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1. Ola’s Aggarwal sets eyes on AI, semiconductor design | TechCrunch
Indian entrepreneur Bhavish Aggarwal, co-founder of ride-hailing firm Ola and electric vehicle startup Ola Electric, is venturing into fresh terrain as he navigates his businesses toward initial public offerings.
He has set up an AI startup that seeks to develop a large language model and is currently scouting two U.S.-headquartered AI startups for a potential acquisition, people familiar with the matter said. Aggarwal is also in talks to raise over $50 million for the new AI venture, the people said.
The entrepreneur, who founded Ola over a decade ago, has also floated the idea of setting up a semiconductor design firm, one person said, requesting anonymity as the details are not public. It’s unclear whether the semiconductor design firm will be part of the same AI venture.
2. Walmart buys $1.4 billion Tiger Global stake in Flipkart, report
Walmart has bought stake in one of India’s most popular e-commerce firm, Flipkart. The company has paid $1.4 billion to buy out hedge fund Tiger Global’s investment in e-commerce firm, reported Wall Street Journal on Sunday.
Tiger Global was one of the key investors in the Indian startup. It had initially put $8.6 million into Flipkart’s Series B round in 2009 at a valuation of $42 million. Later, it added $1.2 billion between 2010 and 2015, reported Bloomberg.
Its investment helped the company in generating $3.5 billion in gains, the money manager said in the letter, reported BB.
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Worth your attention:
Funding to Indian startups fell 77% from Jan-July 2023 over 2022 Link
Together Fund launches Fund II with total corpus of $150 million Link
Funds Worth $3.6 Bn+ Announced For Startups In 2023; Here’s The Full List Link
Fidelity marks down Gupshup to $700M amid startup valuation concerns Link
Vanguard marks down Ola again, pegs fair value at $3.5 bn Link