Times Applaud

Logistics aggregator Shiprocket has bought Omuni in a cash-and-stock deal. The acquisition will enable faster deliveries of shipments to customers from the nearest warehouse or store. Shiprocket, financed by Temasek and Zomato, announced the acquisition of Omuni, the omni-channel technology division of garment maker and retailer Arvind Ltd, for Rs 200 crore in cash and shares. Shiprocket said in a statement on Tuesday that the transaction will allow for speedier delivery of items to consumers from the nearest retailer or warehouse. According to a person familiar with the issue, Arvind Ltd is anticipated to get more than a 2% interest in Shiprocket as part of the acquisition. This is yet another attempt by Shiprocket to expand its direct-to-consumer (D2C) shipping business while also enrolling offline companies for their delivery needs. It announced the acquisition of Pickrr in a $200 million transaction last month, causing considerable industry consolidation. Ac...

Musk's attorneys stated in a complaint to the US Securities and Exchange Commission (SEC) that Twitter had failed or refused to reply to several requests for information on fraudulent or spam accounts on the network. Twitter chairman Bret Taylor went to the microblogging site to announce that the company's board of directors intends to take legal action to enforce the acquisition deal. Elon Musk announced the cancellation of his $44 billion acquisition of Twitter Inc, citing the social media company's failure to share information on false accounts on the network. Musk's attorneys stated in a filing to the US Securities and Exchange Commission (SEC) that Twitter has failed or refused to reply to several requests for information on fraudulent or spam accounts on the site, which is critical to the company's commercial success. According to the petition, "Musk is canceling the merger deal because Twitter appears to have provided false and misleading assu...

Musk's attorneys stated in a complaint to the US Securities and Exchange Commission (SEC) that Twitter had failed or refused to reply to several requests for information on fraudulent or spam accounts on the network. Twitter chairman Bret Taylor went to the microblogging site to announce that the company's board of directors intends to take legal action to enforce the acquisition deal. Elon Musk announced the cancellation of his $44 billion acquisition of Twitter Inc, citing the social media company's failure to share information on false accounts on the network. Musk's attorneys stated in a filing to the US Securities and Exchange Commission (SEC) that Twitter has failed or refused to reply to several requests for information on fraudulent or spam accounts on the site, which is critical to the company's commercial success. According to the petition, "Musk is canceling the merger deal because Twitter appears to have provided false and misleading assu...

Fintech infrastructure startup Setu has been bought by Pine Labs. The company plans to retain its brand and team and continue to operate independently. In its third acquisition deal this year, Pine Labs has bought Setu, a fintech infrastructure firm, for around $70 million. Setu's co-founder Sahil Kini said, the company plans to retain its brand and team and continue to operate independently. In April, the Singapore-based business acquired a majority investment in payments solution provider Mosambee, and in February, it acquired a stake in Mumbai-based online payments startup Qfix. Setu, a fintech infrastructure startup, has expanded its products to include payments, data, investments, and lending via its automated programming interface (APIs). The firm will work with Google Pay in August 2021 to offer fixed deposits through Equitas Small Finance Bank. The company also maintains the open-source effort D91 Labs, which provides research and assists fintech startup...

Zilingo's co-founders made a last-ditch offer to acquire the troubled fashion  e-commerce platform. The company's board is due to meet to debate its future. Zilingo Pte co-founder Dhurv Kapoor recommended a management buyout to the Singapore-based company's board on Sunday. They asked not to be identified because the subject is confidential. According to the persons, he has obtained commitments from a small group of new investors, including a US private equity firm. According to an email provided to investors by Kapoor, the investment group would inject $8 million in new equity in a newly established corporation in tranches, while the remaining assets and the previous corporate organization will be liquidated in due course. According to an email, all outstanding debt owing to creditor Zorro Assets Ltd. would be frozen for three years. According to persons familiar with the situation, Zilingo's board of directors is due to meet on June 20 to debate the com...

Lybrate, a healthcare startup, has been bought by Pristyn Care. As a result of the acquisition, Pristyn Care will expand its healthcare offerings and begin providing primary healthcare services to its patients. Pristyn Care, a healthtech unicorn, has purchased New Delhi-based healthcare firm Lybrate for an undisclosed sum. As part of the agreement, Lybrate's complete workforce of 150 experts will join Pristyn Care. Pristyn Care will expand its healthcare offerings and begin providing primary healthcare services to its patients as a result of the acquisition. In addition, the two firms intend to consolidate their activities in the near future.  According to Pristyn Care, the transaction will expedite the company's expansion objectives by expanding beyond its existing network of 800 fully-operative secondary surgery care centers and foraying into primary care through digital and online consultation services. Pristyn, a Gurugram-based company founded in 2018 by ...

Byju's has spent the majority of its recent capital on new acquisitions in India and other parts of the world. It is now considering acquiring Chegg, a California-based online tutoring startup. Despite the worldwide market slump, Byju's, which has spent the majority of its recent investment on new purchases in India and elsewhere, has no plans to wind down its buying spree anytime soon. Byju Raveendran, the company's founder and CEO, believes that the next 12 months will be the finest moment to buy firms, and that Byju's is looking to make "multi-billion-dollar" purchases all over the world. According to insiders, Byju's has spent the majority of its recent funds on fresh acquisitions in India and around the world, and is currently considering a buyout of California-based online teaching startup Chegg. Raveendran would not confirm whether talks to buy Chegg have taken place, but he did say that the next 12 months will be the optimum time to buy ...

Tesla's valuation was reduced by $126 billion, while CEO Elon Musk's net worth was reduced by 10.83 percent, or $29 billion, in the day following his Twitter acquisition. Tesla's valuation was reduced by $126 billion, while CEO Elon Musk's net worth was reduced by 10.83 percent, or $29 billion, in the day following his Twitter acquisition. Elon Musk's net worth plummeted after the valuation of his electric car firm, Tesla, fell 13% in New York trade on Wednesday. Tesla's worth was slashed by $126 billion in a single day as shareholders reacted negatively to Musk's acquisition of Twitter. Notably, Tesla's stock has been sliding since Musk stated earlier this month that he had purchased a 9.1 percent stake in the microblogging site. Musk is the world's richest individual, according to the Forbes real-time billionaire list, with a net worth of approximately $242 billion (subject to change). This comes after the Tesla CEO lost 10.83 percen...

Elon Musk has struck a deal to acquire Twitter.Twitter CEO Parag Agrawal would receive $42 million if he will be fired after the acquisition. On Monday, entrepreneur Elon Musk agreed to buy Twitter for $44 billion, thereby terminating the business's existence as a public company since 2013. According to research firm Equilar, Twitter Inc CEO Parag Agrawal would receive an estimated $42 million if he were fired within 12 months of a change in power at the social media business. Musk expressed his lack of confidence in Twitter's management in an April 14 securities filing. According to an Equilar spokesman, the estimate comprises a year's worth of Agrawal's base pay plus accelerated vesting of all stock awards, based on Musk's offering price of $54.20 per share and clauses in the company's latest proxy statement. A spokesman from Twitter declined to comment on Equilar's assessment. Agrawal had previously served Twitter as its chief ...

Flipkart has announced the acquisition of ANS Commerce. The deal will enable Flipkart  to bolster its e-commerce ecosystem. Flipkart, the e-commerce arm of the Walmart Group, announced the acquisition of ANS Commerce on Tuesday in order to bolster its online retail ecosystem in the country. Flipkart stated that following the acquisition, ANS Commerce will continue to function as an independent e-commerce solutions platform under its current leadership team. Ravi Iyer, Flipkart's senior vice president and head of corporate development, said, "Our relationship with ANS Commerce began last year when they were a part of Flipkart's tech startup accelerator program, Flipkart Leap. Flipkart is now delighted to welcome the ANS Commerce team to the Flipkart group." Since its inception in 2017, ANS Commerce has worked with over 100 clients across enterprise, mid-market, and D2C (Direct-to-Consumer) brands in various categories. ANS's primary focus is on t...

Bolt is paying $1.5 billion to acquire cryptocurrency startup Wyre. The cash-and-stock deal expands Bolt's e-commerce checkout technology's crypto payment capabilities. Bolt, a fintech unicorn, is buying crypto firm Wyre  in a $1.5 billion cash-and-stock transaction. Wyre would add crypto payment capabilities to Bolt's e-commerce checkout platform. According to Crunchbase records, Wyre has attracted $29.1 million from venture investors, including a financing in January 2021 led by blockchain investor Stellar Development Foundation. Increase your sales with all-in-one prospecting solutions driven by the private-company data leader. Located in San Francisco, Bolt has raised a total of $1 billion from private investors, including $355 million in its most recent Series E round. According to The Crunchbase Unicorn Board, the company is worth an estimated $11 billion. The Wyre transaction is scheduled to close in the third or fourth quarter of this year. A...

Intel has acquired Israeli startup, Granulate Cloud Solutions Ltd. The deal will assist cloud and datacenter clients in optimising compute workload performance while lowering infrastructure and cloud costs. Intel has announced the acquisition of Granulate Cloud Solutions Ltd, an Israeli producer of real-time continuous optimization software, for a reported $650 million. According to an Intel statement issued late Thursday, the acquisition will assist cloud and datacenter customers in optimising compute workload performance while lowering infrastructure and cloud costs. Sandra Rivera, executive vice president and general manager of Intel's Data Center and AI Group, stated, "Granulate's state-of-the-art autonomous optimisation software can be applied to production workloads without requiring the customer to change its code, resulting in optimised hardware and software value for every cloud and data centre customer." Granulate's autonomous optimisation...

Cygnet Infotech has completed a deal to buy a majority stake in an AI startup.  The deal will allow clients to leverage the two firms' integrated digital transformation offerings. Cygnet Infotech, a homegrown technology company, has announced the acquisition of a controlling share in a startup in the Artificial Intelligence (AI) sector,  Glib.ai that assists businesses with last-mile automation. Clients of Cygnet Infotech and Glib in BFSI, manufacturing, logistics and supply chain, and other industries will now be able to take advantage of the integrated digital transformation offerings of the two companies. Clients from India, North America, Europe, the Middle East, and Africa are served by Cygnet Infotech. Niraj Hutheesing, founder and director, Cygnet Infotech , said, "The deal to acquire a majority stake in Glib, will allow us to combine the startup's high-tech OCR reading capabilities for bank statement analysis, financial statement analysis, and in...

Razorpay has announced an acquisition to bolster its banking solutions subsidiary that develops innovative tech solutions for banks. The company has bought a major fintech startup, IZealiant Technologies. Razorpay, a fintech unicorn, announced the takeover of Pune-based fintech startup, IZealiant Technologies, for an undisclosed sum on March 15, 2022. Razorpay's Banking Solutions Arm will be strengthened by the takeover deal of IZealiant. The startup will develop revolutionary payment banking solutions for partner banks, allowing businesses and their end-customers to enjoy a faster, more seamless, and secure payment experience. A number of important projects in India have been worked on by Razorpay's Banking team. These projects include Razorpay TokenHQ, India's first multi-network RBI compliant card tokenization solution, and MandateHQ, an API-based, plug-and-play recurring payments interface for banks. IZealiant is a well-known fintech business that pro...