Amid the ongoing scandal regarding Facebook’s part in the US 2016 elections, the social media giant has found itself in the middle of yet another controversy. A New York Times report brought to light how a voter profiling company, Cambridge Analytica, harvested more than 50 million Facebook profiles of American voters without their permission. This report resulted in not just harsh criticism from lawmakers in the United States and Britain, but users as well, sparking the #DeleteFacebook movement.
According to the report, Cambridge Analytica secured a $15 million investment to develop a tool that could identify the personalities of American voters and influence their behavior. Although these profiles were obtained without the consent of the users, the millions of Facebook profiles do not constitute a data breach as nobody hacked into Facebook. The data, surprisingly, was obtained legally because the business model of Facebook is predicated on mining the personal details of its two billion users.
A former employee at Cambridge Analytica, Christopher Wylie, who helped the company obtain user data said the company was built on harvesting user data. “We exploited Facebook to harvest millions of people’s profiles. And built models to exploit what we knew about them and target their inner demons,” he added. The data allowed Cambridge Analytica to exploit the social media activity of the American electorate and help the Trump campaign target advertisements.
Wylie reached out to Aleksandr Kogan, a Russian-American who developed a personality prediction app called “thisisyourdigitallife.” Kogan told Facebook that he was collecting the data for academic purposes. It should be noted that Facebook has the right to collect user information for research and other purposes as stated in their terms and conditions. Kogan’s app compiled personal information from people based on what they liked on Facebook. As per a report by The Guardian, Kogan, through his company Global Science Research, paid 270,000 people to download the app and take a personality test. Using the test, Cambridge Analytica was able to compile information not only from the users who took the test but from their friend’s profiles as well.
The problem lies in the fact that Facebook was aware that Cambridge Analytica had user data and they asked the company to delete it. While Cambridge Analytica and Kogan seemed to comply, the social networking company never followed up or confirmed the deletion of the data. Until last week, Facebook also allowed the voter profiling company to operate on its site.
The fallout from the scandal resulted in users walking away from the social networking site. Various celebrities also took to Twitter to express their views, including Jim Carrey, who tweeted Zuckerberg’s quote from 2004.
In addition to Cambridge Analytica’s involvement with the US 2016 election, the company has also been a part of the Brexit referendum and US Senator Ted Cruz’s primary run in 2016.
Finally, following days of silence, the Chief Executive Officer of Facebook, Mark Zuckerberg responded to the criticism via a Facebook post. Apologizing for the mistake, Zuckerberg said, “We have a responsibility to protect your data, and if we can’t then we don’t deserve to serve you.”
Whistleblower Wylie was suspended from Facebook and Instagram following the controversy.
Facebook along with Cambridge Analytica is facing several lawsuits in Britain and United States of America. The Attorney General of Massachusetts, Maura Healey’s office will also be opening an investigation into the matter. Senator Mark Warner of Virginia and Representative Adam Schiff of California, the Congressional Democrats leading inquiries into Russian interference in the 2016 election have also called for investigations of the Facebook data leak.
Cult.fit, the Bengaluru-based fitness and wellness platform backed by Zomato, has finalized five top investment banks—Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial—to manage its highly anticipated Initial Public Offering (IPO). The company aims to raise ₹2,500 crore through this offering, which is expected to value Cult.fit at nearly $2 billion.
Company Growth and Business Model
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit has grown into a diversified health and wellness ecosystem. The company operates over 500 gyms across India and has expanded into multiple segments:
Cultsport: Direct-to-consumer fitness apparel and equipment (30% revenue contribution).
Eat.fit: Healthy meal delivery service (24.5% of revenue).
Mind.fit: Yoga and mental wellness services.
Care.fit: Healthcare clinics and diagnostics.
In FY24, Cult.fit reported an operating revenue of ₹927 crore, a 33.6% jump from ₹694 crore in FY23. Despite this growth, the company recorded a loss of ₹535 crore.
IPO Details
The IPO marks a significant milestone for Cult.fit, which was last valued at $1.56 billion during Zomato’s $100 million investment in 2021. With strong backing from investors like Accel Partners, Tata Digital, Temasek, Kalaari Capital, and Chiratae Ventures, the upcoming IPO is set to further strengthen its position in the Indian fitness industry.
Strategic Importance
Cult.fit’s move to go public reflects its ambition to scale operations and attract institutional investors globally. Its diversified business model positions the company as a leader in India’s growing fitness market. Analysts are closely watching this IPO as one of the most anticipated offerings of 2025.
Dozee, an Indian healthtech startup focused on remote patient monitoring, has raised $8 million in its latest funding round to boost its global expansion. This significant investment will help the company enhance its presence in both domestic and international markets.
Funding Overview
The funding attracted a mix of existing and new investors, including Prime Venture Partners, 3one4 Capital, and the State Bank of India. The capital will primarily be used to expand Dozee’s reach to hospitals worldwide and strengthen its research and development efforts. CEO Mudit Dandwate highlighted the funding’s role in improving critical care facilities globally while promoting Indian-made products.
Innovative Solutions
Dozee is recognized for its Contactless Vital Signs Measurement System, which allows healthcare providers to monitor patients’ vital signs without direct contact. This technology has been implemented in over 380 hospitals across India, significantly reducing the workload on nursing staff and saving valuable time.
The company’s AI-powered Early Warning System (EWS) can predict patient deterioration up to 16 hours in advance, enabling timely medical interventions that could save lives.
Global Expansion Plans
Dozee aims to tap into over 2,000 hospitals across more than 100 districts in India within the next two years as part of its expansion strategy. The company is also looking to enter new international markets while adapting its technology to meet various regulatory standards.
With this funding, Dozee is set to make substantial progress in the healthtech sector, aligning with global trends towards more efficient healthcare solutions and positioning itself as a leader in remote patient monitoring.
Zepto, the Bengaluru-based quick commerce startup, is preparing for its initial public offering (IPO) by facilitating a secondary share sale worth up to $250 million. This strategic move aims to increase Indian investor ownership from approximately 33% to nearly 50% before the anticipated public listing later this year or early next year.
Funding and Investor Details
The secondary sale will involve private equity firms, including Motilal Oswal Financial Services and Edelweiss Financial Services, allowing existing investors and employees to liquidate their shares. Although Zepto will not raise additional capital through this transaction, it is expected to execute the sale at a valuation of just over $5 billion, consistent with its last funding round in November 2024.
Objectives Behind the Sale
The primary goal of this secondary share sale is to enhance domestic ownership in Zepto, aligning with regulatory preferences and making the IPO more attractive to local institutional investors. Co-founders Aadit Palicha and Kaivalya Vohra currently hold about 20% of the company, and increasing Indian shareholder stakes is seen as a way to strengthen governance and influence over the company’s future direction.
Market Context
Zepto operates in India’s competitive grocery delivery market, facing challenges from established players like Amazon India, Swiggy, Zomato, and BigBasket. Founded in 2021 by Palicha and Vohra after they dropped out of Stanford University, Zepto has quickly gained traction in the quick commerce sector.
Conclusion
As Zepto approaches its IPO, this secondary share sale represents a crucial step in solidifying its position in the Indian market. By boosting domestic investor participation, Zepto aims to enhance its credibility and appeal as it prepares for a public listing amidst a wave of Indian startups entering the stock market.
