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Tesla Crosses $100 billion Market Valuation Mark

23Jan By PriyankaNo Comments

News

Tesla Crosses $100 billion Market Valuation Mark

NEW YORK, 22ND Jan 2020: Tesla's market value hit $100 billion for the first time, triggering a payout plan that could be worth billions for Elon Musk, founder and chief of the electric carmaker. Shares in Tesla rose some 4.8 percent in opening trade to extend the gains in the value of the fast-growing maker of electric vehicles. Under a compensation plan approved by Telsa's board in 2018, Musk is to be paid in stock awards based on the value of the company, which could be worth as much as $50 billion if Tesla reaches $650 billion. Musk agreed to the plan, which would pay him nothing until Tesla's value reached $100 billion. The package, using shares which "vest" based on certain criteria, gives Musk stock worth around one percent of the company for each of 12 milestones over a...

WeWork Completed Sales of Teem and Minority Stake in The Wing

23Jan By PriyankaNo Comments

ACQUISITION

WeWork Completed Sales of Teem and Minority Stake in The Wing

NEW YORK, 23rd Jan 2020--WeWork, the world’s leading co-working space announced that it has completed the sales of Teem and its minority stake in The Wing. The successful divestitures follow the December sale of Conductor and are part of WeWork’s strategy to focus on its core workspace business. “Last quarter, we articulated a long-term plan for disciplined growth and a clear path to profitability, and we continue to execute on this plan each day,” said co-CEO Artie Minson. “These sales mark the latest progress in WeWork’s evolution and allow our talented team to focus on the core business and delivering an exceptional experience for our members.” WeWork’s minority equity stake in The Wing, a network of work and community spaces designed for women, was acquired by a consortium o...

Why is Online Betting Industry So Hyped? 4 Facts About Online Betting That You Might Not Know

22Jan By PriyankaNo Comments

Story

Why is Online Betting Industry So Hyped? 4 Facts About Online Betting That You Might Not Know

22nd Jan, 2020: Online betting has become one of the biggest fads of the present era. However, there are many reasons behind the trend. For starters, everyone likes to earn money in easy and fun ways and online casino games like Poker and Roulette have given us an option to win legit money. Also, online betting is more convenient than offline betting as you can access your favorite casino games from anywhere and with any device. You don’t have to travel, wait for a table, or pay an entry fee. You can just sign up on any online gambling platform, even on your smartphone, and get started instantly. The following are some of the most interesting facts about online betting that you may not know: 1. Online Betting Isn’t Legal in Some Countries, but it Isn’t Illegal Either Ga...

Wipro Ventures Closes Second Fund of USD 150 mn

17Jan By PriyankaNo Comments

BUSINESS

Wipro Ventures Closes Second Fund of USD 150 mn

Wipro Ventures, the strategic investment arm of Wipro Limited has closed USD 150 million (about Rs 1,063 crore) Fund ll that will invest in enterprise software companies. "Buoyed by the success of its first USD 100 million fund launched in 2015, Wipro Ventures will continue to invest in early to mid-stage companies building innovative enterprise software solutions across key areas, including cybersecurity, application development, analytics, cloud infrastructure, test automation, and artificial intelligence," Wipro said in a regulatory filing. Wipro Ventures, managed by Biplab Adhya and Venu Pemmaraju, has invested in 16 early to mid-stage start-ups so far, including 11 in the US, 4 in Israel and 1 in India. ln addition to making direct equity investments, Wipro Ventures has also in...

12Jan By PriyankaNo Comments

FUNDING

Techbooze Consultancy Raises $15M Funding from Space Capital

New Delhi, 12th Jan 2020: Techbooze Consultancy, a leading Business Development, Consulting and “Funding” facilitator for Startups & Enterprise raises Series A funding of $15 million, led by Space Capital. Techbooze Consultancy Services has been in the market for over 4 years now, and has been raising capital for over 22 startups within the last few years. The company, according to Founder & CEO, Mr. Subhashis Kar, initiated this round of funding in order to expand its operations and raise the company valuation to over $300 million. The company anticipates this funding round to fuel its startup growth ambitions with the ultimate goal of creating an ecosystem friendly for the growth of the startups. As of now, Techbooze Consultancy Services facilitates investment rou...

10Jan By PriyankaNo Comments

FUNDING

Byju’s Raises $300 Million Funding From Tiger Global

NEW DELHI, 10 Jan, 2019: New York-based Tiger Global Management has invested $200 million in education app Byju’s, valuing the Bengaluru-headquartered company at about $8 billion. Tiger Global, one of the most influential investors in the Indian startup ecosystem, has been negotiating an investment in Byju’s for the past few months, said two people aware of the developments. They indicated that secondary transactions, estimated at $100-200 million, may also take place, providing exits to some of the early backers of the eight-year-old company. “We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long-term vision of creating an impact by changing the way students learn,” founder Byju Raveen...

Zomato Raises USD 150 mn from Existing Investor Ant Financial

10Jan By PriyankaNo Comments

FUNDING

Zomato Raises USD 150 mn from Existing Investor Ant Financial

New Delhi, Jan 10, 2019: India based Online restaurant guide and food ordering platform Zomato has raised USD 150 million (over Rs 1,065 crore) from existing investor Ant Financial as part of a larger funding round. According to a regulatory filing by Info Edge India, which is also an existing shareholder in Zomato, this transaction is at a pre-money valuation of USD 3 billion. The investment is part of a larger funding round of up to USD 600 million, announced by Zomato Founder and CEO Deepinder Goyal in December. "We have raised USD 150 million from Ant Financial as a part of a larger round. Ant Financial has been a steadfast partner in our journey towards achieving market leadership in on-demand food delivery in India, and dining out globally," a Zomato spokesperson said in a s...

Coaching Institute Aakash acquires Applect Learning for $14.5 Million

7Jan By PriyankaNo Comments

ACQUISITION

Coaching Institute Aakash acquires Applect Learning for $14.5 Million

Entrance test preparation services provider Aakash Educational Services Ltd has acquired ed-tech company Applect Learning Systems for around $14.5 million (Rs 100 crore). The company has entered into a definitive agreement with Info Edge (India) Ltd and other selling shareholders to acquire ALSPL, which offers learning programmes under the brand name 'Meritnation' catering to students of class I to XII, AESL said in a statement. When asked about the value of the deal, a company official said, 'it is around $14.5 million (Rs 100 crore) for the entire stake.' In October last year, Blackstone had picked up a 37.5 percent stake in Aakash Educational Services for Rs 1,350 crore and announced the intention to create a digitally enabled, omnichannel test preparation company. 'As part of ...

UnoLigo Raises $1 million from EquNev Capital

7Jan By PriyankaNo Comments

FUNDING

UnoLigo Raises $1 million from EquNev Capital

Angel investor and venture capitalist Kapil Khandelwal-run early-stage investment fund EquNev Capital said it has pumped in USD 1 million into customer transmigration platform UnoLigo. UnoLigo Solutions is founded by Jehangir Abdulla, a Carnegie Mellon computational finance specialist and a Wall Street algo expert. "I have invested USD 1 million in series-A funding in UnoLigo," Khandelwal, who has been an early investor in Ola, told Pixr8 News. He also said the investment will get him a board position at UnoLigo. Khandelwal said the fund he invested will go towards augmenting UnoLigo's product offering, expand its data science and sales and marketing teams. UnoLigo lists IndianOil, Bharat Petroleum, Hindustan Petroleum, Gail, ONGC, IGL and MGL, LIC Mutual Fund, Shopper's Stop, ...

Delivery of Tesla Made-in-China Model 3 set for December 30

29Dec By PriyankaNo Comments

Automobile

Delivery of Tesla Made-in-China Model 3 set for December 30

Tesla China told Pixr8 News that they are aiming to begin deliveries of the all-electric Model 3 sedan from December 30th. That’s far earlier than the company’s own estimates, and immensely earlier than what Tesla’s skeptics have suggested. Monday’s event will deliver Tesla's 15 Model 3 car to local customers that are comprised of Tesla China employees. The first delivery date of the Made-in-China Model 3 marks the 357th day since Tesla and its construction partner started working on the Gigafactory 3 complex, which was then just a plot of land. The speed upon which Gigafactory 3’s Phase 1 zone was completed marks a new record for global automakers currently operating in China. The Made-in-China Model 3 is Tesla’s key to the local Chinese auto industry, which also corres...

Ather Energy Appoints Former Apple India Head as a CFO

27Dec By PriyankaNo Comments

News

Ather Energy Appoints Former Apple India Head as a CFO

New Delhi, Dec 26, 2019: Hero MotoCorp-backed electric two-wheeler startup Ather Energy appointed Deepak Jain as its Chief Financial Officer. Jain, who has worked with the likes of Apple India, P&G and Gillette over the past 20 years, joins Ather from First Advantage, where he was CFO for India business, the company said in a statement. Commenting on the appointment, Ather Energy co-founder & CEO Tarun Mehta said Jain has scaled up technology and product-led companies making him an ideal addition to Ather''s team. "Deepak''s experience in leading teams and integrating manufacturing and business processes will play a key role in the next part of our story," he said, adding for a rapidly expanding company like Ather, an important focus area is laying the structure for effect...

24Dec By PriyankaNo Comments

FUNDING

HomeLane Raises USD 30mn in Series D Funding

New Delhi, Dec 23, 2019: Interior designing platform HomeLane has raised USD 30 million (about Rs 213 crore) in Series D funding led by new investors Evolvence India Fund, Pidilite Group and FJ Labs. The funding round also saw participation from Sequoia Capital, Accel Partners and JSW Ventures. With the current round, the total funding raised by HomeLane stands at USD 46 million. The current round is estimated to value the company at USD 150-250 million. "We will use the funds for three things for our next phase of growth that will include launching renovation as a category; scaling our proprietary design-to-manufacturing platform to more designers, vendors, and installers; and expanding to 8-10 new cities in India," HomeLane founder and CEO Srikanth Iyer told Pixr8 News. He a...