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Tencent in talks to back early-stage Indian startups; govt panel discusses e-pharmacies’ regulation

Tencent in talks to back early-stage Indian startups; govt panel discusses e-pharmacies’ regulation
Photo Credit: Reuters

China-based internet major Tencent is reportedly in talks to back Gurgaon-based education technology startup Doubtnut and Bengaluru-based online self-publishing platform Pratilipi.

Tencent in talks to back two India-based early-stage startups

China-based internet major Tencent is planning to back early-stage startups, Gurgaon-based education technology startup Doubtnut and Bengaluru-based online self-publishing platform Pratilipi, the Economic Times reports.

Tencent is in advanced stages of leading a $12-15 million round in Doubtnut at a valuation of about $50 million whereas, it has given a term sheet to Pratilipi at a valuation of over $100 million for a $10-20 million round, the report said.

Tencent has also backed e-commerce major Flipkart and ride haling major Ola.

GoM meets to discuss regulating e-pharmacies

The group of ministers (GOM) led by the defence minister Rajnath Singh held its first meeting to discuss new norms to regulate the online pharmacy business, according to a report by the Economic Times.

The panel was set up after the government failed to legalise online pharmacies within 100 days of the second term of the Modi government. The move was also opposed by the brick and mortar pharmacies, the report said.

The Economic Times, citing a source, reported that the ministry has made a presentation to explain its position on the issue, hoping for a decision soon.

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