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Tata Sons to fund Tata Digital 💸, Box8's $30 Mn round 🥘, Apple ⚔ Aramco
Tata Digital seeks funds from Tata Sons, Box8's $30-million secondary funding, Apple May Be Challenged by Aramco, Interim Investment?, Funding Deals & more.
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Tata Digital seeks more funds from Tata Sons for expansion💸
Tata Digital has sought additional funds from the holding company, Tata Sons to support the growth plans of its ambitious digital retail initiative as negotiations with global firms are somewhat delayed because of geopolitical issues.
The group is expected to make what is being described as an "interim investment💡" of around $500 mn as Tata Digital needs to expand aggressively in order to take on entrenched incumbents like Amazon Inc, Wal-Mart, besides Reliance Group’s Jio platforms.
Tatas have been in talks for some time with global investors, including some sovereign and pension money managers, to fund its digital foray.
But investors appear to be reluctant to commit funds until clarity emerges on the consumer response to the official launch of Tata’s super app “Tata Neuto”, which is now expected in April.
Tata Digital has estimated a valuation of $18 billion for the digital entity, which includes Big Basket, online pharma store 1 mg, Croma and Tata Cliq.
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What is Interim Investment?
means the short-term investment made with the Net Proceeds of the Offering until such Net Proceeds of the Offering are disbursed for acquisition of Properties.
Tiger Global, A91 participate in Box8's $30-million secondary funding🍕
Cloud kitchen startup EatClub Brands, which was earlier known as Box8 is going to seal its secondary funding round deal of nearly $30 Mn. The startup’s existing investors, Tiger Global and A91 Partners will increase its stake.
Tiger Global had previously made a $40 Mn investment in EatClub Brands. The current secondary transaction is an extension of the previous funding round when EatClub Brands’ was pegged at $300 Mn.
Mumbai-based EatClub Brands was founded in 2012 by IIT-Bombay graduates Anshul Gupta and Amit Raj. Launched as a Mexican quick-service restaurant chain, it pivoted to the multi-brand cloud kitchen business in 2014.
It now has eight brands, including Box8 and Mojo Pizza, and operates in five cities including Mumbai, Bengaluru, and Pune. It also runs 150 cloud kitchens.
Bengaluru-based lending fintech Money View has raised $75 million in a Series D round led by Tiger Global which has taken the company's valuation to $625 million.
UK-based consumer tech company Nothing has raised $70 million in its Series B funding round, which was co-led by EQT Ventures and C Ventures.
JIFFY.ai, an app-based low-code/no-code intelligent automation platform, has raised $53 million as part of its Series B funding round led by Fidelity-backed venture capital firm — Eight Roads Ventures.
EthSign, a web3 agreement signing and execution platform, secures $12 million in seed funding from a clutch of investors, which includes all three offices of Sequoia Capital — U.S., China and India.
Apple May Be Challenged by Aramco as World’s Most Valuable Firm🛢
Oil giant Saudi Aramco is narrowing the gap with Apple Inc. for the title of the world’s most valuable company.
Benefiting from oil prices hitting the highest since 2008, Aramco shares have jumped 15% in less than three weeks, giving it a market capitalization of over $2.3 trillion. Shares in iPhone maker Apple, meanwhile, have fallen 11% this year amid a broad market selloff, reducing its market value to about $2.6 trillion.
Though Aramco is still more than 10% away from reclaiming the top spot, the continued surge in energy prices as countries impose sanctions on Russia’s oil has raised the possibility.
The last time Aramco held the title of the most valuable company was for a brief period in September 2020, when global markets were recovering from the Covid-19 pandemic.
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