Viacom18's streaming super app🎞️; Bumble Bee Flights raises $37 Mn🚁; Paytm's Rs 850 Cr buyback📊
Viacom18 to bring digital platforms under a super app, Bumble Bee Flights raises $37 Mn, Paytm announces Rs 850-Cr share buyback, Funding Deals and more.
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Viacom18 explores aggregating digital platforms under a super app🎞️
Viacom18, the entertainment network jointly owned by Reliance Industries and Viacom, is exploring bringing various digital streaming platforms under one super app. This includes existing platforms like JioCinema, VOOT, VOOT Select and VOOT Kids.
For starters, all the sports properties with Viacom18 have been brought on JioCinema, an app that has seen its downloads soar on the back of the football world cup being streamed on the platform for free. It is not yet known whether the IPL will also be housed on JioCinema, though experts believe that the football world cup telecast may have been a practice run of sorts.
They added that Viacom18 may also look at acquiring small niche apps to provide as much variety on the super app as possible. The FIFA 2022 World Cup broadcast rights were bought by the Viacom18 network last year for an estimated Rs 450 crore.
Earlier this year, Viacom18 bagged the digital rights for the Indian Premier League (IPL) at Rs 50 crore per match, amounting to Rs 20,500 crore for the five-year tenure.
Air mobility startup Bumble Bee Flights raises $37 million in funding🚁
Air mobility solutions startup Bumble Bee Flights has raised $37 million (Rs 300 crore) from UK-based SRAM & MRAM Technologies and Resources to set up a self-driven air taxi assembly plant in Odisha.
Founded by Arjun Das early this year, the Bengaluru-based startup plans to launch the first human-carrying prototype by April next year, the firm said in a statement. It will manufacture certified air taxis under the Bee Flights brand and be available for production by 2024.
According to a Morgan Stanley report, the global urban air mobility market is projected to grow 30% annually between 2021 and 2040, reaching $1.5 trillion by 2040.
Nutritionalab Pvt. Ltd brand Wellbeing Nutrition, a direct-to-consumer company, has raised $10 million, or around ₹85 crores, in a Series B round led by Hindustan Unilever Ltd. (HUL) and Fireside Ventures.
Virtual spiritual platform VAMA.app has raised $500K as a top-up to its seed round, the startup has closed its seed round at $1.25 Million. In March, the startup raised $750K Huddle & 7Square Ventures. Kunal Shah, founder, CRED, Varun Alagh among others.
Virtual reality edtech startup iXRLabs has secured $800,000 in seed funding led by an angel investor from the infrastructure development industry.
ThingsUp, a low-code platform that helps businesses build and deploy IoT applications in a short duration of time, has raised $600K in a seed round from Silverneedle Ventures, Udyat Ventures, Lead Angels, and GSF.
Zoivane Pets, a Gujarat-based pet training and grooming brand have raised Rs 5 crore in a seed round led by GVFL, Ahmedabad.
Paytm announces Rs 850-Crore share buyback📊
The board of One97 Communications Paytm’s parent firm, announced a share buyback worth up to Rs 850 crore ($103.06 million) on Tuesday evening to shore up its collapsing stock price.
The company said it will buy back shares at a maximum price of Rs 810 each via the open market route. This is about 50% higher than Paytm’s closing price of Rs 539.50 on Tuesday. Paytm said in a filing it expects to complete the buyback within six months.
One 97 Communications’ stock price has battered in the public markets ever since the company went public last November. The company raised Rs 18,300 crore through its initial public offering (IPO) at an issue price of Rs 2,150 a share. Shares of One 97 closed 2.16% higher at Rs 539.50 on BSE on Tuesday.
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