🇮🇳 Roundup: Pine Labs set to buy fintech firm for $100m, more

Startups in India, including Nautilus Mobile, Scrut Automation, CybeorgIntell, Kaagaz, Zama Organics, IndiaP2P, and Zerund, raised at least US$9.59 million in disclosed 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:

Pine Labs set to buy fintech firm in US$100 million deal

The board of Setu, a fintech infrastructure firm, had been informed of Pine Labs’ offer, three sources told The Economic Times.

If the deal is successful, it would give Pine Labs access to Setu’s tech stack, which could help the former with its plans to diversify its product offerings.

The development comes amid reports of Pine Labs looking to raise about US$500 million for an IPO in New York in the first half of this year.

Advertisements watchdogs question Zepto‘s over delivery ad

The Advertising Standards Council of India said it has received complaints that Zepto’s advertisement for 10-minute deliveries may promote reckless driving by riders.

The regulator’s notice also said that the promise of 10-minute deliveries could be considered a violation of its code, which prohibits ads from showing dangerous acts.

Tech in Asia reported that short delivery windows in quick commerce put pressure on delivery staff who have to navigate India’s pothole-riddled roads, where cattle and other animals regularly stray into traffic. (Read: Will India’s 10-minute quick commerce model last?)

Disruptors Capital gets nod for $16m debut fund

The alternate investment fund has already been registered and approved by The Securities and Exchange Board of India. It will look to support and give strategic guidance to early-stage startups.

Raj Snehil Juneja, who previously worked at 500 Global, is the founder of Disruptors Capital.