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ShareChat valued at $2.1 billion in $502 million fundraise

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ShareChat said on Thursday it has raised a new financing round that values it at over $2 billion, joining four other local startups in attaining the unicorn status this week.

The Indian social network said it has raised $502 million in a new financing round — Series E — led by Tiger Global that valued ShareChat at $2.1 billion, up from about $650 million last year. Snap and existing investor Twitter also participated in the round, said ShareChat, which has raised about $765 million to date.

The startup began engaging with investors for the new financing round about 10 months ago, and explored a full buy out deal with Twitter, which didn’t materialize, TechCrunch reported earlier.

ShareChat, which claims to have over 160 million users, offers its social network app in 15 Indian languages and has a large following in small Indian cities and towns, or what venture capitalist Sajith Pai of Blume Ventures refer as “India 2.” Very few players in the Indian startup ecosystem have a reach to this segment of this population, which thanks to users from even smaller towns and villages — called “India 3” — getting online has expanded in recent years.

Last year, the Bangalore-based startup launched Moj, a short-form video app that it says has already amassed over 80 million monthly active users to fill the void left after New Delhi banned TikTok, which counted India as its biggest international market prior to being blocked. Snap inked a deal with ShareChat to integrate its Camera Kit into the Indian short-video app earlier this year. (Thursday’s deal is Snap’s first investment in an Indian startup.)

Moj competes with a handful of players including Times Internet’s MX TakaTak, which currently leads the market with over 100 million monthly active users.

This is a developing story. More to follow…

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Echelon exposed riders’ account data, thanks to a leaky API

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Image Credits: Echelon (stock image)

Peloton wasn’t the only at-home workout giant exposing private account data. Rival exercise giant Echelon also had a leaky API that let virtually anyone access riders’ account information.

Fitness technology company Echelon, like Peloton, offers a range of workout hardware — bikes, rowers, and a treadmill — as a cheaper alternative for members to exercise at home. Its app also lets members join virtual classes without the need for workout equipment.

But Jan Masters, a security researcher at Pen Test Partners, found that Echelon’s API allowed him to access the account data — including name, city, age, sex, phone number, weight, birthday, and workout statistics and history — of any other member in a live or pre-recorded class. The API also disclosed some information about members’ workout equipment, such as its serial number.

Masters, if you recall, found a similar bug with Peloton’s API, which let him make unauthenticated requests and pull private user account data directly from Peloton’s servers without the server ever checking to make sure he (or anyone else) was allowed to request it.

Echelon’s API allows its members’ devices and apps to talk with Echelon’s servers over the internet. The API was supposed to check if the member’s device was authorized to pull user data by checking for an authorization token. But Masters said the token wasn’t needed to request data.

Masters also found another bug that allowed members to pull data on any other member because of weak access controls on the API. Masters said this bug made it easy to enumerate user account IDs and scrape account data from Echelon’s servers. Facebook, LinkedIn, Peloton and Clubhouse have all fallen victim to scraping attacks that abuse access to APIs to pull in data about users on their platforms.

Ken Munro, founder of Pen Test Partners, disclosed the vulnerabilities to Echelon on January 20 in a Twitter direct message, since the company doesn’t have a public-facing vulnerability disclosure process (which it says is now “under review”). But the researchers did not hear back during the 90 days after the report was submitted, the standard amount of time security researchers give companies to fix flaws before their details are made public.

TechCrunch asked Echelon for comment, and was told that the security flaws identified by Masters — which he wrote up in a blog post — were fixed in January.

“We hired an outside service to perform a penetration test of systems and identify vulnerabilities. We have taken appropriate actions to correct these, most of which were implemented by January 21, 2021. However, Echelon’s position is that the User ID is not PII [personally identifiable information,” said Chris Martin, Echelon’s chief information security officer, in an email.

Echelon did not name the outside security company but said while the company said it keeps detailed logs, it did not say if it had found any evidence of malicious exploitation.

But Munro disputed the company’s claim of when it fixed the vulnerabilities, and provided TechCrunch with evidence that one of the vulnerabilities was not fixed until at least mid-April, and another vulnerability could still be exploited as recently as this week.

When asked for clarity, Echelon did not address the discrepancies. “[The security flaws] have been remediated,” Martin reiterated.

Echelon also confirmed it fixed a bug that allowed users under the age of 13 to sign up. Many companies block access to children under the age of 13 to avoid complying with the Children’s Online Privacy Protection Act, or COPPA, a U.S. law that puts strict rules on what data companies can collect on children. TechCrunch was able to create an Echelon account this week with an age less than 13, despite the page saying: “Minimum age of use is 13 years old.”

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Casualties Mount As Violence Intensifies Between Hamas, Israel

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Israel has called up more troops and launched its heaviest assault yet along the Gaza border. Seven people in Israel have been killed. Losses are much higher on the Palestinian side.

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Palestinian Perspective: What The Conflict With Israel Looks Like From Gaza

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NPR’s Steve Inskeep talks to Omar Shaban, founder of a Gaza-based think tank, and Palestinian lawyer Diana Buttu, about how this cycle of Palestinian-Israeli violence plays out in their neighborhoods.

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