Medobed Ends YC 🔴, India Stack Global 🌎, Free Fire Returns 🎮

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Welcome to today's edition of the NextBigWhat Daily IndiaTech News! Today, we're discussing Y Combinator ending ties with Medobed, India Stack's global uptake, and Garena reintroducing Free Fire. 📰 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( Y Combinator Ends Ties with Indian Startup Medobed Over ‘Irregularities’ 🇮🇳 IndiaTech - Venture firm Y Combinator has terminated its relationship with Indian startup Medobed due to undisclosed ‘irregularities’. - Medobed, which offered fast medicine delivery, won’t participate in the Y Combinator demo day and hasn’t raised money in this process. - Details of the irregularities remain vague but one investor indicated suspicions over inconsistent claims by a Medobed founder. India’s digital infrastructure, India Stack, garners global uptake 🇮🇳 IndiaTech - Eight countries including four in the Caribbean, Sierra Leone, Suriname, Armenia, and Papua New Guinea will soon adopt India Stack. - More countries including Mauritius and Saudi Arabia are in discussions, with targets to extend the platform to 50 countries within five years. - Defined by Aadhaar and further functionalities like eKYC, e-Sign, UPI, DigiLocker, ONDC, and an account aggregator, India Stack requires no special technology for implementation. 8 Best Jobs in India for Higher Salary [NBW Newsletter Ad]( TAKE A LOOK AT INSIGHTFUL VISUAL STORIES ON NEXTBIGWHAT Whether you're a recent graduate or a seasoned professional, you have a wide range of alternatives for high-paying jobs in India. [Check out]( Garena re-introduces popular mobile game Free Fire in India after 18-month ban 🇮🇳 IndiaTech - Garena partners with Yotta for cloud storage needs and hires Indian cricket legend Mahendra Singh Dhoni as brand ambassador. - The title will be available from September 5, featuring localized content and promoting healthy gameplay with regular breaks. - The initial ban wiped $16 billion off parent company Sea’s market cap, and corporates urge Garena to invest in local firms like competitor Krafton did. CredRight Receives $9.7M Funding, Led by Dell Foundation 🇮🇳 IndiaTech - CredRight obtains ~$9.7M via equity and debt, with leading investment from the Michael & Susan Dell Foundation. - The fintech startup will use the funds to expand operations, enhance tech, and assist small business owners’ access to formal finance. - CredRight, founded in 2016, focuses on providing credit to small businesses and MSMEs, recording a 10x growth in assets under management over the past three years. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( JSW Group considering launch of affordable electric vehicle and acquisition of MG Motor India 🇮🇳 IndiaTech - JSW Group is planning an affordable electric vehicle (EV) for India and is in discussions with various Chinese EV manufacturers. - MG Motor India, a subsidiary of China’s largest carmaker, is a potential acquisition target and entrance into the EV market for the group. - JSW Group chairman, Sajjan Jindal, could acquire up to 48% of MG Motor, ensuring majority Indian control. Parallelly, attempts are underway to develop JSW’s own EVs. YouTube Removes Over 1.9 Million Indian Videos and 8.7 Million Channels Globally for Policy Violations 🇮🇳 IndiaTech - From January to March 2023, YouTube removed over 6.48 million videos globally, with India’s removed videos numbering over 1.9 million. - YouTube also terminated 8.7 million channels for policy violations including spam, scams, and misleading metadata. - New initiatives involve providing educational training for creators receiving Community Guidelines warnings to prevent future violations. Eloelo Seeks to Raise $15 Million in Funding 🇮🇳 IndiaTech - Eloelo, a social gaming and live streaming platform, is in advanced talks to raise $15-20 million from new and existing investors. - The company, valued at $100 million pre-money, has over 20 million platform users and projects over 50 million by end of 2023. - Despite its financial losses in FY22, the platform reports an annual growth of over 500% in the past fiscal year. Surge in EVs Seen in India Fueled by Government Incentives and Cost Sensitivity 🇮🇳 IndiaTech - India displays a rapidly growing electric vehicle (EV) market, particularly leaning towards cheaper two- or three-wheelers, say reports. - A $1.3 billion federal plan, higher fuel prices, and long-term cost benefits have accelerated EV sales. - Experts stress the need for cleaner electricity sources, secure mineral supply chains, and improved EV affordability for effective carbon reduction. India’s Q2 GDP accelerates to 7.7%: Fastest since 2022 📈 India Business - India’s GDP has grown 7.7% in the past quarter driven by lower commodity prices, strong services sector, and government spending on infrastructure. - Dry weather raising food prices and impacting agriculture, along with slowing global growth, could dampen future growth. - Economists anticipate a slow down due to these factors and comparisons with higher growth rates in previous years. Adani Group Denies ‘Hidden Foreign Investors’ Claims by Soros-Funded OCCRP 📈 India Business - Adani Group refutes allegations of concealed foreign investments, calling them ‘recycled’ attempts to revive the meritless Hindenburg report. - The group claims these allegations are rehashed from decade-old cases investigated by the Directorate of Revenue Intelligence. - Adani maintains no ‘opaque’ funds from Mauritius were utilized, underlining trials and Supreme Court ruling in their favour. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](