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Shiprocket 🔗 Glaucus, Hiranandani to invest Rs 3500 Cr💸, Tech stocks hit lows📉
Shiprocket acquires Glaucus Supply Chain Solutions, Hiranandani Group to invest Rs 3500 Cr in Tez, Tech stocks hit all-time lows, Funding Deals & more.
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Shiprocket acquires Glaucus Supply Chain Solutions, 4th acquisition in 2022⛓
Tech-enabled logistics and fulfillment startup Shiprocket has acquired a majority stake in supply chain management startup Glaucus.
This is the fourth acquisition by the logistics startup in 2022 after acquiring customer data platform Wigzo Tech, B2B logistics platform Rocketbox, and SaaS platform Logibricks.
The transaction would allow Shiprocket to accelerate development solutions that would further accelerate speed, accuracy, and efficiency in the purchase process across trade channels.
Founded in 2015 by Vivek Kalra, Nitin Dhingra, Mandeep Kanwal, and Jayant Mahto, Glaucus’ key service offerings include B2B distribution, sales return management, D2C marketplace fulfillment, and managed transportation.
Hiranandani Group to invest Rs 3,500 crore in its tech platform Tez💸
Real estate firm Hiranandani Group has entered the technology-led consumer services business through a new venture and expects to invest up to Rs 3,500 crore over the next two to three years.
Tez Platforms will focus on solutions in the entertainment and gaming space, apart from social media, ecommerce, personal mobility, artificial intelligence and blockchain-linked solutions, group chief executive Darshan Hiranandani said.
In the past, oil and gas conglomerate Reliance Industries has forayed into consumer-facing digital solutions with Jio Platforms, while salt-to-steel conglomerate Tata Group has also announced its entry into a similar space with Tata Digital.
Tez’s initial outlay to launch services this year will be about Rs 1,000 crore. Over the next 2-3 years, it expects to invest approximately Rs 3,500 crore.
5ire, a fifth-generation blockchain network, announced it has secured a $100 million capital commitment from GEM Global Yield LLC SCS (GGY), as it seeks to file for an IPO.
Join Ventures, a direct-to-consumer firm with brands as such as IGP, Interflora and Masqa, has raised $10 million (Rs 75 crore) in Series A round funding led by DSG Consumer Partners, Rajiv Dadlani Group, 9Unicorns and Venture Catalysts.
Insurtech startup Kenko Health has raised $12 million as part of its Series A round, led by Sequoia Capital India.
Shares of Zomato, Paytm and Nykaa hit all-time lows📉
Shares of newly listed Indian tech firms such as Zomato, Nykaa and Paytm hit record lows on Tuesday as investors continued selling shares of loss-making internet companies even as the wider market recovered from frantic selling on Monday.
Zomato: Shares of Zomato crashed as much as 8% to hit an all-time-low of Rs 75.75 on the BSE. That’s below the IPO issue price of Rs 76.
Paytm: Shares of Paytm’s parent firm One 97 Communications also hit an all-time low of Rs 840.05 on the BSE Tuesday. Its market cap slipped below Rs 55,000 crore.
Nykaa: Shares of Nykaa’s parent firm FSN Ecommerce Ventures hit an all-time low of Rs 1,479 on the NSE. Still, it’s the only one of the three tech stocks that’s still trading above its IPO price.
Shares of unprofitable new-age tech firms, which benefited from optimism in the IPO market in 2021 and were thus overpriced, are now seeing a reality check as the boom in global tech stocks has cooled. This, along with geopolitical tensions between Ukraine and Russia, foreign fund outflows and inflation pressure, has investors selling such stocks in their droves.
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