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Clearview AI hit with its largest GDPR fine yet as Dutch regulator considers holding execs personally liable

TechCrunchTechCrunch · 10m ago
Clearview AI hit with its largest GDPR fine yet as Dutch regulator considers holding execs personally liable
Medial

Clearview AI, a facial recognition startup, has been fined €30.5 million by the Netherlands' data protection authority for violating the European Union's General Data Protection Regulation (GDPR). It is the largest privacy fine ever imposed on Clearview AI, surpassing previous fines in France, Italy, Greece, and the UK. The company's violations include collecting and using people's biometric data without a legal basis and failing to comply with data access requests. The Dutch regulator is also considering holding the company's management personally liable for the violations. Clearview AI has stated that the decision is unlawful and unenforceable.

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Dutch data protection watchdog hits Uber with $324 million fine over driver data

Economic TimesEconomic Times · 10m ago
Dutch data protection watchdog hits Uber with $324 million fine over driver data
Medial

The Dutch Data Protection Authority (DPA) has fined Uber €290 million ($324 million) for violating the EU's General Data Protection Regulation (GDPR). The fine was imposed due to Uber's transfer of personal data of European drivers to US servers without adequately protecting the information. The DPA found that Uber collected sensitive data, including taxi licenses, location data, photos, payment details, and even criminal and medical information, which was then transferred to the US without using proper data transfer tools. Uber plans to appeal the fine, stating that its cross-border data transfer process was GDPR compliant. This is the third fine the DPA has imposed on Uber.

Russia orders Discord to remove almost 1,000 posts it says contain illegal materials

Economic TimesEconomic Times · 9m ago
Russia orders Discord to remove almost 1,000 posts it says contain illegal materials
Medial

- Russia's communications regulator has ordered Discord to delete around 1,000 materials deemed illegal, including posts involving child pornography and promoting drug abuse. - Discord and Russia's regulator, Roskomnadzor, have not commented on the situation yet. - Roskomnadzor is specifically requesting the removal of 947 illegal materials, including posts containing child pornography, extremism, involvement of minors in illegal activities, suicide encouragement, LGBT propaganda, and pro-drug content. - Russia has been consistently ordering foreign technology platforms to remove illegal content, imposing fines for non-compliance. - Discord has previously failed to remove prohibited material, resulting in a 3.5 million roubles ($37,493) fine on Monday. - Russia has a history of banning social media platforms that do not adhere to its content rules.

Fidelity marks up IPO-bound Lenskart's valuation to $6.1 Bn

EntrackrEntrackr · 1m ago
Fidelity marks up IPO-bound Lenskart's valuation to $6.1 Bn
Medial

Fidelity marks up IPO-bound Lenskart's valuation to $6.1 Bn The development comes as Lenskart prepares for its initial public offering (IPO), with plans to raise $1 billion at a targeted valuation of $10 billion. Fidelity has revised the valuation of omnichannel eyewear retailer Lenskart to $6.1 billion, as per its latest monthly portfolio holdings update. In November, Fidelity valued the Peyush Bansal-led company at $5.6 billion. In June 2024, Lenskart raised $200 million via a secondary round, followed by a $20 million investment led by Bansal. As of now, the company has secured nearly $1 billion and reached a valuation of $5 billion during the secondary deal in which Fidelity also participated. Just last week, the company converted its holding entity from a private limited to a public limited company, a move exclusively reported by Entrackr. Media reports also suggested that Lenskart is set to file its draft red herring prospectus (DRHP) confidentially with the markets regulator by the end of this month. Lenskart inched closer to profitability in FY24, with losses narrowing sharply by 84% to Rs 10 crore from Rs 63 crore in FY23. The company’s revenue from operations rose by 43% to Rs 5,427.7 crore in FY24. Its FY25 result has yet to be reported. Lenskart is also exploring the acquisition of location intelligence startup GeoIQ.

CaratLane posts Rs 1,117 Cr revenue in Q3 FY25, EBITDA tops Rs 130 Cr

EntrackrEntrackr · 5m ago
CaratLane posts Rs 1,117 Cr revenue in Q3 FY25, EBITDA tops Rs 130 Cr
Medial

Omnichannel jewellery brand CaratLane has recorded 27% year-on-year growth during the third quarter of the ongoing fiscal year. Moreover, its EBITDA crossed Rs 130 crore in the same period. CaratLane's total income (excluding bullion and Digi Gold sales) surged to Rs 1,117 crore in Q3 FY25, up from Rs 879 crore in Q3 FY24, reflecting 27% year-on-year growth. The figures were reported in Titan’s quarterly results sourced from the National Stock Exchange (NSE). According to the company's press release, CaratLane has added 19 new stores in India, bringing the total to 305 stores across 128 cities. During the quarter ending December 2024, CaratLane also opened its first international store in New Jersey, United States of America. With the 22% growth in brand searches, EBITDA for CaratLane stood at Rs 131 crore during Q3 FY25, with a margin of 11.7%. Notably, Titan's total jewelry business, including Tanishq and Mia grew by 26.6% to Rs 16,134 crore in Q3FY24, compared to 12,742 crore in Q3 FY24. Apart from CaratLane, Tanishq, and Mia have added 11 and 13 new stores respectively in the domestic market during the last quarter. Titan Company Limited initially acquired a 62% stake in CaratLane for Rs 357.24 crore in 2016. Over time, it increased its holding to 71.09%. The company later acquired an additional 27.18% for Rs 4,621 crore, bringing its total stake to 98.64%, and subsequently purchased the remaining shares for Rs 60 crore in February last year. During the fiscal year ended March 2024, CaratLane posted a 42% year-on-year increase to Rs 3,081 crore from Rs 2,169 crore in FY23. However, its profit slipped 3.7% to Rs 79 crore in the same period. CaratLane directly competes with Bluestone which filed DRHP to SEBI for Rs 1,000 crore IPO and reported Rs 1,266 crore in operating revenue for FY24 with a loss of Rs 142 crore. Fine jewellery brand Giva saw a 66% year-on-year revenue growth to Rs 274 crore in FY24. Meanwhile, Melorra is yet to post its annual results for the last fiscal.

Flat in Camellias, golf sets, and foreign trips: How Gensol’s promoters siphoned funds

EntrackrEntrackr · 3m ago
Flat in Camellias, golf sets, and foreign trips: How Gensol’s promoters siphoned funds
Medial

Flat in Camellias, golf sets, and foreign trips: How Gensol’s promoters siphoned funds SEBI has taken strict action against Gensol Engineering Limited’s promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, removing them from all directorial roles within the company and barring them from accessing the securities market. According to SEBI’s interim order dated April 15, 2025, the promoters of Gensol Engineering Limited siphoned off hundreds of crores in company funds—borrowed for the purchase of electric vehicles meant for their affiliate BluSmart—for personal and related-party gains, including the purchase of a luxury apartment in Gurgaon, golf accessories, foreign currency, and travel expenses. Gensol Engineering Limited raised Rs 977.75 crore in term loans from government-backed lenders IREDA and PFC to procure 6,400 electric vehicles (EVs). However, only 4,704 EVs were actually purchased for Rs 567.73 crore. SEBI’s forensic analysis found that Rs 262.13 crore remains unaccounted for, while Rs 207.27 crore was transferred to vendor Go-Auto but not utilized for vehicle procurement. Instead, a significant portion of these funds was funneled back from Go-Auto to entities controlled by the Jaggi brothers. For example, Rs 50 crore routed via Capbridge Ventures LLP—where both promoters are designated partners—was used to purchase a luxury apartment at DLF Camellias, Gurgaon. The transaction, cleverly layered through multiple accounts, underscores a deliberate effort to mask the real end-use of the funds. The misuse didn’t stop there. Related entity Wellray Solar, with deep links to the promoters, received over Rs 424 crore from Gensol between FY23 and FY24, despite having negligible operational credibility. Of this, Rs 246 crore was further distributed to promoter-linked companies and individuals. Anmol and Puneet Singh Jaggi personally received Rs 25.76 crore and Rs 13.55 crore respectively from Wellray, which was used for personal luxury expenses including foreign currency purchases, high-end consumer goods, credit card payments, and transfers to family members. SEBI also found that Gensol had falsified debt servicing records submitted to credit rating agencies, CARE and ICRA, to maintain its ratings. Conduct letters allegedly issued by lenders IREDA and PFC were found to be forged. The company failed to disclose prolonged defaults that exceeded 30 days—an explicit breach of SEBI’s disclosure norms. The investigation revealed that Wellray, funded by Gensol and its affiliates, extensively traded in GEL’s own shares—conducting transactions worth over Rs 338 crore—raising serious concerns of stock price manipulation. Notably, 99% of Wellray’s trading volume from April 2022 to December 2024 involved Gensol stock. SEBI’s order has not only barred Anmol and Puneet Singh Jaggi from holding any directorial or KMP roles at GEL but also frozen all trading activity for them and the company. Additionally, the regulator has stalled a proposed stock split and appointed a forensic auditor to probe further. SEBI observed that Gensol was operated like a promoter-owned entity, disregarding all norms of corporate governance and fiduciary responsibility. “The Company’s funds were routed to related parties and used for unconnected expenses, as if the Company’s funds were promoters’ piggybank,” the order stated. This case represents one of the most high-profile instances of alleged corporate fraud in recent times, underlining the urgent need for tighter oversight of fund utilization and promoter conduct in India’s public markets.

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