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Swiggy raises $80 million in a funding round lead by Naspers

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Bengaluru-based Swiggy raised $80 million from South African media company Naspers in a Series E funding round. The food ordering and delivery platform’s total funding has gone up to almost $160 million with this latest investment.

This funding round also included existing investors Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners. This Rs. 512 crores investment could provide the food delivery startup a potential edge over Zomato Media Private Ltd.

Swiggy spokesperson said in a statement that they plan to improve its technology team and provide new product offerings. Co-founder and CEO of Swiggy Sriharsha Majety added this investment will also be used to build strong data science and machine learning capabilities, and increase delivery efficiencies through personalization and deeper customer understanding.

The investment also gives the company a two-year head room to roll out a diversified product line and move away from a one-size-fits-all approach. Swiggy grew it’s revenue by over six times last year and could grow more this year with this investment.

Ashutosh Sharma, head of investments at Naspers in India said that they were attracted to Swiggy’s ability to create a sustainable business and it’s exceptional execution in online food ordering and delivery. Naspers is known for backing big Indian e-commerce firms such as Flipkart and Olx and has recently invested $431 million in Delivery Hero, the parent company of the German Foodpanda, food ordering, and delivery service.

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Binny Bansal Sells ₹531 Crore Worth Flipkart Shares To Walmart

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Binny Bansal Sells ₹531 Crore Worth,Flipkart Shares To Walmart,Startup Stories,Latest Business News 2019,Binny Bansal Sells Flipkart Shares,Flipkart CO Founder Binny Bansal,Flipkart Business News,Flipkart Latest News,Walmart Flipkart Deal

Binny Bansal, an Indian billionaire, entrepreneur and co founder of the e-commerce website Flipkart, sold $ 76.4 million worth of his shares in Flipkart to Walmart’s Luxembourg entity FIT Holdings SARL.

Binny Bansal, along with his partner Sachin Bansal, co founded the Flipkart and served as its Chief Executive Officer until January 2016.

Walmart, a multinational retail corporation, bought Flipkart in 2018 and back then, Bansal sold a small portion of his shares and held 3.85 % of stake.

Now, according to the documents filed by Flipkart with the regulators, Binny Bansal transferred 539,912 equity shares to FIT Holdings SARL.  These shares are valued to be $ 76.4 million (approximately Rs. 531 crores.)  This latest deal left him with only 3.52 % stake in Flipkart.

Vivek Durai, the founder of Paper.vc, a business intelligence platform, said, “With this transfer, Binny Bansal has monetised a small portion of his shareholdings. He had sold 1,122,433 shares for about $ 159 million during the Walmart takeover.”

According to his contract with Walmart, Binny Bansal is entitled to sell more than half of his shares to Walmart by August 2020 and he could gain around $ 400 million from this transaction.

Bansal, who is mostly based in Singapore, is now an investor in India’s  startup ecosystem and is also the co founder of xto10X Technologies, which was launched last year.

In December 2018, Binny Bansal invested a sprawling $ 25 million dollars in the online insurance startup Acko.  He also invested in several AI and healthtech startups.

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Facebook Reveals Details Of Its Cryptocurrency Libra

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On the 18th of June, Facebook revealed details of its brand new cryptocurrency called Libra.  An alternative to cash, this cryptocoin can be used to buy things or send money to people with close to no fees.  The cryptocurrency is going to be launched by an association called The Libra Association, which consists of a group of companies interested in getting Libra out into the world.

You can use Libra to buy or cash out your Libra at local stores like grocery stores and through third party wallet apps.  To make using Libra an easier task, Facebook owned Calibra Wallet will be built into WhatsApp and Messenger, thereby simplifying transaction processes.  Although certain countries have banned the use of cryptocurrencies, Facebook is trying to break new ground with the launch of Libra.

While Facebook is launching Libra, the social media giant is not going to be in complete control of the cryptocoin.  The coin will be controlled by a consortium consisting of its founding members, Visa, Uber and Andreessen Horowitz. The three companies have invested at least $ 10 million each into the creation of this cryptocurrency.

Customers interested in holding or transferring the newly acquired token will be given multiple options to do what they wish.  To further simplify matters, Facebook will let customers access transactions through this cryptocurrency via a special app designed for iOS and Android.

To protect the identity of its users while making transactions through the new app, Facebook won’t require you to share personal details.  “The advent of the internet and mobile broadband has empowered billions of people globally to have access to the world’s knowledge and information, high fidelity communication, and a wide range of lowercost, more convenient services,” the Libra Association said in a paper announcing the cryptocurrency.

Libra will be made available to the world during the first half of 2020.  As of now, Facebook is focusing on building relationships in international waters.

Stay tuned for more updates.

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Facebook Invests In Indian Startup Meesho

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On the 13th of June, social media giant Facebook announced, it invested an undisclosed amount in Indian startup Meesho.

A Bengaluru based startup, Meesho works with resellers and emerging brands using social media.  This is the first time Facebook invested in a startup based in India. Through this investment, Facebook aims to increase its commitment to the Country’s vibrant internet ecosystem.

“Facebook is an ally for India’s economic growth and social development. We are excited about India and its rapidly rising Internet ecosystem. With this investment in Meesho, we want to fuel a business model that can result in rapid job creation and the rise of a female entrepreneurial class in India,” Ajit Mohan, the Managing Director of Facebook India, said in a statement.

It was two primary factors which made Facebook invest in Meesho.  The first reason was how the startup is growing outside the Tier II and III cities, where new users are present.  The second reason is, Meesho has a larger user base, 80 % of which are women.

So far, Meesho has raised $ 50 million from a Series C funding round in November last year.  According to industry reports, the startup helps people using its service earn close to Rs. 25,000 every month!  With WhatsApp playing a crucial role in the app’s growth, it comes as an added blessing that Facebook invested in this particular startup.

Through investments like these, Facebook is capitalizing on the social media boom happening in India.

Stay tuned for more updates.

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