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Facebook To Be Fined A Fortune Over Cambridge Analytica Scandal!

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In 2017, the UK Information Commissioner’s Office (ICO) launched an inquiry into voters’ data being obtained and used by political campaigns. This was following the Observer’s early investigative reports, into Cambridge Analytica, the political research firm. Facebook and Cambridge Analytica have been under scrutiny, for harvesting the data of millions of Facebook users around the globe, with the total number of people affected now at 87 million. The social media giant Facebook will be fined $ 664,000 for failing to protect users’ information by the UK’s privacy watchdog. While a fine of $ 664,000 is the biggest possible punishment available to the ICO, it is the same amount of money Facebook makes in just a few minutes. At the time of the infraction, the law on processing data was set out under the Data Protection Act of 1998, which imposed a maximum penalty of £ 500,00. However, Under the new Data Protection Act 2018, companies can be fined up to 4 % of global turnover, a substantially more serious penalty. In Facebook’s case, a fine could be as high as $ 1.9 bn, based on its revenue.

Elizabeth Denham, the Information Commissioner said she would penalize the social network platform as her office investigates how the data of millions of users was improperly accessed. Earlier, the CEO of Facebook Mark Zuckerberg was questioned by the U.S., and the EU lawmakers over how Cambridge Analytica accessed the personal data of such a huge number of Facebook users. During the EU referendum, Facebook was found to be at fault for failing to be clear about how the information had been harvested by others. According to reports, Denham said Facebook has failed to provide the kinds of protections they’re required to do under data protection laws.

However, the penalty could change as the agency would discuss the matter further with Facebook. Generally, the ICO does not reveal its initial investigations but this time, it shared the details of the amount of the penalty because of the hyped public interest toward the scandal. Also, the agency would next give an update in October, this year.

Erin Egan, Facebook’s Chief Privacy Officer, acknowledged in a statement Facebook should have done more to investigate claims about Cambridge Analytica and take action in 2015. Apart from this, the UK privacy watchdogs said the fallout from Facebook’s Cambridge Analytica scandal is only the beginning. The UK’s early efforts could inform ongoing investigations elsewhere in Europe as well as the United States, where a probe by the Federal Trade Commission could result in a penalty well into the hundreds of billions of dollars. The FBI and the Securities and Exchange Commission are also looking into Facebook’s ties to Cambridge Analytica.

 

 

 

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Piyush Anchliya Joins Cashfree Payments as CFO Amid Expansion in India’s Fintech Sector

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Cashfree Payments has appointed Piyush Anchliya as its new Chief Financial Officer (CFO), effective April 15, 2025. Anchliya brings over 15 years of experience in investment banking, corporate finance, strategy, and mergers and acquisitions, with senior roles at Barclays, Bandhan Group, and most recently as CFO of Bandhan AMC. He holds an MBA from IIM Ahmedabad and a B.Tech. from IIT Kharagpur.

In his new role, Anchliya will lead Cashfree’s financial strategy, optimize operations, and support the company’s next growth phase. He will report to CEO and Co-founder Akash Sinha, who highlighted Anchliya’s expertise as vital for sustainable scaling and strengthening the company’s financial foundation. Anchliya succeeds outgoing CFO Vikas Guru, who will assist during the transition.

Founded in 2015, Cashfree Payments processes over $80 billion annually for more than 800,000 businesses. The company recently raised $53 million in funding led by KRAFTON and Apis Growth Fund II and secured key RBI licenses, positioning it for accelerated growth in India’s fintech sector. Anchliya’s appointment comes at a pivotal time as Cashfree aims to expand its leadership in digital payments.

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Flipkart’s Jeyandran Venugopal Likely to Join Reliance Retail as CEO

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Jeyandran Venugopal, the outgoing Chief Product and Technology Officer of Flipkart, is set to become the CEO of Reliance Retail Ventures (RRV), the retail arm of Reliance Industries. His appointment, expected to be finalized in May after his exit from Flipkart, signals Reliance’s push to strengthen its retail business with a technology-first approach.

Venugopal brings extensive experience from leading roles at Flipkart, Myntra, Yahoo, Snapdeal, and Amazon, where he focused on scaling technology platforms and driving innovation. At Flipkart, he managed product, engineering, data science, and more, helping build robust systems and improve user experience.

His move comes as Reliance Retail undergoes transformation, including cost-cutting and a renewed focus on digital growth. Venugopal’s leadership is expected to accelerate Reliance’s ambitions in omnichannel and tech-driven retail, positioning the company for continued dominance in India’s evolving market.

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Delhivery’s Acquisition of Ecom Express: A Major Consolidation in Indian Logistics

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Delhivery, one of India’s leading logistics companies, has announced its acquisition of Ecom Express in an all-cash deal valued at ₹1,407 crore. This strategic move marks one of the largest consolidations in the logistics sector and is expected to enhance Delhivery’s scale, profitability, and operational efficiency.

Background

Ecom Express, founded in 2012 and headquartered in Gurugram, has faced significant financial challenges recently. The company canceled its IPO plans in 2024 and laid off hundreds of employees due to operational setbacks, including losing a major client, Meesho, which shifted to its in-house logistics service Valmo. These struggles led to a distressed sale, with private equity investors like Warburg Pincus and Partners Group exiting their stakes entirely.

Strategic Benefits for Delhivery

  1. Enhanced Scale: The acquisition will strengthen Delhivery’s network reach and infrastructure, enabling better service delivery across India.
  2. Operational Synergies: Combining operations with Ecom Express will improve efficiency and reduce costs through economies of scale.
  3. Competitive Edge: With Ecom Express as a subsidiary, Delhivery solidifies its leadership position in the logistics space by offering broader coverage and faster services.

Challenges Addressed

The acquisition mitigates risks from Ecom Express’ financial struggles while addressing past disputes between the two companies over inflated shipment volumes reported by Ecom Express during IPO filings.

Future Outlook

The deal is expected to close within six months after regulatory approval from the Competition Commission of India (CCI). Post-acquisition, Ecom Express will operate as a subsidiary of Delhivery, unlocking new growth opportunities such as advanced logistics technology integration and expanded customer reach.

With ₹5,488 crore in cash reserves as of September 2024, Delhivery is well-positioned to finance this acquisition without compromising financial stability. This move underscores Delhivery’s commitment to innovation and efficiency in India’s rapidly evolving logistics landscape.

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