Ukraine's govt raised $8 Mn in crypto💰 , Mahindra's ‘Born Electric Vision’⚡, Nifty Next50📊
Ukraine's govt raises crypto worth $8 mn, Mahindra to invest ₹3000 Crs for EV push, Tech stocks to debut in Nifty Next50, What is Series C?, Funding Deals & more.
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Ukraine's government raises crypto worth $8 million in crowdfunding appeal💰
Ukraine's government has raised almost $8 million in cryptocurrencies after posting appeals on social media for donations of bitcoin and other digital tokens, according to blockchain analysis company Elliptic.
Ukraine's official Twitter account made the appeal for cryptocurrency donations on Saturday following the country's invasion by Russia, posting digital wallets addresses for tokens including bitcoin and ether.
The donations came as Russian military vehicles pushed into Ukraine's second-largest city Kharkiv on Sunday and explosions rocked oil and gas installations on the fourth day of fighting in the biggest assault on a European state since World War Two.
Ukraine's appeal for direct donations is among the first of its kind. It was not clear what Kyiv would use the funds for.
Mahindra to invest ₹3,000 crores for EV push over next three years🔌
Automobile major Mahindra & Mahindra (M&M) is likely to invest at least ₹3,000 crores for developing electric vehicles (EV) over the next three years.
The company also aims to launch its first EV SUV, XUV 400, in the first half of the next financial year with an aim to have a significant portfolio of vehicles in India’s EV market. Mahindra’s ‘Born Electric Vision’ is expected to give a major boost to the company in the highly competitive Indian auto market.
Mahindra was among the pioneering Indian automakers in terms of EVs with its acquisition of a majority stake in homegrown EV maker Reva back in 2010. In 2016, M&M launched the electric version of its sedan Verito—eVerito.
India’s EV market, which is at a nascent stage, is expected to grow at a compound annual growth rate of 90% in this decade to touch $150 billion by 2030.
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What is Series C funding?
The Series C is the fourth stage of capital raising by a startup. This is typically the last round of venture capital financing. The companies who obtain Series C funding are usually established companies and are in the later stages of development with strong revenue and profit. The money from this round could be used to further scale up operations, to enter new markets or even acquire other companies.
Hot Shorts⚡
Financial software provider Perfios has raised Rs 520.8 crore (or roughly $70 million) in a new funding round led by existing investors Warburg Pincus and Bessemer India.
Vymo, an Intelligent Sales Engagement platform for Financial Institutions, has raised $22 million in Series C funding round led by Bertelsmann India Investments.
Indian microblogging platform Koo has raised around $10 million (Rs 79 crore) in two tranches from a clutch of investors including Caspier Venture Partner, Ashneer Grover and Ravi Modi Family Trust.
Zomato, Paytm and Nykaa to get a seat in junior Nifty50📊
In the upcoming semi-annual index reviews, three recently listed new-age companies - Zomato, One97 Communications (Paytm) and FSN E-commerce Ventures (Nykaa) - will become a part of Nifty Next50 index, leading to inflows of $33 million, $11 million and $9 million, respectively.
The revised list will be effective from March 31.
Market analysts noted that new eligibility criteria helped Nykaa and Paytm earn a place in Nifty Next50.
The news comes even as shares of the three companies have been hitting new lows or approaching their all-time lows every few days. Zomato’s shares are down a whopping 44.11% since the start of the year, Paytm’s are down 41.04%, and Nykaa’s are down 37.72%.
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