Previously known as Zoomo, it was a Bangalore-based used car P2P marketplace. The company has decided to return the money that they have left over back to their VCs. It is unclear how much money GoZoomo used to date and how much it has returned to its investors. Currently, the GoZoomo website is also live.
Pinterest has acquired Instapaper, an app that lets users save articles from across the web to read at a later time. Will remain a standalone app for the time being. Pinterest seems interested in Instapaper’s recommendation algorithm as a way to surface relevant Pins to its users. Terms of the deal were not disclosed.
Clovia started operations in 2012. Its founding team is a mix of designers, product experts and sales and business operations. Co-founder Neha herself has a decade of experience in corporate India, CEO Pankaj is a serial entrepreneur and has co-founded and grown two companies in the past which were successfully acquired.
It is Karnataka Government’s startup initiative. The kit contains a host of packages ranging from cloud, internet, telephony, software, payment gateway, finance and funding, incubation, marketing, tax and patent incentives and accounting services. Startup Karnataka states that the packages are subject to modification based on its agreements with Karnataka Biotechnology and Information Technology Services and the partner companies.
Govt exempts funds received by a startup amounting to Rs 25 lakh from being treated as a deposit provided that the person investing the money does it in the form of a ‘convertible note’. Instead of getting the money back along with interest, the investor would receive equity in the company or the money can be repaid within five years.
This is to credit their earnings from exports and sales made by them. The balances held in such accounts represent exports from India and will have to be repatriated to India within the period prescribed for the realization of exports. Payments in foreign currency arising out of exports or sales can be credited to Exchange Earners Foreign Currency account maintained in India by the start-up.
The tech company valued the share above the price range mentioned in the updated price range. The cloud software developer will be the first venture-backed tech IPO of 2016, in the United States. The company saw 88% growth last year, and clients include Uber and Airbnb.
The $4mn penalty was reduced, keeping in mind the company’s financial condition. The Federal Trade Commission stated that InMobi was building a database of users, tracking user location and other details, without appropriate permissions. InMobi also collected data from Children specific apps, without permission from parents. The FTI hence claimed violation of the Children’s Online Privacy Protection Act. The penalty includes deletion of the database so created, and setting up an audit for the privacy policies, every 2 years, for the next 20 years.
The effect of the CBDT’s notification is that in case a startup gets investment from resident angel investors, family offices or funds which were not registered as venture capital funds, it will not be taxed even if the investment is made in excess to the fair value.
This comes from HNI Sreenivasa Reddy Musani, CMD EKTHA Group. This will help SillyMonks augment their market leadership and to introduce new digital media properties. Sanjay Reddy, Founder and MD of SillyMonks, said the funds raised will further secure and maximise ROI for clients by delivering new digitally immersive online experiences to a highly connected customer base and help create innovative original content.