RMG Startups In A New Fix, Grant Thornton To Audit BluSmart & More

Can PMLA Rein In The RMG Gold Rush?

Already tangled in the Centre’s web of 28% GST, India’s online gaming ecosystem is bracing for yet another storm as the government is looking to bring real money gaming (RMG) startups under the ambit of the often-feared Prevention of Money Laundering Act (PMLA).

Taking Control Of The RMG Mess: With only a few regulations controlling the RMG space, the Centre wants to increase the oversight on the volume of money flowing in and out of RMG platforms. Under the proposed new regime, RMG platforms will have to adhere to stricter obligations, including KYC mandates, and tracking and reporting of suspicious transactions.

On The Money Laundering Trail: With PMLA, the government wants to rein in the mushrooming illegal betting market in the country, which reportedly receives upwards of $100 Bn (almost untraceable) in deposits per year.

Then, there are apprehensions that many of these platforms are operated from foreign lands and have allegedly been , scamming Indian users and syphoning off hundreds of crores by evading taxes. A case in point is the .

Smaller Players On A Sticky Wicket? Amid tighter mandates, the industry could see its capex rise by as much as 20%, which may not be a big deal for bigger players like Dream11, but could wreak havoc for .

Nevertheless, industry stakeholders want the government to go after rogue operators, sparing the legitimate platforms from the pains of the regulatory grill. But, for now, the bigger question is —

From The Editor’s Desk

: The EV ride-hailing startup has roped in Grant Thornton to conduct a forensic audit of its books. The advisory firm will examine BluSmart’s cash position and track the movement of funds.

: The marketplace arm of the ecommerce giant has secured INR 533 Cr from its Singapore-based parent entity. Earlier this month, Flipkart infused INR 3,248.9 Cr into its Indian marketplace entity via its Singapore holding company.

: The listed fintech company has announced the incorporation of a wholly owned NBFC, Mobikwik Financial Services Private Limited (MFSPL). However, the company has yet to apply for an NBFC licence.

: The fintech startup has secured INR 15 Cr from Muthoot FinCorp as part of its ongoing Series D2 round, which has now grown to INR 55 Cr. Besides, BankBazaar has inked a partnership with the NBFC to enter the gold loans business.

: The PharmEasy-owned diagnostics platform’s consolidated PAT zoomed 25.6% to INR 21.6 Cr Q4 FY25 from INR 17.2 Cr in the year-ago quarter. Consolidated operating revenue grew 21.3% YoY to INR 187.2 Cr during the quarter.

: Calling India a “very hard market” for Tesla, CFO Vaibhav Taneja said the country’s current tariff structure is a barrier to its entry into India. This has led Tesla to carefully evaluate the right timing to initiate its India entry, he added.

: The used car marketplace has acquired the homegrown automotive forum. The deal will aim to strengthen Team-BHP’s product, tech stack and AI capabilities. Team-BHP will continue to be operated independently by its founding team.

: Days after Medikabazaar fired founder and ex-CEO Vivek Tiwari from its board for alleged financial irregularities, much has emerged. Now, Tiwari has accused the company’s investors of orchestrating a plan to unlawfully sack him.

Inc42 Startup Spotlight Can Femisafe Scale In A Market Ruled By P&G & J&J?

The careless disposal of menstrual pads has long harmed the environment — something childhood friends Noureen Aysha and Naseef Nazar saw up close during the Covid-19 lockdown. Motivated to bring change, the duo founded Femisafe in 2020. Based in Kochi, Femisafe is a D2C startup focussed on eco-conscious menstrual care.

A Sustainable Alternative: Femisafe’s flagship product is a menstrual cup, which is a reusable and eco-friendly alternative to traditional menstrual pads. Femisafe also sells razors, aloe vera gels, acne patches, and other wellness items targeted at women.

A Growing Market Opportunity: Femisafe is eying to grab its share of the country’s growing personal and beauty care market, which is expected to be valued at more than $28 Bn by 2030.

While Femisafe faces stiff competition from P&G and Johnson & Johnson,

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