Monthly Archives: April 2021

News: Facebook introduces a new miniplayer that streams Spotify within the Facebook app

Facebook announced last week an expanded partnership with streaming music service Spotify that would bring a new way to listen to music or podcasts directly within Facebook’s app, which it called Project Boombox. Today, the companies are rolling out this integration via a new “miniplayer” experience that will allow Facebook users to stream from Spotify

Facebook announced last week an expanded partnership with streaming music service Spotify that would bring a new way to listen to music or podcasts directly within Facebook’s app, which it called Project Boombox. Today, the companies are rolling out this integration via a new “miniplayer” experience that will allow Facebook users to stream from Spotify through the Facebook app on iOS or Android. The feature will be available to both free Spotify users and Premium subscribers.

The miniplayer itself is an extension of the social sharing option already supported within Spotify’s app. Now, when Spotify users are listening to content they want to share to Facebook, they’ll be able to tap the existing “Share” menu (the three dot-menu at the upper right of the screen) and then tap either “Facebook” or “Facebook News Feed.”

When a user posts an individual track or podcast episode to Facebook through this sharing feature, the post will now display in a new miniplayer that allows other people who come across their post to also play the content as they continue to scroll, or reshare it. (Cue MySpace vibes!)

Spotify’s paid subscribers will be able to access full playback, the company says. Free users, meanwhile, will be able to hear the full shared track, not a clip . But afterwards, they’ll continue to listen to ad-supported content on Shuffle mode, just as they would in Spotify’s own app.

One important thing to note here about all this works is that the integration allows the music or podcast content to actually play from within the Spotify app. When a user presses play on the miniplayer, an app switch takes place so the user can log into Spotify. The miniplayer activates and controls the launch and playback in the Spotify app — which is how the playback is able continue even as the user scrolls on Facebook or if they minimize the Facebook app altogether.

This setup means users will need to have the Spotify mobile app installed on their phone and a Spotify account for the miniplayer to work. For first-time Spotify users, they’ll have to sign up for a free account in order to listen to the music shared via the miniplayer.

Spotify notes that it’s not possible to sign up for a paid account through the mini-player experience itself, so there’s no revenue share with Facebook on new subscriptions. (Users have to download the Spotify app and sign up for Paid accounts from there if they want to upgrade.)

The partnership allows Spotify to leverage Facebook’s reach to gain distribution and to drive both sign-ups and repeat usage of its app just as the Covid bump to subscriber growth may be wearing off. However, it’s still responsible for the royalties paid on streams, just as it was before, the company told TechCrunch, because its app is the one actually doing the streaming. It’s also fully in charge of the music catalog and audio ads that play alongside the content.

For Facebook, this deal means it now has a valuable tool to keep users spending time on its site — a metric that has been declining over the years, reports have indicated.

Spotify and Facebook have a long history of working together on music efforts. Facebook back in 2011 had been planning an update that would allow music subscription users to engage with music directly on Facebook, much like this. But those plans were later dialed back, possibly over music rights’ or technical issues. Spotify had also been one of the first media partners on Facebook’s ticker, which would show you in real-time what friends were up to on Facebook and other services. And Spotify had once offered Facebook Login as the default for its mobile app. Today, as it has for years, Spotify users on the desktop can see what their Facebook friends are streaming on its app, thanks to social networking integrations.

The timing for this renewed and extended partnership is interesting. Now, both Facebook and Spotify have a mutual enemy with Apple, whose privacy-focused changes are impacting Facebook’s ad business and whose investments in Apple Music and Podcasts are a threat to Spotify. As Facebook’s own music efforts in more recent years have shifted towards partnership efforts — like music video integrations enabled by music label agreements — it makes sense that it would turn to a partner like Spotify to power a new streaming feature that supports Facebook’s broader efforts around monetizable tools and services aimed at the creator economy.

The miniplayer feature had been tested in non-U.S. markets, Mexico and Thailand, ahead of its broader global launch today.

In addition to the U.S., the integration is fully rolling out to users in Argentina, Australia, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Indonesia, Israel, Japan, Malaysia, Mexico, New Zealand, Nicaragua, Panama, Paraguay, Peru, South Africa, Thailand, and Uruguay.

News: Thoma Bravo buys cybersecurity vendor Proofpoint for $12.3B in cash

Moree M&A activity underway in the red-hot field of cybersecurity. In the latest development, private equity giant Thoma Bravo is buying Proofpoint, the SaaS security vendor, for $12.3 billion in cash. Proofpoint is traded publicly on the Nasdaq exchange and as of its closing price on Friday, it had a market cap of $7.5 billion.

Moree M&A activity underway in the red-hot field of cybersecurity. In the latest development, private equity giant Thoma Bravo is buying Proofpoint, the SaaS security vendor, for $12.3 billion in cash.

Proofpoint is traded publicly on the Nasdaq exchange and as of its closing price on Friday, it had a market cap of $7.5 billion. This bid, which will see the company go private, is a big hike on its latest share price. The deal, if approved by shareholders, will close in Q3 of this year.

The news comes at the same time that Proofpoint had released its Q1 earnings, in which it reported revenues of $287.8 million, up 15% versus $249.8 million for the quarter a year ago — and also beating analysts’ expectations, which on average were expecting revenues of $281.6 million, according to Yahoo Finance data.

It also however reported a GAAP net loss of $45.3 million, working out to a loss per share of $0.79. That’s narrowed from a net loss of $66.8 million a year ago, but is still a net loss. Non-GAAP net income for the first quarter of 2021 was $31.5 million, or $0.49 per share, the company said.

The deal is coming in the wake of Proofpoint making a number of acquisitions over the years — its deals have included Cloudmark, Weblife, OberserveIT, and Meta Networks, all deals valued in the hundreds of millions of dollars — but also facing up against not only a growing pool of cybersecurity competitors, but also cyber threats — exacerbated in no small part by the huge shift the world has seen to cloud services, remote working and more transactions carried out online.

Proofpoint CEO Gary Steele said in a statement the acquisition to go private will allow the company to be “more agile with greater flexibility to continue investing in innovation, building on our leadership position and staying ahead of threat actors.”

More to come.

News: Detroit-based Signal Advisors raises $10m Series A led by General Catalyst

Signal Advisors is building a specialized financial platform for financial advisors, and the company is announcing it raised a $10 million Series A led by Brian Ru and Hemant Taneja at General Catalyst. This funding is on top of the $6 million seed round it raised in 2020 from Detroit Venture Partners, Ludlow Ventures, General

Signal Advisors is building a specialized financial platform for financial advisors, and the company is announcing it raised a $10 million Series A led by Brian Ru and Hemant Taneja at General Catalyst. This funding is on top of the $6 million seed round it raised in 2020 from Detroit Venture Partners, Ludlow Ventures, General Catalyst, and others.

In a released statement, new board member and managing partner at Michigan-based Annox Capital Robert Mylod, puts it well: “We’ve seen a lot of capital investment in technologies that promise to replace financial advisors. But the bigger opportunity, by far, is to build technology that empowers advisors.”

Signal was founded following CEO Patrick Kelly’s career as a financial advisor. In this capacity, he discovered the need for an end-to-end platform for financial advisors, specifically those independent and offering annuities and life insurance. Signal’s solution allows these advisors to bypass traditional distributors and simplify the sale of annuities. The company says its product can track commissions in real-time and advance payout ahead of carrier payments.

“We started with annuities because advisors simply don’t have great options for this technology today,” said Pat Kelly, Co-Founder and CEO of Signal Advisors, in a press release. “But that’s just the beginning. We want to provide independent financial advisors with an integrated platform. Whatever their needs, whatever their clients need, the technology and service can provide a seamless experience.”

News: Investors eat up Orbillion Bio’s plans for lab-grown wagyu beef, elk, and bison

Orbillion Bio’s plans to make high end meats in a lab have investors lining up for a seat at the company’s cap table. Mere weeks after launching from Y Combinator’s famous accelerator program, the Silicon Valley-based potential purveyor of premium lamb loins, elk steaks, bison burgers and more has managed to haul in $5 million

Orbillion Bio’s plans to make high end meats in a lab have investors lining up for a seat at the company’s cap table.

Mere weeks after launching from Y Combinator’s famous accelerator program, the Silicon Valley-based potential purveyor of premium lamb loins, elk steaks, bison burgers and more has managed to haul in $5 million in financing.

The company’s led by Patricia Bubner, Gabrial Levesque Tremblay, and Samet Yidrim, who between them have over thirty years working in bioprocessing and the biopharmaceuticals industry.

A little over a month ago, Orbillion held its first public tasting event where meats mixed with its elk, beef, and sheep were on offer straight from the petri dish to the table.

Investors in the $5 million round include: At One Ventures, which has also backed Finless Foods and Wild Earth; Metaplanet Holdings; the European investment firm k16 ventures; FoundersX Ventures, who are also investors in SpaceX; Prithi Ventures, which backed Mission Barns, Turtle Tree Labs; and angel investors including Jonghoon Lim, the CEO of Hanmi Pharmaceuticals; Kris Corzine; Ethan Perlstein, the CEO of Perlara, the first biotech PBC; and a well-known university endowment. 

“We were immediately struck by Orbillion’s focus on high-end, flavorful, hard-to-find meats like lamb, elk, wagyu beef, and bison, their strong science, business, and engineering backgrounds, and the fact that they are so focused on flavor that they literally have a Master Butcher on their advisory board,” said Ali Rohde, GP at Outset Capital, an early-stage venture fund run by Rohde along with repeat entrepreneurs Kanjun Qiu and Josh Albrecht. “Lab-grown meat is the future, and Orbillion Bio is already paving the way.” 

The company said it would use the cash to bring its first product, a Wagyu beef offering, to pilot production.

News: Mighty Networks raises $50M to build a creator economy for the masses

Mighty Networks, a platform designed to give creators and brands a dedicated place to start and grow communities, has closed on $50 million in a Series B funding round led by Owl Ventures. Ziff Capital Partners and LionTree Partners also participated in the financing, along with existing backers Intel Capital, Marie Forleo, Gretchen Rubin, Dan

Mighty Networks, a platform designed to give creators and brands a dedicated place to start and grow communities, has closed on $50 million in a Series B funding round led by Owl Ventures.

Ziff Capital Partners and LionTree Partners also participated in the financing, along with existing backers Intel Capital, Marie Forleo, Gretchen Rubin, Dan Rosensweig, Reid Hoffman, BBG Ventures and Lucas Venture Group. The investment brings Palo Alto-based Mighty Networks’ total raised since its 2017 inception to $67 million. 

Mighty Networks founder and CEO Gina Bianchini — who started the company with Tim Herby and Thomas Aaron — is no stranger to building nurturing environments for community building. Previously, she was the CEO and co-founder of Ning, where she led the company’s rapid growth to three million Ning Networks created and about 100 million users around the world in three years. 

With Mighty Networks, Bianchini’s goal is to build “a creator middle class” founded on community memberships, events and live online courses.  

“Basically we have a platform for people to create communities the way that they would create e-commerce stores,” she told TechCrunch. “So what Shopify has done for e-commerce, we’re doing for digital subscriptions and digital payments where the value is around a community that is mastering something interesting or important together, and not just content alone.”

The company’s flagship Business Plan product is aimed at new creators with the goal of giving them an easy way to get started with digital subscriptions, Bianchini said. Established brands, organizations and successful creators use the company’s Mighty Pro plan to get everything Mighty Networks offers on their own branded iOS, iPad and Android apps. 

Mighty Networks — which operates as a SaaS business — has seen impressive growth. In 2020, ARR climbed by “2.5x” while annual customer growth climbed by 200%. Customers are defined as paying creators who host their community, courses and events on their own Mighty Network. The company also saw a 400% annual growth in payments, or rather in subscriptions and payments where a creator or brand will sell a membership or an online course.

The pandemic was actually a boon to the business, as well as the fact that it launched live events last year.

“We were able to help many businesses quickly move online — from yoga studios to leadership speakers and consultants — and now that the world is coming back, they’ll be able to use the features that we’ve built into the platform from day one around finding members, events and groups near them, as well as making everything via not just the web but mobile apps,” Bianchini said.

One of the startup’s goals is to help people understand that they don’t need massive amounts of followers (such as 1 million followers on TikTok) to be successful creators. For example, a creator charging 30 people for a subscription that amounts to around $1,000 a year can still pull in $30,000 a year. So while it’s not huge, it’s certainly still substantial — hence the company’s intent to build a “creator middle class.”

Mighty Networks has more than 10,000 paying creators, brands and coaches today. Users include established creators and brands such as YouTube star Adriene Mishler, Xprize and Singularity University founder Peter Diamandis, author Luvvie Ajayi Jones, comedian Amanda Seales, Girlboss founder Sophia Amoruso and brands such as the TED conference and wellness scheduling platform MINDBODY.

“Content alone will kill the creator economy,” Bianchini said. “We can’t build a thriving creator movement on an exhausting, unfair dynamic where content creators rent audiences from big tech platforms, are required to produce a never-ending stream of content and get paid pennies for it, if they get paid at all. Creators need to own their own community on the internet, where members meet each other and get results and transformation.” 

Owl Ventures Managing Director Amit Patel said his firm was impressed by Mighty Networks before it even met the company.

“No company in this space has more loyal, passionate believers, and when we saw firsthand that creators could successfully build paid communities and online courses on a Mighty Network with as few as 30 members, we wanted to be a part of unlocking this creator middle class for a million more creators,” Patel said in a written statement.

The company plans to use its new capital on product development across media types, payment options and expansion into new markets. 

Earlier this month, Pico, a New York startup that helps online creators and media companies make money and manage their customer data, announced that it had launched an upgraded platform and raised $6.5 million in new funding. Essentially, the company is building what it considers to be an operating system for the creator market.

News: Insurgent UK broadband startup Cuckoo Internet raises $6M round led by RTP Global, with JamJar Investments

Cuckoo Internet, which is aiming to be an insurgent startup in the broadband provider space in the UK, has closed a $6 million investment round led by RTP Global, along with participation from JamJar Investments. It will also launch on price-comparison site uSwitch. RTP Global was an early backer of Yandex, Delivery Hero, and Datadog.

Cuckoo Internet, which is aiming to be an insurgent startup in the broadband provider space in the UK, has closed a $6 million investment round led by RTP Global, along with participation from JamJar Investments. It will also launch on price-comparison site uSwitch.

RTP Global was an early backer of Yandex, Delivery Hero, and Datadog. JamJar has backed Bulb, Deliveroo, Tails and Oatly. Other individual investors in the round included former executives of Monzo and Stripe,

Cuckoo’s pitch is that it has a simple broadband offering, suppling a single 67 Mb/s fibre deal on a monthly rolling contract with “no hidden fees” it says.

In a statement Alexander Fitzgerald, Founder and CEO at Cuckoo, said: “The broadband market is broken and consumers are being ripped off every day. The importance of fast, reliable and affordable broadband has come into sharper focus with millions of people working from home over the past year. We’re excited that this funding will enable us to help tens of thousands of people across the country make their broadband simple, for good.”

Gareth Jefferies, Partner at RTP Global, said: “Consumer broadband is one of the largest markets yet one of the most poorly served. Consumers are fatiguing of customer-hostile pricing practices, inflexible contracts and deliberately awful customer service, and just as we have seen in insurance, energy and banking, we will see a number of challenger providers come in to eat incumbents’ lunch with differentiated product packagings and a fresh respect for their customers.”

News: AI startup Faculty wins contract to predict future requirements for the UK’s NHS

Faculty, a VC-backed artificial intelligence start-up, has won a tender to work with the NHS to make better predictions about its future requirements for patients, based on data drawn from how it handled the COVID-19 pandemic. In December 2019, Faculty raised a $10.5M Series A funding round from UK-based VCs Local Globe, GMG Ventures, and,

Faculty, a VC-backed artificial intelligence start-up, has won a tender to work with the NHS to make better predictions about its future requirements for patients, based on data drawn from how it handled the COVID-19 pandemic.

In December 2019, Faculty raised a $10.5M Series A funding round from UK-based VCs Local Globe, GMG Ventures, and, Jaan Tallinn, one of Skype’s founding engineers, giving it a valuation of around $100 million.

Faculty will work with NHS England and NHS Improvement to build upon the Early Warning System (EWS) it developed for the service, during the pandemic. Based on Bayesian hierarchical modeling, Faculty says the EWS uses aggregate data (for example, COVID-19 positive case numbers, 111 calls, and mobility data) to warn hospitals about potential spikes in cases so they can divert staff, beds, and equipment needed. This learning will now be applied across the whole of the service, for issues other than the pure pandemic response, such as improving service delivery and patient care and predicting A&E demand and winter pressures.

Faculty also worked with NHSX as a partner for the NHS AI Lab, which developed the National Covid-19 Chest Imaging Database (NCCID).

Faculty has also reportedly worked with the UK Home Office to apply AI to its database of terrorists, as well as the BBC and easyJet.

I asked Richard Sargeant, COO of Faculty, if he thought Faculty was the ‘Palantir for the UK’ (Palantir has also worked with the NHS during the pandemic: “We are, I believe, a really effective and scalable AI company, not just for the UK but we’re working in the US and in Europe, Asia. I think we will continue to scale. We’re growing, and we’re going to grow because I believe that AI can make things better for the citizens, for customers. Palantir doesn’t really do AI, they do data engineering in a big way. And we’ve seen them be effective in the NHS. I think Faculty kind of stands on its own.”

He said that Faculty has a different role to Palantir: “Palantir has helped with the data pipelines, and they’re using their software to pull a lot of data together, but really they’re not a machine learning organization, their specialism is in gathering data together. Data across the NHS is rather an archipelago. It’s in hundreds of different places, and being able to gather together makes it much easier to do machine learning, both centrally and at a local level. One of the things that sets the early warning system apart is not just the use of machine learning, but the use of explainability to give clinicians and managers, some understanding of why the models are forecasting the results that they are, which is relatively cutting edge stuff, and that’s the stuff that Faculty specializes in that Palantir doesn’t.”

I asked him why Faculty had attracted VC when, typically, VCs invest in startups that have scalable products: “It’s a good question and it’s something that we often get asked. I see Faculty as a little bit different from your classic software as a service business, and from a consultancy. AI isn’t a ‘once and done’ product, and neither is it something that people create from scratch every time. But there are core components of what we do, that we can use again and again, but also the models themselves are always bespoke… it’s a combination of the bespoke, and the common, or generic together, that makeup Faculty, and that’s a bit different.”

Faculty is not a stranger to controversy over its government contracts. Last year it was revealed that a a UK cabinet minister owned £90,000 of shares in Faculty, when it was awarded a £2.3m contract from NHSX to help run the NHS Covid-19 Data Store.

News: China’s e-commerce giant JD.com starts paying some staff in digital yuan

China’s plan to introduce its digital currency is getting a lot of help from its tech conglomerates. JD.com, a major Chinese online retailer that competes with Alibaba, said Monday that it has started paying some staff in digital yuan, the virtual version of the country’s physical currency. China has been busy experimenting with digital currency

China’s plan to introduce its digital currency is getting a lot of help from its tech conglomerates. JD.com, a major Chinese online retailer that competes with Alibaba, said Monday that it has started paying some staff in digital yuan, the virtual version of the country’s physical currency.

China has been busy experimenting with digital currency over the past few months. In October, Shenzhen, a southern city known for its progressive economic policies, doled out 10 million yuan worth of digital currency to 500,000 residents, who could then use the money to shop at certain online and offline retailers.

Several other large Chinese cities have followed Shenzhen’s suit. The residents in these regions has to apply through selected banks to start receiving and paying by digital yuan.

The electronic yuan initiative is a collective effort involving China’s regulators, commercial banks and technology solution providers. At first glance, the scheme still mimics how physical yuan is circulating at the moment; under the direction of the central bank, the six major commercial banks in China, including ICBC, distribute the digital yuan to smaller banks and a web of tech solution providers, who could help bring more use cases to the new electronic money.

For example, JD.com partnered up with the Industrial and Commercial Bank of China (ICBC) to deposit the digital income. The online retailer has become one of the first organizations in China to pay wages in electronic yuan; in August, some government workers in the eastern city of Suzhou also began getting paid in the digital money.

Across the board, China’s major tech companies have actively participated in the buildout of the digital yuan ecosystem, which will help the central government better track money flows.

Aside from JD.com, video streaming platform Bilibili, on-demand services provider Meituan and ride-hailing app Didi have also begun accepting digital yuan for user purchases. Gaming and social networking giant Tencent became one of the “digital yuan operators” and will take part in the design, R&D and operational work of the electronic money. Jack Ma’s Ant Group, which is undergoing a major overhaul following a stalled IPO, has also joined hands with the central bank to work on building out the infrastructure to move money digitally. Huawei, the telecom equipment titan, debutted a wallet on one of its smartphone models that allows users to spend digital yuan instantaneously even if the device is offline.

News: India’s LEAD School raises $30 million to reach more students

An Indian startup that is helping digitize and transform affordable private schools to better serve students from middle and low-income groups of families said on Monday it has raised $30 million in a new financing round as it looks to scale its efforts in the world’s second most populous nation. GSV Ventures and WestBridge led

An Indian startup that is helping digitize and transform affordable private schools to better serve students from middle and low-income groups of families said on Monday it has raised $30 million in a new financing round as it looks to scale its efforts in the world’s second most populous nation.

GSV Ventures and WestBridge led the Series D financing round of the Indian startup, which has raised over $69 million to date.

LEAD School, founded by couple Sumeet Mehta and Smita Deorah in 2012, has developed an integrated system to help K-12 schools with the curriculum they teach, how they teach them, secure books and other resources, and better evaluate the learning outcome.

The startup began its journey by setting up its own schools in rural areas in India to identify the challenges that students and teachers faced. A key insight it found was that students struggled with english and needed years-worth of learning to be able to just fully understand any other subject, most of which were taught in english.

“We were always data centric. We measured our performance based on student data. How well our classes looked was not a criteria for success,” said Deorah in an interview with TechCrunch.

“Schools and educators have always known how to measure learning outcome. It’s not new and fairly researched. Whether that’s the core of what you are gunning for, or if it is the scale that you are going after is an organizational choice.”

And that bet is paying off. Even an average student in a LEAD School-powered institution today has over 75% mastery on all subjects and attains over 1.5-year of English learning, said Deorah. “This is not a small cohort data,” she added. (Even since the pandemic, the figure has only changed to 70%.)

Over the years, LEAD School has started to work with affordable private schools. Deorah said the startup’s original mission statement — to work with schools to empower students from low-income families — remains intact even as it scales and that its strategy to partner with schools has helped it serve more students.

Amid the global pandemic, which prompted New Delhi to shut schools last year, LEAD School’s offering has proven even more useful to schools. The startup, which today caters to over 2,000 schools and 800,000 students, grew by 3X last year, it said.

“LEAD School is rapidly emerging as a paradigm for transforming K-12 education. Based in India and partnered with affordable school owners (a segment that is larger than the entire US K-12 system), LEAD serves over 800,000 students today,” said Deborah Quazzo, Managing Partner at GSV Ventures, in a statement.

“LEAD has experienced tremendous growth because of its consistent delivery of high academic outcomes to students and high ‘return on education’ to teachers, school owners and parents. GSV is honored to be investing in an organization that is changing the life trajectory of so many students.”

The startup plans to deploy the fresh capital to strike more partnerships and reach 25,000 schools in the next five years.

India is home to over 250 million students. In recent years, scores of startups have started to explore ways to provide high-class and more affordable education to fractions of these students.

“Globally, GSV is known as a specialised edtech fund that backs innovation oriented education companies. We hope to benefit from their deep insights and leverage their network to bring more innovation to our students in India. WestBridge has been a great partner and their continued support shows their faith in the difference we are making to our schools and students,” said LEAD School’s Mehta in a statement.

This is a developing story. More to follow…

News: Alleged records of 20 million BigBasket users published online

An alleged database of about 20 million BigBasket users has leaked on a well-known cybercrime forum, months after the Indian grocery delivery startup confirmed it had faced a data breach. The database includes users’ email address, phone number, address, scrambled password, date of birth, and scores of interactions they had with the service. TechCrunch confirmed

An alleged database of about 20 million BigBasket users has leaked on a well-known cybercrime forum, months after the Indian grocery delivery startup confirmed it had faced a data breach.

The database includes users’ email address, phone number, address, scrambled password, date of birth, and scores of interactions they had with the service. TechCrunch confirmed details of some customers listed in the database — including those of the author.

BigBasket co-founders did not respond to texts requesting comment.

Infamous threat actor “ShinyHunters” just leaked the database of “BigBasket, a famous Indian 🇮🇳 online grocery delivery service. (@bigbasket_com)

20,000,000+ clients affected and information such as emails, names, hashed passwords, birthdates and phone numbers were leaked. pic.twitter.com/tD5TMxNkH7

— Alon Gal (Under the Breach) (@UnderTheBreach) April 25, 2021

The startup confirmed in November last year that it had suffered a data breach after reports emerged that hackers had siphoned off information of 20 million customers from the platform.

TechCrunch has asked one BigBasket co-founder whether the startup ever disclosed the data breach to customers.

A hacker who goes by the name ShinyHunters published the alleged BigBasket database — and made it available for anyone to download — on a popular cybercrime forum over the weekend. In newer posts on the forum, several threat actors claimed that they had decoded the hashed passwords and were selling it. ShinyHunters didn’t immediately respond to a text requesting comment.

The incident comes weeks after Indian conglomerate Tata Group agreed to acquire BigBasket, valuing the Indian startup at over $1.8 billion. The acquisition proposal is currently awaiting approval by the Indian regulator.

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