8 Indian Startup News That You Don’t Want To Miss This Week

SUMMARY

Important Indian Startup News [14 July - 19 August]

We bring you the weekly dose of important Indian startup news of the week.

This is the buzzing news of the Indian startup ecosystem. Former and current employees of Snapdeal have anonymously floated a joint letter to co-founders, Kunal Bahl and Rohit Bansal, and also addressed it to the PMO, accusing them of not letting the merger go through for ‘personal motives.’

Important Indian Startup News Stories Of The Week

Mobile Phone Manufacturers Under Govt. Scrutiny

Amidst growing political tension with China and reports of data leaks by Chinese phones, the Indian government is reviewing its Chinese import regulations to rule out any possibilities of a data leak. To this end, the Indian government has asked mobile phone manufacturers to outline the procedures and processes they adopt to ensure the data security and privacy of users.

Poland-Based Bitcoin Exchange BitBay Enters India

The company is looking to source local IT talent for product development. This move makes it the first international Bitcoin trading platform to enter India. This development comes at a time when the Indian government is still indecisive about its stance on the legalisation of crypto currencies.

IndiaMART, Snapdeal, Others Under Scanner For Selling Wildlife Items

This is one of the most talked-about news in the Indian startup ecosystem. The Madhya Pradesh Tiger Strike Force has issued a notice to multiple ecommerce firms for the alleged trade of wildlife items. These websites include Snapdeal, IndiaMART, WishNBuy and Craft Comparison. The officials had confiscated certain items made out of the limbs of wild animals. The official also said that the accused confessed to being involved in the sale of wildlife items.

Kerala Govt. Recommends Mobile Apps Built By Startups For Official Projects

Another important startup news revealed this week was the government’s announcement to sanction the direct purchase of mobile apps from the list cleared by KSUM. These apps made by startups can cost up to about $7.8K (INR 5 Lakhs). However, this is subject to the condition that a purchasing officer cannot buy more than two mobile apps in a given financial year from one startup.

SEBI Inches Closer To Finalising Crowdfunding Norms

This will certainly be a game changer in the Indian startup ecosystem. The regulatory body is likely to allow institutional lenders and large firms to invest money through this channel. However, these entities will be required to seek the SEBI’s approval before accessing crowdfunding platforms. To expedite the process of finalising regulations, the organisation has set up a Committee on Financial and Regulatory Technologies (CFRT).

Paytm To Invest $5 Mn On Seller Onboarding

Paytm Mall is on a mission to empower offline sellers. This formed another important Indian startup news of the week. The company, in a recent statement, confirmed that it will invest about $5 Mn to bring offline sellers online, under its Retailer Inclusion Programme.

Freshworks Launches Freshteam For Recruiters

Freshteam is a recruitment management software that enables businesses to efficiently organise their talent acquisition function. The CRM software, targeted at recruiters, allows businesses to engage with candidates, and better align the human resource department to business goals.