Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li><keyword id="8177368" type="UNKNOWN" weightage="20" keywordseo="CityMall">CityMall</keyword> has raised $22.5 million in Series B round led by General Catalyst and Jungle Ventures.</li><li>The company will also look into expanding its logistics network to cater to the demand of its customers.</li><li>Meesho continues to be the highest funded social commerce startup, with more than $500 million in external funding till date.</li></ul>Indian social commerce startup CityMall has closed its Series B funding round at $22.5 million on Tuesday. The round was led by General Catalyst and Jungle Ventures, with participation from existing investors Accel, Elevation Capital (formerly known as SAIF Partners) and WaterBridge Ventures. The Gurugram-based startup had closed its <a href="https://www.business-standard.com/article/companies/social-e-commerce-platform-citymall-raises-11-mn-in-new-funding-round-121032501086_1.html">Series A </a>round led by Accel Partners at $11 million earlier in March, this year. Overall, CityMall has raised a funding of $36.5 million since its inception in 2019. This round has catapulted CityMall to the position of the third most funded startup in the nascent social commerce segment. Social commerce is a subset of e-commerce that relies on social media and other online media to drive sales. Currently, it is led by <a href="https://www.businessinsider.in/advertising/brands/article/meesho-the-latest-company-to-join-the-unicorn-club-aims-to-build-a-single-ecosystem-to-help-smbs/articleshow/81953840.cms">Meesho</a> with a funding of over $515 million and a unicorn tag. It is followed by DealShare that has raised about $144 million to date. A unicorn, in startup parlance, is a privately held firm with a valuation of more than $1 billion. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td colspan="3" style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#cfe2f3;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Top funded social commerce startups in India </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Startup </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Funding </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Key Investors </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Meesho </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$515 million </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SoftBank Vision Fund, Facebook, Sequoia Capital </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">DealShare </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$144 million </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Falcon Edge Capital, Matrix Partners India, Tiger Global, InnoVen </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Glowroad </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$31.3 million </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Accel, Korea Investment Partners, Vertex Ventures, ADH Investments </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">CityMall </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$36.5 million </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">General Catalyst, Jungle Ventures, Accel, Elevation Capital </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SimSim </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$15.5 million </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Accel India, Shunwei Capital, Good Capital </td></tr><tr><td colspan="3" style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> *Source: Crunchbase </td></tr></tbody></table> CityMall plans to use this fresh funding towards expanding its current workforce of 700 by hiring 150 employees, enhancing technology and building its logistics network that will include warehouses and hubs. It also plans to strengthen its presence in the existing 40 towns and expand into 100 new towns in the coming months. The company, founded by Angad Kikla and Naisheel Verdhan, enables micro-entrepreneurs (known as community leaders on the platform) to set up their virtual stores on WhatsApp and sell products to their close networks using ecommerce tools and customer analytics. Commenting on the latest fundraise, CityMall’s founder Kikla said, “We are building CityMall with a vision to transform their [users] experience with the internet -- by providing them with access to earning opportunities as well as affordable products and services.” Meanwhile, Verdhan added that the company aims to build a decentralised ecommerce ecosystem for the next 200-300 million internet users living in India’s small towns and villages. Notably, the company’s target audience are users from Tier II, Tier III and Tier IV regions of the country. Earlier, it focused on providing affordable everyday products like groceries and fast moving consumer goods (FMCG) more to its customers. However, it recently expanded horizontally to offer electronics, electrical appliances, cosmetics and apparels. According to the previous press notes shared by the company, it has built a network of 20,000 community leaders who are catering to the needs of 2 lakh customers across communities. The company claims that its model, while offering traditional ecommerce services, helps avoid major customer acquisition as well as logistics cost. "As internet penetration reaches beyond metros and into smaller cities and communities, new and innovative social commerce models like CityMall have the potential to offer consumers better buying experiences through right assortment, price points, and support while democratising entrepreneurship opportunities for millions,” Alex Tran, partner at General Catalyst, said. SEE MORE: <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-amazon-may-not-be-able-to-do-flash-sales/articleshow/83737670.cms" data-type="tilCustomLink" target="_blank">Amazon, Flipkart and other e-commerce platforms may not be able to do flash sales any more, if Indian government has its way</a> <a href="https://www.businessinsider.in/business/startups/news/jio-investor-kkr-buys-controlling-stake-in-fogg-maker-vini-cosmetics/articleshow/83711657.cms" data-type="tilCustomLink" style="">Jio Investor KKR buys controlling stake in Fogg maker Vini Cosmetics</a> <a href="https://www.businessinsider.in/business/startups/news/james-murdoch-plans-to-raise-150-million-from-ultra-rich-to-invest-in-indian-startups/articleshow/83709567.cms" data-type="tilCustomLink">James Murdoch plans to raise $150 million from ultra rich to invest in Indian startups</a>

CityMall, a startup that helps budding entrepreneurs start their ventures on WhatsApp, has raised over $22 million

<ul><li><keyword id="8177368" type="General" weightage="20" keywordseo="Citymall" source="Orion">CityMall</keyword> has raised $75 million to double down on its current workforce and expand to newer cities.</li><li>The company also plans to introduce newer categories on its platform and expand existing ones.</li><li>Though the company has not disclosed its valuation, cofounder Angad Kikla confirmed that it is above $300 million.</li></ul>Indian social commerce platform CityMall on Wednesday announced its $75 million fundraise to double down on its current workforce and expand to newer cities. The company plans to hire 400 people in leadership and engineering positions in the next 12 months. The company also plans to introduce newer categories on its platform and expand existing ones, along with building a stronger supply chain and tech stack. It is also looking to expand its geographical presence to 60 towns in the next 12-15 months, the company’s cofounder Angad Kikla told Business Insider. Overall, the company plans to enter 100 towns in the next 18 months. These towns will be shortlisted based on the digital literacy in the region, per capita income and penetration of other ecommerce platforms like Amazon and Flipkart. The three-year-old startup’s latest Series C round is led by Norwest Venture Partners. General Catalyst, Citius, Jungle Ventures, Arena Ventures, Elevation, Accel and Waterbridge also participated in the round. Though the company has not disclosed its valuation, Kikla confirmed that it is above $300 million. Overall, the company has raised over $110 million. CityMall enables micro-entrepreneurs — known as community leaders on the platform — to set up their virtual stores on WhatsApp and sell products to their close networks using ecommerce tools and customer analytics. The company currently claims to have a network of 30,000 community leaders across 25 towns and cities, including Sonipat, Panipat, Rewari, Faizabad and others. The company — founded in 2019 by Kikla and Naisheel Vardhan — deals in grocery, fresh and packaged fast moving consumer goods (FMCG) products, electronics and fashion products in the small towns and villages. “80% of our customers do not use any other ecommerce apps,” Kikla said. CityMall currently competes with DealShare, Glowroad and Simsim. Meesho too was in the segment, but the company changed its business model to a full-fledged ecommerce platform. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/auto/news/hero-motocorp-shares-tank-7-after-it-raid-reveals-1000-crore-bogus-expenses/articleshow/90509825.cms" style="">Hero MotoCorp shares tank 7% after IT raid reveals ₹1,000 crore bogus expenses </a><a href="https://www.businessinsider.in/personal-finance/news/link-pan-with-aadhaar-before-march-31-to-avoid-any-penalty-or-other-consequences/articleshow/90510078.cms" data-type="tilCustomLink" style="">Three days left to link PAN with Aadhaar to avoid any penalty or other consequences</a> <a href="https://www.businessinsider.in/tech/apps/news/india-might-be-building-a-super-app-for-its-farmers-combining-weather-market-updates-advisories-and-more-in-one-app/articleshow/90509756.cms" style="">India might be building a super app for its farmers, combining weather, market updates, advisories and more in one app</a>

CityMall is looking to hire 400 people this year with its latest fundraise

<keyword id="10624624" type="General" weightage="20" keywordseo="social-commerce-platform" source="Orion">Social commerce platform</keyword> CityMall has laid off 191 employees as it battles to navigate the current market conditions. The startup in March had raised $75 million. Gurugram-based CityMall is a community commerce platform backed by investors like General Catalyst, Elevation, Accel and Waterbridge. In a LinkedIn post, the startup said that "191 of our employees will be parting with us due to structural changes across functions at CityMall". The layoff impacts at least 30 percent of its workforce. "After exploring multiple options, we've realised that there are certain roles within the company which had to be dissolved to align to our evolving business model and the current business environment," the startup posted. CityMall deals in grocery, fresh and packaged FMCG, electronics and fashion categories. The platform said it will provide "outplacement assistance to all the employees who will be moving out of the company". "Each &amp; every employee affected by this layoff has contributed to building Citymall to what it is today, and this is one of the toughest decisions the company has ever had to make," it added. The startup has raised over $110 million to date. Founded by IIT Delhi and IIT Roorkee alumni, CityMall aims to create hundreds of thousands of such micro-entrepreneurs and empower them to create the go-to e-commerce platform for "Bharat". To date, more than 10,000 startup employees in India have been laid off amid global macroeconomic conditions that triggered funding winter for the startup ecosystem. SEE ALSO: <a href="https://www.businessinsider.in/india/news/a-kidnapper-and-murder-accused-score-over-70-in-up-board-exams/articleshow/92327265.cms">A kidnapper and murder accused score over 70% in UP board exams</a> <a href="https://www.businessinsider.in/business/news/fiis-sold-off-every-month-in-the-last-one-year-barring-september-2021/articleshow/92326662.cms">FIIs sold off every month in the last one year barring September 2021</a>

Social commerce platform CityMall lays off 191 employees as it battles market conditions

<ul><li><keyword id="6354743" type="General" weightage="20" keywordseo="amazon-india" source="Orion">Amazon India</keyword> on Friday confirmed the acquisition of <keyword id="4994766" type="General" weightage="20" keywordseo="glowroad" source="Orion">GlowRoad</keyword>, a women-focused <keyword id="623994" type="General" weightage="20" keywordseo="social-commerce" source="Orion">social commerce</keyword> company.</li><li>Several media reports suggest that GlowRoad was valued at $75 million in this deal.</li><li><keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> believes that the move will help the company achieve its goal to digitise 10 million businesses by 2025.</li></ul>Amazon India on Friday confirmed the acquisition of GlowRoad, a women-focused social commerce company. This is the first investment ecommerce giant Amazon has made to grow its social commerce vertical in India. Though the transactional details of the acquisition have not been revealed, several media reports suggested that GlowRoad was valued at $75 million in this deal. TechCrunch and Economic Times<a href="https://economictimes.indiatimes.com/tech/technology/amazon-acquires-reseller-platform-glowroad-to-bolster-social-commerce-ambitions/articleshow/90987418.cms?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=update&amp;ncode=84f1fd2cbcf57e646c4069c0e7654a795cdef8eacdf35ffc12176d234712e5a50eb7dce5cc8faf0dd69e01b8210009d59aff80b374da1320677d663dcc32d94d8f2bad7f26e87c038f3aa21855862ce3"> reports </a>also suggested that Amazon acquired the company in an all-cash deal. Amazon believes that the move will help the company achieve its goal to digitise 10 million businesses by 2025. “Amazon continues to explore new ways to digitise India and delight customers, micro- entrepreneurs and sellers and bringing GlowRoad onboard is a key step in this direction. Together with GlowRoad, Amazon will help accelerate entrepreneurship among millions of creators, homemakers, students, and small sellers from across the country. This acquisition will complement GlowRoad’s already loved service with Amazon’s technology, infrastructure, and digital payments capabilities, bringing more efficiency and cost-saving for everyone,” Amazon spokesperson told Business Insider. GlowRoad was founded in 2017 by Sonal Verma, Kunal Sinha, Nitesh Pant, Shekhar Sahu and Nilesh Padariya. The founders of the company, cumulatively, held close to 50% shareholdings in the company. Founders Verma and Sinha owned a relatively larger chunk among the other founders. The company has raised over $31 million to date, from marquee investors like Korea Investment Partners, Vertex Ventures, CDH Investments and RB Investments. Accel is the largest shareholder in the company, with nearly 19% stake, according to business intelligence platform Tracxn. The five-year-old startup raised its last round in November 2020, when it raised $7 million. GlowRoad is a social commerce network, which enables suppliers to sell their products to end customers through resellers across more than 20,000 pincodes in 2,000 cities. The company focuses on Tier II and III markets through resellers, who are typically housewives, temporary workers or students. According to the company’s website, a reseller can make up to ₹20,000 per month if they sell close to 100 products a month. It claims to have over 6 million resellers on the platform. The company competes with DealShare, CityMall and YouTube-owned SimSim. Meesho too was in the segment, but the company changed its business model to a full-fledged ecommerce platform. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/sustainability/article/by-commuting-less-heres-how-employees-and-companies-contribute-to-global-climate-change-and-sustainability-goals/articleshow/90994259.cms" style="">By commuting less, here’s how employees and companies contribute to global climate change and sustainability goals </a><a href="https://www.businessinsider.in/stock-market/news/hcl-tech-paytm-nestle-tvs-motor-among-stocks-to-watch-out-for-on-april-22/slidelist/90992626.cms" data-type="tilCustomLink" style="">HCL Tech, Paytm, Nestle, TVS Motor among stocks to watch out for on April 22</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-new-upcoming-phone-in-india-oneplus-10r-5g/articleshow/90994523.cms" data-type="tilCustomLink">Here's what the upcoming OnePlus 10R 5G will look like</a>

Amazon acquires its first social commerce startup in India

<ul><li><keyword id="7413619" type="UNKNOWN" weightage="20" keywordseo="mall91">Mall91</keyword>, Dealshare, CityMall, Bulbul, WMall along with the Facebook-backed <keyword id="3480589" type="PERSON" weightage="20" keywordseo="Meesho">Meesho</keyword>, have raised funds in the past few months. </li><li>Each of these startup is targeting the next 200 million consumers from smaller cities.</li><li>It all started with social media giant <keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> investing an undisclosed amount in Meesho in June.</li></ul>The Indian <keyword id="623994" type="PERSON" weightage="20" keywordseo="social-commerce">social commerce</keyword> sector seems to be the latest ‘hot sector’ for investors. Many Indian startups – Mall91, Dealshare, CityMall, Bulbul, WMall along with the Facebook-backed Meesho, have raised funds in the last few months. Each of these startup is targeting the next 400 million consumers from smaller cities by leveraging on the expanding reach of social media platforms like Facebook and WhatsApp. With growing data penetration in India, social commerce is only set to grow. "Social commerce is basically a direct correlation to data penetration in the country. Today, everybody in Tier 2 and Tier 3 cities also has an availability of the internet. A long-time back shopping online was restricted to a certain population, today there is an exponential possibility due to the availability of the internet, everybody has access to it from every sector of the society,” said Roma Priya, Founder of Burgeon Law, a boutique law firm. Priya added that given that social commerce has a more one-on-one, viral nature is a great way for a trust deficient demographic to buy again. Funding galore Today, Mall91 has raised $7.5 million through its Series A funding round led by Go-Ventures and participation by Beenext, Kalaari Capital, AngelList India. With the latest funds, Mall91 aims to drive growth and plans to expand to other top 8 local languages of India. The company is also planning to grow its supply chain capabilities domestically and internationally. It all started with social media giant Facebook investing an undisclosed amount in Meesho in June. Meesho is a marketplace for resellers, and connects them with customers via social media channels like WhatsApp and Facebook. “With this investment in Meesho, we want to fuel a business model that can result in rapid job creation and the rise of a female entrepreneurial class in India," Facebook India head Ajit Mohan had then said in an <a href="https://www.livemint.com/companies/start-ups/facebook-invests-in-bengaluru-based-meesho-1560427873327.html">interview.</a> This was followed by Dealshare which raised $11 million from Matrix Partners, Falcon Edge Capital and others. Meanwhile, barely one year old social e-commerce platform CityMall which operates in local languages-- raised an undisclosed amount from Jitendra Gupta of Citrus Pay, Alvin Tse of Xiaomi, Manish Vij and Harish Bahl from Smile Group, Rishab Malik ex-co-founder of Droom, Rajesh Sawhney of GSF and M&amp;S Partners. In May 2019. Bulbul, which is a live social commerce app, raised $5 million in a round that was led by Sequoia. It is also a part of Sequoia’s accelerator programme. See also: <a href="https://www.businessinsider.in/facebook-invests-in-indian-startup-meesho/articleshow/69782285.cms">Facebook invests in Meesho showing that it will enter online e-commerce sooner than later</a>

Social commerce is the latest investor favourite as they target India’s next 400 million users

<ul><li><keyword id="6422582" type="UNKNOWN" weightage="20" keywordseo="Crypto-Exchanges">Crypto exchanges</keyword> in India are looking to form a new lobby and push for self-regulation.</li><li>This new coalition will be formed under IndiaTech, an industry body that represents other startups like Ola, MakeMyTrip, and Dream11.</li><li>Zebpay has confirmed its participation and other <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> exchanges are reportedly mulling it over.</li></ul>Crypto exchanges are joining hands to create a new lobby in India as regulatory uncertainty still looms overhead. And, this new lobby will be under the umbrella of IndiaTech — an industry body representing the country's leading internet startups like Ola, MakeMyTrip, Nykaa, Dream11, and more. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Crypto exchange</a> ZebPay has already confirmed its plans to join IndiaTech while other exchanges are still mulling it over, according to the <a href="https://economictimes.indiatimes.com/tech/technology/top-crypto-exchanges-plan-multi-pronged-push-for-regulation/articleshow/83716658.cms">Economic Times.</a> The new lobby won’t replace the work already being done with the Internet and Mobile Association of India (IAMAI), but be another avenue for these nascent companies to make their case to the Indian government, banks and other regulatory authorities. CoinDCX, a competing crypto exchange, is already a ‘standard member’ of IndiaTech. Self-regulation may buy crypto exchanges sometime Regulating an industry like crypto is not a straightforward task. Intricate details of new legislation can take months or even years to be prepared. India’s <a href="https://www.businessinsider.in/tech/news/indias-new-data-protection-bill-makes-a-good-show-of-user-rights-but-can-it-deliver-on-its-promises/articleshow/81422687.cms">Personal Data Protection Bill</a> has been stuck in the pipeline for three years as concerns over data usage and privacy have continued to escalate. In uncertain circumstances, the government has opted for a unique approach to address its issues with self-regulation. With this, the government not only looks like it’s taken a stance against what it believes to be against the law, but it has also passed the buck onto the organisations themselves to stay in line. For instance, over-the-top (OTT) players like Netflix and Prime Video were asked to <a href="https://www.businessinsider.in/policy/news/self-regulation-code-adopted-by-disney-hotstar-amazon-prime-and-other-ott-platforms-what-is-this-code/articleshow/78009955.cms">self-censor the content</a> back in 2019. This bought them two years. Come 2021, the government issued the <a href="https://www.businessinsider.in/tech/news/indias-new-rules-for-ott-platforms-could-lead-an-increase-in-content-related-disputes/articleshow/81306652.cms">new IT Rules</a> that may solve grievance redressals but brings up issues of content-related disputes. Following the same strategy, IndiaTech introduced a <a href="https://www.indiatech.org/wp-content/uploads/2021/05/IndiaTech.org_Crypto_Policy_Proposal_2021.pdf">whitepaper</a> in May 2021, proposing a five-point framework to regulate or monitor the industry. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">A new avenue to show the Indian government that crypto exchanges are serious about regulation</h2> Leading crypto exchanges in the country have also <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-zebpay-crypto-and-others-are-setting-up-their-own-self-regulation-board-in-india/articleshow/83203195.cms">created</a> a new industry body called the Blockchain and Crypto Assets Council (BACC) under the aegis of IAMAI. These companies, which include Zebay, WazirX, and others have created self-regulating guidelines for money laundering, financial terrorism, and foreign exchange blunders. Until the government finds a solid regulatory body or framework, the self-imposed rules can help ease friction. Crypto exchanges and many experts have urged the government to consider <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-classification-in-india-as-asset-may-not-solve-regulation-problem/articleshow/83434444.cms">cryptocurrencies as an asset class</a>, removing any doubt that it could potentially affect the country's fiat currency -- the rupee. At the same time, crypto exchanges are in overtime mode, reaching out to the government, banks, financial institutions, and more to seek acceptance and make way for a crypto future. <h2 style="line-height:1.38;margin-top:18pt;margin-bottom:6pt;">Uber, Ola, Dream11 and others went through similar hurdles</h2>India is infamous for its bureaucracy and red tape, a hurdle that every startup on the cusp of innovation has had to deal with. <a href="https://www.businessinsider.in/business/startups/news/uber-and-ola-are-not-acting-as-a-cartel-says-india-supreme-court/articleshow/79751539.cms">Uber and Ola</a> faced a hard time getting legal protection or approval. The entire country was under the control of cab mafias and unions that restricted a free market-like play. A considerable amount of dialogue and convincing was required to make cab-hailing services the new norm. Similarly, Dream11 faced a <a href="https://www.businessinsider.in/dream-11-gets-a-big-boost-from-bombay-hc-verdict/articleshow/69858772.cms">unique challenge</a> of operating its business since betting is considered illegal in the country. How do you pitch fantasy sports and their prediction as not ‘gambling’? The company defended its model by saying users require skills to make informed or correct decisions, improving their winning chances. In line with the stock market, it's a healthy mix of fundamental knowledge and market-based speculation. Today, a plethora of players like MPL, CricPlay, and more are leading the segment. And, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> want to paint a picture of being like any of these other startups by associating themselves with IndiaTech. Just as these other services were too unique to be judged from the top, crypto exchanges too are merely ahead of their time. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/citymall-a-startup-that-helps-budding-entrepreneurs-start-their-ventures-on-whatsapp-has-raised-over-22-million/articleshow/83741383.cms">CityMall, a startup that helps budding entrepreneurs start their ventures on WhatsApp, has raised over $22 million</a> <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-amazon-may-not-be-able-to-do-flash-sales/articleshow/83737670.cms">Amazon, Flipkart and other e-commerce platforms may not be able to do flash sales any more, if Indian government has its way</a>

You Searched For "citymall business model" and got 6 results

CityMall, a startup that helps budding entrepreneurs start their ventures on WhatsApp, has raised over $22 million

Kritti Bhalla

CityMall is looking to hire 400 people this year with its latest fundraise

Kritti Bhalla

Social commerce platform CityMall lays off 191 employees as it battles market conditions

IANS

Amazon acquires its first social commerce startup in India

Kritti Bhalla

Social commerce is the latest investor favourite as they target India’s next 400 million users

Sanchita Dash

There’s a new Indian crypto lobby in the making and Zebpay has confirmed its participation

Shivam Vahia

Popular Keywords

Buying Guides