Future Retail say NO to Amazon🚫, Good Glamm Group's 7th buy🛍, Dailyhunt at $ 3.1Bn💸

Future Retail to turn down Amazon’s request, Good Glamm Group buys majority stake, Dailyhunt’s parent raises fresh funds, Funding News & more.

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Jan 24, 2022

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Future Retail to turn down Amazon’s request for due diligence🙅🏻‍♂️

The independent directors of Future Retail Ltd. have decided not to accept Amazon’s request to allow private equity fund Samara Capital to conduct expedited due diligence of the cash-strapped retailer.

The US-based etailer, in a letter to the independent directors on Saturday evening, had also said Samara Capital had “reiterated” that it remained committed to the term sheet signed on June 15, 2020, which proposed a “purchase consideration” of Rs 7,000 crore for the retailer.

Amazon enters into a Rs 2,500 crore deal with Future Retail for a 9.5% stake

The three independent directors were scheduled to send a reply to Amazon late Sunday night. Ravindra Dhariwal, Gagan Singh and Jacob Mathew were the three independent directors of Future Retail.

Meanwhile, Future Retail is planning to approach the Supreme Court on Monday seeking an extension for its Rs 3,500 crore repayment to lenders, which is due on January 29.

Good Glamm Group buys majority stake in Organic Harvest💄

The Good Glamm Group has acquired a majority stake in Organic Harvest, an organic beauty and personal care brand, in an all-cash deal.

The transaction pegs Organic Harvest’s enterprise valuation at Rs 275-Rs 280 crore, as per a source with knowledge of the development. Good Glamm, a direct-to-consumer beauty and personal care brand, did not disclose the financial details of the deal.

This is Good Glamm’s seventh acquisition in the last 12 months and marks its entry into the organic beauty and personal care space. Organic Harvest, which was bootstrapped till date, is Good Glamm’s first offline acquisition.

Organic Harvest has a current revenue run rate of Rs 75 crore, which is likely to grow to Rs 250 crore over the next 15 months. Founded in 2013 by Rahul Agarwal, Organic Harvest is an all-organic brand with skincare, haircare, body care range and essential oils, made from plant-based ingredients and raw materials.

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Dailyhunt’s parent raises fresh funds at $3.1 Bn valuation🤳🏻

VerSe Innovation, the parent company of vernacular news aggregator Dailyhunt and maker of short video entertainment app Josh, has raised Rs 207.7 crore or close to $28 million from The Canada Pension Plan (CPP) Investment Board.

This is a part of Series I round in which the Bengaluru-based company had already raised $450 million led by Siguler Guff, Baillie Gifford and Carlyle Asia Partners in August last year. The company has raised around $678 million to date including the current tranche.

VerSe Innovation Raises $450 Mn; Eyes Global Push For DailyHunt, Josh

Dailyhunt claims to serve over 350 million users every month whereas the short video app Josh claims to have 139 million monthly active users or MAUs and 68 million daily active users or DAUs.

In the news aggregation business, Dailyhunt competes with Inshorts while its short video app Josh competes with ShareChat’s Moj, MX TakaTak, YouTube Shorts among others.

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