Founders Weekly: Funding Updates, Industry Insights, and Regulatory Developments in the Startup Ecosystem | May 4th Week Edition

Dear Founders,

Welcome to the latest edition of Founders Weekly, where we curate the most significant news and updates from the startup ecosystem. Stay informed about the latest funding rounds, industry trends, and regulatory developments. Let's dive in!

**Funding Rounds:**

1. Tiger Global leads $18.85 Mn Series B3 round in Infinite Uptime: Infinite Uptime, a technology company specializing in industrial IoT solutions, secured a significant investment led by Tiger Global.

2. PhonePe bags additional $100 Mn funds from General Atlantic: PhonePe, India's leading digital payments platform, raised an additional $100 Mn in funding from General Atlantic to fuel its growth and innovation.

3. Chalo raises $20 Mn from Avataar Ventures, valuation slips: Chalo, a mobility solutions provider, secured $20 Mn in funding from Avataar Ventures, although the valuation witnessed a slight decline.

4. Rooter raises $16 Mn led by Lightbox: Sports engagement platform Rooter raised $16 Mn in a funding round led by Lightbox Ventures, aiming to enhance its user experience and expand its offerings.

**Industry Insights:**

1. ASCI names real money gaming as the most non-compliant sector: The Advertising Standards Council of India (ASCI) identified real money gaming as the sector with the highest non-compliance rates, signaling the need for regulatory scrutiny.

2. India uses AI, a facial recognition-based tool to weed out over 3.6 Mn fraudulent phone numbers: The Indian government leveraged AI and facial recognition technology to identify and eliminate more than 3.6 Mn fraudulent phone numbers.

3. IT Ministry takes note of rising WhatsApp spam calls and texts: The Ministry of Electronics and Information Technology in India acknowledged the growing issue of spam calls and texts on WhatsApp, emphasizing the need for effective measures to combat this problem.

**Startup Updates:**

1. Cuemath lays off around 100 employees: Edtech startup Cuemath had to make the tough decision to lay off approximately 100 employees, reflecting the challenges faced by the sector.

2. SoftBank-backed Meesho lays off 251 employees: Meesho, a social commerce platform backed by SoftBank, also went through a restructuring process, resulting in the layoff of 251 employees.

3. Teachmint lays off another 70 employees: Edtech startup Teachmint had to let go of an additional 70 employees as part of their restructuring efforts.

**Regulatory Developments:**

1. CA, CS, and CWAs are now under the purview of PMLA: Chartered Accountants (CAs), Company Secretaries (CSs), and Cost and Works Accountants (CWAs) have been brought under the ambit of the Prevention of Money Laundering Act (PMLA).

2. Karnataka Govt To Order A Probe Into Bitcoin Scam: The Karnataka government announced its plans to initiate a probe into a Bitcoin scam, aiming to uncover fraudulent activities in the cryptocurrency space.

**Market Updates:**

1. Govt Cuts FAME-II Incentive Cap, Demand Incentive For EV Two-Wheelers: The Indian government reduced the incentive cap for the FAME-II scheme and introduced a demand incentive for electric two-wheelers, promoting the adoption of electric vehicles.

2. Nazara Emerges As Top Gainer In A Volatile Week For New-Age Tech Stocks: Nazara Technologies, an Indian gaming company, emerged as the top gainer in a volatile week for new-age tech stocks.

3. India To Set Up Startup Exchange Programme With Bangladesh, Nepal & Bhutan: India announced plans to establish a startup exchange program with neighboring countries, including Bangladesh.

Stay informed and stay ahead with Founders Weekly. We hope this curated edition has provided you with valuable insights and updates from the dynamic world of startups. Keep pushing boundaries, embracing challenges, and driving innovation in your entrepreneurial journey. Remember, every obstacle is an opportunity in disguise. See you next week with more exciting news and stories!

Wishing you continued success,

Abhishek