ACQUISITION | Pixr8 News

Bike Taxi Startup Rapido Acquires Hyderabad-based GetBike

23May By Sheldan RungasamyNo Comments

ACQUISITION

Bike Taxi Startup Rapido Acquires Hyderabad-based GetBike

Rapido, the Bangalore-based bike taxi startup, is in the final phase of finalizing an A&M deal with Hyderabad-based Vave Infosolutions India Pvt. Ltd, owner of motorcycle-sharing startup Getbike, according to a report from VCCircle. The deal will allow the bike taxi company, which is run by Roppen Transportation Services Pvt. Ltd, to enter the Hyderabad market by making use of GetBike’s resources and market presence. Shravya Reddy, who was previously associated with Reliance Communications Ltd and Apalya Technologies, founded Getbike – formerly called Getmi -- in September 2017. Getbike raised $100,000 as angel funding 3 months later from a couple of investors, namely, Vamshi Reddy B and Venu Veeramaneni. The startup began operations as a bike taxi operator catering both general ...

Paytm Acquires Alibaba-Owned Ticketing Platform For $40 Mn

23May By Sheldan RungasamyNo Comments

ACQUISITION

Paytm Acquires Alibaba-Owned Ticketing Platform For $40 Mn

Paytm, the leading Indian online payments company announced the acquisition of Orbgen Technologies Pvt. Ltd., the firm that operates TicketNew, a ticketing platform based in Chennai. The cost of the deal has not been disclosed yet, but according to stock based transactions, the deal is estimated to have cost between $30-40 million. The deal will see Paytm acquiring the business from Alibaba Pictures, the entertainment channel of Chinese giant Alibaba Group, which bought a majority stake in Tickenew barely a year ago. The acquisition was made as Paytm wishes to connect its 300 Mn customers to TicketNew partner cinemas, which will additionally drive Paytm’s utility and revenues. “We are on a mission to be the one-stop destination for all movie and entertainment ticketing needs. It is o...

Adobe Acquires Open-Source E-commerce Magento

22May By Sheldan RungasamyNo Comments

ACQUISITION

Adobe Acquires Open-Source E-commerce Magento

Adobe announced yesterday that it has made the acquisition of Magento for the amount of $1.68 billion. The purchase of the company has been done to enable Adobe to set up an e-commerce platform that caters to B2B and B2C and will be an appropriate addition to the company’s Experience Cloud. It will also bolster Adobe’s resources as its competing with Salesforce, which is offering an integrated marketing, sales and service offerings in the cloud and acquired Demandware in 2016 for $2 billion to cater a similar set of functionality. Brent Leary, owner of CRM Essentials is keeping an attentive eye on the relationship between CRM and marketing, stating this acquisition will fill a big gap in Adobe’s Experience Cloud. “Now they have an offering that allows them to close the loop with c...

Tata Steel Acquires Debt-Laden Bhushan Steel for Rs 35,200 Cr

20May By Sheldan RungasamyNo Comments

ACQUISITION

Tata Steel Acquires Debt-Laden Bhushan Steel for Rs 35,200 Cr

Bamnipal Steel Ltd (BNPL), daughter company of Tata Steel, recently made the acquisition of 72.65% of controlling stakes in Bhushan Steel Ltd (BSL) for Rs 35,200 Cr. Tata Steel Ltd made the highest bid to acquire the indebted Bhushan Steel Ltd in an insolvency action. The firm filed for bankruptcy was among the 12 stressed assets that were referred by the RBI for NCLT proceedings next year. "BNPL has successfully completed the acquisition of controlling stake of 72.65 per cent in BSL in accordance with the approved resolution plan under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC) which has been managed by Vijaykumar V lyer, Partner, Deloitte Touche Tohmatsu India LLP, in his capacity as the resolution professional," Tata Steel a...

Paypal Acquires Leading Swedish Online Payments Provider

18May By Sheldan RungasamyNo Comments

ACQUISITION

Paypal Acquires Leading Swedish Online Payments Provider

Paypal, the leading online payments system is ready to make its biggest gamble on point-of-sale transactions, small businesses and markets out of America, as the competition between Square, Stripe and others in the world of payments. Indeed, the online payment giant is set to acquire iZettle – a Sweden-based payments provider that holds the tag of “Square of Europe” for a reported fee of $2.2 billion in cash. The deal is expected to close in the third quarter of this year and iZettle’s co-founder and CEO Jacob de Geer is expected to remain at the head of his company. Other important executives of the company will also keep their roles in the business post-acquisition. With this deal, Paypal announced that they will make the firm become “a center of excellence” for in-store and offline p...

German Bank Acquires Mumbai-based Fintech Startup

16May By Sheldan RungasamyNo Comments

ACQUISITION

German Bank Acquires Mumbai-based Fintech Startup

Deutsche Bank, the German investment bank and financial services recently announced the acquisition of its first Indian fintech startup, Quantiguous Solutions for an undisclosed amount. The acquisition was made as the bank looks to strengthen several divisions and applications. Post the acquisition deal, all employees of Quantiguous will move to Deutsche Bank offices and will integrate the core team posted to develop and roll-out the bank’s global application programming interface (API). Quantiguous solutions will be assigned to help develop Deutsche Bank’s global transaction banking franchise business. “The future of banking depends on connectivity which is key to drive growth for our global franchise,” said head of global transaction banking, John Gibbons. “The need to provide a...

Paymate Acquires Lending Platform to Help SMEs

15May By NitishNo Comments

ACQUISITION

Paymate Acquires Lending Platform to Help SMEs

Mumbai- India’s payment startup PayMate announced the acquisition of Z2P (Zaitech Technology Pvt. Ltd.), a digital lending platform which provides hassle-free and real-time credit using social and banking data along with proprietary analytics and AI. The acquisition is expected to be completed by May 2018 and it follows the announcement in February of this year by PayMate of its B2B partnership agreement with Visa. As a result of the acquisition, PayMate acquires an innovative and proven lending solution in Z2P, which when combined with PayMate’s proprietary B2B payments platform will revolutionize the way businesses manage their payment operations, cash flow, and access to growth capital. PayMate plans to partner with banks and NBFCs to improve the flow of credit to SMEs. According to ...

Knowlarity Communications Acquires Cloud-SaaS Company Sunoray

14May By Lavina TolaniNo Comments

ACQUISITION

Knowlarity Communications Acquires Cloud-SaaS Company Sunoray

Cloud-based Telephony Company Knowlarity Communications Pvt. Ltd. has reportedly acquired Mumbai based Sunoray Solutions Pvt Ltd. in an undisclosed amount. Post this acquisition, Knowlarity will keep hold of Sunoray's small and medium-sized enterprise market as well as artificial intelligence and machine learning products, as revealed in the company statement. Ambarish Gupta, Founder and CEO Knowlarity Comm. said, The acquisition has happened in the context of our strategy of acquiring businesses that complement our scales, both in terms of revenue and breadth offering to our customers. We will also aggressively target Enterprise Customer with the expanded product. New Delhi-based Knowlarity was founded in 2009 by Pallav and Gupta Pandey and is backed by giant investors like Sequoi...

Future Retail Acquires Travel News Services for Rs. 65.42 Cr

12May By Lavina TolaniNo Comments

ACQUISITION

Future Retail Acquires Travel News Services for Rs. 65.42 Cr

Future Retail Ltd has confirmed today that it has acquired Travel News Services (India) for a whopping Rs. 65.42 crore in cash to the latter's shareholders for the entire stake. Post this acquisition of entire share capital, TNSI has become a wholly owned subsidiary as informed by Future Retail Ltd in a filing to BSE. The filing said, "By virtue of said acquisition, the subsidiary companies of TNSI---TNSI Retail Pvt Ltd (TNSI Retail) and Welcome Retail Pvt Ltd (WRPL)--have also become step down subsidiaries of the company." WRPL is a joint venture of TNSI into which TNSI holds 51 percent of the share capital. Headed by Kishore Biyani, Future Retail has earlier said in January this year that it will fully acquire TNSI in a Rs. 100 crore deal, a move that would help the company t...

Tech Investor Silver Lake to Buy Zoopla Owner for £2.2 bn

11May By Lavina TolaniNo Comments

ACQUISITION

Tech Investor Silver Lake to Buy Zoopla Owner for £2.2 bn

The owner of UK property site Zoopla and comparison site Uswitch is being bought by a US private equity firm for a £2.2bn deal. A California-based tech investor, Silver Lake which also owns the PrimeLocation and SmartNewHomes websites has given its nod to 490p a share bid for parent company ZPG. The bid valued at a £2.2bn will mark a third higher than ZPG’s closing price on Thursday. The deal is being backed by more than 31% of investors including DMGT the parent company of the Daily Mail, which is in line for a £640m payday from the sale of its 29.9% stake. It will also mark the successful exit of business for entrepreneurs Chesterman, who founded Zoopla in 2007 after merging his online DVD rental business ScreenSelect with LoveFilm, which was later acquired by Amazon in 2011 for...

Now Its Official! Walmart Acquires 77% of Flipkart for $16 Billion

9May By Sheldan RungasamyNo Comments

ACQUISITION

Now Its Official! Walmart Acquires 77% of Flipkart for $16 Billion

Walmart. Inc has officially acquired Flipkart for $16 billion in a deal that soared the valuation of Indian e-commerce platform to over $20 billion, making it the biggest e-commerce acquisition ever globally. The brick-and-mortar company acquired 77% of the Indian e-tail business. The news was also confirmed by previous Flipkart investor, Softbank CEO, Masayoshi Son who also stated that the Japanese conglomerate sold out the 20% stakes it bought last year for $2.6 Bn at $4 Bn, therefore making a 60% profit on its initial investment. Out of the 50 existing investors in Flipkart, only Tiger Global Management and Tencent are expected to prolong their association with the e-commerce giant. This is also the first time that a US company bought out an entire online platform in India, driven...

Alibaba Acquires Pakistan’s Leading E-Commerce Company Daraz

9May By Lavina TolaniNo Comments

ACQUISITION

Alibaba Acquires Pakistan’s Leading E-Commerce Company Daraz

Chinese Internet giant Alibaba has bought Pakistani e-commerce firm Daraz in an undisclosed deal in order to expand its operations in South Asia. The deal marks Alibaba's second wave of international expansion aiming to enter South Asia. Daraz was founded in 2012 and is backed by European Tech Incubator Rocket Internet. It operates in Bangladesh, Myanmar, Sri Lanka, Nepal and Pakistan. This is the second time when Alibaba has bought a Rocket company, the first being Lazada in South East Asia in 2016. The official announcement for the deal is awaited but has been confirmed by a company spokesperson, according to the sources. Alibaba had initially focused on India backed by Paytm but now it aims to spread its wings into lower profiles which are hugely populated in South Asia. Pakis...