Shiprocket acquires Pickrr🎁, Coinbase to cut 1100 jobs🙅🏻♂️, Krafton's $100 Mn+ fund🎮
Shiprocket takes majority stake in Pickrr, Coinbase to cut 1100 jobs amid turmoil, Krafton lines up $100m+ for tech startups, Funding Deals and more.
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Shiprocket takes majority stake in Pickrr in a $200 mn deal🎁
Logistics aggregator Shiprocket said it has acquired a majority stake in rival Pickrr through a cash-and-stock deal valuing it at around $200 million, triggering a significant consolidation in the industry at a time large third-party logistics companies are at loggerheads with aggregators.
Zomato and Temasek-backed Shiprocket is also in the final stages of closing its acquisition of the India business of smaller rival Shyplite.
While Shiprocket has acquired around 80% in Pickrr already, the deal is for a 100% stake purchase which will be completed in the next coming months.
As part of the transaction, Pickrr founders — Gaurav Mangla, Ankit Kaushik and Rhitiman Majumder — are getting shares in Shiprocket, while its financial investors are taking a cash exit.
Coinbase to cut 1100 jobs amid turmoil in crypto markets🙅🏻♂️
Cryptocurrency exchange Coinbase Global Inc said on Tuesday it would slash 18% of its workforce, or about 1,100 jobs, as part of efforts to rein in costs amid volatile market conditions.
The layoffs come a day after Bitcoin fell as much as 14% after major U.S. cryptocurrency lending company Celsius Network froze withdrawals and transfers, in the latest sign of the financial market downturn hitting the cryptosphere.
Coinbase last month reported a 35% slump in total revenue to $1.17 billion for the three months ended March 31, missing analyst expectations and weighing on investor sentiment.
Microsavings platform Siply has raised $19 million from Qi Ventures, LetsVenture and a couple of angel investors.
SaaS buying platform Spendflo raised $4.4 million in a seed round from Accel India and founder-focused venture partner Together Fund.
Sequoia Spark’s crypto startup Nume has raised $2 million from Sequoia Capital India, Beenext and a few other investors.
Newtrace, a cleantech startup has raised a pre-seed round of $1 million from Speciale Invest and Micelio Fund to build the next generation of electrolyzers for making affordable green hydrogen a reality.
➡️ Check out our LinkedIn space for more on the funding deals.
PUBG maker Krafton lines up $100m+ for Indian tech startups🎮
South Korean game developer Krafton Inc, which has created the popular multiplayer battle royale game PlayersUnknown Battlegrounds (PUBG), plans to invest $100 million or more this year in Indian startups.
Krafton launched Battlegrounds Mobile India (BGMI), which is similar to PUBG, last year. Since the launch, BGMI has hit 100 million registered users.
Krafton has become an active investor in media, gaming, and entertainment startups. In the last year, it has deployed $100 million across seven startups, including Pratilipi, Nodwin Gaming, and Kuku FM.
International markets (outside South Korea) drove 95% of its first-quarter revenue this year. BGMI has sustained an uptrend of market share and sales in India.
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