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Ant Group to raise $34.5 billion in world's biggest IPO
short by Pragya Swastik / on 26 Oct 2020,Monday
Chinese fintech company Ant Group, an affiliate company of billionaire Jack Ma-led Alibaba Group, is set to raise $34.5 billion in its IPO in the coming weeks. It'll be the world's largest IPO, surpassing Saudi Aramco's IPO where the oil company raised over $29 billion. Ant Group shares have been listed on stock exchanges in Hong Kong and Shanghai.
short by Pragya Swastik / 06:10 pm on 26 Oct
Delhi-based software engineer Bhavye Sharma claimed he received a fake iPhone 11 Pro during a sale on an e-commerce website. He shared a YouTube video and wrote, "I got this Chinese knock-off iPhone 11 Pro that runs Android and has replicated almost all...iOS apps." "Sorry for the experience...One of our specialists will get in touch...Request your patience," the website replied.
short by Daisy Mowke / 02:21 pm on 24 Oct
Amazon refused to appear before Parliamentary panel on Oct 28: Lekhi
short by Nandini Sinha / on 23 Oct 2020,Friday
Amazon has refused to appear before the Joint Parliamentary Committee on the Data Protection Bill on October 28, PTI quoted panel chairperson and BJP MP Meenakshi Lekhi as saying. "If no one on behalf of the e-commerce company appears before the panel it amounts to breach of privilege," she said. The panel has summoned officials of Twitter on October 28.
short by Nandini Sinha / 02:56 pm on 23 Oct
Amazon received interim relief as Kishore Biyani-led Future Group was told not to proceed with Mukesh Ambani's Reliance Retail deal for now by Singapore-based arbitration panel, ET Now reported. In August, Reliance Retail announced it'll buy Future Group's retail, wholesale & logistics business for ₹24,713 crore. Amazon accused Future Group of breaching non-compete clause in Future Coupons pact.
short by Pragya Swastik / 09:25 pm on 25 Oct
WeWork's Co-founder Adam Neumann met Starbucks' former CEO Howard Schultz in early 2018 to discuss WeWork's growth plans, a new book 'Billion Dollar Loser' has claimed. Neumann, who was WeWork's CEO at the time, was advised by Schultz to stop growing WeWork so rapidly. Neumann rejected the advice in front of WeWork employees by saying "F*** that", the book claimed.
short by Pragya Swastik / 07:08 pm on 25 Oct
Will acquire Future Group without any delay: Reliance Retail
short by Rishabh Bhatnagar / on 26 Oct 2020,Monday
Reliance Retail issued a statement saying it will acquire Future Group "without any delay" after a Singapore arbitrator asked to put a hold on the deal, ruling in favour of Amazon. The Mukesh Ambani-led venture said it entered the deal "under proper legal advice and the rights and obligations are fully enforceable under Indian Law."
short by Rishabh Bhatnagar / 09:59 am on 26 Oct
Don't want to be an astronaut on Earth: Mahindra on air purifying face shield
short by Krishna Veera Vanamali / on 24 Oct 2020,Saturday
Reacting to a video about VYZR Technologies' anti-fog helmet with a built-in hospital-grade air-purifying device, businessman Anand Mahindra tweeted, "No, no, no...I don’t want to be an astronaut on my own planet!" The Canadian startup has raised over $750,000 in May on the crowdfunding site Indiegogo and has sold more than 50,000 units of protective gear, called BioVYZR, worldwide.
short by Krishna Veera Vanamali / 04:29 pm on 24 Oct
RBI bars payment firms from issuing new proprietary QR codes
short by Hiral Goyal / on 23 Oct 2020,Friday
Under the new guidelines issued by the Reserve Bank of India, it has barred payment system operators from issuing new proprietary Quick Response (QR) codes for payment transactions. It has also asked them to switch to at least one interoperable QR code by March 31, 2022. The measures are aimed at providing better user convenience due to interoperability, RBI said.
short by Hiral Goyal / 03:37 pm on 23 Oct
Google, Temasek to invest $350 mn in Indonesia's Tokopedia: Report
short by Hiral Goyal / on 26 Oct 2020,Monday
Google and Temasek Holdings will invest around $350 million in Indonesia's largest e-commerce firm Tokopedia, sources told Bloomberg. Tokopedia's initial goal had been to raise between $500 million to $1 billion, Bloomberg reported, adding that it may still look for more investors. Founded in 2009, Tokopedia has previously received funding from SoftBank Group and Alibaba Group.
short by Hiral Goyal / 06:40 pm on 26 Oct
Amazon has issued a statement saying the company's inability to appear before the Joint Parliamentary Committee (JPC) may have been misconstrued and led to a misunderstanding. "We have utmost respect and regard for the important work being done by the JPC," Amazon added. BJP MP Meenakshi Lekhi earlier said that coercive action could be taken if Amazon failed to appear.
short by Hiral Goyal / 10:04 pm on 23 Oct
TikTok's parent company ByteDance is in preliminary talks internally and with investment banks to list its short video app Douyin in Hong Kong, Reuters reported. The video-sharing app Douyin is the Chinese equivalent of TikTok, since the latter is not available in China. Earlier, ByteDance had reportedly considered the possibility of listing its Chinese business in Hong Kong or Shanghai.
short by Hiral Goyal / 03:53 pm on 26 Oct
Downey Jr-backed French startup to build world's largest insect farm
short by Hiral Goyal / on 24 Oct 2020,Saturday
Robert Downey Jr-backed French startup Ynsect is building the world's largest insect farm that will produce 1,00,000 tonne of insect products annually. The 40-metre-tall plant, spread over 40,000 square metres, will also be the world's "first carbon-negative vertical farm", CEO and Co-founder Antoine Hubert said. The farm is due to open in early 2022.
short by Hiral Goyal / 08:18 pm on 24 Oct
E-comm made business cheaper, easier for startups: Marico's Harsh Mariwala
short by Rishabh Bhatnagar / on 26 Oct 2020,Monday
Harsh Mariwala, Founder and Chairman of Marico, which owns Saffola and Parachute, said the emergence of digital marketing and e-commerce has made business easier for startups. He said firms can now prototype its products easily and use cheaper modes of marketing. "We have seen a whole host of new entrepreneurs entering the market," he added.
short by Rishabh Bhatnagar / 01:30 pm on 26 Oct
Tesla is recalling around 30,000 imported Model S and Model X vehicles in China due to suspension problems. The State Administration for Market Regulation (SAMR) in China said there are two different suspension defects, with some recalled vehicles potentially having both of them. The recall will not affect vehicles produced in the Shanghai facility which started operating earlier this year.
short by Hiral Goyal / 10:40 pm on 23 Oct
Majority of talent doesn't come from metros, but small towns: Zoho CEO
short by Rishabh Bhatnagar / on 26 Oct 2020,Monday
Zoho's billionaire CEO and Founder Sridhar Vembu, who recently moved to a Tamil Nadu village, said in an interview with YourStory, "If you go to Chennai, Mumbai, Pune, you'll realise that majority of the talent pool...does not come from there...[but] small towns and rural areas." He said tech has to be taken to rural doorsteps to help them build it.
short by Rishabh Bhatnagar / 02:24 pm on 26 Oct
B2B marketplace Jumbotail raises $10.5 mn from JumboFund, Heron Rock
short by Hiral Goyal / on 24 Oct 2020,Saturday
Online B2B marketplace for grocery and food, Jumbotail, has raised $10.5 million in a funding round led by US-based JumboFund1 and Canada's Heron Rock AL Access Funds. Nexus Ventures, Science, Engineering and the Environment, LLC (SEE), and e Analytics Partners India also participated in the round. The Bengaluru-based startup was founded in 2015 by S Karthik Venkateswaran and Ashish Jhina.
short by Hiral Goyal / 06:32 pm on 24 Oct
Tech Mahindra to buy stake worth $3 mn in US startup VitalTech
short by Rishabh Bhatnagar / on 25 Oct 2020,Sunday
Pune-based IT major Tech Mahindra said its US subsidiary will buy a minority 6.03% stake worth $3 million in US-based VitalTech. "The transaction will strengthen Tech Mahindra's existing healthcare IT services business and help its healthcare customers in their digital transformation journey," said Tech Mahindra. The Texas-based startup provides digital health and telemedicine platforms.
short by Rishabh Bhatnagar / 04:37 pm on 25 Oct
The Supreme Court has dismissed a plea submitted by the Competition Commission of India (CCI) seeking the removal of stay order imposed by the Karnataka High Court on its probe against Amazon and Flipkart over alleged anti-competitive practices. It has sent the issue back to the Karnataka High Court, asking it to take a decision within six weeks, CNBC-TV18 reported.
short by Hiral Goyal / 10:39 pm on 26 Oct
Fintech startup CredAble raises ₹18 cr from V'Ocean, others
short by Rishabh Bhatnagar / on 25 Oct 2020,Sunday
Mumbai-based fintech startup CredAble has raised ₹18.14 crore led by V'Ocean Investments. Around 18 individuals also took part in the round. Founded by Nirav Choksi and Ram Kewalramani, CredAble helps enterprises provide working capital access for its vendors and suppliers. The startup last raised around ₹100 crore in 2018 for its Series A round.
short by Rishabh Bhatnagar / 10:43 am on 25 Oct
Ant to raise $17 bn in Shanghai leg of likely world's largest IPO: Report
short by Rishabh Bhatnagar / on 25 Oct 2020,Sunday
China's Ant Group may raise up to $17.3 billion in the Shanghai leg of potentially the world's largest initial public offering (IPO) at $35 billion. Bids in the range of 68-69 yuan (around ₹750) per share have been submitted, reported Reuters. Ant Group and Alibaba's Jack Ma said the price for the largest IPO in history had been set.
short by Rishabh Bhatnagar / 09:28 am on 25 Oct
BSE, ICCI sign MoU to help SMEs, startups list on the exchange
short by Rishabh Bhatnagar / on 25 Oct 2020,Sunday
BSE, formerly known as Bombay Stock Exchange and Inventivepreneur Chamber of Commerce and Industries (ICCI) on Saturday signed an MoU to support small and medium enterprises (SMEs) and startups list on the exchange. ICCI will help these enterprises with evaluations, industry connections and acceleration funds among others. It will also sensitise the investor network about listed SMEs and startups.
short by Rishabh Bhatnagar / 10:30 am on 25 Oct
SpaceX launches 60 satellites under 15th Starlink mission
short by Hiral Goyal / on 24 Oct 2020,Saturday
Elon Musk-led SpaceX launched 60 more satellites on Saturday under its 15th Starlink mission. A Falcon 9 first stage booster was used for the launch which was successfully recovered with a landing on SpaceX's "Just Read the Instructions" droneship, stationed in the Atlantic Ocean. SpaceX had launched 60 Starlink satellites each on October 6 and October 18 as well.
short by Hiral Goyal / 11:17 pm on 24 Oct
Ant Group's IPO pricing 'largest in human history': Jack Ma
short by Hiral Goyal / on 24 Oct 2020,Saturday
Alibaba Co-founder Jack Ma said Ant Group's IPO pricing has been determined and it's the "largest in human history", without disclosing the price. "It’s the first time that the pricing of such a big listing...has been determined outside New York City," Ma added. Ant could raise $35 billion in dual listing, surpassing Saudi Aramco's $29.4 billion record, reports said.
short by Hiral Goyal / 06:19 pm on 24 Oct
Uber's drivers in California, US have filed a lawsuit alleging the company is unlawfully coercing them to vote for and support the ballot measure Proposition 22. "This case is about Uber trampling the political freedom of its drivers," an attorney who filed the lawsuit said. Meanwhile, Uber has threatened to leave the California state and reduce its driver base.
short by Hiral Goyal / 06:34 pm on 23 Oct
Virtual events platform Hubilo has raised $4.5 million funding in a seed round led by Lightspeed Venture Partners. Angel investors such as ex-LinkedIn India CEO Nishant Rao, Freshworks CEO Girish Mathrubootham and SlideShare Co-founder Jonathan Boutelle also participated in the round. Founded in 2015 as an event management software, the startup pivoted to a virtual platform in February this year.
short by Hiral Goyal / 11:20 pm on 26 Oct
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