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Category: Start-up (page 1 of 23)

Abu Dhabi’s ADQ may invest $500 mn in India’s Flipkart: Reports

ADQ, the sovereign wealth fund of Abu Dhabi, is in talks to invest $500 mn in India’s e-commerce platform Flipkart. The fundraising, according to insiders, will happen ahead of the Walmart-owned platform’s mega IPO in 2022. Flipkart is looking to raise at least $3 bn from SoftBank Group, Singapore’s GIC, and Canada Pension Plan Investment Board and may decide to raise as much as $3.75 bn due to strong investors demand, according to the news reports.

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Tata Digital makes the second major transaction as it buys majority stake in 1mg

Tata digital announced that it will be buying a majority stake in e-pharma startup 1mg, as it intends to build its super app. The Tata group-owned company, recently, has bought BigBasket and made an investment in Curefit. The financial details of the deal were not disclosed. The buying of a stake in 1mg will increase Tata digital’s reach as the e-pharma startup has a supply chain of over 20,000 pin codes and works with three advanced labs.

Tata Digital invests $75 mn in Curefit, Mukesh Bansal joins as president

Tata Digital, a Tata Group subsidiary, will invest $75 mn in Curefit. The fitness startup co-founder Mukesh Bansal will be appointed as a President, Tata Digital and will lead the company he started. Curefit is the third major startup investment by the Tata group, having an interest in salt-to-software, as it builds its digital portfolio. Curefit was last valued at around $800 mn, before the beginning of the pandemic last year, when Singapore’s Temasek had picked up a stake in it.

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Amazon, Google, Visa eyeing stake in India’s neo-banking start-up ‘Open’

Amazon, Google, and Visa, separately, are trying to acquire a stake in Bengaluru-based neo-banking startup Open. Open’s valuation, post-deal, will multiple three times to hit $600-700 mn. Open’s growth, in the last 18 months, has jumped ten times. The start-up offers business banking, payments, and expense management services to over a million SMEes. It is, at present, valued at $100-$120 mn and claims to have processed $24 bn in transactions annually.

Wipro to acquire a minority stake in Squadcast for $1.2mn

Indian IT service provider Wipro has invested $1.2 mn in Squadcast. In this new venture, Wipro will provide IT incident response and site reliability engineering services to the startup. Wipro will be getting a minority stake of less than 20% in Squadcast and the deal is expected to be completed before 30th June. Squadcast provides services to help enterprises keep services in function. It claims to increase the IT incident recovery speed by four times.

Pharmeasy acquires Medlife to build India’s largest online pharmacy

Pharmeasy has acquired Medlife to become the largest online pharmacy store in India serving over 2 mn customers per month. Medlife’s shareholders got a 19.59% stake in Pharmeasy parent API holdings, gauged at $240mn. Prosus Ventures was seen investing $350mn along with US equity firm TPG Growth also invested into API holdings, taking the valuation of API holding’s at $1.5bn making it India’s first online pharmacy to become a unicorn.

upGrad acquires Impartus, to invest Rs 150 cr in buyout, growth

upGrad has acquired video-enabled solutions provider Impartus and has committed Rs 150 cr funds for the buyout and growth. Impartus will be rebranded as ‘upGrad Campus’ and have B2C and B2B verticals, as it aims to close FY22 with Rs 85 cr of revenue. Founders Amit Mahensaria, Alok Choudhary and Manish Kumar will run the business independently. Impartus has 280 higher education institutes, 50,000 teachers, and 6 lakh learners on board.

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Clubhouse to launch android app globally within a week

The US-based audio-based social media app Clubhouse announced the global launch of the Android app within a week. The beta-testing of the app started earlier this month with a lot of features to be worked on like accessibility, language support, etc. The app, estimated at a market valuation of $4bn, faces competition from Facebook, Linkedin, Twitter who have similar offerings or announced plans for the same. The startup said it is working to bring iOS features to the android version.

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B2B etailer Moglix become latest start-up to join unicorn club

Moglix became the 13th start-up from India to get unicorn status in 2021. In a $120 mn fundraiser, six-year-old Moglix has been valued at $1bn. Moglix, founded by IIT Kanpur and ISB alumnus Rahul Garg, caters to 500,000 SMEes. It has 3000+ manufacturing plants across India, UAE, Singapore, and the UK. With a network of 16,000+ suppliers and 35+ warehouses and 500,000+ SKUs, it claims to be the largest e-com platform of industrial goods in India.

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