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Startup Digest: Top stories of the day

From acquisitions to fundraise to Bitcoin surging another all-time high, lots happened today in the start-up space.

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By Shruti Mishra  February 17, 2021, 8:55:16 PM IST (Published)

Startup Digest: Top stories of the day
From acquisitions to fundraise to Bitcoin surging another all-time high, lots happened today in the start-up space.


Here are the big updates of the day:

India top fintech destination

India has emerged as Asia's biggest destination for fintech deals, leaving behind China. With around 33 deals valued at $647.5 million, India has the highest investment in the fintech segment compared China's $284.9 million during the quarter ended June 30, 2020, according to a report released by transaction advisory firm RBSA Advisors. Total investments in India's fintech sector crossed the $10 billion mark over the last four-half years i.e. from CY2016 to H12020.

Amid COVID-19, India has seen a 60 percent increase in fintech investments to $1467 million in H12020 compared to the $919 million for the same period last year. Availability of a technically skilled workforce and the presence of most parts of the financial services and technology ecosystem make Bengaluru and Mumbai the top two headquartered cities for fintech companies.

Ohm Mobility acquires loan management software firm CloudNBFC

Bengaluru-based Ohm Mobility, a fintech and clean transportation startup has acquired Nagpur-based, CloudNBFC that develops loan management systems for financiers. The company’s first product combines digital payments, IoT data (from the vehicle) and data science to help financiers/NBFCs reduce cost and modernise lending.

Edtech wave Continues, Pariksha raises $2 million in pre series A round

EdTech startup, Pariksha has raised $2 million in pre series A Investment led by Bharat Inclusion Seed Fund and co-invested by LetsVenture Plus, 9Unicorns, Innercircle,and existing investors INSEAD Angels and Venture Catalysts also participated in the round.

Community management player MyGate forays into ‘Community Omnicommerce’ with launch of MyGate Exclusives

Community Management player, MyGate, today announced its foray into ‘Community Omnicommerce’ with the launch of MyGate Exclusives, enabling its 15,000+ societies in 2.5 million+ urban homes to begin unlocking their collective buying power. The section has gained significant traction during its six-week soft launch, with a third of daily users exploring the unique offerings.

Currently, 80+ emerging and national brands have been on-boarded across categories and MyGate plans to empanel 200+ brands by March 2021. Over the coming two quarters, the company plans to address other community-specific gaps that exist in the broader commerce landscape, such as group buying for communities and a resident-to-resident marketplace.

Bitcoin surges past $51,000 for the first time ever amid crypto fever

Continuing the rally, Bitcoin jumped again today to set another all-time high after breaching $50,000 for the first time a day earlier. The largest cryptocurrency rose almost 6 percent on Wednesday to about $51,431 after a fivefold surge in the past year, according to a composite of prices compiled by Bloomberg. The latest leg of the rally, which comes even as India prepares to ban private cryptocurrencies, follows sustained interest from major global institutions.

Australian media firms squeeze more from Google as new law looms

According to a Reuters report, Australia has claimed an early win in a protracted licencing battle with Google as media companies lined up to announce content deals with the internet giant that were reportedly far more lucrative than their global rivals. A month after the Alphabet Inc-owned company threatened to shut down its search engine in Australia to avoid what it called “unworkable” content laws, the country’s two largest free-to-air television broadcasters have struck deals collectively worth A$60 million ($47 million) a year, according to media reports.

Epic Games takes Apple fight to EU antitrust regulators

Fortnite creator Epic Games has taken its fight against Apple to European Union antitrust regulators, ramping up its dispute with the iPhone maker over its App Store payment system and control over app downloads according to Reuters. The two companies have been locked in a legal dispute since last August, when the game maker tried to avoid Apple’s 30 percent fee on some in-app purchases on the App Store by launching its own in-app payment system.

Italian watchdog fines Facebook 7 M euros over improper data use

Italy’s competition watchdog fines Facebook 7 million euros ($8.5 million) for not complying with a request by the regulator to correct improper commercial practices in the group’s treatment of user data as per Reuters.

Elon Musk's SpaceX raises $850 million in fresh funding: Report

Tesla boss Elon Musk’s SpaceX completed an equity funding round of $850 million that sent its valuation to about $74 billion last week, CNBC reported, citing people familiar with the financing. SpaceX’s latest raise also represents a jump of about 60% in the company’s valuation from its previous round in August, when SpaceX raised near $2 billion at a $46 billion valuation.
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