1947 Tech 🇮🇳: 157
Byju’s, SPACs India, Crypto & more!
1. UBS investment makes Byju’s the most valuable startup in India
Edtech giant Byju’s has become the most valuable startup in India after raising about $350 million in a new tranche of investment from UBS Group and Zoom founder Eric Yuan, Blackstone and others that valued the Bangalore-based firm at $16.5 billion (post-money).
In a new filing, Byju’s revealed that scores of investors including Abu Dhabi government fund ADQ and Phoenix Rising had together invested about $350 million in the startup. The new valuation helps Byju’s surpass Paytm, which was last valued at $16 billion, for the crown position in the Indian startup ecosystem. (Paytm is currently working on exploring the public markets and eyeing to raise as much as $3 billion and eyeing a valuation of up to $30 billion.)
2. Tata takes on Reliance in online pharmacy battle with 1MG acquisition: 10 points
Tata Digital, a unit of Tata Sons, on Thursday said it will acquire a majority stake in online healthcare marketplace ‘1MG’. The company has been on an aggressive acquisition spree as it recently made investments in online grocer BigBasket and fitness start-up CureFit.
1MG is a digital consumer healthcare platform which lets health-related products delivered at home along with lab tests and online doctor consultation.
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Worth your attention
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