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Tesla Crushed It 🚘
ShareChat nears $3B valuation; Grofers plans express deliveries!
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Tesla posts record profits🔥
Tesla’s second-quarter revenue almost doubled to $11.96 bn last quarter, beating analysts’ estimates of $11.36 bn. While Tesla is the world's most valuable automaker by market capitalization, its stock has fallen 9.9% this year, despite the S&P 500 reaching new highs.
Tesla's revenue reached $12 billion, nearly doubling from the previous year, while earnings topped $1 billion for the first time.
Due to a shortage of battery cells, the business has postponed the introduction of Semi, its long-haul truck, to 2022.
Tesla CEO Elon Musk, on the other hand, claimed a global semiconductor scarcity, which forced the manufacturer to temporarily shut down factories, is still a severe problem. Musk didn't say when the Cybertruck and next-generation batteries would be ready.
ShareChat’s valuation jumps to $2.88 bn 🤑
ShareChat is now valued at $2.88 bn, up from $2.1 bn in April, when it received $502 mn from Tiger Global. To date, ShareChat has raised more than $911 mn.
The funds will be used to help ShareChat focus on its strategic initiatives, which include developing its artificial intelligence (AI) feed, attracting and incentivizing a diverse creative base, and enhancing platform security.
Hot Shorts ⚡
Making connections, thanks to algorithms, is now part of the daily lives of singles all over the world. So much so that 44% of dating app users trust artificial intelligence to find them the right person.
Eloelo has seen a 15-fold spike in users over the past 6 months, crossing 1 million on the platform with over 100 million game events recorded. Over 50% of the user base are women.
Grofers joins the express delivery rush ⏩
According to CEO Albinder Dhindsa, Grofers is providing 15-minute delivery across 900 of its delivery partners in Gurugram. Express delivery — generally within an hour — is making a comeback among consumer-focused eCommerce sites.
Grofers' move comes as the company raises $120 mn from Zomato and Tiger Global in the face of increasing competition in the online grocery industry.
BigBasket, which is owned by Tata Digital, announced earlier this month that it would shortly offer an express delivery service.
Other large firms, such as Amazon India, Walmart's Flipkart, and Reliance's Jiomart, are expanding their grocery businesses.
According to a survey by consulting firm RedSeer, Quick Commerce—delivery in less than 45 minutes—is anticipated to be a $300 mn market in the calendar year 2021 and expected to increase by 10-15 times in the next five years to reach $5 bn by 2025.
Tweet of the day🐥
✅ Koo's Yellow tick: Back in India, local Twitter clone Koo has debuted Eminence, its own version of a verification scheme.
✅ Glenmark Life Sciences IPO opened today and received a strong response from investors, fully subscribing to the issue in less than 2 hours.
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