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<ul><li>Early stage venture capital firm <keyword id="387319" type="General" weightage="50" keywordseo="Antler" source="Orion">Antler</keyword> India partners with <keyword id="5862596" type="General" weightage="100" keywordseo="ondc" source="Orion">ONDC</keyword> to foster businesses that are built on a protocol and not a platform.</li><li>In a platform business, the winner takes it all while in a protocol-based business, the winner shares all.</li><li><keyword id="6362513" type="General" weightage="60" keywordseo="startups" source="Orion">Startups</keyword> designed to operate on ONDC will drive the next phase of unicorns in India that can also create economic value of $100 bn.</li></ul> The next set of unicorns are likely to be companies that are solving problems that are unique to India and based on protocols and not platforms and where the winner shares all rather than takes all. Solving problems for India requires solutions that are designed for scale rather than copycat business models that may have worked 20 years ago. Platform businesses have wiped out local businesses but the protocol based businesses will give these local businesses a new lease of life. ONDC and world’s largest venture capital platform Antler are working precisely on a plan that will spawn scores of new startups that are designed to democratise online commerce after digital payments. And to do this, the startup ecosystem has to bypass the existing platform thinking and think local. So far, ONDC has been onboarding sellers across sectors and enabling them to sell directly to their consumers without the gatekeepers that some platform businesses have become. But this may not be enough to bring India’s 100 mn small and medium businesses online. For a country that has issued 1.35 bn digital identities, clocks over $1.5 trillion UPI transactions in a year cannot have only 6% of its small businesses selling online. In a bid to solve India’s digital commerce problem, ONDC and the venture capital ecosystem has decided to create an ecosystem that will reimagine commerce through the filter of a protocol and not a platform. The question to ask is what is the need for a new protocol when platforms like Meesho, Amazon and Flipkart are there to offer a suite of services – logistics, discovery through online advertising and collecting payments. Clearly, this model is not working going by the abysmal number of small businesses that are selling online at the moment. <keyword id="514036" type="General" weightage="50" keywordseo="nitin-sharma" source="Orion">Nitin Sharma</keyword>, Partner &amp; Co-founder at Antler India, says that only 5-6% of the 90-100 mn MSMEs in India are participating in digital commerce. Only 15-20% are discoverable through online websites, social media like Instagram, Pinterest and Facebook. The internet of commerce requires reimagining commerce from ground up. Sharma says: “It is not just about capital, as a catalyst we are focused on content, community and capital. There are founders who are already identifying opportunities around ONDC, we want to help catalyse those ideas.” This new approach to commerce has to be decentralised, unbundled and interoperable. Today, sellers are unaware of where their consumers come from and who they are. What ONDC is gives businesses the freedom to choose their partners and take business decisions that are most effective for them economically. ONDC is striving to make online commerce cost effective for India’s small businesses. One of the reasons small businesses are not selling online is because their gross margins are at 30% or less, which makes it unviable for them to sell online given the commission structure of most platforms. The ONDC initiative has already gathered significant momentum since its launch, with over one lakh daily transactions across use cases. For instance, Namma Yatri, a ride-hailing app, has organically facilitated over 67 lakh auto rides and onboarded more than 16 lakh users and 85 thousand auto drivers without any marketing spend. It is perhaps time for a protocol and not a platform that allows businesses to thrive by enabling the ecosystem in a way that is fair to all. Those tracking listed and unlisted platforms may know that they often have run-ins with sellers or delivery partners for unfair trade practices. The ONDC network seeks to end this tussle by levelling the playing field. Antler in partnership with <keyword id="44604" type="General" weightage="50" keywordseo="nandan-nilekani" source="Orion">Nandan Nilekani</keyword>’s FIDE (Foundation for Interoperability in Digital Economy) and ONDC seeks to create an ecosystem that will spawn not just new startups that are designed to function on this protocol (Beckn and ONDC) but will also help refine ideas that have the potential to become enterprises. These businesses will not just become unicorns, but will also create more than $80-100 bn in economic value. ONDC promises to change the way India transacts online, bringing the next 500 million plus consumers and 90 million plus MSMEs online. Projected to create over $80 billion in value over the next five years and $200 billion over a decade, ONDC has the potential to be India's next startup catalyst. The platform will facilitate problem-solving sessions, office hours with prominent figures in the digital public infrastructure ecosystem, and potential fast-tracking to Antler India Residency for those seeking a founding team. The time is now ripe for a second round of disruption because the India stack has demonstrated that technology can solve problems of scale. The Antler-ONDC platform, therefore, is very important because it seeks to offer pre-seed capital of $300K and additional investment potential of up to $200K from key partners within its extensive network, including unicorn founders and strategic backers, for ready-teams with innovative ideas. Explains Sharma, “With the backing of Nandan Nilekani and the ONDC and FIDE leadership, we are getting in early and the hope is to expand the global opportunity for startups. There is a yawning gap between digital identities, digital payments and commerce. More than 400 founders have already applied under this programme. We are also creating a lot of content around this so that those founders who don’t have a business plan yet can also understand how it works and resolve problems.” What sets the Antler ONDC platform apart is its holistic approach to fostering entrepreneurship. They are committed to nurturing not only established teams but also early-stage founders and even those without a concrete idea yet. Their curated community of experts, operators, and influential network participants, such as Namma Yatri, Plotch.ai, SellerApp, Magicpin, and more, will be there to guide and mentor aspiring entrepreneurs. The platform will facilitate problem-solving sessions, office hours with prominent figures in the digital public infrastructure ecosystem, and potential fast-tracking to Antler India Residency for those seeking founding teams.

The ONDC platform has potential to create dozens of unicorns and $100 bn in economic value, says Antler’s Nitin Sharma

At a time when Indian ecommerce scenario is undergoing turmoil, <keyword id="6354742" type="UNKNOWN" weightage="20" keywordseo="Flipkart">Flipkart</keyword> has taken over the rein of the market by becoming the third most funded private company in the world. <keyword id="6355311" type="LOCATION" weightage="20" keywordseo="japan">Japan</keyword>’s telecom giant <keyword id="163404" type="UNKNOWN" weightage="20" keywordseo="SoftBank">SoftBank</keyword> has funded 2.4 billion USD recently and this has certainly established Flipkart in the new position. Till date, Flipkart has raised almost 7 Billion USD in capital. This is much higher than <keyword id="719382" type="UNKNOWN" weightage="20" keywordseo="Airbnb">Airbnb</keyword> ($3.3 Bn) and <keyword id="874458" type="UNKNOWN" weightage="20" keywordseo="Xiaomi">Xiaomi</keyword> ($1.4 Bn). Flipkart having achieved this feat is now trailing behind China’s <keyword id="3141620" type="PERSON" weightage="20" keywordseo="didi-chuxing">Didi Chuxing</keyword> and Uber in the <keyword id="6355055" type="UNKNOWN" weightage="20" keywordseo="USA">USA</keyword>, both of which are cab hailing services. Didi Chuxing has raised 5 Bn USD and increased its total fund to $15 Bn in April. In the top 10 list of privately funded companies of the world, India’s Ola is also there. The Flipkart funding reaffirms the faith of global players like SoftBank, Tiger Global, eBay , and <keyword id="10387" type="UNKNOWN" weightage="20" keywordseo="Microsoft">Microsoft</keyword> in Indian companies, according to a report in The Economic Times. "Since Flipkart has been the flag-bearer for the local ecosystem, this reinforces the positive belief around the long-term India opportunity," <keyword id="514036" type="PERSON" weightage="20" keywordseo="nitin-sharma">Nitin Sharma</keyword>, principal and founding member at early-stage VC fund Lightbox told ET. The VC ecosystem, he said, eventually needs to show a large-value creation event, and seeing SoftBank, Tencent and others go long should allay some of the concerns that had been dampening the sentiment locally and giving global investors some pause.

This Indian e-commerce is the world’s third most funded private company

<ul><li>The Securities and Exchange Board of India (<keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword>) has warned <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword> to hold off from launching any crypto-centred offerings until regulations come in.</li><li>India’s cryptocurrency bill was supposed to be discussed during the previous session of Parliament earlier this month, but did not make it to the table.</li><li>Invesco Mutual Fund has already delayed the launch of its crypto-based exchange-traded fund (ETF) and Navi Mutual Fund’s application is still pending approval from SEBI. </li></ul>India’s market watchdog, the Securities and Exchange Board of India (SEBI), wants mutual funds to wait it out before coming up with new fund offers (NFOs) based on <keyword id="6368079" type="General" weightage="20" keywordseo="crypto-assets" source="Orion">crypto assets</keyword>. According to SEBI Chairman Ajay Tyagi, mutual funds should not be making such investments until there’s a law in place to regulate the industry. And, as things stand, India’s Cryptocurrency and Regulation of Official Digital Currency Bill (2021) is still pending approval from the Cabinet — the highest decision making authority in the country led by the Prime Minister, Narendra Modi. “It is prudent for regulated entities with public markets exposure or focus, or any form of public solicitation, to wait for additional clarity regarding the legality or definition of digital assets as assets or securities or commodities in India,” Nitin Sharma, partner at Antler India and blockchain lead for Antler Global, told Business Insider. <cmsannotation type="cmsannotation" annotationid="Caught in limbo" comment="subhead" text="Caught in limbo">Caught in limbo</cmsannotation> The warning from SEBI comes after asset management company Invesco Mutual Fund <a href="https://www.invescomutualfund.com/docs/default-source/default-document-library/press-release---blockchain.pdf?sfvrsn=80e88ac2_0">delayed</a> the launch of its blockchain fund — the first of its kind in India — due to legislative uncertainty, even though they already have the green stamp from SEBI. “A lot of HNIs, family offices and retail investors will be drawn to such options because they are more comfortable with indirect exposure right now, even at a cost, versus dealing directly with digital assets,” said Sharma. Invesco isn’t the only mutual fund in India wanting to dip its two in the crypto space. Earlier this month, Navi Mutual Fund also filed a draft with SEBI for a Blockchain Index Fund of Funds (FoF), which will track the IndxxBlockchain Index. The IndxxBlockchain Index, however, index doesn’t track crypto assets directly. Instead, it tracks mainstream companies like Nvidia, Advanced Micro Devices and others that have some crypto activity. The index also includes Indian IT giants like Infosys, Wipro, and TCS. “As and when this space matures, we can definitely expect multiple mutual fund houses coming up with Blockchain specific funds. These funds do not necessarily need to have direct exposure in crypto,” Edul Patel, the CEO and co-founder of Mudrex, told Business Insider. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-ethereum-shiba-inu-rake-up-losses-with-the-crypto-dip-showing-no-signs-of-slowing-down/slidelist/88557375.cms">Bitcoin, Ethereum, Shiba Inu rake up losses with the crypto dip showing no signs of slowing down</a> <a href="https://www.businessinsider.in/cryptocurrency/news/dogecoins-co-creator-now-owns-just-40000-of-the-meme-token-and-says-he-has-nothing-to-do-with-it-anymore/articleshow/88551122.cms">Dogecoin's co-creator now owns just $40,000 of the meme token -- and says he has nothing to do with it anymore</a>

India’s market watchdog warns mutual funds to stay away from crypto assets at least until regulations come in

<ul><li>The Indian government has listed its new crypto bill on the agenda of the upcoming Winter Session of Parliament, which starts on November 29.</li><li>The description calls to “prohibit all private cryptocurrencies,” but has not defined what it means by ‘private’.</li><li>Experts are divided on whether this means all cryptocurrencies that aren’t controlled by the government, just <keyword id="12083763" type="General" weightage="20" keywordseo="privacy-coins" source="Orion">privacy coins</keyword> or in reference to cryptocurrencies not being deemed as ‘currencies’.</li></ul>Not every blockchain is the same, and neither is every cryptocurrency. And, the term ‘<keyword id="7897427" type="General" weightage="20" keywordseo="private-cryptocurrency" source="Orion">private cryptocurrency</keyword>’ can mean different things depending on your point of view. It can mean privacy coins like Monero, ZCash and others or it can simply mean anything that falls outside the ambit of a government controlled central bank digital currency (<a href="https://www.businessinsider.in/investment/news/what-is-cbdc-fight-for-fiat-currencies-to-remain-relevant-in-the-age-of-digital-cryptocurrencies/articleshow/86222386.cms">CBDC</a>). And, therein lies the conundrum. In India, the government is planning on introducing its new proposed <a href="http://coindcx.com">cryptocurrency</a> laws to the politicians for approval in the lower house of Parliament — the Lok Sabha — during the Winter Session, which kicks off on November 29. <div type="image" title="crypto bill agenda" msid="87887516" hostid="261" caption="&amp;lt;p&amp;gt;India&amp;#39;s crypto bill is included among the 26 bills set to be introduced during the Winter Session of Parliament&amp;lt;/p&amp;gt;"></div> The reference to “prohibit all private cryptocurrencies,” has caused panic in the crypto markets with the rate of exchange between Tether (USDT) and the rupee dipping to ₹69, as of this morning. <div type="ExtQuote" text="Cryptocurrencies are trading at 20-30% discount right now due to the chaos created by the government. The ruling government should have acted more responsibly to define the definition of private cryptocurrency since they mentioned the term for the first time back in February." auname="Hitesh Malviya, founder of itsblockchain.com, told Business Insider India"></div> Despite all the fear, doubt and uncertainty (FUD) in the air, the government hasn’t actually used the word “ban,” as reported by others in mainstream media. The description of the discussion even goes on to say that it will allow for “certain exceptions.” <div type="ExtQuote" text="We are yet to receive official communication from the government in this regard [private cryptocurrencies]." auname="Ashish Singhal, co-chair of the industry body Blockchain and Crypto Assets Council (BACC) as well as the founder and CEO of crypto exchange CoinSwitch Kuber told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="Privacy coins, currencies not owned by the government or just no to the term ‘currency’" comment="subhead" text="Privacy coins, currencies not owned by the government or just no to the term ‘currency’">Privacy coins, currencies not owned by the government or just no to the term ‘currency’</cmsannotation> It remains to be seen how India will define ‘private’ cryptocurrencies in the proposed legislation. And, without any official draft in the public domain, it could mean one of three things. According to Rajat Prakash, the managing partner at Athena Legal, “An inference can be drawn that generally anything not owned by the government is considered private. Also, it could mean that cryptocurrencies that are on private blockchain hence making them untraceable could be private cryptocurrencies.” It could also mean that non-government coins — which includes everything from Bitcoin to Tether to Shiba Inu — won’t be legal tender and could be classified as an asset. <div type="ExtQuote" text="So, if it [cryptocurrency] is managed by a particular founder or a company or a fund, we can call it private. Everything which is not issued by the government can be called private tokens and they are not backed by real money. They are coins of Blockchain which are backed by real dollars." auname="Sathvik Vishwanath, the co-founder and CEO of Unocoin told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="Cryptocurrencies won’t be ‘currencies’" comment="subhead" text="Cryptocurrencies won’t be ‘currencies’">Cryptocurrencies won’t be ‘currencies’</cmsannotation> Rameesh Kailasam, the CEO of the advocacy group IndiaTech, believes that the Indian government’s stance on the issue could just mean that it isn’t looking at cryptocurrencies as ‘currencies’. “There has been an engagement process over the past few weeks and months. If I go by the word of the bill versus the sentiment that is currently there — they will ban cryptocurrencies for currency purposes. Which means, they won’t accord them the status of currencies,” he told Business Insider. Instead, like other democratic countries around the world have done, cryptocurrencies will be accorded the status of ‘assets’. This means that they will be monitored thoroughly for all security concerns, with respect to protecting investors as well as preventing illicit usage. "Effectively, the government’s earlier proposals were meant to restrict any crypto whatsoever from being a payment method or medium of exchange, and only the central bank digital currency (CBDC) being allowed," explained Nitin Sharma, partner and global blockchain lead at venture capital firm Antler Global. <cmsannotation type="cmsannotation" annotationid="What’s a privacy coin?" comment="subhead" text="What’s a privacy coin?">What’s a privacy coin?</cmsannotation> Within the crypto community, ‘private’ cryptocurrencies are normally considered to be ‘privacy coins’. As Kumar Gaurav, the founder and CEO of cryptocurrency bank Cashaa, explains, these are, “cryptocurrencies that offer anonymous transactions which hide a user's wallet balance and address and mix multiple transactions with each other to elude chain analysis. These are the same coins that have attained the most scrutiny for facilitating the movement of funds from illicit activities. Others, like Bitcoin and Ethereum, in contrast, aren’t intentionally built to be opaque and don’t disguise the addresses used by participants. “If the government goes by the technical definition both [Ethereum and Bitcoin] may skip the ban,” the director of the financial services company Market Maestroo, Ankit Yadav, told Business Insider. <cmsannotation type="cmsannotation" annotationid="Cryptocurrencies that are owned by private players" comment="subhead" text="Cryptocurrencies that are owned by private players">Cryptocurrencies that are owned by private players</cmsannotation> On the other hand, if the Indian government isn’t just looking at privacy coins or cryptocurrencies being defined as a ‘currency’ in general, the third possibility is that it’s looking at centralised coins — those owned by private entities. The underlying philosophy behind most cryptocurrencies is to be decentralised, which means no single entity can have control over its supply, its tokenomics and other fundamental aspects. Instead, decisions are taken with all parties with a stake in the cryptocurrencies — either through ownership or governance tokens — voting on major decisions. “There are currently more than 11,000 cryptocurrencies in the market. All these cryptocurrencies, at one level or another, are created by private companies or individuals,” Edul Patel, the CEO and co-founder of crypto mutual fund platform Mudrex, told Business Insider But, centralised coins do exist — like XRP, NEO and EOS. This means the control of power is concentrated with just one organisation at the helm or a set of limited individuals. The larger question is around their governance. <div type="ExtQuote" text="If the interpretation of ‘private currency’ is limited to cryptocurrencies on permissioned blockchain managed by private entities — like Facebook — or privacy coins powered by private and anonymous blockchain like Monero, DASH, ZCash etc then the impact of proposed prohibition will be minimal and unlikely to disrupt the existing marketscape." auname="Ganesh Vasudevan, the research director for financial insights at the International Data Corporation’s (IDC) India wing, told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="What’s next?" comment="subhead" text="What’s next?">What’s next?</cmsannotation> Nearly 15 million Indian retail investors representing 1.8% of the population have invested over $6.6 billion in crypto assets, according to CrossTower. Only once India’s crypto bill comes up for discussion in Parliament will stakeholders have a clearer view of what the government means by ‘private’ cryptocurrencies. And, it’s only once there’s a definition in place will the rest of the pieces of the puzzle fall into place. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency">India’s cryptocurrency bill is going up for discussion in December — but it seems to be beating to same rhythm as 10 months ago</a> <a href="https://www.businessinsider.in/investment/news/jrr-tolkiens-lawyers-shut-down-lotr-themed-cryptocurrency/articleshow/87871548.cms">JRR Tolkien’s lawyers shut down LOTR-themed cryptocurrency</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-wants-dogecoin-investors-to-be-protected-as-binance-extends-withdrawal-freeze-by-another-week/articleshow/87871139.cms">Elon Musk wants Dogecoin investors to be ‘protected’ as Binance extends withdrawal freeze by another week</a>

Privacy coins, centralised cryptocurrencies, or being currencies — India is yet to explain what it means by ‘private’ cryptocurrency

<ul><li>Indian <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> asset management company <keyword id="7373673" type="UNKNOWN" weightage="20" keywordseo="Mudrex">Mudrex</keyword> has raised $2.5 million in seed funding led by Nexus Venture Partners.</li><li>Other investors include Village Global, Kunal Shah, Anand Chandrashekharan, and Anjali Bansal. The company was selected for Y Combinator's accelerator programme in January 2019.</li><li>It intends to offer simpler investment options, similar to mutual funds and ETFs, to retail crypto investors who intend to stay invested in the long run.</li><li>It currently has 25,000 active portfolio managers with more than $1 billion in trading on the platform.</li></ul>An Indian crypto-asset management platform Mudrex wants to make investing in cryptocurrencies easier. And, it has raised $2.5 million, which is around ₹18.5 crore, in a seed round led by Nexus Venture Partners. The venture firm has a plethora of investments in India, including Zomato, Unacademy, OLX, and many more. Other investors include accelerator Village Global, co-founder of CRED Kunal Shah, veteran investor Anand Chandrashekharan, and founder of Avaana Capital Anjali Bansal. The company had previously raised $750,000 from Y Combinator, Better Capital, Woodstock Fund, and angels like Antler founder Nitin Sharma and Shaadi.com CEO Anupam Mittal. Mudrex claims to be a crypto-based asset management company that offers products similar to mutual funds and exchange-traded funds ETFs. Instead of traditional stocks, these funds incorporate a host of crypto-assets such as <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Bitcoin</a>, Ethereum, and even stablecoins. The goal is to allow investors to pursue long-term wealth creation and offer a more straightforward approach to the crypto-curious amid volatility. “We [Mudrex] will achieve this through expanding our user community, providing superior tools to advanced portfolio managers, debunking myths about crypto trading as well as new product introductions like crypto indices, high yield crypto 'savings account', building out our mobile apps and more,” said co-founder and chief executive (CEO), Edul Patel. According to him, the company has been growing at a rate of 30% every month and has users across 90 countries. <cmsannotation type="cmsannotation" annotationid="How does Mudrex plan on using its $2.5 million?" comment="subhead" text="How does Mudrex plan on using its $2.5 million?">How does Mudrex plan on using its $2.5 million?</cmsannotation> The fresh influx of capital will be used to scale up the team and operations, acquire global regulatory compliances, and create unique products. The company aims to bring the finesse of the traditional stock market to the crypto segment and incorporate tools that ensure investors are protected in the long run. Mudrex is trying to integrate more straightforward investment methodologies such as mutual funds, index funds, and ETFs to encourage systemic investments. <h2 style="line-height:1.38;margin-top:18pt;margin-bottom:6pt;"><cmsannotation type="cmsannotation" annotationid="Offering crypto asset management as a service" comment="subhead" text="Offering crypto asset management as a service">Offering crypto asset management as a service</cmsannotation></h2> Investors often end up losing a lot of money in the crypto market due to uncertainty, panic, and ever-increasing turbulence. Mudrex intends to glide over these shortcomings by curating new funds, assigning them a risk vs reward score, and providing more options to the end-user depending on their risk appetite, requirements, and goals. The platform has a product called a ‘bundle’, which contains multiple trading strategies optimized to work together. Each algorithm is verified before getting published and undergoes strict risk-management protocols to ensure authenticity. A user can simply choose one of these bundles as a fund and invest with a minimum of $100. Fees are calculated based on the total sum invested, and investing in multiple bundles often helps in diversification. It currently has 25,000 active portfolio managers with more than $1 billion in trading on the platform. It has over $15 million assets under management (AUM), which is around ₹ 110 crore. Mudrex currently has partnerships with most of the top global <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> exchanges such as Binance, OKex, and Coinbase. And, a user needs to link their exchange account with Mudrex since it’s no longer an exchange, the transfer of assets is a necessity. Professional traders can create their own bundles too and start earning from the platform. While Mudrex is trying to introduce asset management as a service in the crypto space right now, it started as a <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto exchange</a> back in 2018. However, RBI's crackdown on cryptocurrencies spelt immediate bad news for the fledgling startup. The team lead by Edul Patel, Rohit Goyal, Alankar Saxena, and Prince Arora managed to weather the storm and pivot into a fresh idea that could make retail crypto investing far easier. In January 2019, it was selected for Y Combinator's accelerator programme, and by March, it had touched 500 customers. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/indians-can-buy-pizza-and-ice-cream-with-bitcoin-now/articleshow/85204778.cms">India’s oldest crypto exchange is now allowing users to buy pizza, ice cream and coffee using Bitcoin</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/venezuela-announces-its-own-central-bank-digital-currency/articleshow/85097126.cms">Venezuela is set to launch its government-backed digital currency in October as the bolivar gets a makeover</a>

This Indian crypto company just raised $2.5 million to launch crypto mutual funds and ETFs

<ul><li>Angel investor <keyword id="14025441" type="General" weightage="20" keywordseo="gergely-orosz" source="Orion">Gergely Orosz</keyword> alleged that <keyword id="1546480" type="General" weightage="20" keywordseo="manish-maheshwari" source="Orion">Manish Maheshwari</keyword> had earlier said he would leave the company but has now gone back on his word.</li><li>He also accused the former Twitter India head of bullying co-founder <keyword id="12741314" type="General" weightage="20" keywordseo="tanay-pratap" source="Orion">Tanay Pratap</keyword> by threatening to sue him using the company's funds.</li><li>The company had already raised $5 million from 70 top global leaders, including Future Group’s Kishore Biyani, Infosys’ former executive TV Mohandas Pai.</li></ul>The ongoing troubles of Invact Metaverse took a dramatic turn after one of the angel investors accused the co-founder Manish Maheshwari, former Twitter India head, of lying and bullying. The angel investor Gergely Orosz, a software engineer and an author, wrote an email to investors of the company alleging that Maheshwari had earlier said he would leave the company but has now gone back on his word. He also accused Maheshwari of wanting ‘more equity than vested’. “Manish has been bullying Tanay [Pratap, co-founder and CTO of Invact] into silence, threatening to use the company funds of $1.7M - including our angel investment money - to sue him, should Tanay speak ill of him in public. This broke the straw with me, as that includes my money: which I never invested to be used as an instrument of a co-founder bullying the other one,” Orosz said in the email accessed by Business Insider. Earlier this week, Maheshwari announced that he is considering winding down his latest venture <keyword id="13123458" type="General" weightage="20" keywordseo="invact-metaversity" source="Orion">Invact Metaversity</keyword> — a higher education platform set up in the metaverse — barely six months of its launch. He also acknowledged the differences he had with the other co-founder Tanay Pratap, former Microsoft executive, over the vision of the company. “We are now standing at crossroads exploring possibilities such as (a) cutting the burn rate and pivoting to another idea, (b) letting one of the founders take full charge, or (c) returning the unspent capital to investors,” Maheshwari noted. The company had already raised $5 million from 70 top global leaders and founders, including Future Group’s Kishore Biyani, Infosys’ former executive Mohandas Pai. Orosz was one of the earliest investors in the company. <cmsannotation type="cmsannotation" annotationid="Here is the copy of the email" comment="subhead" text="Here is the copy of the email">Here is the copy of the email</cmsannotation> Fellow angel investors in Invact Metaversity, I am writing to you to share a sad situation and ongoing struggle with Manish Maheshwari, co-founder and CEO of Invact. As context, I am an angel investor in the company and someone who has known its co-founder, Tanay, for some time. I invested in the company because of Tanay's track record on building products, for teaching hundreds of students, and his high level of integrity. Some more details about me. After receiving Tanay's email titled "IMPORTANT: Disclosure of Invact Inc's current status. For Angel Investors of Invact Inc."on Sunday, 22nd May, I became worried about the company, and my investment. I got involved talking with both co-founders.” Tanay immediately responded and outlined the situation. Manish gave no details, no updates. He updated his LinkedIn and Twitter, sharing a story of the product failing - which I confirmed as not true - before emailing us, angels the same text. I talked with employees and Tanay, and learned a few unsettling things: <ul><li>Manish lied to his team. He polled the team at Invact what the best next steps for the company should be on 29th April. The team suggested he leave, Tanay take over. Manish agreed he will do this. However, later walked back on his agreement. He told the team his principles don't allow him to step down.</li></ul><ul><li>Manish has been bullying Tanay into silence, threatening to use the company funds of $1.7M - including our angel investment money - to sue him, should Tanay speak ill of him in public. This broke the straw with me, as that includes my money: which I never invested to be used as an instrument of a cofounder bullying the other one.</li></ul><ul><li>Manish keeps walking back on promises he made to named investors, then breaking them. Named investors were meeting the terms he put up to accept the exit settlement so the company can continue operating. He then walks back on these terms. He has been doing this for weeks. He blames this on his la</li></ul>The situation of the company is this from what I observed: <ul><li> All employees have full trust in Tanay to take on the company and build their product that is impressive, given only four months of development. Internally, Manish praised the product, and the progress to the team, as I confirmed talking with employees. The team was shocked that Manish talked down their product in public, as he was preparing his exit.</li><li>No current employees trust Manish to stay. They feel he has misled them too many times. I have talked with most of them to confirm this is the case.</li></ul><ul><li>Named investors support Manish leaving the company on fair terms, and Tanay and team continuing to execute.</li><li>Manish is keeping the company hostage. He controls the majority of votes and is refusing to sign agreements which he confirmed he would sign to leave. Named investors and employees all want him to leave, taking fair terms. In a strange way, everyone's hands are tied until he steps down.</li></ul>I decided to step in to see if I can resolve conflicts, using my public presence to get Manish to agree to a call. Manish took a call with me to address the situation, where he lied to me, and walked back on our agreement shortly after. On this call - that I have recorded, fearing what would happen on Manish denying his words. Manish said that the only thing keeping him from taking the buyout offer is if he gets to keep his vested shares. He said he does not want anything else: no cash, no nothing else. I agreed to both remove my public mentions of him, and to help make this happen on the condition that he signs. The named investors updated the contract. I removed all public mentions. I kept my side of the deal. Manish then refused to sign and walked back on all we agreed on. He now asks for more equity than he vested, a significant amount of cash - which he told me he would never do - and a board seat. I have since learned Manish uses this tactic of agreeing, then walking back on his co-founder, the employees and the investors. I am lost for words, and shocked at how the former Head of Twitter India does not honour his promises, and how he is only looking out for his own, personal interests. His actions are hurting investors - he wants to take our cash for himself - it's hurting employees, and hurting future customers. We are here: negotiations are frozen between named investors, after Manish walking back on an offer said would be good enough for him. The named investors are weighing the interest of the company, employees, investors and have offered a package that is more than fair, given the situation. We are all waiting on Manish to act like a professional does: keep his word, and sign a deal he agreed he would sign. I ask you to do at least one of this: <ul><li>Call Manish and ask him to act reasonably. Take the offered fair package that he has told me several times, in person, that he is happy with: his vested shares and nothing else. He has an agreement ready to sign. He has lost all support from his employees, misrepresented the value of the company, and is misleading named investors. Still, he asks for more shares than vested, cash - which the company needs - and a board seat to leave? All after confirming he will not ask for any of this? One that I have proof of that he said so.</li><li>Call Tanay and offer him support. Tanay is not talking with anyone in public, fearing Manish suing him using our investor money, and bullying him emotionally. No one should have to go through this, not from their fellow co-founder. Not if that co-founder has a reputation like Manish had until now.</li><li>Talk to names investors if you need more clarity. The named investors are fully behind Tanay, and are also in shock at how unprofessional Manish is acting. Contact details for named investors are:</li></ul>Hiran Embuldeniya , Nitin Sharma , Rajiv Srivatsa , Rahul Chandra I will close with this quote: “If you are neutral in situations of injustice, you have chosen the side of the oppressor.” I trust that I have updated you on the situation sufficiently - even if the CEO of the company and the one controlling - and holding it hostage as we speak - has failed to do so. Best, Gergely SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/pradeep-phosphates-ipo-lists-at-premium/articleshow/91826685.cms">Paradeep Phosphates lists at a 9% premium as Sensex and Nifty trade in the green</a> <a href="https://www.businessinsider.in/business/startups/news/the-edtech-bubble-is-bursting-as-schools-colleges-reopen-and-funds-dry-up/articleshow/91826696.cms" data-type="tilCustomLink">The edtech bubble is bursting as schools, colleges reopen and funds dry up</a> <a href="https://www.businessinsider.in/business/corporates/news/it-jobs-are-safer-than-startup-jobs-but-a-salary-bubble-burst-awaits-them/articleshow/91808349.cms">IT jobs are safer than startup jobs but a salary bubble burst awaits them</a>

Invact Metaversity saga takes a dramatic turn after angel investor blames former Twitter India head of bullying, lying — read the full email

Indian online marketplace <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal&amp;sortorder=effectivedate">Snapdeal</a> has announced a <a href="http://www.businessinsider.in/searchresult.cms?query=Data+Sciences+Center&amp;sortorder=effectivedate">Data Sciences Center</a> in San Carlos, California. The center will be headed by the company's VP, Data Sciences Nitin Sharma. This comes at times of immense stress for Flipkart and <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> who are struggling to raise fresh funds. There have also been reports of the company halving its hiring plans for the current fiscal and scaling down operations in regional markets. 
 
The new data center will focus on <a href="http://www.businessinsider.in/searchresult.cms?query=Big+Data&amp;sortorder=effectivedate">big-data</a> and advanced <keyword id="6359249" type="COMPANY" weightage="80" keywordseo="analytics">analytics</keyword> to add clarity to Snapdeal’s consumer-centric initiatives. It will help shape the business strategy of the company and optimize the operational efficiencies using data driven algorithms, data analytics and predictive modeling. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Rohit+Bansal&amp;sortorder=effectivedate">Rohit Bansal</a>, co-founder of <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal&amp;sortorder=effectivedate">Snapdeal</a> said, “Under Nitin’s leadership the data science team will focus on elevating Snapdeal’s growth-focused strategy and to provide insightful guidance. The richer understanding of the customers by capturing and integrating the information on their buying behavior will drive habit commerce and is in sync with our vision of 20 million daily transacting users by the year 2020.” 
 
“We have a highly accomplished team which can distil key patterns, consumer preferences and hidden correlations by quickly analyzing huge quantities of data,” added Nitin Sharma, Senior Vice President, Data Sciences at Snapdeal. 
 
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