1947 Tech Newsletter 🇮🇳

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1947 Rise ☀️: 203

1947tech.substack.com

1947 Rise ☀️: 203

M&A’s & funding!

shiva singh sangwan
Jul 3, 2022
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1947 Rise ☀️: 203

1947tech.substack.com

1. Zomato acquires Blinkit for $568 million in instant-grocery delivery push

Zomato has acquired Blinkit, a struggling 10-minute grocery delivery startup, in a $568.1 million all-stock deal as the loss-making food delivery firm looks to broaden its offerings at a time when its shares are trading far below last year’s debut price and less than half of the all-time highs.

The Gurgaon-headquartered firm — which reached an agreement to acquire Blinkit earlier this year, TechCrunch previously reported — said on Friday its shareholders have approved the deal (PDF). The deal marks a significant value erosion in Blinkit, which became a unicorn a year ago and had raised about $700 million mostly against equity. When the two firms agreed for an acquisition earlier this year, they had valued the deal between $700 million and $750 million, TechCrunch earlier reported.

The acquisition comes as a relief to Blinkit, which struggled to raise funds from new and most of its existing investors for several quarters.

Zomato acquires Blinkit for $568 million in instant-grocery delivery push

2. Lenskart acquires majority stake in Japan’s Owndays, becomes Asia’s largest Omnichannel retailer

Omnichannel retailer Lenskart has acquired a majority stake in Japanese eyewear brand Owndays to become the region’s largest Omni-channel eyewear business by taking it to 13 markets in Asia including India, Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia, and Japan.

Reportedly, the deal is said to be $400 million. But, the company did not disclose details of the deal.

In a press statement, the company said that Owndays’ Co-founders, CEO Shuji Tanaka, and COO Take Umiyama, will continue to be shareholders and lead the management team while the brand will continue operating independently.

Peyush Bansal, Co-Founder, and Group CEO at Lenskart said, “With OWNDAYS we move a step closer to democratizing eyewear. I have known Shuji-san and Take-san for over five years and have been an admirer of the disruptive brand and customer experience they have built with OWNDAYS. To bring about a revolutionary change such as the one the world needs in eyewear, we need to work with like-minded and complementary founders.

Lenskart acquires majority stake in Japan's Owndays, becomes Asia's largest Omnichannel retailer


Worth your attention:

  1. Arzooo raises $70 million to bring ‘best of e-commerce’ to physical stores in India Link

  2. Proptech startup PropShare raises $47 million led by WestBridge Capital Link

  3. Battery swapping startup Battery Smart raises $25 million funding led by Tiger Global Link

  4. Reliance, PremjiInvest, CP Group, Swiggy look to bid for Metro India unit Link

  5. GetVantage offers revenue-based financing to India’s founders Link

  6. B2C credit management platform CheQ raises $10 million in funding led by Venture Highway Link

  7. B2B marketplace Solv raises $40 million in funding led by SBI Holdings Link

  8. Banks are rethinking partnerships with credit-card based fintech firms Link

  9. Loco launches ‘Legends’, India’s first NFT platform for esports Link

  10. More than 400 ads on crypto violated guidelines: Ad council Link

Thank you for reading. Please share any feedback, questions or comments with me on Twitter :)

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1947 Rise ☀️: 203

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