Dream 11 suspended its operations post FIR registered against them in Karnataka

Fantasy sports website Dream11 has suspended operations for customers in Karnataka after a first Information Report (FIR) was made against Dream11's founders for violating the law prohibiting betting and wagering on games played online.

Dream11 continued to be operational throughout the state, until the beginning of Sunday, even though its rivals such as Mobile Premier League (MPL), Paytm First Games and RummyCircle have been unable to offer their services to users of Karnataka following the fact that the state legislature adopted a law prohibiting betting and wagering platforms and money betting.

"In order to allay our users' concerns, we have decided to suspend operations in Karnataka," stated Dream11 in a press release.

According to the company, they have been informed by Federation of Indian Fantasy Sports (FIFS) that the Karnataka Police (Amendment) Act 2021 is not applicable to its members Fantasy Sports Operators. "The FIFS format of Fantasy Sports has been upheld by the courts of India as not amounting to gambling, betting or wagering," the statement reads.

The app was withdrawn soon after an FIR was registered against the co-founders of Dream 11 in the Annapoorneshwarinagar Police Station in West Bengaluru.

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Prior to Karnataka, such online games have already been banned in states like Assam, Odisha, Sikkim, Nagaland, Meghalaya, Andhra Pradesh and Telangana. While these platforms promote themselves as games that require skill, Karnaraka's ban does not comprise games of skill, however it does include a money-bet element.

In the past, FIFS Members of the Federation called on the Karnataka government to comply with and respect the constitutional and judicial safeguards that are provided to the company's business. Dream11 is the first member of FIFS which includes MPL as one of their members.

If you want to stay updated with the latest ongoings in the start-up industry, then visit our official website here. 

Top 6 Latest Startup Funding News

In this article, we have highlighted some of the latest startup funding news in the market. 

 

Hiver, a software-as-a-service startup, bags $4 million (about Rs 29.06 cr) in debt funding from Mars Growth Capital, a Singapore-based joint debt fund launched by MUFG Bank - Mitsubishi UFJ Financial's core banking unit and Liquidity Capital.

 

According to the co-founder and CEO of the startup, Niraj Ranjan, the company plans to deploy the capital to expand its marketing and sales efforts to widen its customer base. Niraj founded the company with his co-founder Nitesh Nandy in 2011. 

 

KreditBee, a digital lending startup based in Bengaluru, has raised worth $75 million from its Series C Round from Premji Invest, Mirae Asset Naver Asia Growth Fund, Alpine Capital, and Arkam Ventures. Kreditbee plans to use the funds to expand its loan product offerings and improve its solutions stack. 

 

Happily Unmarried, the parent company of Ustraa, has raised Rs. 20 crore in its Series H round. The brand sells men grooming products under its subsidiary company Ustraa and sells its products through retail outlets, web portals, and eCommerce marketplaces like Amazon and Flipkart. 

 

Zomentum, an IT sales acceleration platform, has raised $13 million in Series A funding from Elevation Capital, Greenoaks Capital, Accel, and Eight Roads Ventures. Zomentum is looking to use the money to expand geographically and build out its products. The company was founded in 2018 by Shruti Ghatge and Rahil Shah and had raised $4.1 million earlier in seed funding from Accel and SAIF Partners six months ago. Zomentum helps IT channel partners and SMBs to leverage the best IT solutions. 

 

Grofers, an online grocery delivery service based out of Gurugram, has raised $2.75 million in Series F round from Euler Capital Fund, a Chicago-based asset management firm. Euler had earlier invested $4.6 million in Cars24's Series D Round. Euler had earlier invested %4.63 million in Cars24's Series D round in September 2019. Grofers is a seven-year-old company founded by Albinder Dhindsa and Saurabh Kumar and is yet to cross Rs 200 crore. 

 

VerSe Innovation has raised over $100 million (about Rs 728 crore) in a Series H funding round from Qatar Investment Authority, the State of Qatar's sovereign wealth fund, and Glade Brook Capital Partners. VerSe Innovation is the company behind Dailyhunt, a local language news platform and Josh, a short-form video app. VerSe had hired Avendus Capital as their exclusive financial advisor on the deal.

For more such latest startup funding news, please visit Entrackr.   

Startups That Got Funding In The First Week Of February 2020 - Technology News

According to latest technology news, This week, 15 new businesses got financing with an all-out entirety of about $495 million. Among them, Paytm Mall raised the most noteworthy venture of $445 million, trailed by Veritas, which raised about $8.5 million.

The following is the synopsis of arrangements shut for the current week:

Technology news, however, reported This week seemed lucky for the following startups -  

·         Veritas Finance:

Chennai-based monetary administrations firm Veritas, that loans to a smaller scale and little endeavors, has raised $8.5 million (Rs 55 crore) owing debtors financing from a Belgium-based store administrator, Incofin Investment Management, and BlueOrchard.

·         UClean:

According to the latest technology news, Integrated clothing and cleaning arrangements startup UClean has raised $0.6 million (Rs 4 crore) in pre-Series A round from heavenly attendant speculator Anubhav Chopra for development of its new business vertical 'UClean Select'.

·         BeatO:

Technology news reports about Delhi-based startup for diabetic patients, BeatO has raised institutional financing of $1.3 million, drove by Leo Capital and Blume Ventures.

·         CoutLoot:

Online design re-business commercial center CoutLoot, has raised an extra $1 million as a piece of its progressing pre-Series A subsidizing round.

·         Doorman:

Another technology news about Bengaluru-based intra-city coordinations -organization Porter has raised $7.7 million (Rs 50 crore) Series C round from Mahindra Group. With this, the surface coordinations organization has rounded up about Rs 135 crore from speculators, for example, Sequoia, Kae Capital, Anupam Mittal, and Sandeep Tandon.

·         Power2SME:

Business-to-business web-based business stage Power2SME has now got a dedication of $6.2 million from Innoven Capital.

·         Infibeam:

According to Latest technology news - Reliance Industry-possessed Network18 has contributed $6.2 million (Rs 40 crore) in Ahmedabad-based internet business stage Infibeam.

·         Finzy:

Bengaluru-based P2P loaning stage Finzy has brought $1.3 million up in its pre-arrangement A subsidizing round from a grasp of undisclosed financial specialists.

·         MoveInSync:

Transport robotization stage, MoveInSync Technology Solutions has raised a Series B round of $8 million (approx Rs 53 crore) drove by Nexus Venture Partners. The subsidizing round likewise observed cooperation of existing financial specialists Inventus Capital Partners, Saama Capital and Qualcomm Ventures is one of the latest technology news.

·         Boheco:

Cannabis looks into startup Bombay Hemp Company (Boheco), which tallies Ratan Tata and Google India overseeing executive Rajan Anandan as its significant financial specialists have raised $0.46 million (Rs 3 crore) in a crisp round of subsidizing.

·         Paytm Mall:

While technology news also reported that - Paytm Mall has raised about $445 million (about Rs 2,900 crore) new round from SoftBank and Alibaba. The Amit Sinha-drove organization was esteemed $2 billion in the financing round.

·         Rubique:

Marketplace-based loaning stage Rubique has raised about $0.46 million (Rs 3 crore) from existing speculators Kalaari Capital. The most recent round seems, by all accounts, to be expanded piece of the scaffolding around for the Mumbai-based fintech startup.

·         Fitternity:

According to the latesttechnology news - Mumbai-based online wellness revelation stage, Fitternity has raised over $2 million (Rs 13 crore) from existing and new speculators.

·         IndustryBuying:

An online business to business (B2B) commercial center, has brought $2 million up in adventure obligation from Blacksoil Capital.

·         Namaste Credit:

Bengaluru-based internet loaning stage has brought $3.8 million up in Series A round from Nexus Ventures comes under the latest technology news for startup funding this week.

Latest Technology News – Uber Eats Acquired by Zomato in a $350 Mn Deal

According to the latest technology news, Following quite a while of talks, online nourishment conveyance major Zomato has at long last gained Uber Eats India, the misfortune making nourishment conveyance business of ride-hailing firm Uber.

Zomato was one of the popular upcoming startups in India in 2010. The Gurugram -based firm has purchased out Uber Eats' , India business in an all-stock exchange for allegedly about $350 million. The arrangement would give Uber 9.99% possession in Zomato.

The buyout advancement comes after Zomato as of late raised $150 million speculations drove by existing speculator Ant Financial.

The securing will make the joined substance of Zomato and Uber Eats India order near 55% piece of the pie in the nourishment conveyance portion. Aside from removing a contender, according to latest technology news, the arrangement would make Zomato single biggest player abandoning its opponent Swiggy.

"This obtaining essentially fortifies our situation in the class," said Deepinder Goyal, Founder, and CEO, Zomato. According to Zomato representative, Uber Eats in India will cease tasks and direct cafés, conveyance accomplices, and clients of the Uber Eats applications to the Zomato stage.

For Uber, which had opened up to the world as of late, the ride-hailing firm plans to check misfortunes through the arrangement. The ride-hailing firm, in its last quarterly outcome, has denoted that the Indian nourishment business has been costing them intensely. According to a gauge, Uber Eats has been losing about $15-20 million per month in India.

Begun in May 2017 in India, one of the most trending upcoming startups in India, Uber Eats professes to do around 1.5-2 lakh conveyance daily with a gross deals run-pace of $200 million. It is accounted for to have more than 30,000 conveyance officials utilized in 32 urban communities. "India stays an outstandingly significant market to Uber, and we will keep on putting resources into developing our neighborhood Rides business, which is as of now the reasonable class pioneer," said Dara Khosrowshahi, CEO of Uber.

According to the latest technology news, the obtaining has presented to Uber a long haul and key accomplice in Zomato in India. According to sources near the arrangement, Uber could likewise bring Japan's SoftBank near Zomato that is yet to put down its wager in the Indian nourishment tech space. Prior, Uber Eats held converses with both Swiggy and Amazon for potential procurement, yet talks couldn't go further. In April a year ago, the procurement chats with Swiggy fell through over its valuations and offer stake. Uber had demanded to get more than 20 percent stake while Swiggy consented to weaken just 50% of the asserted stakes by Uber.

How Keeping Updated With Latest Technology News Helps the Company to Innovate

Technology is associated with world-changing innovations that revolutionize how we live. But technology can also play a big role in the smaller scale, incremental improvements that are really important in business innovation. Many startup business models are leveraging the latest technologies to cater to India’s Tech Startups. According to the Startup News India, technology is penetrating deep into the country’s business culture driving innovation that is rooted in making people’s lives easier.

How Latest Technology News can help?

The development of technology has paved the way for various innovations. With the digitization of information, more and more businesses are increasingly leveraging the benefits of digital tools to improve their prospects. Technology has been crucial in turning this process into a complete success. Some of the ways technology can help business innovate are:

Improve communication

Innovation being a team effort depends largely on good communication and collaboration. Technology can help workers communicate and collaborate when they are in the field, working remotely. This helps in fostering a flexible and stimulating workplace that can help the team to get motivated to generate innovations.

Manage Ideas

Using technology like idea management software can help systematize the innovation efforts of employees. This includes tools for workers to propose and work together on ideas, choose promising concepts and develop them into new products or improvements in operations. This software can include social networking tools to promote collaboration and metrics to track your innovation performance.

Improve products

Technology can help be more innovative in business operations and product development.

Track Performance

In order to innovate it’s important to understand and analyze the performance and where one needs to improve. Technology can help a business monitor the performance through performance metrics so that innovation efforts can be targeted.

Monitor customer feedback

Technology can help a business get better feedback from customers and analyze it more effectively which can lead to innovations in product design, marketing, and customer relations

5 Ways of Finding the Right Investor for a Startup

India is on the edge of tremendous growth in its startup ecosystem. With the changing time, the Startup Funding in India has evolved significantly. With Latest Technology News changing the business evolution, a lot of foreign venture capitalist firms is finding it right to invest in the country’s growing startup hub.

Finding the right investor

One of the most fundamental steps while initiating a startup is finding the right investor for the business. However, with new ideas coming up every day finding the reliable ways of funding the idea is challenging. But the brighter side of the idea is that from venture capitalist to angel investors the opportunities are endless. Some of the key points to keep in mind while finding the right Startup Investor are:

Investors that suits requirements:

One of the most fundamental steps while choosing an investor is searching for the one that suits the startup funding and company’s requirements. Always choose an investor keeping in mind the brand and target customer. Gathering research reports regarding the investors before signing the deal, asking key questions will help to make the decision clear. 

Investor’s market reputation:

Before hiring an investor it’s crucial to take a look at how much influence does an investor has in the industry. A right influence can add value to capital raising efforts.

Investors whom you can trust:

When it comes to investment trust plays an important role. In the starting phase of the company, a company may go through a lot of change. Therefore it’s better to go with a trustable investor who won't abandon a business when it's going through rough times.

An investor who is aligned towards our interest:

An investor who has an interest and is more aligned towards the idea and the project can lead to a great, long-lasting, sustainable business.

Diversity:

When it comes to funding especially at the budding state diversity matters. The experience of a smart investor can make or break a business plan.