The Indian startup ecosystem has experienced a rollercoaster of events this week! Reliance Industries Limited and The Walk Disney has annouced a merger of their media operations in India. It is believed to be the biggest media-merger till day! On the other hand, the ongoing battle between tech giant Google and Indian tech startups over in-app billing for Google Play Store is showing no signs of resolution. And, BYJU's & Paytm are still in crises.

Curious about why these giants are making headlines? Well, in our weekly newsletter, we bring you the top  stories of the week, offering a quick glimpse into all the recent happenings in the Indian startup world. Dive into these stories to stay informed about the recently launched union budget, updates on BYJU's and Paytm, and other noteworthy developments in the startup ecosystem!

Byju's Salary Standoff: CEO Blames Investors in Funding Fiasco

“20000+ BYJU’S employees left in the dark on salaries, because of 4 investors going to NCLT. Escrow account request by 4 investors has created delay in salaries of BYJU’S employees,” This is what a Byju’s insider told TICE News.

Byju Raveendran, founder and CEO of edtech giant Byju's, lashed out at a group of investors, accusing them of obstructing the company's ability to disburse salaries to its employees. The dispute stems from a contentious rights issue, with four key investors, including Prosus, Peak XV Partners, General Atlantic, and Sofina, seeking legal intervention to prevent Byju's from accessing the funds raised.

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Delhi Court’s Bloomberg Takedown: Template for Media Scrutiny for Corporates?

In an embarrassment for international news and business media giant Bloomberg, a Delhi court has asked it to take down an article that suggested Zee Entertainment had a $241 million-sized hole in its accounting numbers. 

The article was published by the news platform on February 21, 2024. It was titled “India Regulator Uncovers $241 Million Accounting Issue at Zee”.

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Reliance-Disney Come Together: The Biggest Media Powerhouse In Making?

Reliance Industries Ltd (RIL) and The Walt Disney Company have announced a landmark agreement to merge their media operations in India. The move signals a significant shift in the landscape of the country's media and entertainment industry.

In a statement released on Wednesday, Reliance Industries Limited, Viacom18 Media Private Limited, and The Walt Disney Company disclosed the signing of binding definitive agreements to establish a joint venture (JV). This partnership will amalgamate the operations of Viacom18 and Star India, solidifying their presence in the Indian market.

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App Store War: Google's Enforcement Sparks Clash with Indian Startups

The ongoing battle between tech giant Google and Indian tech startups over in-app billing for Google Play Store is showing no signs of resolution. In a recent development, Google has decided to escalate its efforts by enforcing its App Store Billing Policies, leading to the delisting of non-compliant apps from its Play Store. This move by Google signifies a shift from negotiation and accusations to a more forceful approach.

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Paytm and PPBL Part Ways: End Inter-Company Agreements

Paytm, the digital payments giant, has announced a significant development in response to ongoing regulatory actions against its associate entity, Paytm Payments Bank Limited (PPBL). The company informed the stock exchanges on March 1 that its board has given approval for the discontinuation of several inter-company agreements with PPBL.

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Byju's: Quest for $200 Million - Close, Yet Elusive

Byju’s can't withdraw the rights issue money until the court allows as the funds collected through the rights issue will be kept in a separate escrow account and will not be used for any purposes.

“….should not be withdrawn till the disposal of the matter", the tribunal’s Bengaluru bench said.

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Vijay Ka Jaadu? Merchants Support Paytm Despite RBI Restrictions

In the midst of regulatory hurdles faced by Paytm Payments Bank (PPBL), merchants have emerged as a strong support system for the embattled digital payment platform. Despite the challenging times marked by regulatory interventions, merchants have remained steadfast in their allegiance to Paytm, affirming their continued trust and reliance on the platform for facilitating transactions. 

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