Jio to integrate JD into SuperApp📱
Jio to integrate JD into SuperApp📱
Adani Group clarifies on SEBI,DRI probe. Zoom bought Five9 for $14.7Bn!
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Adani Group clarifies the SEBI and DRI compliance probes
The Adani Group claimed on Monday that it has not received any communication or information requests from the Securities and Exchange Board of India (SEBI) in the last five years, and that the Directorate of Revenue Intelligence (DRI) issued a show-cause notice five years ago.
The company clarified about India's securities regulator and customs authorities' investigation in several firms belonging to the group.
Jio to integrate JustDial into SuperApp platform📱
Justdial was acquired by Reliance Retail Ventures Ltds(RRVL) last week for a controlling share of 40.95%. According to analysts, RRVL's acquisition of a controlling stake in B2B search engine Just Dial (JD) will not only provide the retail company with access to a large merchant base for its new commerce platform JioMart, but will also allow it to harness JD's evolution into a super app—-booking flights, trains, buses, cabs, and hotels, among other things.
JD's existing database of 30.4 mn business listings and consumer traffic of 129.1 mn quarterly unique users would be used by RRVL as a result of the acquisition (as on 31 Mar 2021). In comparison to 0.44 mn paying merchants with JD, RRVL's Jio Mart has acquired 0.3 mn partner retailers. RRVL will aspire to model this similar to Alibaba’s platforms.
RIL has undertaken a number of digital property acquisitions in the previous three years to bolster its retail division. These include NetMeds, Urban Ladder, and Zivame among others.
Hot Shorts ⚡
Deepinder Goyal, the CEO of Zomato, joins the Magicpin board as an independent director, bringing with him a wealth of experience from building Zomato into the tech behemoth it is today, according to Magicpin CEO Anshoo Sharma.
Lenskart raises $220 Mn led by Temasek and Falcon Edge. The startup said it will use this funding round to expand its presence in India as well as to scale its operations in Southeast Asia and Middle East.
Zoom has bought Five9 cloud call centre for $14.7 Bn📞
Zoom is making its first large acquisition, taking advantage of its stock's spectacular increase over the last year. The famous video conferencing company, which was valued over $9 Bn when it went public two years ago, announced Sunday evening that it has agreed to buy cloud call centre service provider Five9 for roughly $14.7 billion in an all-stock deal.
The proposed acquisition is Zoom’s latest attempt to expand its offerings. Several office collaboration products, a cloud phone system, and an all-in-one home communications appliance have been added to the video conferencing software in the last year.
Joining forces will offer both firms “significant” cross-selling opportunities in each other’s respective customer bases, the two firms said.
Elon Musk tweeted “Haha” in reply.
💯According to a release issued by the firm, Navi Mutual Fund, which is part of Sachin Bansal's(Co-founder Flipkart) technology-driven BFSI group Navi, has raised more than Rs100 crore from roughly 17,000 investors during its new fund offer (NFO), which ran from July 3 to July 12, 2021.
💲Robinhood is seeking a market valuation of as much as $35 billion in its upcoming initial public offering, according to its amended prospectus released Monday.The stock trading app will attempt to sell its share at a range of $38 to $42 per share.
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