Hero Electric expansion🛵, More Retail🛒, Musk goes ad-free🤑
Hero Electric expansion🛵, More Retail🛒, Musk goes ad-free🤑
Hero Electric looks to raise Rs 2,000 cr, Amazon-Samara Capital pump Rs 300 cr, Musk announces more expensive subscription, Funding deals and more.
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Hero Electric looks to raise nearly Rs 2,000 crore to drive expansion🛵
Hero Electric is in search of strategic or financial investors to raise nearly $250 million (around Rs 2,000 crore) to fund its expansion plans, a senior company executive said.
"We are looking at raising close to $250 million by September this year. For this, we are open to having on board either a financial investor or a strategic investor who can bring some technical expertise," said Sohinder Gill, CEO, Hero Electric, told.
After witnessing its highest-ever annual sales of over 100,000 units in the calendar year 2022, Hero Electric is getting "future-ready". It is upping capacity at its Ludhiana plant, which currently can manufacture 100,000 units per annum.
Amazon, Samara Capital pump Rs 300 crore into More Retail🛒
Amazon and Samara Capital, who jointly own food and grocery retail chain More Retail, have pumped Rs 300 crore capital into the company so far this fiscal year, with the latest infusion having taken place earlier this month, as per latest regulatory filings.
More Retail’s holding company is Witzig Advisory Services which is 49% owned by Amazon and 51% by Samara Alternate Investment Fund.
More Retail told in September 2022 that it operates 881 supermarkets and 42 hypermarkets and plans to set up around 100 new stores, including 10 hypermarkets, this fiscal. Last fiscal, it opened 129 supermarkets and 11 hypermarkets.
Hot Shorts⚡
Fintech platform MProfit has raised $2 million in funding from Zerodha’s Rainmatter, Enam Holdings, Gruhas Proptech, Auxano Capital and Samarthya Investment Advisors.
Synthetic biology startup D-Nome raised $1.5 million in seed funding from Ankur Capital, Campus Fund, and other investors.
Musk announces more expensive subscription for ad-free Twitter🤑
Twitter boss Elon Musk announced in a series of tweets Saturday that the company's subscription service would show less advertising to users, including an ad-free tier.
The announcement comes as the social network has faced major economic uncertainty since its takeover by Musk in October.
"Ads are too frequent on Twitter and too big. Taking steps to address both in coming weeks," Musk posted to his Twitter account Saturday.
And for those who choose it, "there will be a higher priced subscription that allows zero ads," Musk added.
Tweet of the day🐥
Other Top Stories
⚡ The global economy needs a new powerhouse. India is stepping up
📜 PEs, VC firms call for tax parity in upcoming budget
“Time and patience are the strongest warriors.”
- Leo Tolstoy
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