In Brief: Swiggy suspends loyalty programme; SEBI eases KYC process for digital wealth management startups

In Brief: Swiggy suspends loyalty programme; SEBI eases KYC process for digital wealth management startups
Photo Credit: VCCircle
13 May, 2020

Online food delivery platform Swiggy has suspended its loyalty programme Swiggy Super00 indefinitely, according to a report on Entrackr. The Bengaluru headquartered company, run by Bundl Technologies, had rolled out the programme in 2018. Users could avail unlimited deliveries and dessert or beverage (on select orders) for free with the subscription. Earlier this year, the company hiked monthly plan rates, both for renewal and new registrations.

Read: Swiggy co-founder Rahul Jaimini exits co, to focus on new HR tech venture

SEBI now allows digital wealth management startups to use DigiLocker

The Securities and Exchange Board of India (SEBI) has allowed digital wealth management startups to use central government’s DigiLocker application to facilitate know your customer (KYC) processes, The Inc42 reported. The DigiLocker e-documents are approved under Prevention of Money-laundering (Maintenance of Records) Rules, 2005. The new guidelines are expected to increase the penetration of wealth management platforms in tier 2, 3, and 4 cities, according to the report.

Read: SEBI relaxes regulatory filing deadline for investors; startups seek speedy tax refunds

Vogo And LetsTransport raise fresh funds

Ola backed scooter rental platform Vogo and tech-enabled logistics marketplace Diptab Ventures, which runs LetsTransport, have raised fresh funding, the Inc42 reported. Vogo, in the ongoing Series C funding round, raised an additional Rs 2 crore from Exponentially I Mobility. In February, it was in the process of raising $19 million (Rs 138 crore at then exchange rates) in a Series C round from Lightstone Global Fund and venture capital firms Kalaari Capital and Matrix Partners. Meanwhile, LetsTransport bagged Rs 1.43 crore in Series B round of funding from Innoven Capital.

Tencent rolls out VooV Meeting in India

Chinese technology conglomerate Tencent Holdings has launched video conferencing app VooV Meeting in India, The Entrackr reported. The app was rolled out in March in over 100 countries including Malaysia, Singapore, India, Thailand, Japan, Hong Kong, and Macao. VooV competes with Zoom, Google Hangouts, and Skype, among others in this segment.