CaratLane Trading is under the lens of the Enforcement Directorate (ED) for alleged violation of Foreign Direct Investment (FDI) regulations. The omnichannel retailer has challenged a show-cause notice issued by the investigative authority, sources tell us. This and more in today’s Morning Dispatch.
Kombai, founded by two former Mindtickle senior executives, said it will use the capital to continue investing in research and development, accelerate improvements to its base models, build compatibility with a range of libraries and frameworks used by developer teams and elevate the developer experience around the product.
Social media platforms such as Meta's Facebook or Instagram and Google’s YouTube Kids will be able to directly fetch and verify documents of teenagers’ parents from DigiLocker and use it to avail parental consent, people aware of the matter, told ET.
The global captives had sold a part or even their entire operations to Indian IT companies, mostly during the global financial crisis, to focus on core operations instead. But they now see India as a crucial profit centre.
The NPCI-promoted organisation is a leader in electricity bill payments currently with two new categories like Fastag and loan EMIs emerging as fastest growing ones.
The ED accused CaratLane of violating the Foreign Exchange Management Act (FEMA). The notice served on March 28, 2022, stated that FDI was not allowed in single-brand retail at the time. The notice has not been made public till now.
The new funding is at a lower valuation from the $8.1 billion achieved by the New-York based startup in a funding round last year, a spokesperson of the company confirmed.