Elon Musk offers to buy Twitter🛒, Flipkart invests $116 million💰, WhatsApp to raise UPI user base📱
Elon Musk has offered to buy Twitter for $43 billion, Myntra gets $116 Mn investment from Flipkart, WhatsApp to raise UPI user base to 100 million, Funding Deals & more.
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Elon Musk offers to buy Twitter for $43 billion🛍
Elon Musk has offered to buy 100% of Twitter in an updated filing with the Securities and Exchange Commission on Thursday. The billionaire is offering $54.20 per share in cash, or $43 billion.
"Since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company," Musk said in a letter to Twitter Chairman Bret Taylor.
In a note to the chairman of the board Bret Taylor, Musk wrote, “I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder. Twitter has extraordinary potential. I will unlock it."
Flipkart invests $116 million in fashion retailer Myntra💵
After investing close to $700 million in Flipkart's marketplace and new healthcare vertical, the Indian e-commerce company's Singapore entity has invested $116 million in fashion retailer Myntra.
The new investment comes as Myntra is facing new challenges, with Reliance's Ajio emerging as a significant second player in the market. Beauty retailer Nykaa is also venturing into fashion, which Myntra has dominated for over a decade
“The fashion category is a tough business and it requires significant investments in emerging technologies like artificial intelligence, metaverse and virtual reality,” said Ashutosh Sharma, vice-president and research director at Forrester.
Myntra reported consolidated revenue of INR 2,466.6 Cr in the financial year ending March 31, 2021, which was about a 45% rise as compared to the total earning of INR 1,718.5 Cr posted in FY20.
Bike taxi startup Rapido raises $177.5 Mn funding led by foodtech giant Swiggy.
Travel and expense (T&E) management software-as-a-service (Saas) platform Itilite has raised $29 million in a funding round led by New York-based Tiger Global and Dharana Capital, with participation from existing investors Matrix Partners India and Tenacity Ventures.
Ethereum Push Notification Service (EPNS) has raised $10.1 million (approximately Rs 76 crore) in a token round, with an average valuation of $131 million.
Fintech startup Hubble has raised $3.5 million as a part of its seed funding round led by Sequoia Capital India, the company said in a statement on Thursday.
WhatsApp gets NPCI approval to onboard 100 Mn users on UPI📲
The National Payments Corporation of India (NPCI) has allowed messaging platform WhatsApp to increase its user limit for digital payments through UPI (Unified Payments Interface) to 100 million.
In November 2021, WhatsApp was allowed by NPCI to expand its registered user base to 40 million in UPI from 20 million users a year ago. Till then, only 10 million users were allowed to use the digital payments feature.
In March, WhatsApp processed 2.54 million transactions, worth ₹239.78 crores. While PhonePe has processed 2.5 billion transactions, Google Pay was used for 1.8 billion payment transactions, showing data from NPCI.
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