Flipkart is now valued at $37.6 Bn🤑

ByteDance scraps IPO, Ola Electric raises $100Mn

Rise & Shine ☀

Jul 13, 2021

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ByteDance postpone planned IPO indefinitely ❌

ByteDance, the Chinese owner of TikTok, reportedly scrubbed plans for an offshore listing after government officials asked the company to focus on data security risks. ByteDance was considering an IPO of all or some of its businesses in the U.S. or Hong Kong, the Wall Street Journal reported on Monday.

The news comes after Chinese regulators launched a cybersecurity review into homegrown ride-hailing service Didi, which was listed on the New York Stock Exchange last month. Beijing has been escalating its regulatory scrutiny of U.S.-listed Chinese companies of late.

Flipkart raises $3.6 billion in fresh funds💰

India’s e-commerce giant Flipkart raised $3.6 billion from global investors, valuing it at $37.6Bn. The new round of funding was led by Singapore sovereign wealth fund GIC, the Canada Pension Plan Investment Board, SoftBank Vision Fund 2, and Walmart.

This investment reflects global investor confidence in digital commerce in India, which has continued to accelerate over the last year when access to products safely and convenience took priority. With this development, Flipkart will continue to make deeper investments across people, technology, supply chain, and infrastructure to address the requirements of a rapidly growing consumer base in India.

In the last three months of 2020, India’s e-commerce sector grew 36% year on year in terms of volume and 30% year on year in terms of value, according to a joint report from Unicommerce and Kearney.

Microsoft said Monday it has agreed to acquire RiskIQ, a cybersecurity start-up, for $500 Mn. The deal could help Microsoft expand its security business, which is growing faster than other segments. In January, Microsoft said it derived more than $10 billion in security revenue in the past 12 months, up more than 40% year over year.

The Competition Commission of India (CCI) has approved the investment by SoftBank Vision Fund II of $500Mn in food delivery platform Swiggy. The investment from SoftBank will come on top of the $800 million series J round that Swiggy recently closed, at a valuation of $5 billion. Swiggy's over $1.2 billion fundraise will give it significant firepower at a time when rival Zomato is looking to hit the public markets.

Orange Book 🍊📖 @orangebook_

There will always be someone richer, smarter, cuter, stronger, freer, more influential than you. Self-confidence isn’t about being “the best.” It’s about closing the gap between who you are and who you could be if you put in the effort.

Ola Electric raises $100 million debt for two-wheeler EV hub 🛵

Ola Electric, led by Bhavish Aggarwal, has raised $100 million in debt from the Bank of Baroda for its electric vehicle manufacturing facility which will be used to make 10 million electric scooters a year.

Ola Chairman and Group CEO Bhavish Aggarwal on the Ola Scooter in Bengaluru

“Today’s agreement for long-term debt financing between Ola and Bank of Baroda signals the confidence of the institutional lenders in our plans to build the world’s largest two-wheeler factory in record time. “said Bhavish Aggarwal.

You can still live the life you want ten years from now if you start today.

Success is mostly vision + commitment. “

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