Sharechat at $5Bn💸, Swiggy One🍕, Markets slumped📉
Sharechat’s parent company to raise $500 million, Swiggy’s food delivery revenue grew 56%, Markets register steepest fall in months, Funding Deals & more.
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Sharechat’s parent company to raise $500 million at $5 billion valuation🤑
Sharechat's parent company Mohalla Tech is set for fund-raising. The parent company, which also runs short-video platform Moj, is in the process of raising $500 million and will be valued north of $5 billion.
Sharechat's valuation is expected to cross $5 billion post-funding. It was last valued at $2.8 billion in July after it has raised $145 million, and in April it had turned Unicorn when it was valued at $2.1 billion after raising $500 million in funding.
The company competes with Dailyhunt's Josh and InMobi's Roposo, apart from chingari and a few other players.
The short-video category is set to become the second-biggest segment in terms of time spent, after internet giants such as Facebook and Google, as per consulting firm RedSeer.
Swiggy’s food delivery revenue grew 56% from April to Sept & Swiggy One🍔
Swiggy delivered a “strong recovery” through the first half of the current financial year—April to September—as its revenue from food delivery grew by 56% over this period, up 91% from pre-Covid levels, its investor Prosus said in a regulatory filing while announcing the South African group’s results.
Swiggy was servicing 1.59 million orders a day, and its gross merchandise value (value of food and non-food orders) was $984 million in the period under consideration, up 69% year-on-year.
In a separate development, Swiggy plans to expand its new membership program ‘Swiggy One’ to 500 cities in the next two weeks. The program went live in four cities—Lucknow, Pune, Trivandrum and Vijayawada—on November 19.
What is Swiggy One? It offers unlimited free deliveries from restaurants and Swiggy’s grocery delivery service Instamart. It costs Rs 299 for the first 3 months and Rs 899 for 12 months.
Hot Shorts⚡
Biryani By Kilo (BBK) has raised $35 million in a Series B round led by Falcon Edge Capital, with participation from SBI and existing investor IvyCap Ventures.
Altum Credo, a housing finance company, has raised 88 crore (approximately $12 million) in fresh equity funding led by growth fund Amicus Capital.
Sleepy Owl, a direct-to-consumer coffee brand, has raised $6.5 million in Series A funding round led by existing investor Rukam Capital and DSG Consumer Partners.
Euler Motors, an electric vehicle maker, has raised an additional $10 million (nearly Rs 74 crore) in capital from a group of investors led by QRG Investments and Holdings.
GetSetUp, an upskilling startup for older adults, has raised $10 million in seed funding from Cowboy Ventures and LightShed Ventures.
Fasal, an agritech startup, has raised $4 million in pre-Series A funding from 3one4 Capital as well as existing investors Omnivore and Wavemaker Partners.
Markets register the steepest fall in seven months😯
Indian markets slumped nearly 2%, its maximum fall in seven months as investors confidence snapped owing to persistent sell in the past week. On Monday Equity markets opened flat but immediately plunged into the red for the 4th consecutive session, finally ending the session with 2%.
According to analysts, key factors driving the market down include cancellation of Reliance-Aramco deal, withdrawal of agriculture farm acts, persistent selling by FIIs and disappointment from Paytm’s listing dented market sentiments and led to free fall in the market.
The Sensex dropped 1.96%, the most since 30 April or 1170.12 points to close at 58465.89 points while Nifty lost 1.96%, its biggest fall since 12 April or 348.25 points to end at 17416.55 points.
Both Sensex and Nifty fell for fourth consecutive sessions and lost nearly 3.71% and 3.82% respectively.
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