Indian Startup News Ep 54: Crypto Ban, RBI's Digital Currency & India's Lithium-ion Battery Factory

This week in Indian Startup News, India’s ban on cryptocurrency and RBI’s digital currency, Grinntech establishes new factory to manufacture lithium-ion batteries, WhiteHat Jr vs Pradeep Poonia case update, FIR against Meesho, Stillfront Group acquires Moonfrog Labs and Ixigo acquires Confirmtkt.

In funding news, Zetwerk raises $120 million and Mobile Premier League raises $95 million.

00:00 Intro
00:31 India’s ban on cryptocurrency and RBI’s digital currency
03:04 Grinntech establishes new factory to manufacture lithium-ion batteries
05:45 WhiteHat Jr vs Pradeep Poonia case update
06:30 FIR against Meesho
07:35 Stillfront Group acquires Moonfrog Labs
08:32 Ixigo acquires Confirmtkt
09:12 Zetwerk raises $120 million
09:52 Mobile Premier League raises $95 million

India’s ban on cryptocurrency and RBI’s digital currency: At the time when bitcoin is at an all-time high and more and more people and companies are warming up to the idea of adopting cryptocurrencies, India is planning to ban all private cryptocurrencies. But at the same time, the new bill called The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 has empowered the RBI to create India’s own digital currency.
https://techcrunch.com/2021/01/30/india-plans-to-introduce-law-to-ban-bitcoin-other-private-cryptocurrencies/

Grinntech establishes new factory to manufacture lithium-ion batteries: Lithium-Ion battery manufacturer Grinntech has inaugurated its new manufacturing plant in Chennai. Spread over one acre of land, it will be producing 400 MWh per year of Lithium-Ion batteries for wide range of Electric Vehicles (EVs) – two/three-wheelers, farm tractors and light vehicles.
https://www.grinntech.com/pdf/Grinntech-Press-Release-2.pdf

WhiteHat Jr vs Pradeep Poonia case update: During the last court hearing, Pradeep Poonia’s lawyer Swathi Sukumar was seeking copies of complaints filed by parents with the Department of Consumer Affairs against WhiteHat Jr, which was opposed by WhiteHat Jr. The court had denied her request until cross-examination.

FIR against Meesho: An FIR was filed against Meesho and its directors - Vidit Aatrey and Sanjeev Kumar for deliberately breaching the trust of their customers by allowing fake products on their platform.
https://www.medianama.com/2021/02/223-fir-against-meesho-selling-fake-products/

Stillfront Group acquires Moonfrog Labs: Swedish gaming group Stillfront Group, which owns 18 gaming studios, has acquired Bengaluru-based mobile gaming startup Moonfrog Labs. This will help Sillfront Group to gain access to one of the world’s fastest-growing mobile gaming markets – India.
https://www.stillfront.com/en/stillfront-group-acquires-moonfrog-and-enters-the-indian-subcontinent/

Ixigo acquires Confirmtkt: Online travel aggregator Ixigo has acquired Bengaluru-based train discovery and booking platform Confirmtkt. This acquisition will help Ixigo to consolidate its presence across tier 2, 3 and 4 markets.
https://economictimes.indiatimes.com/tech/startups/ixigo-buys-train-booking-firm-comfirmtkt-to-boost-presence-in-small-towns/articleshow/80686203.cms

Zetwerk raises $120 million: Zetwerk has raised $120 million from Greenoaks Capital, Lightspeed Venture Partners, Sequoia Capital India and Kae Capital.
https://techcrunch.com/2021/02/02/zetwerk-raises-120-million-to-scale-its-b2b-marketplace-for-manufacturing-parts/

Mobile Premier League (MPL) raises $95 million: MPL has raised $95 million from Composite Capital, Moore Strategic Ventures, Base Partners, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders Circle and Play Ventures.
https://techcrunch.com/2021/02/03/indian-mobile-gaming-platform-mobile-premier-league-valued-at-945-million-in-95-million-fundraise/

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