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1947 Tech 🇮🇳: 197
Winter has arrived in India!
Indian companies going after global domination. An emerging trend that is here to stay, I think.
1. Byju’s targets US acquisition, likely to bid for Chegg Inc. or 2U. Details here
Byju’s, an India online education startup, is in discussions to acquire a US target and likely to bid for either Chegg Inc. or 2U Inc., according to people familiar with the matter.
The Bangalore-based company has held talks with both Santa Clara, California-based Chegg and Lanham, Maryland-based 2U and the total value of a deal could be about $2 billion, said the people, who asked not to be named because of the sensitive nature of the negotiations. Chegg’s market value was $2.3 billion as of Friday’s close, while 2U had a market value of $756 million and more than $1 billion in debt and other liabilities.
2. Neso Brands Funding | Lenskart’s subsidiary Neso Brands raises over $100 million
Neso Brands, a Lenskart subsidiary that invests in eyewear brands, has raised more than $100 million in its first funding round.
Singapore-based Neso Brands said it would partner with and invest in consumer eyewear brands globally and grow them by leveraging synergies across the Lenskart Group.
Neso Brands will house these brands and enable a quicker global roll-out by giving them access to shared resources, particularly in technology, supply chain, distribution, capital and best practices, it said in a news release. Bjorn Bergstrom, a seasoned consumer scale-up, venture capital and management consulting specialist, has joined Neso Brands as its CEO, the release said. He most recently served as chief growth officer and interim chief product and technology officer for the global fashion brand NA-KD.
Worth your attention:
FirstCry halts IPO plans as volatility continues Link
Coinbase will go slow on hiring in India as markets face a downturn Link
WazirX says it complied with all 1,023 requests from law enforcement in Oct-Mar Link
Singapore-based Jungle Ventures raises $600 million in funding Link
Sequoia postpones close of $2.8 bn India, SEA fund amid probe into portfolio firm Link
Prosus | Westbridge : Fashinza raises $100 million funding led by Prosus and Westbridge Link
Eight Roads Ventures launches India-dedicated $250 mn healthcare fund Link
Treasury management platform Coinshift raises $15 million in funding led by Tiger Global Link
SoftBank-backed Cars24 lays off 600 employees Link
Edtech company Vedantu lays off 424 employees Link