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This week in Indian Startup News, NPCI caps UPI transactions at 30% for third-party apps, OTT and online news platforms to be regulated by the government, BigBasket’s big security breach and Tata Group could buy a majority stake in 1mg.

In funding news, Reliance Retail raises Rs 9,555 crore and Ather Energy raises $35 million.

00:00 Introduction
00:29 NPCI caps UPI transactions at 30% for third-party apps
02:57 OTT and online news platforms to be regulated by the government
08:40 BigBasket’s big security breach
09:50 Tata Group could buy a majority stake in 1mg
10:47 Reliance Retail raises Rs 9,555 crore
11:37 Ather Energy raises $35 million

NPCI caps UPI transactions at 30% for third-party apps: The National Payments Corporation of India (NPCI) has capped the volume of Unified Payments Interface (UPI) transactions that can be made through third-party apps like Google Pay, PhonePe and Amazon Pay at 30% of the total transactions made through UPI. This decision is going to have a serious impact on PhonePe and Google Pay that hold nearly 80% of the total UPI market share at the moment. It means that both these apps will have to bring down their market share to less than 30%.
https://www.livemint.com/industry/banking/npci-to-cap-transaction-volumes-of-upi-players-11604591378727.html
https://www.npci.org.in/what-we-do/upi/3rd-party-apps

OTT and online news platforms to be regulated by the government: Until now, OTT platforms like Netflix, Amazon Prime and Disney+Hotstar had been free to publish any content they wanted to but this might be about to change. From now on, the ministry of information and broadcasting will be responsible for regulating policies for online streaming platforms along with online news portals. Since there is no distinction between OTT platforms like Netflix, Amazon Prime and Disney+Hotstar and platforms like YouTube and Facebook, they all could potentially face the same regulations and censorship. The reason the government has decided to do this is to protect Indian users from watching content that it deems is not fit for different segments like children or religious groups. This could lead to censorship on Netflix and Amazon Prime shows that are too violent or found to be hurting religious sentiments.
http://egazette.nic.in/WriteReadData/2020/223032.pdf
https://techcrunch.com/2020/11/11/indias-broadcasting-ministry-secures-power-to-regulate-streaming-services-online-content/

BigBasket’s big security breach: A cybersecurity firm Cyble has said that it found the database of BigBasket users being sold in the cyber-crime market for $40,000 (Rs 29.5 lakh). The leaked database contains the data of around 20 million users, which contains information like full names, contact numbers, date of births, location and IP addresses. This data breach has been confirmed by BigBasket and the company has already filed a complaint with the Cyber Crime Cell in Bengaluru. However, they have also said that crucial financial data of its users like credit card numbers have not been compromised.
https://indianexpress.com/article/explained/explained-how-big-is-the-bigbasket-data-breach-7026688/

Tata Group could buy a majority stake in 1mg: According to a recent Economic Times report, the Tata Group is now in talks with online pharmacy startup 1mg to acquire a majority stake. Earlier, we had also reported that Tata was also looking to acquire a majority stake in online grocery unicorn BigBasket as well.
https://economictimes.indiatimes.com/tech/startups/tatas-in-talks-to-pick-up-majority-stake-in-e-pharmacy-firm-1mg/articleshow/79072715.cms

Reliance Retail raises Rs 9,555 crore: Reliance Retail has raised Rs 9,555 crore from Saudi Arabia’s Public Investment Fund (PIF) for a 2.04% stake.
https://www.ril.com/getattachment/c7020a9d-527f-469a-b6df-e3568eafc93f/The-Public-Investment-Fund-(PIF)-Invests-%E2%82%B9-9,555-C.aspx

Ather Energy raises $35 million: Electric scooter manufacturer Ather Energy has raised $35 million in its series D round from Sachin Bansal and Hero MotoCorp.
https://yourstory.com/2020/11/funding-ev-startup-ather-energy-seriesd-sachin-bansal

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