TLDR:
- VC firm Finvolve closes Rs 100 crore maiden fund and launches three more with Rs 500 crore target.
- National Company Law Appellate Tribunal (NCLAT) defers hearing on petitions against Google’s Play Store billing policy to July 5.
VC firm Finvolve has successfully closed its maiden fund of Rs 100 crore and has now set a target of Rs 500 crore for three additional funds. This move signals the firm’s confidence in the market and its commitment to supporting startups and entrepreneurs. On the other hand, the National Company Law Appellate Tribunal (NCLAT) has deferred the hearing on petitions against tech giant Google’s Play Store billing policy to July 5. Indian companies, including Indian Broadcasting and Digital Foundation, have challenged Google’s new policy, which imposes charges on in-app payments. The Competition Commission of India (CCI) had previously declined to grant interim relief against Google’s billing policy, leading to further legal challenges. The NCLAT bench has assured app developers of a fair hearing and urged both parties to maintain the status quo until the next hearing.
