Discover more from Rise & Shine ☀
Mahindra buys Rivigo’s B2B biz🚚; BigBasket to raise $200 Mn🧺; Apple starts making iPhone 14 in India📱
Mahindra Logistics buys Rivigo’s B2B express business, BigBasket looks to raise $200 million, Apple starts making the iPhone 14 in India, Funding Deals and more.
Start your day with tech stories that matter!
Daily startup insights with a positive thought you can read in 2 mins, every day for free.
Market Watch 📊:
S&P 500 - 3,655.04 down 1.03%
Nasdaq - 10,802.92 down 0.60%
Nifty 50 - 17,148.80 up 0.73%
Sensex - 57,576.86 up 0.75%
Mahindra Logistics buys Rivigo’s B2B express business for Rs 225 crore🚚
Mahindra Logistics (MLL) has acquired the B2B express business of logistics startup Rivigo.
Mahindra Logistics will acquire the business through a business transfer agreement (BTA), including its customers, team, assets, technology platform, and brand.
Rivigo will continue to own its truck fleet and the rights to the full truckload (FTL) operations.
The acquisition is expected to augment Mahindra Logistics’ existing B2B express business through the use of Rivigo's network, technology and process capabilities.
BigBasket looks to raise $200 million at up to $3.5 billion valuation🧺
Online grocery BigBasket has kicked off the process for a new funding round that’s likely to value the Tata Digital-owned firm at $3-3.5 billion.
BigBasket's latest financing is likely to come from Tata Digital and existing shareholders. While the size of the round hasn’t been finalised, it’s likely to be around $200 million or more.
BigBasket's holding company Supermarket Grocery, of which Tata owns 62%, filed documents with the Registrar of Companies (RoC) recently about plans to increase the authorised share capital of the firm – typically an indication that a fresh cash infusion is on the cards.
BigBasket has been expanding its core offerings steadily while venturing into quick commerce, where it competes with Swiggy’s Instamart, Reliance Retail-backed Dunzo, Zepto and others.
Digital banking infrastructure provider Signzy has raised Rs 210 crore (about $26 million) from Gaja Capital and its existing investors, Vertex Ventures and Arkam Ventures.
Butterfly Learnings, a full stack omnichannel phygital pediatric development and behavior health platform has raised $1.5 million in its seed funding round from Insitor Partners, 9Unicorns, Venture Catalysts, Fondation Botnar, UTIL Stiftung, and CIIE.CO.
Natural fragrance brand Nirmalaya has raised $800,000 in its seed funding round, led by Artha Venture Fund.
Apple starts making the iPhone 14 in India📱
Apple has started manufacturing the iPhone 14 in India at Foxconn's facility in Sriperumbudur on the outskirts of Chennai.
Customers will be able to buy the made-in-India iPhone 14 – launched earlier this month – in the next few days as the company plans to ramp up production gradually, sources told.
The company has seen huge demand for the latest iPhones, with a waiting period of four to five weeks.
Apple started making iPhones in India in 2017 with the iPhone SE. and has since been manufacturing the iPhone 12 and iPhone 13 locally. However, it continues to import all the Pro models.
Tweet of the day🐥
Other Top Stories
✈️ Tata, Singapore Airlines may merge Vistara, Air India
💻 HCL Technologies rebrands itself to HCLTech
“Knowledge has to be improved, challenged and increased constantly, or it vanishes.”
- Peter Drucker
Thanks for reading😊
Hit Like❤️. Share with your friends/colleagues, if you enjoyed the newsletter.