Cashify raises $90M; Chaayos raises $53M

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June 23rd, 2022

Hello,

Meta’s (formerly Facebook) oversight board which came into being in 2019 has published its first annual report covering the period of October 2020 to December 2021. As part of the report, the board has questioned whether “..Meta has invested sufficient resources in moderating content in languages other than English.”

The report indicated that the oversight board received more than a million appeals during the period against Meta’s content moderation decisions, with more than two-thirds of user appeals coming from the Global North.

In the startup world, the big buck funding news continues to pour in and Pine Labs finally has made it official with the acquisition of Setu.

Here are the other top stories of the day:

Surge extends seed funding range
Chaayos raises funding and much more!

Funding Alert

Cashify raises $90M

Cashify, a re-commerce marketplace, has raised $90 million led by NewQuest Capital Partners and Prosus in a Series E round of funding.

What does this mean ?

The company will use the fresh capital for strengthening the team, building technology infrastructure, and marketing to build the brand as well as expand into new markets.

In the news

Surge extends seed funding range up to $3M

Sequoia India Capital announced its early-stage startup accelerator programme Surge will be extending its seed funding range to $3 million.

The company stated - "The market may be slowing, but Surge is expanding. Given the extraordinary founder response and feedback we have received over the first six cohorts, we are widening the funding aperture."

EaseMyTrip targeted by Twitter trolls, plans to pursue legal action

EaseMyTrip is the latest to be targeted by trolls in what appears to be a concerted attack. Multiple Twitter accounts have been commenting on the company’s posts on the social media, alleging that the travel portal ‘stole money’ from them.

Most of these accounts, using names of women, seem to have been created in June 2022. Many of them have near to zero followers.

Pine Labs acquires Setu

Pine Labs announced that it has acquired Bengaluru-based API infrastructure startup Setu to further strengthen its offerings.

The deal is worth around $70 million, according to sources. The latest acquisition news comes amid reports of Pine Labs' IPO plans in the United States.

Funding Alert

Chaayos raises $53M

Chaayos raised $53 million in its Series C round led by Alpha Wave Ventures, with participation from its existing investors Elevation Capital, Tiger Global Management and Think Investments.

What does this mean?

The startup will use the fresh capital for tech enhancement, hiring, and store expansion. At present, it runs 190 stores across six cities and plans to add 100 more by the end of 2022.

Flipkart Group commits to net zero carbon emissions by 2040- The Flipkart Group has committed to setting an ambitious Net Zero target to decarbonise its own operations by 2030 and the larger value chain by 2040.
PS Jayakumar and Tabassum Inamdar join Indifi Board - Indifi Technologies, a digital lending platform for MSMEs, has appointed PS Jayakumar and Tabassum Inamdar as independent directors.
Exotel to hire 500 professionals - Exotel aims to hire 500 new professionals across growth and technology functions as the company achieved an annual recurring revenue of $60 million with a CAGR of 70 percent for FY22.

What do we have for you?

Leading mobile marketing analytics platform Adjust has released the ‘Mobile app trends 2022: A global benchmark of app performance’ report that provides expert insights on the global and regional developments of the mobile marketing ecosystem over the past year.

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