Discover more from 1947 Tech Newsletter 🇮🇳
1947 Tech 🇮🇳: 108
Once a week newsletter: Insights on Tech, markets, startups, venture capital, and foreign investments in India
1. Facebook invests $5.7B in India’s Reliance Jio
2nd biggest thing to happen to the digital ecosystem of India after the Flipkart — Walmart deal, said my colleague Utsav Somani at AngelList India.
I absolutely agree with him. This is massive in many ways.
And Matthew dropped the mike!
To put things in perspective, Chinese VC and Chinese companies had invested about $4B in 2019 in about 90 companies and own huge stakes in many top Indian Unicorns.
Facebook has invested $5.7B for a mere 9.9% in Jio.
2. Funding for unicorns, smaller startups may be hit as India reinforces FDI wall
India’s top startup unicorns — including Paytm, Zomato, BigBasket and Dream11 — that count Chinese investors among their largest backers are likely to face delays in raising capital after the government said all foreign direct investments from the world’s second-largest economy would be subject to its approval first.
The following chart gives a good idea of Chinese investments in India.
India’s lockdown is making life hard for its most popular apps Link
Startups rope in celebs to engage users online amid lockdown Link
Reliance Jio and Times Group apps most downloaded in 2019 Link
Yellow Messenger raises $20M Series B from Lightspeed Venture Partners Link
Bijak scores $12 Mn in Series A; valuation jumps over 7X Link