Today's Tech Check- "Tech & Investment Roundup: TikTok's EU Move, PlayRuo's Gaming Innovation, AI Startup Funding, Lenskart's Big Deal, and Northern Arc's IPO Surge!"
25th April,2024
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1. "TikTok Reduces Features in Lite App for EU Users to Combat Addiction Worries"
1. "TikTok Reduces Features in Lite App for EU Users to Combat Addiction Worries"
TikTok removed a gamification feature from its Lite app in the EU amid addiction worries.
The suspension followed EU intervention, amidst TikTok facing legal issues in the US.
The announcement was made quietly late Wednesday.
This action was taken shortly after the EU launched an investigation into TikTok's "task and reward" system.
2. "Discover Instant Gaming: PlayRuo Unleashes Seamless Demo Trials Directly in Your Web Browser!"
Playruo introduces game demos available directly from web browsers.
Cloud gaming's future remains uncertain despite its clear advantages.
Games are hosted in nearby data centers, with video output streamed to users' devices.
User interactions are transmitted back to the data center during gameplay. © 2024 TechCrunch.
3. "AI Startup Success: Control One Secures $350K Funding from Top Indian & Global Investors"
Control One AI, an AI-first Robotics startup, raises $350K in pre-seed funding.
Investors include Kunal Shah (CRED), Chaitanya R (Wakefit), Amit Singh (ex-Avendus Capital), and execs from Tesla, Amazon, Walmart, eBay, Mercedes-Benz, and GE.
Founded by Pranav S, with 15+ years in Robotics, AI, and IoT, the startup aims to enhance slow-moving supply chain equipment with AI.
Control One's technology focuses on improving safety, efficiency, and worker satisfaction in hazardous environments.
The funding will be used to develop a fully functional prototype and for pilot validations.
The initiative targets the $531 billion US supply chain labor market, aiming to revolutionize infrastructure and democratize automation.
4. "Temasek and Fidelity Nearing $200M Investment Deal in Lenskart: A Game-Changer for the Eyewear Giant"
Temasek and Fidelity in final talks to invest $200M in Lenskart via secondary share sale.
The investment could value the eyewear retailer at around $5B, up 11-12% from $4.5B.
Temasek, an existing investor, may lead with $125-150M; Fidelity to make its first investment in Lenskart.
Early investors like TR Capital, KKR, and Avendus considering selling stakes; SoftBank not selling.
Lenskart, founded in 2010, is India's largest omnichannel eyewear retailer, expanding in Asia and the Middle East.
Acquired Japan's OWNDAYS for $400M; plans to open 300-400 stores in Southeast Asia, including Thailand and the Philippines.
Previously secured $100M from ChrysCapital and $500M from the Abu Dhabi Investment Authority in 2023.
Reported a FY22 loss of INR 102.3 Cr, with a 66% revenue increase to INR 1,502.7 Cr from FY21.
5. "Northern Arc's IPO Journey: Secures $80 Mn Boost from IFC"
Northern Arc, a non-banking financial company (NBFC), raised $80 Mn from International Finance Corporation (IFC).
The investment, split equally between equity and debt, will support Northern Arc's expansion and outreach.
Founded in 2009, Northern Arc focuses on providing credit services to under-served sectors in India including MSMEs, consumer finance, and more.
As of September 30, 2023, the company facilitated over INR 1.5 trillion in financing through its platform.
Northern Arc, with INR 10,081 Cr in assets under management, boasts investors like Sumitomo Mitsui Banking Corporation and LeapFrog.
Ashish Mehrotra, Northern Arc's MD and CEO, emphasized the investment's role in fostering financial inclusion in India.
IFC India Country Head Wendy Werner highlighted the partnership's aim to support MSMEs with innovative products.
The funding arrives as Northern Arc accelerates its IPO plans, with a recent refiling for an IPO aiming to raise INR 500 Cr.
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