Skip to main content

Deck.blue brings a TweetDeck experience to Bluesky users

With over 3 million users and plans to open up more broadly in the months ahead, Bluesky is still establishing itself as an alternative to Twitter/X. However, that hasn’t stopped the developer community from embracing the project and building tools to meet the needs of those fleeing the now Elon Musk-owned social network, formerly known […] © 2024 TechCrunch. All rights reserved. For personal use only. from TechCrunch https://ift.tt/TBbEAPF
Post a Comment

Walmart pays $1.4 billion to buy Tiger Global’s remaining Flipkart stake

Walmart paid $1.4 billion to buy out Tiger Global’s remaining holding of Flipkart shares as the retail giant further expands its stake in the Indian e-commerce startup.

The transaction took place in recent days and Tiger Global, which has cashed most of its Flipkart shares earlier, overall made a return of $3.5 billion on an investment of $1.2 billion, the New York-headquartered hedge fund told investors, according to a person familiar with the matter. Wall Street Journal first reported on the deal.

Flipkart is the only Indian startup in which Tiger Global had invested more than $1 billion, according to a person familiar with the matter. The U.S. investment giant has poured over $6 billion on Indian startups altogether.

The secondary Flipkart shares sale valued the Bengaluru-headquartered at $35 billion. Flipkart was valued at $37.6 billion in a funding round in 2021, but has since internally cut its worth by about $5 billion following the split of payments startup PhonePe.

Walmart, which paid $16 billion for a 77% stake in Flipkart in 2018, held 72% share in the firm as of last year, according to an analysis by market intelligence firm Tracxn. Tiger Global, prior to the recent transaction, held a 4% stake in Flipkart.

An alternative perspective on Walmart’s over $20 billion investment in Flipkart could be that the American giant has bought shares in a company that competes with the local division of Amazon, which was able to establish a similar business in-house for less than $7 billion.

The funding faucet for Flipkart probably won’t be turned off in the near future.

Flipkart has largely depleted the capital it raised in 2021 and now faces the need for another round of funding. Flipkart has gauged market interest in recent months, but no deal was struck due to a lower valuation. As such, it seems likely that it will turn back to Walmart to secure the majority of the financing needed for the next round.



from TechCrunch https://ift.tt/cmORGDs
Labels:

Comments

Post a Comment

Popular posts from this blog

New month, new crypto market moves?

To get a roundup of TechCrunch’s biggest and most important crypto stories delivered to your inbox every Thursday at 12 p.m. PT, subscribe here . Welcome back to Chain Reaction. Seems like just yesterday we were ringing in the New Year, but we’ve coasted into February and all seems to be somewhat relaxed (for once) in the crypto world. Last month was filled with crypto companies laying off staff , developments around the existing and new Chapter 11 bankruptcies in the space, partnerships and conversations about potential recovery in 2023. Even with a range of bad news flooding the industry, some cryptocurrencies had a bull run in January, amid the market turmoil. Bitcoin rallied 40% on the month, while ether rose about 32% during the same period. Solana also saw serious recovery, from about $10 in the beginning of the year, near its lowest level since February 2021, up 146% to about $24.3 by the end of January, CoinMarketCap data showed. These market movements could pot
Post a Comment
Read more

Metaverse app BUD raises another $37M, plans to launch NFTs

BUD , a nascent app taking a shot at creating a metaverse for Gen Z to play and interact with each other, has raised another round of funding in three months. The Singapore-based startup told TechCrunch that it has closed $36.8 million in a Series B round led by Sequoia Capital India, not long after it secured a Series A extension in February . The new infusion brings BUD’s total financing to over $60 million. As with BUD’s previous rounds, this round of raise attracted a handful of prominent China-focused investors — ClearVue Partners, NetEase and Northern Light Venture Capital. Its existing investors GGV Capital, Qiming Venture Partners and Source Code Capital also participated in the round. Founded by two former Snap engineers Risa Feng and Shawn Lin in 2019, BUD lets users create bulbous 3D characters, cutesy virtual assets and richly colored experiences through drag-and-drop and without any coding background. The company declined to reveal its active user size but said its use
Post a Comment
Read more

Can Arbitrum’s recently formed DAO recover from its messy week?

The TechCrunch Podcast Network has been nominated for two Webbys in the Best Technology Podcast category. You can help TechCrunch win by voting for Chain Reaction , which digs into the wild world of crypto, or Found , which brings you the stories behind the startups by sitting down with the founders themselves. Please take a few moments to vote here . Voting closes April 20. (NB I host Chain Reaction, so vote for my show!) Welcome back to Chain Reaction. This week was pretty bearable as a crypto reporter covering this space. There was less crazy news transpiring, compared to previous weeks (where we saw a number of U.S. government crackdowns on major crypto companies like Binance and Coinbase ). Still, it’s never a dull week in the crypto world. In late March, Arbitrum, an Ethereum scaling solution, transitioned into a decentralized autonomous organization (DAO), after airdropping community members its new token, ARB. DAOs are meant to operate with no central authority and token h
Post a Comment
Read more