Prime Video to start ads for IND v NZ🏏; Lenskart revenue jumps 66%👓; Sequoia Capital x FTX📉
Prime Video to start ads for IND v NZ🏏; Lenskart revenue jumps 66%👓; Sequoia Capital x FTX📉
Prime Video ropes in sponsors-advertisers, Lenskart revenue jumps 66%, Sequoia Capital writes down its entire investment in FTX, Funding Deals and more.
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Prime Video ropes in sponsors, advertisers for the India-NZ series🏏
Prime Video India is set to introduce advertising for the first time since its launch in the country in 2016 as a subscription video-on-demand (SVOD) platform.
The advertisements, however, will be limited to the India-New Zealand cricket series, for which the OTT service has exclusive streaming rights for the subcontinent.
Prime Video has signed Airtel Xstream Fiber as the presenting sponsor and MPL, Nescafé, Noise, OLX Autos, and Vida as associate sponsors. The company is in the final leg of negotiations to sign one more co-presenting sponsor, confirmed Chaitanya Divan, Head of Sports, Prime Video, India.
Prime Video has started investing in live sports globally, in addition to its catalogue of entertainment content including movies and original content. It has rights to NFL Thursday Night Football in the US, and the English Premier League in the UK, among others.
Lenskart revenue jumps 66%, records net loss of Rs 102.3 Cr in FY22👓
Omnichannel eyewear retailer Lenskart has recorded a net loss of Rs 102.3 crore in FY22 as compared to a net profit of about Rs29 crore in FY21, as per filing sourced from Tofler.
The eyewear brand also reported a nearly 66% year-on-year jump in its revenue from operations to Rs 1502.7 crore. The total expenses rose 72.8% to about Rs 1,726 crore in FY22 as the company incurred about 71.9% higher costs on advertising and promotion at about Rs 234.6 crore, the filing showed.
Meanwhile, its employee benefit expenses also surged about 53% in the year ended March 2022, at Rs 245 crore.
Hot Shorts⚡
Amagi, a New York company that provides the infrastructure to deliver streaming video content and ads, has raised more than $100 million in funding – including $80 million in primary capital – from private equity firm General Atlantic.
Tech-enabled financial services startup InPrime has raised $1.45 million in a seed funding round led by InfoEdge Ventures, Titan Capital, Kettleborough VC and other marquee investors.
Zerodha Co-founder and CEO Nithin Kamath-led fintech fund and incubator Rainmatter has invested $500,000 in home appliances startup Up.
Sequoia Capital writes down its entire investment in FTX📉
Venture capital firm Sequoia Capital has written down the total value of its holdings in cryptocurrency firm FTX.
"We are marking down our investment to $0," the firm said in a note to the limited partners. The write-down includes holdings of both FTX.com and FTX US. FTX is the latest cryptocurrency company this year to come under financial pressure.
Sequoia had invested $214 M in FTX.com and FTX US via Global Growth Fund III and SCGE Fund in 2021. Sequoia Capital said the loss is offset by $7.5 billion in unrealized gains in Global Growth Fund III. The firm has clarified that the investment in FTX via SCGE Fund represents less than one percent of the portfolio.
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