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Tata brings ecomm under Tata Digital🏠; 25000 in line for Flipkart’s $700 Mn ESOP🤑; Instacart cuts valuation to $10 Bn🥕
Tata Group transfers Cliq’s parent firm to Tata Digital, 25,000 in line for Flipkart’s $700 mn Esop, Instacart cuts internal valuation, Funding Deals and more.
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Tata Group transfers Cliq’s parent firm to Tata Digital🏠
The Tata Group is transferring the holding of Tata UniStore, which owns and runs the fashion and luxury-focused ecommerce platform Tata Cliq, to Tata Digital as it looks to bolster its ecommerce business.
Tata Digital becomes the sole entity for all online shopping ventures of the Tatas, including Tata Neu, Big Basket and Croma.
Tata Industries and Trent were the joint owners of Tata UniStore, with the former owning 96.78% and the balance held by Trent. The group has valued Tata UniStore at Rs 750 crore and Tata Digital will be offering preference shares to Tata Industries and Trent as consideration for the acquisition of Tata UniStore, as per the filings.
The Tata Group is competing with Amazon, Walmart-owned Flipkart and Myntra, and Reliance Industries in India’s ecommerce market.
25,000 in line for Flipkart’s $700 mn Esop cash bonanza🤑
More than 25,000 current and former employees of Flipkart are set to make a financial windfall as the e-commerce giant prepares to award a whopping $700 million one-time cash payout to holders of employee stock options.
Out of the total number eligible for the payout, 14,000, or 70% of Flipkart’s 20,000-strong workforce, are still on the company’s payroll. Former employees holding PhonePe shares will also be eligible for the payout.
“The new share price of Flipkart has been determined at $165.83 per option (previously $189.1), excluding the value of PhonePe. The payout to employees will, however, be at $43.67 per option, reflecting the increase in the market valuation of PhonePe,” Krishnamurthy said in the email.
Education loan provider Eduvanz has raised Rs 104.5 crores or $12.6 million in its extended Series B round from new and existing backers. Rethink Education Ventures led the round while existing investors Sequoia Capital, Juvo Ventures, and Unitus Ventures also participated.
Agriculture-focused deep tech startup Ecozen has secured Rs 82.4 crore or $10 million from Nuveen Global Fund.
Instacart cuts internal valuation to $10 billion: Report🥕
Grocery delivery start-up Instacart has cut its internal valuation to $10 billion, the Information reported on Tuesday, citing two people familiar with the situation.
The company, whose new valuation is 20% lower than $13 billion in October, has been cutting its valuation this year, beginning with a 40% reduction in March.
During the COVID-19 pandemic, Instacart was valued at $39 billion last year, as surging infections boosted doorstep deliveries, but the recent cuts in its valuation underscore the effects of public market volatility on high-flying private companies.
The start-up also delayed its much-awaited IPO this year amid market uncertainty.
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