Homegrown social commerce platform Meesho on Monday announced it has raised $300 million (over Rs 2,200 crore) in a new round of funding led by SoftBank Vision Fund 2, taking its valuation to $2.1 billion.
With this Paytm has made foray into the Japnese market after successfully launching its services in Canada last year
Telecom minister Sinha has said that 5G service launch in India will happen at par with other leading nations.
"PayPay Corporation will team up with India's largest digital payments company Paytm, a SoftBank Vision Fund portfolio company, to utilise Paytm's technology and expertise in mobile payments," it added.
A significant amount of investment will go towards building infrastructure and technology and efficient supply of chain management to achieve deeper penetration in existing Grofers cities, it said.
Uber has been plagued by a growing string of scandals over the past year, including allegations of sexual misconduct and charges that it deployed an espionage team to plunder trade secrets from its rivals.
Ola's $200 m investment in Foodpanda's India business is the largest such funds infusion in an Indian online food ordering and delivery company.
The $2 billion investment in Ola Cabs in the second-largest funding in a single round after Flipkart's $4 billion by SoftBank and Tencent.
The latest round of funding in Flipkart comes days after its proposed deal to take over Snapdeal fell through
Flipkart's fresh offer of $800 million for acquiring Snapdeal is significantly lower than its opening bid of $1 billion, a steep markdown from the company’s peak valuation of $6.5 billion last year
Azim Premji’s family office is opposed to differential payments which were proposed in a bid to win over larger Snapdeal investors and the founders who have agreed to a deep cut in valuation, a media report said
Snapdeal had acquired FreeCharge in 2015 for an estimated Rs 2,400 crore in a stock-cash deal
However, the election of Rajeev Misra is subject to shareholders approval at Softbanks annual general meeting to be held on June 21.
Homegrown mobile payment and e-commerce platform Paytm, run by One97 Communication Ltd, has raised $1.4 billion (approx. Rs 9,100 crore) funding from Japanese internet and telecom major SoftBank Group, the company said here on Thursday.
The deal values Snapdeal at $1 billion, a steep markdown from the company’s peak of $6.5 billion last year
The Japanese firm has multi-billion investments in Indian firms, including Ola, Snapdeal and Elara Technologies, which owns PropTiger, Housing and Makaan.com
The development comes at a time when Paytm is looking to expand into areas such as banking and finance and will need significant funds over the next three years
The Japanese conglomerate is believed to be in discussions with Paytm for a funding of Rs 64,000 crore into the payments platform. The move comes at a time the company is already discussing Snapdeal’s sale to Flipkart
Softbank, which holds 33 per cent in Snapdeal, pushed for the company's sale to Flipkart during a boardroom discussion, reports said
In a development that could mark the most significant consolidation in the highly competitive domestic e-commerce market, Japanese giant SoftBank is learnt to be pushing for a possible merger between Flipkart and rival Snapdeal
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