If you enjoyed the newsletter, please share it with a friend who’d find it useful.
CARS24 Raises $450 Million in Funding
CARS24, an India-based e-commerce platform for pre-owned vehicles, announced the closing of a $450 million round of funding on September 20.
The Series F funding round was led by DST Global, Falcon Edge, SoftBank Vision Fund 2, along with participation from Tencent and existing investors, Moore Strategic Ventures, and Exor Seeds.
The funding includes a $340 million Series F equity round along with $110 million debt from diversified financial institutions, helping the pre-owned vehicles’ e-commerce platform nearly double its valuation to $1.84 billion.
With its latest finances, CARS24 will expand its global presence as well as build its cars, bikes, and financing business in India, and will also continue to invest in technology that helps it deliver the best customer experience possible.
This funding comes just a few months after the company expanded its operations in the UAE and Australian markets. It has already sold more than 1,000 cars in the UAE since its launch in April 2021.
CARS24 has emerged as a market leader in the used car marketplace in India, and its early traction in international markets is exceeding expectations.
DeFi Protocol pNetwork Hacked
pNetwork, a cross-chain decentralized finance (DeFi) platform, has fallen victim to the latest cyber attack on crypto space as the protocol reported around $12.7 million worth of Bitcoin.
In a Twitter post, the developers of pNetwork officially announced the attack on its platform and said, “We’re sorry to inform the community that an attacker was able to leverage a bug in our codebase and attack pBTC on BSC, stealing 277 BTC (most of its collateral).”
pNetwork is one among several other DeFi protocols that help connect different blockchains, thus addressing the compatibility issues of decentralized technology. The platform allows users to mint pBTC- a wrapped bitcoin by depositing bitcoin to the protocol.
Soon after discovering the attack, the developers of the protocol said that they have identified the bug and “have a proposed fix” and “are now waiting for everyone to review it.”
Interestingly, it has also offered the hacker a bounty of $1.5 million if the hacked funds are returned, though it thinks it is a long shot. However, the company has not yet announced its plans to reimburse the affected users.
The report states that in total, more than 813,000 apps with over 9 billion downloads, 86%+ of which targeted children aged 12 and under — were removed from the Google Play and Apple App Stores in the first half of 2021.
Pixalate said that the apps were removed as they had a high risk for user devices and advertisers. However, the delisted apps can still remain installed on a consumer’s device even after they have been removed from the app store.
The apps can be delisted for different reasons- app store policy breaches or developer withdrawal. But, the report neither asserts nor assigns a reason for any of their delisting.
Moreover, the delisting team hasn’t publicized any details about the action, so it is often impossible to know whether the app store or the developer triggered the removal.
WhatsApp is Testing a New Group Icon Editor Feature
WhatsApp is currently testing to introduce a new feature that will allow users to set emojis and stickers as their group images.
With this new feature, users can pick among two options — using a background color with either an emoji or a sticker for the group image.
If a user picks any of these options, then it will automatically set the group image and reduce the user effort of finding the right image for the group.
WhatsApp will also add a new option to the menu allowing users to pick an image for the group or click on a new one, with an Emoji or Sticker option. This will show users a new page that shows two tabs called Emoji and Sticker.
Users can choose the emoji supported on their phone on the first tab and sticker packs installed on their phone on the second tab.
After selecting a background, they will see a circular preview of the new group image. They can then tap “Done” to set it as the group image.
The feature is currently available for iOS beta testers and will soon roll out for iOS and Android users in the coming weeks.
Around The Web
🏫 Edtech Startup Maqsad Raises $2.1 Million in Pre-Seed Funding: Maqsad, a Pakistan-based edtech startup, raised $2.1 million in a pre-seed funding round. The funding round was led by Indus Valley Capital and also included participation from Alter Global, Fatima Gobi Ventures, and several individual founders from Pakistan and the Middle East.
💸 Millionaires Worried About Leaving ‘Too Much’ Money to Kids: According to a survey conducted by The Motley Fool, which surveyed about 2,000 high net worth individuals, about 67% of the respondents are concerned about leaving too much money to their heirs.