ByteDance has told a Mumbai court that freeze on its bank accounts by authorities in a probe of alleged tax evasion is harassment of the internet company and was done illegally, reported news agency Reuters. The Income Tax department in March ordered HSBC and Citibank to freeze bank accounts of ByteDance India as they are probing a few of the financial dealings. Chinese internet firm has challenged the freeze on bank accounts in a local court.
One MobiKwik is planning an IPO before Sept to raise $200– $250 mn, at a valuation of around $ 1 bn. The digital payment startup is planning to process its first draft IPO prospectus by May in Mumbai. The Gurgaon-based firm also plans to have pre-IPO funding round at a valuation of about $700 mn. Founded in 2009, the company has received investment from Sequoia Capital and Bajaj Finance among others.
Japanese technology firm NTT said it would invest about $2B over the next 4 years to expand its data entre business in India. NTT’s Global Data Centre division launched a new data centre in Mumbai, expanding its capacity in the country by 30%. The Mumbai 7 Data Centre has 375K sqft of co-location space and will offer 5K racks and over 30MW of load capacity. The company will also invest the funds in new solar power projects in India.
Mumbai – because of infra – and Chennai – because of low development costs and submarine cable landing stations – will have highest data centre capacity addition by 2025. Following in, Hyderabad’s data centre capacity will grow from 32MW in H1 2020 to 130MW in 2025 due to various state-backed incentives provided for the same. Data protection laws, inclination towards colo data centres and rise of new techs will drive sustained investment in data centres.
Mumbai recorded maximum number (2,527) of cybercrime cases in 2019, after Bengaluru (10,555). Experts believe that the number should be much more than 2.5K but out of 50 complaints filed by the victims only 2 are converted into FIRs. The state-wise data labels Maharashtra to be at the 3rd place with 4,967 cases in 2019, preceded by UP with 11,416 cases and Karnataka with 12,020 cases. The Maharashtra cyber cell is constantly cyber awareness in the state.
Mumbai accounted for 19MW of the 27MW data centre capacity added in H1 2020 – highest in Jan-Jun quarter. Overall capacity grew 8% to 375MW. Cable landing stations, assured power supply and incentives given by the Maharashtra govt were the prime reasons that favoured Mumbai for data centre capacity addition. The state will, reportedly, add 360MW of data centres by 2025, growing overall installed capacity to 1,078 MW, leading to an investment of $4.9B.
Security vulnerability of Chinese micro-lending app Moneed has exposed personal details of 350 mn Indians including names, phone numbers etc. The data was leaked from the company’s server in China, though they claim to have a server in Mumbai. The leaked data also included information about the handset, the apps installed, IP addresses suggesting that the app accessed user’s data in an extremely invasive way. The company claims that the vulnerability has been now fixed.
Quick Heal’s Annual Threat Report 2020 labels India to be the most lucrative target for cybercriminals with New Delhi, Mumbai, Bengaluru, Kolkata, Pune being the hard-hit cities. It detected, blocked over 1B cyberthreats in 2019 with 2.9M daily detections. Maharashtra (38M) and Delhi-NCR (25M) are the most-targeted regions followed by West Bengal, Gujarat, Karnataka. IoT based devices like smart TVs, Phones etc are highly exploited to steal and hence sell data.