Jio to take over Rel Infratel🗼; PhysicsWallah acquires iNeuron👩🏻💻; Google bets on strong ad revenue💪🏻
Jio to take over Reliance Infratel, PhysicsWallah acquires iNeuron, Google bets on strong ad revenue, Funding Deals and more.
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Jio deposits ₹3,720 Cr to take over Reliance Infratel🗼
Reliance Jio Infocomm Ltd has deposited ₹3,720 crores into an escrow account as part of the process to acquire the assets of Reliance Infratel Ltd, the tower and fibre business of bankrupt Reliance Communications Ltd, under an insolvency process.
The largest Indian wireless operator has deposited the amount in a State Bank of India escrow account as of Thursday.
With this, Jio will have completed the acquisition of Reliance Communications’ tower and fibre assets housed under Reliance Infratel.
The assets include more than 43,500 towers and over 170,000 km of fibre network.
PhysicsWallah acquires iNeuron👩🏻💻
V Westbridge Capital-backed edtech unicorn PhysicsWallah Pvt. Ltd (PW), on Thursday, acquired iNeuron Intelligence Pvt. Ltd to expand its offerings in the upskilling category.
The deal is valued at around ₹250 crores and will provide an exit to investors including publishing house S Chand & Co.
The iNeuron team will drive the company’s tech skilling plan under PW Skills, said Alakh Pandey, cofounder, and chief executive, PhysicsWallah.
PhysicsWallah offers upskilling courses under the PW Skills brand, which includes business analytics programmes and computer science languages such as Java and C++.
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Reliance Industries-backed Reliance Strategic Business Ventures (RSBVL) on Thursday acquired a 23.3% stake in Exyn Technologies (Exyn) for a total consideration of $25 million.
Venture debt fund Stride Ventures has invested Rs 75 crore in Battery Smart, a battery-swapping network for electric two and three-wheelers.
Battery intelligence and analytics platform iRasus raised an undisclosed seed funding round from Digital Futurists Angel Networks (DFAN), Elina Investments, and angel investors Bhuvan Gupta and Amit Khetan, among others.
Google bets on strong ad revenue growth in India💪🏻
Google’s India advertisement revenue is likely to continue to see strong growth, country head Sanjay Gupta said, underlining the US search giant’s optimism for the South Asian market.
“I think India will explode in terms of revenues because the ad-to-GDP (gross domestic product) ratio in India is still very low. It's 0.4%,” Gupta told. “Globally, it goes up 0.6 to 1%. So, I think it (India ad revenue) is in a growth phase. I think if we deliver to our customers, hopefully our revenue should also grow as the advertisement expenditure grows in this country.”
Google India has tailored its advertisement offerings in such a way that it is able to serve both small and big customers, which has served well in increasing ad sales in the country
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