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Australia to bring anti-scam law targeting internet giants this year, regulator says

Economic TimesEconomic Times · 1y ago
Australia to bring anti-scam law targeting internet giants this year, regulator says
Medial

Australia is planning to implement a law requiring internet companies to proactively remove scams from their platforms or face significant fines. The Australian Competition and Consumer Commission (ACCC) is working with internet, banking, and telecommunications firms to establish a mandatory anti-scam code, which would legally bind these companies to take reasonable steps in protecting their users, including offering an effective complaint service. Currently, only telecommunications providers have specific anti-scam regulations in place. The move aims to address the increasing financial losses to scams, which tripled in Australia to AUD 2.7 billion ($1.8 billion) from 2020 to 2023. The proposed law may spark conflict between Australia and big tech companies, similar to the ongoing dispute over payment for media content links.

IXP unveils Rs 200 Cr early-stage fund for lifesciences startups

EntrackrEntrackr · 6m ago
IXP unveils Rs 200 Cr early-stage fund for lifesciences startups
Medial

IXP, a Life Sciences VC backed by JV Ventures, has announced the launch of its first fund to invest in early-stage companies. The fund aims to build a portfolio of B2B companies ranging from pre-seed to Series A stages. The IXP Lifesciences Catalyst Fund is targeting a corpus of Rs 200 crore, with a greenshoe option of Rs 100 crore. The fund plans to create a portfolio of 20-25 companies addressing gaps in the market for both services and products. Within the Life Sciences sector, the fund will invest in innovations across areas such as pharma, biotechnology, medical technology, specialty chemicals, agrotechnology, and nutraceuticals. Through IXP Venture Studio, it will co-create companies alongside scientists to develop ideas that address unmet market needs. Unlike traditional VCs, it takes a hands-on approach, actively participating from concept to scale. The Venturepreneur Program has been designed to transform scientists into founders. According to IXP, early-stage companies require access to larger ecosystems, including laboratories, networks, and R&D services, which it provides through PoweRx, the Life Sciences vertical of JV Ventures. The VC firm leverages synergies within the group to create a winning proposition for portfolio companies. IXP (Innovation Acceleration Platform) aims to support scientists and innovators in their entrepreneurial journey by integrating them into a rich life sciences ecosystem. The VC firm emphasizes that it is built by a strong team and understands the capital-intensive nature and long gestation periods associated with R&D, helping bring innovative ideas to market.

Stock Radar: Welspun Enterprises, Zomato, BSE, Apollo Hospitals, Biocon, Lupin in focus on Monday

Money ControlMoney Control · 11m ago
Stock Radar: Welspun Enterprises, Zomato, BSE, Apollo Hospitals, Biocon, Lupin in focus on Monday
Medial

- Welspun Enterprises declared L1 bidder for a project worth Rs 1,989.9 crore by BMC. - IDFC First Bank approves merger with IDFC, appoints V Vaidyanathan as MD & CEO. - Dr Reddy’s Laboratories invests $620 million in its Swiss subsidiary. - Zomato's Chief People Officer, Akriti Chopra, resigns. - Punjab National Bank raises Rs 5,000 crore via QIP. - ICICI Prudential Life Insurance receives order demanding tax of Rs 361.23 crore. - BSE revises transaction charges for Sensex and Bankex Options. - Apollo Hospitals approves allotment of CCPS shares to Advent affiliate. - Bharat Electronics receives approval for joint venture with Israel Aerospace Industries. - Tata Chemicals appoints Subodh Srivastav as Chief Marketing Officer. - Adani Enterprises acquires 74% stake in Cococart Ventures. - Adani Energy Solutions carves out Adani Dahanu Thermal Power Station. - LTIMindtree partners with Currys for re-platforming and implementation of Salesforce solutions. - IndusInd Bank re-appoints Sumant Kathpalia as Managing Director & CEO. - Mangalore Chemicals and Fertilizers resumes production at ammonia and urea plants. - Mahanagar Gas sees reduction in stake by LIC. - Asian Energy Services receives contract worth Rs 82 crore from Oil India. - Piramal Pharma receives Establishment Inspection Report for its Ahmedabad facility. - Jubilant Pharmova receives OAI classification for its Canadian facility. - Biocon receives four observations for its API facility in Bengaluru. - Lupin receives observations for its Pithampur Unit-1 facility. - MPS appoints Prarthana Agarwal as Chief Financial Officer. - Tata Motors holds groundbreaking ceremony for new manufacturing facility in Tamil Nadu. - Reliance Infrastructure wins arbitration award against Damodar Valley Corporation. - Sterling and Wilson Renewable Energy witnesses stake sale by promoters and acquisition by institutional investors. - Shivalik Bimetal Controls sees stake sale by promoters and acquisition by mutual funds. - Nuvama Wealth Management witnesses stake sale by investors and acquisition by global investors. - Entero Healthcare Solutions sees stake sale by Prasid Uno Family Trust and acquisition by stichting depositary. - Amrutanjan Health Care witnesses stake sale by promoter Nageswaramma Private Trust. - Results today: Northern Arc Capital. - Mainboard listing today: Manba Finance. - Ex-dividend: ADS Diagnostic.

Billion Hearts raises $4 Mn in new round

EntrackrEntrackr · 9m ago
Billion Hearts raises $4 Mn in new round
Medial

Mayank Bidawatka, co-founder of the vernacular microblogging platform Koo, has raised $4 million for his new consumer tech startup, Billion Hearts, in a funding round led by early-stage venture capital firm Blume Ventures. The round also saw participation from General Catalyst and Athera Venture Partners. The startup had closed a ~$250K pre-seed round from the founders of redBus, Ola, InMobi, and Myntra, among others in September this year. The proceeds will be used to build a global team and enhance its technology, emphasizing that the team will remain small since it is focused on creating a tech-driven product. It also plans to expand its team to 15 by early next year. The startup is currently accepting sign-ups. The first product is slated to launch its beta in early next year for a select few users. The app will be available on both Android and iPhone devices. Vernacular microblogging platform Koo shut down its operations in July this year amid no traction and follow-up investment. The company was also looking for a merger and acquisition deal but failed to find a buyer.

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