Swiggy valued at $11.5 Bn💰
Swiggy valued at $11.5 Bn💰
Zomato shuts down Legends, PB Fintech adds new ESOP worth Rs 2000 Cr, Auto-cab drivers on strike in Delhi, Funding Deals and more.
Good morning and welcome to Friday’s edition of Rise & Shine!
“It’s not about how bad you want it. It’s about how hard you’re willing to work for it. Put in the work.”
Today’s message reminds us that desire alone isn't enough to achieve our goals; dedication and hard work are the true drivers of success.
It’s a call to action to commit fully and work diligently towards our dreams.
Tech Updates
Swiggy valued at $11.5 billion by investor 360 One WAM
Swiggy investor 360 One WAM, formerly IIFL Wealth Management, valued the IPO-bound food and grocery delivery firm at $11.5 billion as of June 2024. This is the latest valuation from a private investor when the Bengaluru-based firm is in the middle of a $1.25 billion IPO process.
Zomato shuts intercity food delivery service Legends
Food delivery platform Zomato has shut down its intercity food delivery service Zomato Legends, its chief executive Deepinder Goyal said in a post on X. “Update on Zomato Legends - after two years of trying, not finding product market fit, we have decided to shut down the service with immediate effect,” Goyal said on Thursday.
PB Fintech adds new ESOP worth near Rs 2,000 Cr
Policybazaar and Paisabazaar’s parent PB Fintech has introduced a new ESOP plan worth Rs 1,931 crore (approximately $233 million) under PB Fintech Limited Employees Stock Option Scheme 2024. The board at PB Fintech has passed a resolution to grant 1,14,00,000 employee stock options to its staff.
Taxi, auto rickshaw services disrupted in Delhi as drivers go on two-day strike
Cab and auto rickshaw services were disrupted in New Delhi on Thursday with around 15 driver unions launching a two-day strike. The drivers are protesting against falling earnings from cab aggregator platforms such as Uber and Ola.
Funding Deals
Ice cream brand Hangyo has raised $25 million (around Rs 211 crore) from Faering Capital. This is one of the largest venture funding for an ice cream brand in India ever.
Online lending platform Axio (formerly Capital Float) has raised Rs 167 crore (around $20 million) from existing investors via right issue.
Equity investment platform InvestorAi has raised Rs 80 crore (nearly $10 million) in a Series A round from Ashish Kacholia, founder, Lucky Investment Managers and his associates.
Fintech startup TransBnk has raised $4 million (about Rs 34 crore) in a funding round led by 8i Ventures. Accion Venture Lab, GMO Venture Partners, Ratio Ventures, Force Ventures as well as several family offices and angel investors also participated in this round.
Dopplr, a provider of virtual try-on solutions for apparel brands selling online, has raised $750,000 in funding led by Cornerstone Ventures , with participation from U.S-based BAT VC.
B2B sales startup Revrag has bagged $600K in a pre-Seed funding round led by Powerhouse Ventures along with participation from notable investors including Viral Bajaria, CRED founder Kunal Shah, Deepak Anchala, Vetri Vellore, and other angel investors.
🥇 Short Story: The Aspiring Athlete
Jenna, a young track athlete, dreamt of competing in the Olympics. While she possessed natural talent, she knew it wasn’t sufficient to reach the pinnacle of her sport.
Inspired by today’s quote, Jenna increased her training intensity, dedicating extra hours on the track and in the gym. She also sought advice from seasoned coaches to refine her technique.
Her commitment was tested time and again through injuries and setbacks, but Jenna’s focus never wavered. Her hard work paid off when she qualified for the national team, a crucial step towards her Olympic dream.
Jenna's journey exemplified that achieving greatness isn't just about desire; it’s about consistently putting in the work necessary to succeed.
Tweet of the day🐥
As you end your week, reflect on the goals you are pursuing.
Ask yourself if you are merely wishing for them or if you are actively working towards them.
Remember, success is a result of what you do every single day.
Rise & Shine is here to motivate you to put in the work and reap the rewards of your efforts.
Have a productive and fulfilling Friday!
Thanks for reading till the end!