Binance ⚔️ WazirX, UpGrad raises $210 Mn🎓, Tata Motors EV acquires Ford's plant for ₹726 Cr🚘
Binance ⚔️ WazirX, UpGrad raises $210 Mn🎓, Tata Motors EV acquires Ford's plant for ₹726 Cr🚘
Binance, WazirX ownership fight, UpGrad raises $210 million during layoffs season, Tata Motors EV acquires Sanand plant for ₹726 cr, Funding Deals & more.
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Binance, WazirX ownership fight has users in a fix⚔️
A public spat between global cryptocurrency platform Binance CEO Changpeng Zhao, known as CZ, and WazirX cofounder Nischal Shetty has dealt a blow to the 15 million or so users of the Indian crypto exchange.
Meanwhile, Zanmai Labs, which operates WazirX in India, is exploring the legal route amid an ownership dispute with Binance, the world’s largest exchange by volume.
The ED on Friday conducted searches on one of the directors of Zanmai Lab Pvt Ltd, which operates WazirX, and issued a freeze order on its bank assets worth Rs 64.67 crore.
Since then, a war of words has ensued between Binance’s CZ and WazirX founder Shetty on Twitter over the ownership claim of WazirX and Zanmai Labs and what that ownership entails.
UpGrad raises $210 million during layoffs season at edtech firms🎓
India's largest online higher education company upGrad has raised $210 million from marquee investors in a fresh funding round.
The round is believed to have valued the firm at $2.25 billion, though the company did not officially comment on the valuation.
This comes at a time when a bunch of edtech startups are facing a cash crunch and have even fired employees recently.
The founder group of upGrad, which includes cofounder and chairperson Ronnie Screwvala, and managing director Mayank Kumar, has also invested $12.5 million in the round to maintain their ownership of over 50%.
Hot Shorts⚡
Tech-driven portfolio management service and alternative investment fund (AIF) platform Dezerv has raised $20.7 million in its Series A round led by Accel Partners.
Farmley, a full-stack nuts and dry fruits brand, has secured $6 million in Series A funding led by DSG Consumer Partners and Alkemi Growth Capital alongside existing investors Omnivore, Insitor Partners, and other angel investors.
Online wealth management platform Scripbox has made a strategic investment in Pune-based wealth advisory platform Wealth Managers.
Tata Motors EV subsidiary acquires Ford's Sanand plant for ₹726 crore🚘
Tata Motors on Sunday said its subsidiary Tata Passenger Electric Mobility Ltd (TPEML) has signed a Unit Transfer Agreement (UTA) for the acquisition of Ford India’s manufacturing plant at Sanand in Gujarat for ₹725.7 crore.
As part of the agreement, Tata Motors will get entire land and buildings, vehicle manufacturing plant along with machinery and equipment situated therein, the Mumbai-based auto major said in a late-night notification to the stock exchanges.
As part of the agreement, all the eligible employees at the Sanand unit of Ford India will be transferred to Tata Motors.
This acquisition is timely and a win-win for all stakeholders. It will unlock a state-of-the-art manufacturing capacity of 300,000 units per annum which is scalable to 420,000 units per annum.
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