeks, but didn’t say when it would roll out to all users.
“The test will initially be localized in a single country and will expand as we learn and observe how people use ‘Edit Tweet’. We will also pay close attention to the impact of the feature on the how people read, write and interact with Tweets,â the company said.
Twitter Blue, the company’s premium offering, gives subscribers early access to new features. The company said the editing feature currently being tested will allow users to edit a tweet “multiple times” within 30 minutes of posting it.
In April, Twitter’s communications team said the company had been working on an edit button since 2021.
TWEET OF THE DAY
Dabur’s D2C brands to exceed Rs 100 crore in sales this financial year: CEO
The direct-to-consumer (D2C) brands of consumer packaged goods manufacturer Dabur cross Rs 100 crore in sales in the current financial year, said general manager Mohit Malhotra.
These products, sold only on Dabur’s online store called DaburShop and marketplace platforms like Amazon and Flipkart, include branded diapers, talcs, moisturizers and soaps, hair care and face washes. Vatika, as well as cold-pressed oils and superfoods under its Real brand.
âThis year, we are rolling out a series of new digital-focused products. Our strategy is to use e-commerce as a launch platform for many new-era formats, build scale here, and then roll them out to other channels,â Malhotra said.
While new products account for 4-5% of company sales, the contribution of new products to the overall e-commerce space is close to 10%.
Other Top Stories by our journalists
Amazon India’s “decidedly mixed” review: Despite investments of over $6.5 billion in India over the past nine years, Amazon’s business report here is “decidedly mixed,” Bernstein said in a report. The company has made progress with customers in metros and Tier 1 cities, Bernsetein said in its report, but faces “tremendous competitive pressure” in new categories such as grocery from domestic players like Reliance (JioMart), and in new startup markets like Meesho. .
DXC Technology to continue WFH: Even as India’s IT sector gradually asks employees to return to offices, DXC Technology will continue work from home policy for its 43,000 employees in India, said Nachiket Sukhtankar, managing director of the Indian branch of the American company.
Zomato Deputy CFO, Unacademy CMO resigns: Nitin Savara, deputy chief financial officer of Zomato, has resigned, the company said in a statement to the stock exchanges on Wednesday. Meanwhile, Karan Shroff, chief marketing officer (CMO) of Unacademy, who was elevated to the rank of partner last September, has left the firm.
Global Choices We Read
â A new approach to car batteries is set to transform electric vehicles (Cable)
â Zoom wants to return to the desktop. But not to work. (WSJ)
â Venezuelan gamers see esports as a way to escape the country’s crisis (Rest of the world)