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Probo assures full cooperation with authorities after ED raids
Entrackr
·
22d ago
Medial
Probo assures full cooperation with authorities after ED raids Following the Enforcement Directorate's raids on Probo and seizure of assets worth Rs 284 crore, the Gurugram-based startup has issued a public statement addressing the developments. The company emphasized that it is fully cooperating with law enforcement in the ongoing inquiry and expressed confidence in emerging stronger through the process. “In light of recent developments, we would like to assure all stakeholders and the public that Probo is cooperating with law enforcement authorities in the ongoing inquiries,” a spokesperson said. Probo highlighted its role in building a “nascent-yet-transformative” technology and underscored its belief in India’s regulatory ecosystem. “We remain confident that our commitment to compliance and innovation will help us emerge stronger. We have complete faith in India's robust regulatory framework and its vision for responsible tech innovation,” the spokesperson added. Probo, which claims to operate a skill-based platform and India's leading information marketplace, also shared metrics on its user base and reach. According to the statement, over 4.2 crore users have accessed the platform, which the company says offers wealth creation opportunities beyond traditional financial systems. The company also reaffirmed its adherence to applicable laws and emphasized user safety and trust as top priorities. The ED action is part of a broader probe into what the agency has termed "illegal online betting operations under the guise of opinion trading.” Probo is among several platforms currently under scrutiny.
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Peak XV-backed Probo, India’s Polymarket-like platform, faces ED probe
YourStory
·
21d ago
Medial
Probo Media Technologies, a platform similar to Polymarket, is under investigation by India's Enforcement Directorate (ED) for alleged illegal gambling activities. The ED conducted searches on Probo’s premises in Haryana, seizing documents and assets worth Rs 284.5 crore. Probo, backed by Peak XV Partners and other venture capital firms, maintains that it adheres to legal standards and cooperates with authorities. The company positions itself as a skill-based platform with 4.2 crore users, promoting financial opportunities.
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ED cracks down on gaming platform Probo in illegal betting probe; assets worth Rs 284.5 frozen - The Economic Times
Economic Times
·
22d ago
Medial
The Enforcement Directorate (ED) is investigating Probo Media Technologies, the operator of the Probo gaming app, for alleged illegal betting and money laundering. Authorities have frozen assets worth Rs 284.5 crore, including fixed deposits, shares, and bank locker contents. The company, claiming to be an "opinion trading" platform, misled users into gambling, with investigations revealing that outcomes were purely chance-based. Probo has raised $24 million in funds and received foreign investments.
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Google officials depose before ED in online betting linked PMLA case - The Economic Times
Economic Times
·
4d ago
Medial
Google officials appeared before the Enforcement Directorate (ED) for questioning in a money laundering investigation related to the promotion of illegal online betting and gambling platforms. While Meta executives did not attend, Google confirmed its commitment to platform safety and cooperation with authorities. The ED is probing several illegal platforms and how they advertise on tech portals. Google stated it removes millions of ads and suspends advertiser accounts to ensure compliance with local laws.
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Not received new notice, query from ED: Paytm denies reports of facing probe in crypto scam
Economic Times
·
6m ago
Medial
Paytm has denied receiving a new notice or query from the Enforcement Directorate (ED) following reports of its involvement in a cryptocurrency scam probe. The company labeled the media reports as "factually incorrect and misleading." The investigation reportedly involves other entities, not Paytm or its subsidiaries. Paytm emphasized its cooperation with authorities in previous related inquiries and urged stakeholders not to rely on unverified reports, ensuring compliance with disclosure requirements for any future developments.
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ED Raids Offices Of Amazon, Flipkart Sellers
Inc42
·
8m ago
Medial
The Enforcement Directorate (ED) conducted raids on the offices of certain sellers registered with e-commerce giants Amazon and Flipkart. The searches were part of an investigation into suspected Foreign Exchange Management Act (FEMA) violations. The targeted sellers were located in cities such as New Delhi, Mumbai, Gurugram, Hyderabad, and Bengaluru.
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EaseMyTrip co-founder Nishant Pitti under ED scanner in Mahadev App case
Entrackr
·
3m ago
Medial
The Enforcement Directorate (ED) on Wednesday carried out searches in multiple states as part of its probe into the Mahadev online betting app case, news agency PTI reported. The raids included the premises of EaseMyTrip founder and chairman Nishant Pitti. Citing unnamed officials, the report added that the searches were held in Delhi, Mumbai, Chandigarh, Ahmedabad, Indore, Jaipur, Chennai, and Sambalpur. The ED is investigating alleged money laundering linked to the Mahadev app, which is said to have been used for illegal betting activities. The Mahadev app is reported to have provided platforms for creating user accounts, enrolling new users, and handling funds through fake bank accounts. The ED has earlier claimed that the app’s promoters, Sourabh Chandrakar and Ravi Uppal, are from Chhattisgarh. The agency has also said that many senior politicians and government officers from Chhattisgarh may be involved in the operation and money transfers connected to the app. This is not the first time the ED has conducted raids in this case. Earlier searches were also held at various locations as part of the ongoing investigation.
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Seat Blocking Scam: ED conducts search on 3 engineering colleges in Bengaluru
Economic Times
·
1m ago
Medial
The Enforcement Directorate (ED) conducted raids at 18 locations in Karnataka, including Bengaluru, targeting three engineering colleges over a seat-blocking scam. The scam involves college managements securing government quota seats through intermediaries using meritorious students, who then relinquish these seats after admission rounds. These seats are added to the management quota and sold to lower-merit students for a high sum, highlighting a sophisticated network of agents. Past similar issues in medical colleges involved the illegal sale of seats.
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Probo turns profitable as it posts 32X growth in FY23
Entrackr
·
1y ago
Medial
Event-based trading platform Probo registered hyper-growth in the last fiscal year with its operating scale blowing up 32X in FY23. Significantly, the Peak XV-backed firm also turned profitable for the first time during the said period. Probo’s revenue from operations skyrocketed to Rs 86.37 crore in FY23 from Rs 2.66 crore in FY22, according to its annual financial statements filed with the Registrar of Companies (RoC). Founded by Sachin Gupta and Ashish Garg in 2019, Probo is an event trading platform that allows users to trade their opinions on future events in various categories such as cricket, politics, football, finance, entertainment, and startups among others. Platform fees received from the users for participating in the contest were the primary source of income, accounting for 96% of the total operating revenue in the last fiscal year. Collection from this segment grew 34.2X to Rs 83 crore in FY23. Its allied services and interest income on long-term investments (non-operating activities) tallied Probo’s total revenue to Rs 93.83 crore in FY23 from Rs 3.97 crore in FY22. It’s worth noting that this income didn’t fall under the new General Service Tax (GST) structure which mandates a charge of 28% GST on deposits. The new taxation regime is slated to eat up a significant margin of companies like Probo, MPL, and Dream11, among many others. Moving to the cost sheet, its advertising cum promotional cost formed around 52.75% of the total expenses which shot up 2.3X to Rs 52 crore in FY23. Probo also saw a 3.6X surge in its employee benefits. The firm’s burn on information technology, legal/professional, conveyance, and other overheads led its overall expenditure up by 2.8X to Rs 98.67 crore in FY23 from Rs 34.4 crore in FY22. Head to TheKredible for a detailed expense breakup. Expense Breakdown Total ₹ 34.4 Cr https://thekredible.com/company/probo/financials View Full Data To access complete data, visithttps://thekredible.com/company/probo/financials Total ₹ 98.67 Cr https://thekredible.com/company/probo/financials View Full Data To access complete data, visithttps://thekredible.com/company/probo/financials Advertising and Promotional expenses Employee Benefit Information technology expenses Legal professional charges Miscellaneous expenses Others To check complete Expense Breakdown visit thekredible.com View full data The multifold scale and controlled expenditure helped Probo to turnaround its fundamentals and register a profit of Rs 3.71 crore in FY23 as compared to Rs 30.43 crore loss in FY22. Its ROCE and EBITDA margin recorded at -2% and -4.6% respectively. On a unit level, it spent Rs 1.14 to earn a rupee in FY23. Probo has raised around $18-20 million across several rounds. According to the startup data intelligence platform TheKredible, Peak XV is the largest external stakeholder with 21.72% followed by Elevation Capital and The Fundamentum Partnership. Its co-founders Gupta and Garg cumulatively command 45.5% stake in the company. FY22-FY23 FY22 FY23 EBITDA Margin -761% -4.6% Expense/₹ of Op Revenue ₹12.93 ₹1.14 ROCE -17% -2% The ‘prediction’ business remains a very young, although promising avenue for growth in India. As the market evolves, expect the industry to change too, creating many winners and losers, somewhat like their users like to predict. For Probo, the experience it has already acquired along with a user base, besides the obvious advantage of low to zero burn now, positions the firm very well to build on this base.
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Croma statement on the brawl at a Delhi store over delay in iPhone 15 delivery
Startup News FYI
·
1y ago
Medial
Croma, a consumer electronics and durables retailer, issued a statement condemning the assault of one of its staff members by two individuals due to a delay in delivering an iPhone 15 order. The incident occurred at a Croma store in north Delhi. The company, owned by Tata group subsidiary Infiniti Retail, expressed zero tolerance for such behavior and pledged full cooperation with authorities in the investigation. Apple had recently launched its iPhone 15 series in India, with local manufacturing allowing for same-day availability.
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GST officials conduct search operations at Policybazaar office
Economic Times
·
6m ago
Medial
GST officials conducted search operations at PB Fintech, the parent company of Policybazaar, regarding vendor activities linked to its subsidiary, PB Partners. PB Fintech confirmed cooperation with the Directorate of GST Intelligence, assuring no financial impact on the company. The searches focused on vendors associated with Policybazaar’s offline insurance distribution business. Despite the raids, PB Fintech's shares saw a minor increase on the BSE, closing at Rs 1,763, up 1.05%.
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