1. Indian D2C e-tailer Hopscotch raises USD 25 million amid the slowdown. The Mumbai-based startup also counts, Eduardo Saverin, co-founder and the first investor of Facebook Inc., and Toivo Annus, CTO and co-founder of Skype, as its backers.
2. Zomato says food delivery industry in India has almost recovered. In a report, Gurugram-based food delivery giant Zomato said the food delivery industry has continued to steadily grow back to the pre-COVID-19 levels, with the overall sector reaching over 85% of pre-COVID-19 Gross Merchandise Value (GMV).
3. American private equity firm KKR invests USD 754 million in Reliance Retail. This is the second investment by KKR in Reliance. The American PE firm had invested USD 1.5 billion in Jio Platforms, Reliance’s digital arm, earlier in May.
4. India contemplates banning digital lending apps with links to China. After banning 177 Chinese apps since June including WeChat, PUBG, and TikTok, the Indian government moved to target fintech startups in the country that have connections with Chinese nationals or companies on grounds fearing they might collect sensitive customer data, a claim TikTok has denied before.
5. Google takes down Paytm and its gaming app Paytm First Games from Play Store for allegedly violating its betting and gambling policy. Paytm’s other apps such as Paytm Mall, Paytm Money and others are still available on Play Store.
6. Samsung and OnePlus gear up for a fight as competition intensifies in India’s premium smartphone segment. According to the recent numbers published by Counterpoint, OnePlus became the top smartphone brand in the mid-to-high end category (devices priced over USD 400 or INR 30,000) with a 29% share in the quarter ended June 2020.