Binances Faces Fine, Zoomcar’s Updated App, Paytm Expands ESOP Pool and more

Binance faces a hefty INR 722 Cr GST demand, adding to its regulatory woes. Zoomcar enhances user experience with a unified app, while Paytm expands its ESOP pool with a massive 1.1 lakh stock options. Nazara's Sportskeeda is set to acquire Deltia’s Gaming IP, and Instawork enhances its portfolio by snapping up Bengaluru's Able Jobs. Unicommerce eSolutions’ IPO is a hit, with the retail portion booked nearly 10 times.

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What Matters

“Zor Ka Jhatka Hai, Zoro Se Laga”: Crypto Exchange Binance Gets INR 722 Cr GST Demand Notice

Binance, the world's leading crypto exchange, has been hit with a show-cause notice from the DGGI, demanding INR 722 Cr in GST for transaction fees collected from Indian traders amounting to INR 4,000 Cr.

This hefty tax demand follows closely on the heels of an INR 18.82 Cr fine imposed by the FIU for anti-money laundering violations. The financial scrutiny on Binance underscores the tightening regulatory grip on the crypto market in India.

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“Ab Aayega Maza”: Zoomcar Launches Unified App For Guests & Hosts To Offer Better Experience

Zoomcar has streamlined its operations by merging its guest and host apps into a single, unified platform. This upgrade promises a smoother experience for over 10 million guests and 20,000 hosts, now enhanced with 10 new features.

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“Kaddu Katega, Sab Mein Batega”: Paytm Expands ESOP Pool, Allots Over 1.1 Lakh Stock Options

Paytm has expanded its ESOP pool, allotting over 1.1 lakh stock options worth over INR 5.4 Cr based on its last closing price. This move increases the startup's equity shares to 63.63 Cr from 63.62 Cr.

While Paytm's fourth ESOP offering in 2024 aims to reward its workforce, it contrasts with reports of the company planning to cut its workforce by 15-20% this fiscal year.

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“Hukumat Ki Jung”: Nazara’s Sportskeeda To Acquire Intellectual Property Rights Of Deltia’s Gaming

Sportskeeda, under Nazara's umbrella, is set to acquire the intellectual property rights of Deltia’s Gaming for $900,000 (around INR 7.57 Cr) in an all-cash deal. The acquisition, pending regulatory approval and certain conditions, aims to enhance Sportskeeda’s offerings.

Deltia’s Gaming, founded by Jacob A Hausman, helps players improve their skills, discover new games, and connect with fellow enthusiasts.

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“Sabka Saath, Sabka Vikaas”: Instawork Snaps Up Bengaluru-based Hiring Platform Able Jobs

Instawork has acquired Bengaluru-based hiring platform Able Jobs to enhance its global job market with innovative tools and offerings, though financial details remain undisclosed.

Able Jobs cofounder Ravish Agrawal will serve as an advisor to Instawork, while cofounder Siddharth Srivastava will take on a product leader role. This acquisition follows Instawork's 2021 purchase of network recruiting platform Drafted.

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“Ek Kadam Safalta Ki Aur”: Unicommerce eSolutions IPO fully subscribed, retail portion booked nearly 10X

Unicommerce eSolutions' IPO saw impressive demand, being fully subscribed 2.43 times on Day 1. Retail investors showed the highest enthusiasm, with their portion booked nearly 10 times, while non-institutional investors subscribed 2.26 times.

Interestingly, no bids had been received from qualified institutional buyers by the end of the first day.

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1. IppoPay has secured funding from CaratLane founder Mithun Sacheti and Jaipur Gems CEO Siddhartha Sacheti, leading to an exit for early backer Coinbase Ventures. The fintech company aims to enhance its services for offline and online businesses, providing digital payments and banking solutions.

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2. Spacetech startup EtherealX has secured $5 Mn in seed funding led by YourNest to develop engines for fully reusable medium-lift launch vehicles. With this fresh capital, EtherealX aims to capture 30-40% market share by offering lower launch costs.

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3. Punch has raised $7 Mn in a mix of debt and equity funding to advance its stock trading platform, focusing on R&D, technology enhancement, and talent acquisition. The round saw participation from notable angel investors, including CRED’s Kunal Shah, Ultrahuman’s Vatsal Singhal, and Nazara’s Nitish Mittersain.

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4. Hyperbots, a finance and accounting AI startup founded in 2023, has raised $2 Mn in seed funding led by Kalaari Capital. The round also included investments from Sunicon Ventures and Athera Venture Partners.

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