FakeOFF aims to raise $500,000 through crowd-funding

Israel-based start-up FakeOFF, which launched an app for detecting fake profiles on Facebook, is looking at raising USD 500,000 (about Rs 3.19 crore) through crowd-funding to expand its presence in India and US.
The company claims to have done a pilot with over 120,000 users, primarily in India, and is now eyeing five million users in the next one year.
"We are looking at raising funds using crowd-investing platform 'ExitValley'. The current seed fund raising is for everyone who have the necessary funds and what to hold shares in the company (limited to 30 investors)," FakeOff creator Eliran Shachar said.

India was and always will be one of FakeOFF's leading areas of activities as India has more fake accounts than any other country in the world, he added.
FakeOFF is looking at raising USD 250,000 for 10.20 per cent of equity, followed by an additional USD 250,000 for 8.31 per cent over the next two months.
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LIC raises stake in Axis Bank by 0.15pc at Rs 194 crore * LIC has raised its stake in private sector lender Axis Bank by 0.15 per cent to 12.39 per cent through open market transactions valued at Rs 193.5 crore.

The state-run life insurer has acquired 3,510,505 shares in open market transactions, Axis Bank said in a filing on BSE today.
Axis Bank shares closed 1.62 per cent higher at Rs 551.15 apiece on BSE today.
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Flipkart sells over 30 million books in seven years * Online marketplace Flipkart, that started out selling books, has sold over 30 million books through its platform in seven years, the company said today.
"Flipkart started with books seven years ago with the dream of enabling readers and readership across India. Having sold over 30 million books via our platform, we have made that dream come true," Ankit Nagori, senior vice president, marketplace, Flipkart said.