🇮🇳 Roundup: Central bank bans Paytm from onboarding new customers

Startups in India, including Ferns N Petals, Revfin, Xeno, Growfin, and Honc, raised at least US$43.4 million in funding over the past day from international and local investors.

Here’s a snapshot of the fundraising:

Here’s some important tech news from India today:

Central bank bans Paytm from onboarding new customers

The Reserve Bank of India said Paytm Payments Bank has to immediately stop onboarding new customers, citing “material supervisory concerns.”

The central bank ordered the bank to appoint an IT audit firm and conduct a complete system audit. Meanwhile, the company’s existing users can continue using Paytm’s services.

Following the announcement, Paytm’s share price dropped 13% on Monday.

Social commerce firm Trell to let go of almost half of its employees

The firm reportedly had a term sheet for a US$100 million funding round in December last year. However, the investment did not materialize, which led to the layoffs.

Trell supposedly plans to lay off around 300 people from its total headcount of 700.

The company reportedly had a burn rate of US$4 million to US$5 million per month, despite raising US$45 million nearly 10 months ago.

Healthtech firm gets FDA clearance for cancer screening device

Niramai‘s Smile-100 System can analyze and measure cancer indications in the breast area through thermal tech.

Founded in July 2016 by Geetha Manjunath and Nidhi Mathur, Niramai has raised US$7 million in funding to date.