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Facebook: All The Scandals Of The Past Year

Smruthi Kishore

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Facebook All Scandals Of Past Year,Facebook Data Leaks,Startup Stories,Technology News 2018,Startup News India,Facebook Scandals Past Year,Cambridge Analytica,Facebook Data Breach,Facebook Internal Struggles,Facebook Data Leaks Breach,Facebook CEO Mark Zuckerberg,Largest Online Social Media Platform

Facebook, in recent days, has been embroiled in scandal after scandal. On Wednesday, it was revealed that the initial numbers exposed by the Facebook data leaks were far higher than the 50 million declared by the social media platform. In fact, the numbers are closer to 87 million, a good 30 million more than the declared figures! However, with Zuckerberg’s confessions in front of the Congress, the other scandals Facebook has been going through has been brought to light.

1. Cambridge Analytica 

Cambridge Analytica, the political analysis firm, acquired the data of millions of Facebook users via an app created by a Professor at Cambridge. The data breach was considered a massive violation of information and was also linked to the 2016 Trump Presidential Elections. According to recently revealed reports, the analytics firm had used the revealed information to get an idea of the voters way ahead of the elections. The revelations sparked a massive reaction from the Senators in Washington. This, in turn, led to the #DeleteFacebook moment, with Zuckerberg being summoned to testify against the issue. After a long and omminous silence, he came forward and clarified all the questions posed by the members. The issue is still going on, without a clear idea on the resolve.

2. Retaining deleted videos of the users

One of Facebook’s responses to the Cambridge Analytica incident was to allow users to download their data archive on the social network in order for users to fully understand what information Facebook stores. This move inadvertently trigged more outcry when users discovered that videos recorded on the platform they had thought they had deleted were still present in Facebook’s archives. Facebook in turn, apologized and called the retention an unintentional “bug.” But the error will likely do little to reassure the public in the wake of a much larger ongoing scandal.

3. Facebook’s internal struggles 

When the entire date leaks breach happened, Andrew Bosworth, the Vice President of Facebook, said the growth of Facebook as a company was far more important than the breach of certain individual’s privacy. This sparked off a huge controversy, with Bosworth going on record to clarify that he didn’t mean what he said.

4. The Russian Meddling 

One of the dominant scandals of the 2016 Trump Presidential elections was the fact that Facebook had allowed the Russians to spread their political propaganda on the social networking site. Facebook had admitted last year that fake Russian accounts had been purchased for more than $ 100,000 in ads. Facebook was additionally implicated in its role of distributing misinformation, also known as “fake news,” from phony news sites, more often than not targeted at Hillary Clinton during the campaign, but rampant on both sides nonetheless.

5. Photo and link scan over messenger 

One of the other privacy infringements which came to light during the data leaks breach was the fact that Facebook scans images and links sent via messenger. According to the company policy, the policy is followed to make sure the content used is as per Facebook standards. While the practice may seem standard, users took offence to the policy as they felt it was an impeachment to their privacy rights. Facebook has said it is looking into the issue and will get it fixed as soon as possible.

With Mark Zuckerberg coming forward and saying he will address everyone’s concerns with what is perhaps the largest online social media platform, the issue looks to be resolved soon.

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Yatra Online Keen On Raising 9 Mn Shares Worth $ 50 Mn

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Yatra Online Raising,Startup Stories,Startup News India,Inspiring Stories,Latest Business News 2018,Yatra Online Plans to Raise 9 Mn Shares,Yatra Online Shares,Yatra Online Latest Business News,Largest Online Travel Agent Yatra,Yatra Online CEO

Yatra Online which is one of the leading online travel companies of India announced its plans to launch a public offering of ordinary shares. The company revealed its plans to sell an enormous nine million ordinary shares of the company as it is keen on raising an estimated $ 50 million (Rs. 332.6 crores,) specifically for its business development. All the ordinary shares would be sold in the offering by Yatra. Ordinary shares are basically the shares in a company that are owned by people who have a right to vote in the company’s meetings. The shareholders receive a part of the company’s profits after the holders of preference shares have been paid. In addition, Yatra expects to grant the underwriters a 30 day option for the purchase of its ordinary shares. In a statement filed with the US Securities and Exchange Commission (SEC,) the Nasdaq listed Online Travel Agency (OTA) said it plans to use the earnings from the public market sale of shares toward general corporate and business purposes.

The announcement comes a month after Yatra filed a shelf registration statement with the US Securities and Exchange Commission, stating its target to raise $ 100 million over a span of three years . Last year, the company had filed an offer for sale of shares in order to raise $ 60 million.

The CFO of Yatra.com Alok Vaish said this is a universal shelf or an enabling filing which allows us to raise funds up to $100 mn, if required, over a period of next 3 years. The security could be equity, debt, preferred shares etc. However, currently, we are well funded and this filing will enable us to raise more funds at the right time to increase our capital base further.

At present, Yatra.com is the second largest online travel agent company in India. Based in Gurugram, India, Yatra is a one stop shop for all travel related services. It provides information, pricing, availability and booking facility for domestic and international air travel, domestic and international hotel bookings, packages, buses, trains and many more. Yatra Online is currently aligned with more than 70,000 hotels in India. Alongside, Yatra holds nearly 800,000 hotels across the globe. This famous OTA is backed by IDG Ventures, Vertex Venture Management, Norwest Venture Partners among other investors.

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After Swiggy, Zomato Is In Talks For $ 400 Mn Funding!

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Swiggy and Zomato Talks For $ 400 Mn Funding,Startup Stories,Startup News India,Latest Business News 2018,Startup Funding News,Swiggy Funding,Zomato Funding News,Swiggy Vs Zomato,Food Tech Startup Funding,Food Tech War,Food Delivery Startup Swiggy Latest News

Swiggy, the food tech startup’s recent fundraising has caught everybody’s attention! The online food delivery startup Swiggy secured a massive $ 210 million from the South African technology conglomerate Naspers and the Yuri Milner led DST Global. Just a day after the announcement was made Zomato, its competitor started making news for the right reasons! Zomato is likely to raise $ 400 million in funding. According to reports,the Indian restaurant search and food delivery service Zomato, is in talks with its current investors, Ant Financial and Temasek, for a valuation of around $ 2 billion. It is also said that the company is in talks with the Alibaba Group for the existing funding round that could value Zomato between $ 1.6-$ 2 billion. Alongside, food services and facilities management company Sodexo, has partnered with the online restaurant discovery platform, Zomato to facilitate payments for orders. As a part of the launch, consumers who pay for their meals using the Sodexo Meal Pass will get a flat 50 % off on the first five orders from Zomato. It is also gearing up and trying to expand as much as possible in order to improve its competitiveness with regard to Swiggy. Earlier this month, Zomato also announced its expansion in Ludhiana and Lucknow after servicing a spread out across 17 cities in India. The delivery app has partnered with more than 1000 restaurants across Lucknow and Ludhiana, ranging from the city’s favourite, legendary restaurants to the coolest of the cafes in town!

Zomato, valued at $ 1 billion, has operations in countries overseas including the United States, Britain and Australia. So far it raised $ 225 million from investors including Temasek, Sequoia and Info Edge. Whereas, Swiggy is valued at $ 1.3 billion which makes the startup now among the unicorn club. These two rivals are combating to become the number one food tech company in India.

The war between the food tech startups is only getting intense by the day.

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Myntra Launches Its Own Wearable Platform

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The online fashion platform Myntra which is owned by the e commerce giant Flipkart, recently launched its software platform specifically for wearable devices. The wearable platform is called Myntra Wearable Platform which is developed by Myntra’s innovation labs unit. This online platform will offer its own line of wearable products as well as those developed by third party device makers. Just two months ago, Myntra acquired the Bengaluru based smart wearables startup, Witworks. Looks like the launch of the latest wearable platform was on Myntra’s cards already!

According to reports, the Chief Technology Officer of Myntra, Jeyandran Venugopal said,

The intent behind this platform is to not only allow our wearable products to co exist and leverage each other’s data to provide meaningful insights but also enable external developers to build apps or device manufacturers to integrate their own offerings to the platform

The platform would also allow wearable devices that could discover and talk to each other.

Myntra Blink Go Fitness Tracker, Myntra’s first smart wearable device.

The smart wearable device Blink Go, features a colour organic light emitting diode (OLED) display, heart rate sensor and activity tracker as well. The device tracks notifications, alerts and sleep patterns. Blink Go comprises of a sports mode to track specific exercise and workout routines. Other specifications include a battery life for more than three days, activity tracker and leaderboard to compete with friends across the world. This smart wearable device would be available for the latest versions of Android and iOS devices.

Blink Go would go on sale on 22 June during the Myntra’s End of Reason Sale. The product is priced at Rs. 1,679.

Venugopal added we are looking at building a line of wearable products that can complement with each other in an integrated manner. We are planning to bring in smart features through a combination of varied sensors and connectivity modules for audio wear, footwear, eyewear and apparels and are looking at acquiring 10 to 20 % of the wearables market over the next three years.

With technology reaching new heights, Myntra is aspiring to enter into the tech platform with its innovative products!

 

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