Swiggy eyeing $10 Bn valuation🥪
Flipkart-Amazon set to intensify battle, Elon Musk-world's richest person again and more.
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US-based Invesco in talks to lead fresh funding round at Swiggy at $10 billion valuation🥘
Swiggy is finalising a $500-600 million investment in a round that’s likely to be led by Invesco. Invesco is likely to invest about $150-200 million while existing investors such as Falcon Edge, SoftBank Vision Fund and Prosus will put in the rest.
The investment is expected to almost double Swiggy’s valuation to $10 billion from $5.5 billion a few months ago. That would make it one of India’s highest-valued privately owned startups after Byju’s and Paytm, which is slated to go public later this year.
Swiggy’s CEO Sriharsha Majety stated in July that as much as 25% of the company’s revenue was from non-food delivery businesses, such as hyperlocal grocery and essentials delivery service Instamart.
Flipkart, Amazon set to intensify battle in the festive season⚔
On Saturday, Flipkart said it had advanced its flagship Big Billion Days festive season sale from October 7 to October 3, after Amazon announced that its month-long festive sale would begin on October 4.
The next morning, Amazon India took Flipkart’s challenge head-on, saying its sale would now begin on October 3, too.
The last-minute changes have set the stage for an interesting festive season battle this year. They are an indication of the intense competition between the two firms and reminiscent of previous, keenly fought battles between them.
Hot Shorts⚡
Capital Float, a digital lending startup, has raised $50 million in a round headed by private equity firm Lightrock India. Existing investors Sequoia Capital India, Ribbit Capital, and Creation Investments also participated in the equity round.
Astrome Technologies, a 5G wireless deep-tech startup, has raised $3.4 million in a funding round co-led by IAN Fund, Urania Ventures (Germany) and Cognizant’s founder Lakshmi Narayanan.
bijnis, a business-to-business platform that connects factories with retailers, has raised $30 million (Rs 220 crore), in Series B funding led by Westbridge Capital.
Elon Musk overtakes Jeff Bezos to become world's richest person again🤑
Tesla's CEO Elon Musk, with a net worth of $213 billion has pipped Amazon's Jeff Bezos to become the world's richest person again, according to Bloomberg Billionaires Index.
Elon Musk became the third person to ever be worth $200 billion on Monday, riding a surging Tesla stock that in turn made him the richest person in the world.
His milestone feat follows Amazon founder and space rival Jeff Bezos, who first reached the $200 billion mark in August 2020, and luxury magnate Bernard Arnault, who did so for a short time last month.
Musk is even richer now than he was at Tesla’s peak in January—when he briefly became the world’s richest tycoon for the first time.
Tweet of the day🐥
⏩ Karnataka to implement law banning online games in two months.
⏩ Reliance in talks to invest $250 million in InMobi's Glance.
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- Miyamoto Musashi
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