Happy Dussehra🔥; PharmEasy to raise Rs 750 Cr💊; Elon Musk's U-turn on Twitter buyout💸

Celebration of good over evil, PharmEasy to raise up to Rs 750 cr through convertible notes, Twitter shares rise by 23% after Musk's U-turn, Funding Deals and more.

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Oct 05, 2022

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Vijayadashami, also known as Dussehra, is a celebration of good over evil. The festival is celebrated for different reasons in different parts of the country. It is believed that it was on Vijaya Dashami when Goddess Durga attained victory over the demon Mahishasura after fighting with him for nine nights. The festival also marks the victory of Lord Rama over the demon king Ravana after the latter kidnapped Rama’s wife Sita.

On the occasion of Vijaya Dashami, we hope that all the negative forces surrounding you vanish and you are blessed with positivity and opportunities to grow.

May you achieve the strength and courage to follow the path of success!

Happy Dussehra🔥

PharmEasy prepares Rs 750 Crore funding through convertible notes💊

Online pharmacy startup PharmEasy has kicked off its rights issue to raise up to Rs 750 crore through convertible notes.

The company’s existing investors like Prosus Ventures and Temasek and its founders have subscribed to the issue for shares worth Rs 200 crore, recent regulatory documents sourced from business intelligence platform Tofler showed.

Prosus Ventures and Temasek have subscribed to convertibles worth nearly Rs 100 crore and 90 crores, respectively.

PharmEasy’s parent firm API Holdings was last valued at $5.6 billion during a pre-IPO round.

Hot Shorts🔥

Electric vehicle (EV) startup Euler Motors has raised $60 million in funding led by Singapore’s sovereign wealth fund GIC.
Info Edge has invested Rs 135.4 crore ($17 million) to acquire a majority stake in the e-learning platform Coding Ninjas.
Zenskar, a flexible billing platform for SaaS startups, has raised $3.5 million in its seed round led by Bessemer Venture Partners, with participation from Shine Capital, Basecamp Fund and Converge.

Funding Deals

Twitter shares rise by 23% after Elon Musk's U-turn on buyout offer💸

As soon as Twitter revealed that Tesla Chief Elon Musk will continue with his Twitter buyout deal, its shares surged by 23 percent to $52 on New York Stock Exchange on Tuesday.

The Twitter shares opened at $42 on NYSE on Tuesday. But it didn't take much time for the excited investors to cause the Twitter shares price to jump by 12.7 percent.

The official account of the micro-blogging site confirmed the deal in its recent tweet. The tweet mentioned the letter from the Musk parties which they have filed with the SEC. Musk has offered to continue with the old deal and close the transaction at $54.20 per share.

Ever since Elon Musk announced his back out from the deal with Twitter worth USD 44 billion in July this year, he was indulged in a legal battle with the micro-blogging site.