Healthify Layoffs, WhatsApp's brave front, FAME Violation Case

From New Delhi and Taiwan's plea to delay a WTO ruling to ED busting a massive digital currency scam, plus Healthify's layoffs and WhatsApp's encryption standoff. Also, dive into the funding frenzy, including CheQ's $4.5 million raise and BankBazaar's Rs 130 Cr boost, keeping you in the loop with every little move in the Indian startup scene.

Grab today’s simmering cup of StartupChai and relax with our hand-brewed memes for you.

What Matters

“Desi Rush Hour”: ED Unearths INR 3,000 Cr Digital Currency Scam, Arrests FBI-Wanted Man

The Enforcement Directorate (ED) has cracked open a massive digital currency scam worth INR 3,000 Cr, thanks to a collaborative effort with the FBI.

Parvinder Singh, a wanted man by the FBI, was apprehended in Haldwani, Uttarakhand, following intensive raids conducted by the agency on April 27th.

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“Humara Safar Yahin Tak Tha”: Healthify Fires 150 Employees In A Restructuring Exercise

In a restructuring move, Healthify has let go of 150 employees, primarily from its sales and product teams, affecting about 27% of its workforce. CEO Tushar Vashist clarified that the decision aims to enhance the company's India business profitability and broaden its services in the US market.

Healthify had raised a $30 Mn pre-Series D funding round led by LeapFrog Investments and Khosla Ventures, nearly a year ago.

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“Savdhaani Hati, Durghatna Ghati”: Govt Committee Gives Clean Chit To Hero Electric, Okinawa Autotech In FAME Violation Case

Hero Electric and Okinawa Autotech have been given a clean chit by a government committee regarding alleged violations of FAME-II regulations. Initially facing potential reclamation of INR 155 Cr and INR 125 Cr respectively, the manufacturers have been absolved of any breaches of the phased manufacturing programme (PMP) guidelines under the FAME II scheme.

This comes after an investigation initiated by the Ministry of Heavy Industries in 2022 following complaints of non-compliance.

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“Cheating Karta Hai Tu”: WhatsApp Threatens To Leave India If Forced To Break Message Encryption

WhatsApp has warned of its departure from India if compelled to compromise message encryption, arguing that users value the platform for its privacy and end-to-end encryption. The Delhi High Court heard WhatsApp's plea challenging a provision of the IT Rules, 2021, mandating social media platforms to identify the first originator of information.

The government emphasized the necessity of message tracing, citing WhatsApp's previous scrutiny on this matter before the US Congress.

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“Ulta Chor Kotwal Ko Daante”: New Delhi, Chinese Taipei Ask WTO To Delay Ruling Till July

India and Taiwan are urging the WTO to hold off on any rulings regarding New Delhi's import duties on specific ICT products until July 26. Both nations have informed the WTO's dispute settlement body of ongoing discussions aimed at resolving the matter.

Taiwan initially lodged a complaint against India in 2019 regarding the import tariffs imposed on certain electronic goods.

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Fundraising and Financials

1. BankBazaar secures Rs 130 Cr in funding, marking a significant milestone for the online financial products marketplace. This round is worth Rs 80 crore ($9.6 million) as part of its Series D funding, marking its first investment in 2024.

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2. CheQ, a rival of CRED, secures $4.5 million in an extended seed round, with Rs 35 crore raised from both new and existing investors. This funding marks a significant milestone for the Bengaluru-based B2C credit management platform after an 18-month gap.

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