🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Albanian PM dismisses TikTok's 'urgent' query on ban

Economic TimesEconomic Times · 6m ago
Albanian PM dismisses TikTok's 'urgent' query on ban
Medial

Albanian Prime Minister Edi Rama defended the country's ban on TikTok, stating that it was not a hasty decision made in response to a single incident. TikTok had responded to the ban, seeking clarification from the Albanian government and claiming that there was no evidence connecting the platform to the recent tragic incident. Rama insisted that the ban was carefully considered and based on input from parents and schools. He also criticized TikTok for demanding clarifications, stating that it was Albanians who made the decisions, not the owners of TikTok's algorithm. The ban came after a 14-year-old was killed in a fight that originated from an online confrontation. The government plans to introduce education programs for students and parents. TikTok has faced various controversies, including allegations of espionage and election manipulation.

Tiger Global-backed Toplyne shuts down operations

EntrackrEntrackr · 9m ago
Tiger Global-backed Toplyne shuts down operations
Medial

Plug-and-play platform Toplyne is shutting down operations and returning capital to investors, according to sources who spoke to Entrackr. This decision comes as a surprise, given that Toplyne had raised funding from prominent investors like Peak XV and Tiger Global. “Despite securing sizable funding, the startup struggled with scaling beyond a certain point, leading the founding team to make the decision to wind down and reach out to investors to return remaining capital,” said one of the sources requesting anonymity. Toplyne is a plug-and-play platform designed to help sales teams at product-led growth companies increase conversion rates among freemium users. Founded by Rishen Kapoor, Ruchin Kulkarni, and Rohit Khanna, this three-and-a-half-year-old startup facilitated lead conversion by integrating actionable insights directly into products, enabling companies to turn potential leads into paying customers. “After 3.5 years of building Toplyne, we’ve made the tough decision to wind down operations and return capital to our investors. Despite our best efforts, we couldn’t reach the scale or product-market fit we aimed for,” said Rishen Kapoor in a LinkedIn post. Toplyne has raised over $17 million in total capital from investors including Peak XV, Tiger Global, Surge, Together Fund, and angel investors like Kunal Shah and Harshil Mathur. According to the startup data intelligence platform TheKredible, Toplyne was valued at approximately $80 million in its latest fundraising round. Sources indicate that one of the co-founders, Rohit Khanna, exited the firm sometime last year due to differences within the founding team. Queries sent to Kapoor and Peak XV didn’t elicit any immediate response. Toplyne joins a group of startups that have shut down operations in 2024 while returning partial capital to investors. Others on this unique list include Greenik, Fashinza, Virgio, Investmint, Bluelearn, Paras Chopra-led Nintee, and Karthik Gurumurthy-led Convenio.

Exclusive: Flipkart shuts down ANS Commerce

EntrackrEntrackr · 4m ago
Exclusive: Flipkart shuts down ANS Commerce
Medial

url: https://entrackr.com/exclusive/exclusive-flipkart-shuts-down-ans-commerce-8765612 Content: Flipkart has decided to shut down ANS Commerce, its full-stack e-commerce enabler, three years after acquiring the Gurugram-based company, sources familiar with the matter told Entrackr. "Flipkart has decided to shut down ANS Commerce and has also laid off several employees associated with it," said a source familiar with the matter, requesting anonymity. Confirming the development to Entrackr, a Flipkart spokesperson said, “'After careful consideration, ANS Commerce, a full-stack e-commerce enabler that was acquired by Flipkart in 2022, has decided to close its operations. As we wind down operations, we stay committed to ensuring a smooth transition for all stakeholders, including employees and customers.” “To minimize the impact on employees during this transition, we plan to offer internal opportunities at Flipkart, outplacement services, and severance packages,’ the spokesperson added. Founded by Amit Monga, Vibhor Sahare, Sushant Puri, and Nakul Singh, ANS Commerce is a full-stack e-commerce enabler offering services such as store tech, performance marketing, marketplace management, e-commerce warehousing, and fulfillment. It collaborates with over 100 brands, including Jack & Jones, Vero Moda, HUL, Piramal, Lakme, Nivea, Oziva, CEAT, and Bikanervala. The firm raised $2.2 million in its pre-Series A round, led by Gokul Rajaram and Venture Catalysts in October 2021. According to sources, ANS Commerce was acquired in a deal worth Rs 250-300 crore ($35-40 million) three years ago. During FY24, ANS Commerce recorded a 39.4% increase in operating revenue to Rs 54 crore, compared to Rs 39 crore in FY23. However, the company's net loss widened by 27.1% to Rs 73.8 crore in FY24 from Rs 57.8 crore in the previous year.

Download the medial app to read full posts, comements and news.