Summary Points:
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India’s RMG (real money gaming) startups face tighter scrutiny as the government looks to bring them under PMLA.
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Stricter KYC, transaction reporting, and financial audits may become mandatory.
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BluSmart hires Grant Thornton for a forensic audit amidst rising EV funding.
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Femisafe, a D2C menstrual care brand, scales with sustainable offerings.
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Tesla signals delay in India entry due to high tariffs.
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CARS24 acquires Team-BHP to boost its tech and AI play.
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BankBazaar, Flipkart, MobiKwik, and Thyrocare report significant financial and strategic moves.
India’s real money gaming (RMG) sector is under a new spotlight. After being slammed with a 28% GST regime, the Centre is now considering bringing RMG startups under the Prevention of Money Laundering Act (PMLA).
If implemented, the move could reshape the entire industry.
Key Implications:
- Platforms must comply with stringent KYC norms
- All suspicious transactions must be tracked and reported
- Aimed at tackling illegal betting networks, estimated to handle $100 Bn (approx. Rs 8.3 Lakh Cr) annually
- Platforms allegedly run from abroad may face deeper scrutiny
While large platforms like Dream11 may cope, smaller startups fear a 20% cost increase due to compliance needs. The sector is urging regulators to target illegal operators without strangling legitimate ones.
BluSmart Under Forensic Lens
EV ride-hailing startup BluSmart has engaged Grant Thornton to conduct a forensic audit. The move comes amid growing attention on cash flow transparency in the startup ecosystem.
What the audit covers:
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Review of BluSmart’s cash position
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Tracking fund movement to ensure financial hygiene
The development is seen as a proactive step to enhance trust among investors and stakeholders.
Flipkart, MobiKwik, BankBazaar Make Strategic Moves
Flipkart Internet
Flipkart’s marketplace unit received a Rs 533 Cr injection from its Singapore parent, following a larger infusion of Rs 3,248.9 Cr earlier this month.
MobiKwik
The listed fintech company has launched MobiKwik Financial Services Pvt Ltd, its new NBFC arm. However, it’s still awaiting regulatory approval for the NBFC license.
BankBazaar
The fintech firm raised Rs 15 Cr from Muthoot FinCorp as part of its Series D2 round, totaling Rs 55 Cr. The tie-up includes plans to enter the gold loans market with Muthoot.
Thyrocare Posts Healthy Q4
Thyrocare, now a part of PharmEasy, saw its Q4 profit surge by 25.6%, reaching Rs 21.6 Cr, up from Rs 17.2 Cr YoY.
Revenue also jumped 21.3% YoY to Rs 187.2 Cr.
The numbers reflect a strong recovery in diagnostics, likely due to increased testing and partnerships.
Tesla Hits Tariff Roadblock in India
Tesla CFO Vaibhav Taneja described India as a “very hard market”, pointing to the tariff structure as a major barrier to the company’s entry.
While India remains a focus, the EV maker is expected to delay its debut until conditions become more favorable.
CARS24 Acquires Auto Forum Team-BHP
Used-car unicorn CARS24 has acquired the niche automotive forum Team-BHP. The move aims to:
- Strengthen community-driven content
- Upgrade product and AI capabilities
Team-BHP will continue to run independently under its original team.
Femisafe’s D2C Bet on Sustainable Menstrual Care
Founded during the pandemic, Kochi-based Femisafe is targeting India’s massive personal care market, expected to reach $28 Bn by 2030.
Their product line includes:
- Reusable menstrual cups
- Sustainable razors, aloe vera gels, and acne patches
Founders Noureen Aysha and Naseef Nazar say the brand aims to replace environmentally harmful disposable pads with eco-friendly alternatives.
