India overtook the US to rank 2nd🏭
India overtook the US to rank 2nd🏭
Hike returns, Khatabook lands $100 million, Insta is discontinuing the swipe-up link, and more.
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India ranks 2nd on the list of most attractive manufacturing hubs globally🏭
India has overtaken the United States (US) to become the second-most sought-after manufacturing destination globally, driven mainly by cost competitiveness, according to real estate consultant Cushman & Wakefield.
China remains at the number one position, the consultant said in its 2021 Global Manufacturing Risk Index.
The report's rankings are based on four major parameters: the country's potential to restart manufacturing, the business climate (availability of talent/labor, access to markets), operating costs, and the dangers (political, economic, and environmental).
The baseline ranking for top manufacturing destinations is determined on the basis of a country’s operating conditions and cost-effectiveness.
Funding
Hike raises an undisclosed amount from the world's leading founders🤑
Hike, a social gaming startup, announced on Tuesday that it has raised an undisclosed amount of financing in its most recent round from "the most famous product builders and investors." Justin Mateen took the lead in the round (Co-founder, Tinder).
Hike intends to use the new funds to extend its creative product approach and hire expertise across functions. Hike currently employs a fully remote cross-functional staff of over 160 people spread across 50 cities.
Launched in December 2012, Gurugram-based unicorn Hike has shifted focus from messaging for the past couple of years. In July 2020, it launched HikeLand, which lets users hang out and interact in a mobile-first virtual world. The company also announced the launch of Hike Rush, its gaming-focused platform.
Hot Shorts ⚡
Vedantu is in advanced talks to raise $100 million, valuing the company at a billion dollars post-money. The deal will make Vedantu India’s fifth online education unicorn.
Syook, an enterprise IT firm, has raised $1 million in a Series A round. Syook assists large enterprise companies with their digital transformation journey in supply chain operations.
Digital Therapeutics company Breathe Well-being that helps people prevent, manage and reverse Type 2 Diabetes has raised $5.5 Mn in Series A led by Accel.
Khatabook lands $100 million, announces ESOP buyback📕
The Khatabook app, which offers a digital ledger and online payment services to small business owners, has raised $100 million from a clutch of investors. The company said it is also buying back employee stock options worth $10 million to reward its staff and early investors.
KhataBook claims to have more than 10 million monthly active users across its family of four applications -- the eponymous Khatabook (digital ledger), Pagarkhaata (staff management), Cashbook (expense management), and Biz Analyst (SaaS business management solution integrated with Tally ERP9).
Tweet of the day🐥
In other news
✅ Instagram is discontinuing the swipe-up link feature, which allowed businesses and high-profile users to include external links in their Stories. It is replacing this with tappable link stickers.
✅ Facebook is also now allowing some users to make voice and video calls again within its main app in a new test, nearly seven years after spinning off Messenger as a separate app.
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