In Brief: T-Series sues Roposo; Revolt eyes fresh funds

In Brief: T-Series sues Roposo; Revolt eyes fresh funds
Photo Credit: 123RF.com
31 Aug, 2020

Music label T-Series on Friday filed a copyright infringement lawsuit against short video app Roposo, owned by advertising technology firm InMobi, The Economic Times reported. The case, filed in the Delhi High Court, alleged that Roposo “blatantly, extensively and wilfully” infringed on T-Series’ copyrighted works, the report said. T-Series has sought a permanent injunction to stop Roposo from using its copyright material, it added. 

EV startup Revolt Motors looks to raise $100 mn

Electric vehicle maker Revolt Intellicorp is looking to raise $100 million through equity investments to aid with its product development and expansion plans, as per a report by The Economic Times. The company, set up by Micromax co-founder Rahul Sharma, was scheduled to launch operations in Mumbai on Sunday, the report added. 

Paytm Payments Bank seeks in-principle nod for SFB license

Paytm Payments Bank on Saturday wrote to the Reserve Bank of India, seeking an in-principle approval to become a small finance bank (SFB), as per a Times of India report. The license will enable the Paytm unit to offer loan services to its customers in a couple of years once the five-year waiting period is completed, CEO Satish Kumar Gupta told the newspaper. 

Chan Zuckerberg Initiative invests in Eruditus

The Chan Zuckerberg Initiative, run by Facebook founder Mark Zuckerberg and wife Priscilla Chan, has backed education technology startup Eruditus, The Economic Times said. The investment is part of the Mumbai-based firm’s ongoing Series D funding round, which will see the company raising $100 million at a post-money valuation of $800 million, the report said, citing sources.  

Paytm Mall data breached, alleges Cyble

Paytm Mall, the ecommerce unit of Paytm, on Monday suffered a data breach, The Economic Times reported, citing a US cyber research firm Cyble. Hacker group John Wick, which is said to be behind the breach, has demanded a ransom in cryptocurrency in exchange for the data, the report said. Paytm denied the allegations, the financial newspaper said. 

PhonePe looks to digitise 25 mn small merchants

Walmart-owned payments platform PhonePe on Monday said that it will enable digital payments for over 25 million small merchants across India in the next one year. The Bengaluru headquartered startup also plans to onboard kiranas on its business app, a statement said. It looks to reach 5,500 taluks through its merchant acquisition team, which will lead to over 10,000 new jobs in semi-urban and rural areas, a statement said.