ED's Crackdown Continues, Meta Facing Flak, Oppo vs. Byju's and more

Heading- ED Continues Its Crackdown, Meta Faces Flak From Delhi HC, OPPO Takes on BYJU’s And More Subheading- ED Cracks Down on Crypto, Meta Under Fire From Delhi HC, OPPO Drags BYJU’S Down In NCLT And More

ED's crypto seizure in the E-Nugget saga, Zomato's strategic move in Indonesia, and Mahadev Betting App's legal tangle. Plus, regulatory nods for payment giant Worldline, Meta under fire from Delhi HC, and closures like Nintee returning capital. Don't miss the courtroom drama as OPPO takes on BYJU’S, alongside IvyCap's whopping fund close signaling bullish investor sentiment.

Grab your hot cup of StartupChai before it becomes cold and unwind with our hand-brewed memes for you.

What Matters

“Ae Bhai, Zara Dekh Ke Chalo”: ED Seizes Funds Worth INR 90 Cr Kept In Binance, WazirX And ZebPay Wallets

The Enforcement Directorate (ED) has swooped in, seizing a staggering INR 90 Cr stashed away in Binance, WazirX, and ZebPay wallets, a part of the E-Nugget case.

E-Nugget app's promise of fat commissions through gambling games has left users burned, highlighting a worrying trend of crypto scams amid India's growing interest in digital assets.

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“Kabhi Alvida Na Kehna”: Zomato Receives Final Approval From Indonesian Govt To Liquidate Subsidiary

Zomato has secured the green light from the Indonesian government to wind down its subsidiary, Zomato Media Indonesia, as confirmed in a recent regulatory filing. The approval, following a year-long process since the shutdown of operations in early 2023, marks a strategic move for the company.

Meanwhile, Zomato's robust financial performance, with a quadrupled net profit and a notable surge in operating revenue in Q3 FY24, underscores its continued growth trajectory amidst evolving market dynamics.

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“Kahaani Mein Twist”: Mahadev Betting App Case: ED Files Fresh Chargesheet, Names 25 Accused

In the latest twist to the Mahadev Betting App saga, the Enforcement Directorate (ED) has dropped a fresh chargesheet, implicating 25 individuals and entities in the money laundering case. Among the accused are Girish Talreja and Suraj Chokhani, who were earlier nabbed by the ED.

The scandal, which made headlines after Chandrakar's lavish Dubai wedding in February 2023, is estimated to have incurred losses exceeding INR 200 Cr.

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“Safalta Ki Seedhi”: Worldline ePayments India gets regulatory nod to operate as payment aggregator

Worldline's India arm clinches the coveted payment aggregator license, unlocking doors to offer digital payment solutions to merchants across the nation.

Having made its Indian debut in 2017 through the acquisition of MRL PosNet, the French digital payments giant continues its expansion journey in the burgeoning Indian market. This move coincides with RBI's recent nod to several other startups, including CRED and PayU.

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“Meta Ko High Court Ki Fatkaar”: Meta’s Functioning Worse Than A Govt Department says Delhi HC

The Delhi High Court didn't mince words, likening Meta's efficiency to that of a government department and urging them to tidy up their act swiftly. These scathing remarks came during a hearing on TV Today Network's plea against the Instagram page block.

With the next hearing slated for May 1st, Meta is under the spotlight to address the court's concerns and improve its functioning.

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“Mere Jaane Ka Waqt Aagya”: Peak XV-Backed Nintee Shuts Operations, To Return Remaining Capital To Investors

Peak XV-backed startup Nintee bids adieu, citing challenges in user retention and scalability, as per CEO Paras Chopra's statement on X.

The closure entails the dismissal of the entire workforce, with impacted employees receiving four months' severance pay and an opportunity to transition to Chopra's other venture, VWO. Nintee's shutdown adds to the growing list of startups, including GoldPe and Muvin, that have called it quits this year.

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“Ye Bhi Meri Galti Hai?”: OPPO Files Insolvency Plea Against BYJU’S In NCLT

In a surprising turn of events, OPPO throws a curveball by filing an insolvency plea against education tech giant BYJU’S in the NCLT, invoking Section 9 of the Insolvency and Bankruptcy Code, 2016.

With BYJU’S granted a two-week window to address the issue, all eyes are set on the upcoming hearing scheduled for May 28, adding a layer of suspense to this legal showdown in the corporate arena.

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“Ab Aayega Maza”: Early stage VC IvyCap Ventures announces final close of third fund at Rs 2,100 crore

Early-stage VC firm IvyCap Ventures seals the deal on its Fund III, raking in Rs 2,100 crore and boosting its total assets under management to Rs 5,500 crore.

With plans to back 25 companies, each receiving an average investment of Rs 30-50 crore, IvyCap gears up to nurture promising startups and fuel innovation in India's entrepreneurial ecosystem.

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Fundraising and Financials

1. Agritech robotics firm Niqo Robotics secures $9 million in funding led by Brida Innovation Ventures, marking its return to the investment landscape after a three-year gap.

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2. AiDash, a leading AI-SaaS firm focused on climate-resilient infrastructure, concludes its Series C funding with a substantial $58.5 million, spearheaded by Lightrock.

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3. PharmEasy secures $216 million in funding amidst efforts to raise Rs 3,500 crore for debt repayment, marking a significant valuation adjustment by 90% since August 2023.

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4. Angel investor Karna D Shinde backs neuro42, a pioneering medical technology firm specializing in portable MRI, robots, and AI, with an undisclosed investment.

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