The Directorate General of Goods and Services Tax Intelligence (DGGI) Mumbai Zone has sent notices to Dream11 and Play Games 24X7, two popular online gaming companies, claiming a total sum of Rs 49,000 crore. The DGGI Mumbai Zone’s action follows a notice issued by the Maharashtra State GST Audit authorities to Dream11, demanding Rs 18,000 crore.
Dream11, India’s leading online fantasy sports gaming platform, and Play Games 24X7 are now caught up in a complex tax dispute with both state and central tax authorities. These companies are facing significant financial liabilities, and the resolution of this issue is crucial for their operations.
In other news, Dalvir Suri, the co-founder of Dunzo, a quick commerce platform, has reportedly left the company amidst funding difficulties and delayed payments to employees. Reports also suggest that another co-founder, Mukund Jha, may also be departing from Dunzo. However, the company has denied this, stating that Jha remains a part of the leadership team.
Another startup, Cube Club, has recently raised $1.1 million in seed funding to launch its fitness app, Dopamine. The app uses artificial intelligence to provide personalized recommendations, track progress, and offer insights to enhance the user experience. This funding will enable Cube Club to further develop its fitness app and expand its offerings.
Roopya, a lending analytics and infrastructure as a service company, has raised Rs 5.09 crore in a pre-seed round led by 100X.VC. The funding will be used to develop its lending infrastructure and invest in building a data infrastructure for lenders and loan service providers.
Swiggy, the online food delivery platform, has facilitated over Rs 450 crore in loans to more than 8,000 restaurant owners through its capital assist program. This program aims to bridge the financing gap for restaurant owners and support their growth.
Anirban Mukherjee, CEO of PayU India, has been elevated to the role of global CEO as part of a management overhaul. Mukherjee will be responsible for the overall business operations of PayU. This transition aligns with PayU’s focus on the Indian market and its commitment to supporting the growth of digital payments in the country.
Meesho, an e-commerce marketplace, has made its platform inclusive for non-GST registered sellers. This move follows the recent announcement by the GST Council, allowing e-commerce platforms to onboard non-GST sellers. Meesho aims to unlock new opportunities by welcoming these sellers and expanding its reach in under-penetrated states.
Flipkart has launched a new paid subscription loyalty program called ‘VIP’ to compete with Amazon’s Prime membership. VIP offers users added benefits such as early access to sales, free same-day delivery, faster returns, priority customer support, and extra SuperCoins. This move aims to attract more customers and boost sales during the upcoming festive season.
Finally, Uber has announced the launch of the ‘Uber Sustainovate’ Startup Challenge in collaboration with Startup India and Nasscom AI. The competition aims to promote sustainable transportation solutions in India. Startups that produce innovative and workable solutions will have the opportunity to receive mentorship sessions with Uber’s tech leadership and a grant of $120,000.
Overall, these developments highlight the challenges and opportunities in various sectors of the Indian startup ecosystem. From tax disputes to funding difficulties and innovative advancements, startups in India continue to navigate a dynamic landscape with a vision for growth.
Sources:
– CNBC-TV18 (Dream11 and Play Games 24X7 GST notices)
– CNBC-TV18 (Dunzo co-founder’s exit and Reliance Retail nominees stepping down)
– Inc42 (Cube Club funding and Dopamine fitness app)
– Inc42 (Roopya pre-seed funding round)
– Swiggy Press Release (Swiggy loan disbursal)
– Economic Times (PayU India CEO promotion)
– YourStory (Meesho platform for non-GST sellers)
– Economic Times (Flipkart VIP subscription)
– Outlook India (Uber Sustainovate Startup Challenge)