Sheldan Rungasamy | Pixr8 News

SHAREit Acquires South Indian Movie Streaming App

8May By Sheldan RungasamyNo Comments

ACQUISITION

SHAREit Acquires South Indian Movie Streaming App

SHAREit, the Beijing-based file sharing platform recently announced the acquisition of movie app Fastfilmz that only displays South Indian movies, for an undisclosed amount. SHAREit revealed in a statement that the acquisition valued the company at $13 million. Fastfilmz last raised a funding round of $4 million last year. The founder of Fastfilmz, Karam Malhotra will move to SHAREit office, taking the post of Chief Executive of SHAREit India. The acquisition of Fastfilmz has been made to carry out the ambitions of the Chinese tech company in distributing wider contents across regional languages as well. Fastfilmz operates as an over-the-top (OTT) platform meaning that it sells the movies it broadcasts directly to its customer base over the internet through streaming media, instea...

BigBasket Seeks $500 Mn Funding to Battle American Giants

8May By Sheldan RungasamyNo Comments

News

BigBasket Seeks $500 Mn Funding to Battle American Giants

BigBasket, India’s leading startup in the online grocery market segment is holding talks with its existing investors to raise capital worth $500 million to compete with e-commerce market leaders Amazon and Flipkart (post-Walmart acquisition). BigBasket already raised a colossal $300 million funding led Alibaba Group Holding Ltd and others in February and are now beginning negotiations to raise between $300 to $500 million from the Chinese conglomerate and new investors, according to three anonymous sources close to the company. Although BigBasket is also holding talks with new investors, the sources believe that most of funds will be raised entirely from existing investors and majorly Alibaba. BigBasket is not in need of any additional funds right now, but it wants to be prepared ...

Sachin Bansal, Co-Founder of Flipkart Will Leave Post Walmart Acquisition

8May By Sheldan RungasamyNo Comments

News

Sachin Bansal, Co-Founder of Flipkart Will Leave Post Walmart Acquisition

Sachin Bansal, Executive Chairman and co-founder of Flipkart is set to sell his entire 5.5% stake of his company to American brick-and-mortar giant Walmart as the acquisition of India’s largest tech company seems imminent. Three people close to the company reported the news which was subsequently shared on various platform. Indeed, Sachin Bansal might be living his last days at the company he co-founder and grew to reach the homes of almost every Indian as Walmart prepares its $12-15 billion bid to acquire the e-commerce business valued to be worth $20 billion. The 5.5% stake he stills owns in the company will be sold for a reported $1 billion, making him an instant billionaire. Sources close to the company suggested that Sachin was “not aligned with the strategy and operating struct...

8May By Sheldan RungasamyNo Comments

FUNDING

Times Group Raises Debt Funding of $75 Million

Bennett Coleman and Company Limited, the media group that owns The Times Group recently raised a funds worth INR 500 Cr ($ 75M) in a non-convertible debenture-funding round with the participation of a string of investors. According to Investopedia, "Nonconvertible debentures are unsecured bonds that cannot be converted to company equity or stock. Nonconvertible debentures usually have higher interest rates than convertible debentures." The media group issued unsecured, unlisted, rated, redeemable, non-convertible debentures for a period of 3 years with a coupon rate of 7.48% per year and paid annually. The lenders participating in this debt funding round are ICICI Lombard General Insurance with Rs 200 Cr, DSP Blackrock Short Term Fund with Rs 160 Cr, Aditya Birla Sun Life Insuranc...