Tag: Cleartrip

Flipkart Big Billion Days sale to begin on Cleartrip from October 7: Check out top offers here on airfare, hotel deals

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Flipkart’s annual Big Billion Days sale is spilling over to its travel booking subsidiary Cleartrip this year. The sale will run from October 8 to October 15 on Flipkart but will commence a day earlier on Cleartrip — on October 7. Here are some of the offers that the platform will be running through The Big Billion Days:

Cleartrip said it will be offering domestic airfares starting from Rs 999, and international fares starting at Rs 5,999. Domestic hotels are also said to have a flat 50 percent discount.

Moreover, for every two adult flight tickets booked, one child ticket (for those less than 12 years old) will be free of cost, Cleartrip said. This offer is exclusively available for a limited period each day at 7 pm.

For Rs 449, Cleartrip’s CT FlexMax will also allow users to cancel or modify their flight bookings without the hassle and the extra charges that often come with such changes.

Tariff plans for 5-star hotels, both domestic and international, are said to start at just Rs 2,499 during the sale period.

Additionally, Cleartrip claims that it will enable users to cancel hotel bookings right up until check-in, with no additional cost, and guarantees a full refund of up to Rs 25,000.

In collaboration with Axis Bank, Cleartrip offers exclusive benefits for Axis Bank Credit Card customers. These benefits include complimentary seats, meals, exemption of convenience fees, and the ability to modify or cancel flights for just Re 1 under CT FlexMax.

It is advised that all potential travellers read the terms and conditions carefully before availing of these offers and booking.

Also Read: Flipkart Big Billion Days Sale: Google Pixel 8 series pre-order, discounts on Samsung, Apple and more

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Startup Digest: Ola to invest Rs 4000 crore in Asia’s largest EV battery R&D unit, Plaeto raises Rs 40 crore & UK tribunal quashes Meta-Giphy deal block

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Here are the top headlines from the startup space.

Ola to invest Rs 4000 Cr in Asia’s largest EV battery R&D unit in Bengaluru

SoftBank Group-backed Ola Electric is planning to invest around Rs 4,000 crore ($500 million) to set up Battery Innovation Center (BIC) in Bengaluru to develop a futuristic and localised cell technology.

Spanning across half a million square feet, BIC will be one of the world’s largest cell R&D centres and will recruit top industry talent, including 500 PhDs and engineers at full strength, Ola said in a statement.

The Battery Innovation Center will be the largest cell R&D facility in Asia, claims the Bangalore-based company. The unit will be up and running next month.

As part of its broader electrification push, the firm plans to invest in companies with advanced cell and battery technology, alongside the 50 Gwh battery plant.

Flight booking platform Cleartrip suffers customer data breach

Flipkart-owned Cleartrip, a flight booking platform, has said that its internal systems were breached by unnamed perpetrators. In an email sent to customers, Cleartrip said, “This is to inform you that there has been a security anomaly that entailed illegal and unauthorised access to a part of Cleartrip’s internal systems.”

The company also informed that apart from a person’s profile, “no sensitive information pertaining to your Cleartrip account has been compromised as a result of this anomaly of our systems”. The firm did not provide any further details on the nature of the hack their systems suffered or who the hackers were. However, they advised people to reset their passwords as a precautionary measure.

This is the first significant data breach that has come to light ever since the directions of the Indian Computer Emergency Response Team (CERT-In) came to force in late June.

India needs global support to implement crypto ban: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has said the Reserve Bank of India (RBI) has registered its concern over the adverse effect of cryptocurrencies on the economy and recommended prohibiting them by framing regulations.

“Given the concerns on the destabilising effect of cryptocurrencies on a country’s monetary and fiscal stability, the RBI has recommended framing of legislation on this sector. The RBI is of the view that cryptocurrencies should be prohibited,” she said in a written response to a question in the Lok Sabha.

The government, however, has viewed a need for a global collaboration for any effective regulation or ban, given the borderless nature of these currencies.

According to Sitharaman, RBI said that cryptocurrencies couldn’t be considered a currency because every modern currency needs to be issued by either a central bank or government. Moreover, the value of cryptocurrencies rests solely on the speculations and expectations of high returns that are not well anchored.

WayCool launches tech company Censa to offer its tech stack to global food supply chains

B2B food and agritech platform WayCool has launched a venture for technology-based solutions to global food supply chains, for an investment of $20-40 million.

With a 200-member tech team, the new venture offers technology products such as customisable SaaS solutions across six verticals, which cover the complete food and agri-supply chain: farm, processing, distribution, retailer, consumer, and finance, the firm said. These solutions seek to address supply chain-related problems, ranging from crop health protection, disease detection and management to digital lending, among others.

The Chennai-based company plans to invest the amount over the next three years in ‘Censa,’ it said in a statement. “We have accelerated this launch based on the positive feedback and queries received from over 100 potential global clients when we showcased our solutions at Expo 2020 and other global events,” said Avinash Kasinathan, CEO, Censa.

10-minute delivery platform Zepto partners Zypp Electric

Zypp Electric, an e-logistic service provider, has partnered Zepto, a e-grocery startup, to facilitate last-mile deliveries.

At present, the partnership has a fleet of over 1,500 e-two-wheelers enabling more than 20,000 deliveries per day in Delhi, which will now be expanded to Bengaluru and Mumbai in the next four months.

Zypp is currently serving 50 Zepto hubs in Delhi-NCR and plans to grow its partnership by 10 times in the next 12 months by doubling its fleet and areas of servicing nationally.

“In this first leg of our partnership, we have collectively helped reduce 1.62 lakh carbon emissions and facilitated more than half a million for Zepto so far, all via electric vehicles,” said Akash Gupta, Co-Founder and CEO, Zypp Electric.

With a EV-driver fleet of over 1,500, both the startups are enabling more than 20,000 deliveries per day in Delhi and is also going to expand to Bengaluru and Mumbai in the next four months.

Slice fundraising on hold after RBI note on PPIs: Report

Fintech platform Slice’s ongoing fundraising has come to a halt following the RBI’s circular last month barring prepaid payment instruments (PPIs) from loading credit lines, according to a report by the Economic Times.

The company’s funding round, of which $50 million was raised last month led by Tiger Global, is on hold now as stakeholders wait for clarity, the report added.

Slice was looking to add at least another $50 million to its latest round and was in talks with new and existing investors.

D2C footwear brand Plaeto raises Rs 40 Cr in Series A round

Plaeto, a health focused, D2C footwear brand for children has secured Rs 40 crores in Series A round of funding led by Florintree Advisors, a Mumbai based financial institution and other marquee investors in the D2C space.

The fresh capital will be used to launch new product lines, expand to newer markets and set new benchmarks in the children’s footwear space, a statement said. The brand aims to impact at least 30 percent of the 300 million children in India through their product and programs. It has entered the UAE market, where there is already a large Indian population.

“As a brand we have invested in the right technology and our design and engineering teams in India, US and Italy have developed a host of proprietary design elements that address the needs of Indian children. With the latest round of funding, we will continue to invest in R&D, enter new territories, and touch more lives through our products,” said Ravi Kallayil, CEO & Co-Founder, Plaeto.

Swizzle raises undisclosed funds in its seed round

Swizzle, a new-age alco-bev solutions provider startup, has raised an undisclosed amount of seed funding from multiple angel investors including Akshay Singhal, Founder and CEO, of Log9 Materials and Monika Rao, Co-founder and CEO, AIFMetrics.

The firm will use the fresh capital to capture a wide market and both B2B and B2C customer base for beverages that still need a kind of solution which Swizzle provides, in addition to increasing the startup’s manufacturing capacity, marketing enhancement and new products’ development, a statement said.

The company is also aiming to increase its customer base by 7x by the end of this fiscal year. Swizzle is also currently in talks with VCs to raise a Series-A investment round and thereby further bolster its pan-India expansion plans, it added.

Sequoia, Tiger Global lead startup funding in April-June: Nasscom report

Venture capital firms Sequoia Capital and Tiger Global led funding in Indian startups during April-June, with the fintech sector attracting most of the $6 billion (about Rs 47,870 crore) investments made during the quarter, industry body Nasscom said in a report.

Fintech firms attracted about 26 percent of the total investments made during the quarter, followed by media and entertainment (19 percent), enterprise tech (16 percent), retail tech (9 per cent), edtech (8 percent) and health tech (5 percent), according to the report.

“Prominent investors Sequoia Capital, Tiger Global, Alpha wave and Accel have done over 6 deals across sectors,” it added.

Out of Tiger Global’s total investments, 40 percent were in the fintech sector and 20 percent in the enterprise technology domain. For Sequoia, enterprise technology accounted for about 25 percent of the funding, and financial technology (fintech) 20 percent.

Around 60 percent of the investments by Tiger Global and Sequoia were made in the growth stage of the startups.

Mindpeers launches neuroscience game to tackle overthinking

MindPeers, a science-based mental wellness platform, has launched a neuroscience game, ‘My Clear Sky’, that can help users tackle overthinking and anxious thoughts.

The game promises to help its players find clarity of thoughts, write what is worrying them and feel empowered, with a two-step journaling and self-exploration segment.

“In our endeavor to make mental health qualitative, accessible, and most importantly credible, we today have reached our first milestone in the world of neuroscience with games — a healthy engagement that allows positive behavioral changes,” said Kanika Agarwal, Founder, MindPeers.

The WorldGrad announces ‘UK Year 1’ programme to accelerate study in the UK for Indian students

Digital platform for overseas learning, The WorldGrad has announced ‘UK Year 1’ programme in association with the Swiss School of Business and Management (SSBM).

The WorldGrad has partnered with Edge Hill University, Plymouth Marjon University, and De Montfort University to provide seamless enrollment through this program. The company claims that the list will expand further.

Furthermore, this program will fast-track students to complete their 40-week first year of any undergraduate degree in 26 weeks online. The credits acquired will be approved by various UK universities courtesy of the collaboration with the SSBM.

GLOBAL TECHNOLOGY & STARTUP NEWS

Modsy shuts down, lays off employees

Online interior design services startup Modsy has quietly shut operations and several customers have been left with unfinished renovations and project orders in process.

San Francisco-based Modsy has abruptly ceased offering design services, laid off its designers and left its customers in disarray, reports TechCrunch.

The startup returned some service order charges and promised to refund furniture deliveries to those who filled an online form. “But more than two weeks later, tweets show that many Modsy customers are still awaiting updates,” the report said.

According to the report, while the company’s website remains operational, Modsy has deleted its Twitter and Facebook pages and made its Instagram account private.

UK tribunal quashes Meta-Giphy deal block, regulator to reconsider ruling
Britain’s competition regulator said it would carry out another review of Facebook owner Meta’s acquisition of Giphy after a tribunal quashed its original decision to block it, Reuters reported.

Britain’s Competition and Markets Authority (CMA) last year ordered Meta to sell animated images platform Giphy, which it acquired for a reported $400 million, because of its concerns about a loss of a possible competitor in advertising, and the potential impact on social media rivals.

The CAT said it had quashed the regulator’s ruling and referred the matter back for a new decision. In response, the CMA said the tribunal had endorsed its approach to reviewing mergers that might harm innovation, but had agreed to reconsider its ruling.

Russia fines Google $370M for repeated content violations: Regulator

Google was fined 21.1 billion roubles ($373 million) by a Moscow court for a repeated failure to remove content Russia deems illegal, such as “fake news” about the conflict in Ukraine, Russia’s communications regulator said.

As per a Reuters report, Moscow has long objected to foreign tech platforms’ distribution of content that falls foul of its restrictions. But the simmering dispute has erupted into a full-on battle since Moscow assembled its armed forces before sending them into Ukraine in February.

The regulator, Roskomnadzor, said the Tagansky District Court had fined Google 21.1 billion roubles for repeatedly failing to restrict access promptly to banned materials, and singled out YouTube for particular criticism.

Microsoft president sees ‘new era’ of stagnating labor pool

US companies are facing a “new era” in which fewer people are entering the workforce and pressure to pay higher salaries may become permanent, Microsoft President Brad Smith told Reuters in an interview.

At the software maker’s Redmond, Washington, headquarters, Smith highlighted one source of what he called today’s “greater economic turbulence.” In his office, he walked over to a wall-sized touchscreen device and pulled up a series of charts, showing how population growth has tumbled in the United States, Europe, China and Japan.

The trend of around 5 million people expanding the US working age population every five years since 1950 has shifted, starting in the period between 2016 and 2020 when growth slowed to 2 million, and is now slowing further, said Smith late last week, citing United Nations data. Major markets overseas have seen outright labor force declines.

Snap introduces web version of Snapchat app

Snap is introducing the web version of its photo messaging app Snapchat, allowing users to chat, snap and video call from their computers, Reuters reported.

The company said that the feature will be exclusive to Snapchat+ subscribers beginning July 18 and will start with subscribers in the United States, the United Kingdom, Canada, Australia and New Zealand.

Snapchat for web will include features like chat reactions and chat reply, along with Lenses, which will roll out soon, the company added.

Dutch central bank fines Binance 3.3 million euros

The Dutch central bank (DNB) has fined Binance, one of the biggest cryptocurrency exchanges, 3.3 million euros ($3.35 million) for offering services in the Netherlands without being registered in the country.

As per Reuters, the fine was issued against Binance Holdings in April 2022, following a public warning issued against Binance in August 2021, DNB said. The bank said in a statement that Binance in June had indicated it would appeal.

The DNB said Binance had been in violation of Dutch money-laundering laws and had enjoyed a competitive advantage against companies that do have a DNB registration during the period it was in non-compliance — between at least May 2020 and Dec. 1, 2021.

A spokesperson for Binance said in an emailed reaction the fine marked a “pivot in our ongoing collaboration” with the DNB. The spokesperson said the company has since set up a local company branch, Binance Nederland BV.

US crypto exchange Coinbase wins regulatory nod in Italy

Major US crypto exchange Coinbase Global has won approval from Italian regulators to continue to serve customers in Italy, it said in a blog.

Coinbase said it had met requirements from the Organismo Agenti e Mediatori (OAM), which oversees financial agents and credit brokers in Italy and implements anti-money laundering controls.

Financial watchdogs across the world are grappling with how to regulate the crypto market, which remains subject to patchy rules. Consumer protection, threats to financial stability and illicit usage of digital coins are among the top issues on regulators’ agendas.

The OAM says on its website it can collect and share with anti-mafia and anti-terrorism investigators in Italy data provided by crypto firms on their clients and operations.

“We are in the process of strengthening our presence across Europe,” Nana Murugesan, Coinbase’s vice president for international and business development, said on the blog. “Our goal is to grow our customer base by launching the Coinbase suite of retail, institutional, and ecosystem products.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Cleartrip reports cyberattack but tells customers their ‘sensitive’ data is safe

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Flight booking platform Cleartrip on July 18 said its internal systems were breached by unnamed perpetrators.

In an e-mail sent to customers, Cleartrip said, “This is to inform you that there has been a security anomaly that entailed illegal and unauthorised access to a part of Cleartrip’s internal systems.”

In the e-mail, Cleartrip informed that apart from a person’s profile, “no sensitive information pertaining to your Cleartrip account has been compromised as a result of this anomaly of our systems.”

Also Read: Apple launches new ‘Lockdown Mode’ for protection against spyware

“As per our protocols, we have immediately intimated the relevant cyber authorities and are taking appropriate legal action and recourse to ensure necessary steps are being taken as per the law,” the company said.

Reacting to the data breach, a Cleartrip spokesperson said, “We have identified a security anomaly in a few of our internal systems. Our information security team is currently investigating the matter along with a leading external forensics partner and is taking the necessary action. Appropriate legal action and recourse are being evaluated and steps are being taken as per the law.”

In April this year, the Indian Computer Emergency Response Team (CERT-In) had asked all government and private agencies, including internet service providers, social media platforms and data centres, to mandatorily report cyber security breach incidents to it within six hours of noticing them.

Also Read: Stockbrokers must report any tech breach within six hours — this and other diktats by SEBI

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Online travel marketplace Wego to acquire Cleartrip’s Middle East business

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Online travel marketplace Wego on Monday said it has signed a definitive agreement with homegrown e-commerce major Flipkart to acquire Cleartrip’s Middle East business. The transaction also includes the sale of Flyin.com and a technology co-operation agreement between Wego and Flipkart.

“The Boards of Directors of Wego and Flipkart have approved the transaction, which is expected to close in the second half of 2022, subject to customary closing conditions and regulatory approvals,” a release stated. The Walmart-owned e-commerce major last year had announced the acquisition of the travel booking portal Cleartrip.

Cleartrip expanded organically into the Middle East region in 2010 and acquired Riyadh based Flyin.com in 2018, which played a similar role in kick-starting online travel in Saudi Arabia. Wego and Cleartrip both have their regional headquarters located in Dubai Internet City.

Also Read | BigBasket acquires Kerala startup Agrima Infotech

“Cleartrip and Flyin are both product-driven companies with best-in-class OTA technology that have established strong brands and strong positions across the Middle East,” said Ross Veitch, CEO & Co-Founder of Wego.

Ravi Iyer, Senior Vice President and Head – Corporate Development, Flipkart said, “Given our strategic priorities and focus on the Indian market, the acquisition of Cleartrip’s Middle East business by Wego provides continuity to its business, and we believe that they are the right partners to boost its next phase of growth.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Omicron cases surge; experts assess impact on travel bookings

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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There’s been a surge in the number of COVID cases owing to the high transmissibility of the Omicron variant. In a bid to understand how the rising numbers have impacted travel bookings, CNBC-TV18 spoke to Madhavan Menon, MD, Thomas Cook, and Ayyappan Rajagopal, CEO, Cleartrip.

Menon noted that they have seen more rescheduling than cancellations in the recent past. He said, “We have not seen major cancellations. We have seen some amount of rescheduling and currently, people are taking a ‘wait and watch’ attitude towards how this has been done, partly helped by the fact that we have a very flexible cancellation policy in place as well as a necessary protection.”

Meanwhile, Rajagopal mentioned that bookings are now at about 85 percent of the pre-COVID levels. He explained that bookings are more near-term than 2-3 months into the future.

Also Read: Travelling Overseas? Know what to do if you test COVID-19 positive

Rajagopal mentioned that the platform saw a huge uptick in the months of November and December. However, search trends have gone down by 15-20 percent on a month-on-month (MoM) basis.

ALSO READ: Omicron cases likely to rise in January; experts say need to improve testing

On metro travel, he mentioned that it hasn’t taken a big hit. However, rates have been slashed in tier-II and tier-III cities to ensure more bookings. Rajagopal shared that international travel is still not back to even 50 percent of pre-COVID levels.

Watch the accompanying video for the full interview.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Adani Group to pick up minority stake in Flipkart-owned Cleartrip

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Business conglomerate Adani Group on Friday said it will acquire a significant minority stake in Cleartrip, an online travel aggregator and part of the Flipkart Group.

Through this investment, the Adani Group and the Flipkart Group will benefit from synergies that will deliver superior travel experiences to consumers as the travel industry in India sees a resurgence. Since the acquisition by the Flipkart Group, Cleartrip has seen 10x growth in flight bookings, Adani said.

The deal is expected to close in November 2021, subject to customary closing conditions.

Also Read: Swiss Re to buy 23% stake in Paytm Insuretech for Rs 920 crore

Also, trends observed by Adani airports indicate that the number of passengers at airports has increased, reaching close to pre-covid highs. This partnership will further enable Cleartrip to transcend digital boundaries and bring end-to-end travel services online, it said.

The investment will further enhance the strategic partnership between the Adani Group and the Flipkart Group, as both parties work towards serving Indian consumers with a wide gamut of digital offerings. As a part of the investment, Cleartrip will also serve as the Adani Group’s OTA partner, it added.

Cleartrip’s scalable technology stack, user-friendly interface and industry-first initiatives have made it one of the most loved travel brands in India. This, along with an experienced leadership team and Flipkart’s deep consumer-focused experience, has helped the company stabilize its prominent position in the OTA space over the last few months. By collaborating with the Adani Group in areas such as travel-related products, loyalty programs and other value-added services, the company said.

Also Read: Rakesh Jhunjhunwala raises stake in Tata Motors DVR in Q2; stock jumps 9%

“We have a strongly developing relationship with Flipkart that spans multiple dimensions including data centres, fulfilment centers and now air travel,” said Gautam Adani, Chairman of the Adani Group.

“It is such strategic partnerships among homegrown companies which will eventually create local jobs as well as an Atmanirbhar Bharat. The Cleartrip platform will become an essential part of the broader SuperApp journey we have embarked upon.”

Speaking on the development, Kalyan Krishnamurthy, chief executive officer, Flipkart Group, said, “At the Flipkart Group, we are focused on delivering experiences for consumers and providing opportunities to help them fulfil their aspirations.”

Also Read: Reliance Industries agrees to buy 40% stake in Manish Malhotra designer label

“As travel picks up over the next few months, Cleartrip will continue to focus on providing easy and flexible travel experiences for its customers. We strive to strengthen our relationship with the Adani Group and will explore ways in which we can expand our offerings for consumers, leveraging their robust travel infrastructure in the country.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

STARTUP DIGEST: Top stories of the day

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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There were several important developments in the startup space during the day on Thursday. Here’s a wrap of all the stories from the startup universe:

Softbank to invest $450 mn in Swiggy ahead of Zomato’s IPO

Softbank is set to pump in nearly half a billion dollars into foodtech startup Swiggy, taking a bet on India’s growing food delivery sector. The Japanese investor will make the new investment from its Softbank Vision Fund 2, sources aware of the matter said.

The backing for Swiggy comes just ahead of Zomato’s impending IPO and is likely to take its valuation at close to $5.5 billion.

Sources said Softbank wants to take approval from the Competition Commission of India (CCI) as it is an investor in global foodteh players such as DoorDash. The official announcement on the funding is expected in a month. Swiggy and Softbank did not respond to CNBC TV 18’s queries.

Earlier this month, CNBC TV 18 had reported that Swiggy is closing a $800 MN round.

Flipkart acquires online travel aggregator Cleartrip

Walmart-owned Flipkart will acquire online travel company Cleartrip.
Flipkart will acquire 100 percent of Cleartrip’s shareholding as the company further enhances its investments to strengthen its digital commerce offerings for customers, a statement said.

Under the terms of the agreement, Cleartrip operations will be acquired by Flipkart and Cleartrip will continue to operate as a separate brand, it added. All employees of Cleartrip will be retained and work closely with Flipkart to further develop technology solutions to make travel simple for customers.
The company, however, did not disclose the value of the deal.

“The Flipkart Group is committed to transforming customer experiences through digital commerce. Cleartrip is synonymous with travel for many customers, and as we diversify and look at new areas of growth, this investment will help strengthen our wide range of offerings for customers,” Flipkart Group CEO Kalyan Krishnamurthy said.

He added that the Cleartrip team, with its deep industry knowledge and technology capabilities, will help Flipkart Group provide deeper value and travel experiences for customers.

Stuart Crighton, CEO and co-founder of Cleartrip, said the company has been a pioneer in capitalising on technology to simplify the travel experience for our customers.

“This product-driven focus has enabled us to become the preferred travel partner of choice for consumers in a wide range of markets in the region,” he added. The deal closing will be subject to applicable regulatory approvals.

Amazon launches $250 million fund for SMEs

E-commerce giant Amazon has announced a $250 million fund that will focus on digitising small and medium businesses, and drive innovation in the areas of agri-tech and health-tech.

“Small and medium-sized businesses are often the engine and the lifeblood of economies and I think it’s true in India as well. And we are very passionate about trying to enable acceleration of SMBs in fueling innovation and the economy in India and so building on what we did last year, I’m excited to announce a brand new $250 million Amazon Smbhav Venture Fund,” Amazon Web Services CEO Andrew Jassy CEO said.

Under this, Amazon intends to help inspire more SMBs to be able to build brand new businesses, Jassy, who will take over as Amazon Inc CEO later this year, said during the second Amazon Smbhav event.

Amazon India Global SVP and Country Head India Amit Agarwal said the fund is targeted at empowering the best ideas, and attracting visionary entrepreneurs.

“The fund is going to focus on three key priorities – SME digitisation, agri-tech innovations to empower farmer productivity and reach, and health-tech to provide universal and quality health care,” he added.

India clocks investments worth $8.3 billion in Jan to March: EY-IVCA

India recorded investments worth $8.3 billion in the January to March period across 266 PE/VC deals, according to a IVCA-EY report.
Q1 of 2021 saw 22 large deals aggregating to $4.8 billion and at $1.8 billion, e-commerce recorded the highest quarterly value of investments in the sector in the past five quarters.

“The first quarter of 2021 has seen a sequential month-on-month increase in PE/VC investment activity, from US$1.6 billion in January to US$4.6 billion in March 2021. On a y-o-y basis, investments grew by 64% in 1Q21 due to the low base effect as investments in 1Q20 were severely curtailed by the growing uncertainty around the spread of COVID-19. After the flurry of mega deals towards the second half of 2020, there has been a marked decline in large deals in 1Q21 with just 22 large deals aggregating US$4.8 billion vs. 30 deals worth US$16 billion recorded in 4Q20.

Likewise, the number of buyouts have also reduced significantly with ten buyouts worth $1.1 billion in 1Q21 vs. 21 buyouts worth US$8.9 billion in 4Q20. The pandemic resilient sectors like pharma, healthcare, edtech, online media, SaaS etc continue to see good traction in both value and volume of PE/VC deals, said Vivek Soni, Partner and National Leader Private Equity Services at EY.

PE/VC exits have picked up momentum in 2021 with exits worth $4.2 billion, which is 70% of the total value recorded last year. The first three months of the year recorded 9 PE-backed IPOs which is the highest quarterly number so far. Of the 90 companies that have filed their DRHPs for an IPO with SEBI, more than 45 are PE-backed, as per the report.

E-commerce has emerged as a new IPO focused sector with six companies have filed their DRHPs including Zomato, Nykaa, and Grofers. This is in line with the global trend of startups going the IPO route; in 2020, US exchanges hosted 120 VC-backed IPOs worth a combined value of $259.8 billion

Facebook partners CleanMax to move to 100% renewable energy in India

Facebook has partnered CleanMax with a view to move to 100 per cent renewable energy in India as part of its sustainability efforts.

Under the agreement, Facebook and CleanMax will assemble a portfolio of wind and solar projects, supplying renewable power into India’s electrical grid, in states where the social networking giant”s facilities are also present, a statement said.

“Facebook and CleanMax today announced a partnership to support Facebook”s sustainability ambitions in India with renewable power from wind and solar facilities set up by CleanMax, India’s leading B2B renewable energy provider,” it said.

The first project to be brought online in the agreement is a 32MW wind project located in Karnataka, the statement added.

While CleanMax will own and operate the projects, Facebook will provide long-term support by committing to purchase 100 per cent of the environmental attribute certificates (EACs) from the projects for years to come.

“We’re excited to announce this important step that is helping us support our operations in the region, including our offices in India, with 100 per cent renewable energy.

“This partnership with CleanMax will enable new solar and wind power to be generated in the near future, contributing to the decarbonisation of the Indian electrical grid. Facebook is committed to upholding the highest standards in environmental sustainability across all aspects of our operations,” Urvi Parekh, Head of renewable energy at Facebook, said.

Approximately half of the project capacity has recently been commissioned and is already generating power.

“…We have always strived to develop innovative solutions to help our clients achieve their 100 per cent renewable ambitions. Given the constraints in sourcing power to many facilities, we are working with forward-thinking corporations like Facebook to find creative solutions to these problems,” CleanMax co-founder and Chief Commercial Officer Andrew Hines said.

Grocery retail startup SuperK raises seed funding

Tech-enabled grocery retail chain for small towns SuperK has raised Rs 6 crore in seed funding led by Strive VC with participation from Firstcheque, Ramakant Sharma & Syndicate, serial entrepreneur Srinivas Anumolu, Anand Chandrasekaran (ex-Snapdeal CPO/Facebook Director), Lalit Keshre (CEO at Groww), Rajan Bajaj (CEO at Slice), Sampad Swain (CEO at Instamojo).
The startup plans to utilize this investment for expanding its infrastructure, improving technology, and hiring talent.

Vahdam India’s FY21 revenue doubles to Rs 159 cr

Homegrown premium retailer Vahdam India has clocked a 110% jump in its revenue for FY 20-21 at Rs 159 crore compared to Rs 75 crore in FY1920, on the back of rising demand for its health and wellness products during the COVID-19 pandemic.

Vahdam India, which sells premium tea in domestic and overseas markets through digital platforms, has now become profitable.

The company in a statement said it has “witnessed strong growth and ended 2020-21 with a delivered net revenue of Rs 159 crore, up from 75 crores in 2019-20, registering a 110 per cent year-on-year growth”. The brand also achieved net profitability in FY21, it added. Vahdam India gets majority of its revenue from the US market. The company aims to grow 3x over the next 3 years to deliver Rs 500 crore of revenue by 2023-24.

It has set up a new state-of-the-art 1 lakh sq. ft. factory in the national capital region to support its growth over the next few years.

Vahdam India founder and CEO Bala Sarda said, “The pandemic has accelerated our growth, given the shift towards high quality and trusted wellness products, larger adoption of e-commerce globally and a more effective execution capability with a strong leadership team in place.”
The company will focus on expanding its presence in current key markets the US, Canada, the UK and Germany, he said.

Vahdam will grow its omni-channel distribution and strengthen its presence in new markets like India, besides diversifying into other relevant product categories.

Credflow raises $2.1 million from Stellaris Venture Partners, Omidyar Network India, and Flourish Ventures

SME cashflow management platform Credflow has raised $2.1 million in seed funding led by Stellaris Venture Partners, Omidyar Network India and Flourish Ventures.

CredFlow will be investing in platform development, strengthening tech capabilities and building new products as it focuses on expanding its customer base, the company said. The SaaS platform for SME cash flow management is also looking to expand its team across tech, product and marketing.

Since its launch in May 2020, over 5,000 businesses have used Credflow to process and sync invoices worth more than Rs 70,000 crore, it said.

CredFlow’s vision is to build a full stack solution including cashflow based financing, treasury management and payments management to help SMEs optimise their cashflows and accelerate their growth.

Insurtech startup Nova Benefits raises $1 million in fresh funding

Insurtech startup Nova Benefits has raised $1 million in seed funding led by Multiply Ventures, Better Capital and Titan Capital along with a clutch of angel investors including, Sumit Maniyar, CEO of Rupeek Gold Loans and Ashish Goyal, co-founder of Early Salary.

The firm will use the money to to integrate with insurance and human resource management companies to co-create new categories of health insurance products and expand its engineering and business development teams, a statement said.

Since its launch in 2020, Nova has onboarded more than 70 clients with 25,000 members on its platform. Nova’s clients include Snapdeal, Yulu Bikes, Chumbak, Fisdom and Dealshare among others.

Servify acquires WebToGo to strengthen global footprint

Servify has acquired the key businesses of Munich based WebToGo, a provider for multichannel self-care and customer experience solutions for smartphones, tablets and laptops.

The acquisition will help Servify further strengthen its global footprint both in terms of technology and people, the company said.

The acquisition brings the two flagship solutions of WebToGo into Servify’s portfolio – myhandycheck and wenewa. While ‘myhandycheck’ is a mobile device diagnostics suite using cutting edge technology, ‘wenewa’ has the ability to identify, diagnose and triage connected devices remotely. Both these products have close adjacencies to Servify’s core business and will further enhance Servify’s offerings, it added.

Servify works with smartphone brands such as Apple, Samsung, OnePlus, Xiaomi etc on their device protection business and device exchange/buyback programs.

KKR-backed AppLovin raises $2 billion in US IPO at over $28 billion valuation

Mobile app and gaming company AppLovin Corp has priced its initial public offering at $80 per share, the mid-point of its previously set range, placing the company’s valuation at $28.64 billion, Reuters reported.
At this price, AppLovin, backed by private equity giant KKR & Co Inc, will raise $2 billion through the IPO.

The Palo Alto, California-based company is the latest player in the mobile gaming industry to list itself on the stock market, as demand for video games surges among consumers staying at home during the COVID-19 pandemic.
AppLovin now has over 410 million daily active users on its platform and its apps consist of more than 200 free-to-play mobile games, including Word Connect, Slap Kings and Bingo Story.

The company sold 22.5 million Class A common shares, it said, adding that selling stockholders offered the remaining 2.5 million shares.
The company’s shares will be listed on the Nasdaq Global Select Market on Thursday under the ticker symbol “APP”, AppLovin added.

Morgan Stanley, JP Morgan, KKR Capital Markets, LLC, BofA Securities and Citigroup are the lead underwriters for the offering.

Crypto flagship Coinbase jumps 11% after stormy Nasdaq debut

Coinbase Global Inc shares jumped 11% in early trading on Thursday, a day after the cryptocurrency exchange went public in a high-profile debut on the Nasdaq that briefly valued it at more than $100 billion.

The debut, done through a direct listing where no shares are sold ahead of the opening, marked another milestone for bitcoin and other digital assets and came amid a surge in the value of cryptocurrencies that has lured a clutch of mainstream, top-tier firms.

Cathie Wood’s Ark funds bought $246 million worth of Coinbase shares on Wednesday, while one of her funds sold a $4.4 million stake in New York Stock Exchange-owner Intercontinental Exchange, according to the firm’s daily trade summary.

Founded in 2012 by Brian Armstrong and Fred Ehrsam, San Francisco-based Coinbase has 56 million users globally and an estimated $223 billion assets on its platform, accounting for 11.3% of the crypto asset market share, regulatory filings showed.

Tencent aims to raise $4 billion in bond deal: Report

Chinese internet and social media giant Tencent Holdings plans to raise up to $4 billion in a bond launched on Thursday, Reuters reported citing sources.
The deal has been launched with 10-, 20-, 30- and 40-year tranches, according to a term sheet reviewed by Reuters.

The deal sheet did not specify an exact figure but sources said the company was targeting to raise $4 billion from the issue, which would be its second major fundraising deal in a year.

Tencent did not immediately respond to a request for comment.
The company has approval from the National Development and Reform Commission (NDRC) to raise up to $4.15 billion, one of the sources added.
The sources could not be named as the information has not yet been made public.

Tencent raised $6 billion in May last year and issued 40-year debt for the first time.

The company intends to use proceeds from capital raising for general corporate purposes.

Final terms and pricing are due to be set for the Hong Kong listed Tencent later on Thursday during U.S. trading hours, the two sources said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Flipkart to acquires online travel aggregator Cleartrip

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Walmart-owned Flipkart announced today that it will acquire the popular online travel technology company Cleartrip,

Flipkart said today in a statement that it will acquire 100 percent of Cleartrip’s shareholding. As per the statement, the move is part of its plans to enhance its investments to strengthen its digital commerce offerings for customers.

Under the terms of the agreement, Cleartrip will continue to operate as a separate brand. All employees of Cleartrip will be retained and will work closely with Flipkart. The company, however, did not disclose the value of the deal.

#JustIn | @Flipkart has officially announced that it will acquire #Cleartrip pic.twitter.com/Gza2VYPtUt

— CNBC-TV18 (@CNBCTV18Live) April 15, 2021

“The Flipkart Group is committed to transforming customer experiences through digital commerce. Cleartrip is synonymous with travel for many customers, and as we diversify and look at new areas of growth, this investment will help strengthen our wide range of offerings for customers,” Flipkart Group CEO Kalyan Krishnamurthy said.

Also read: Flipkart set to acquire Cleartrip for $40 million: Report

He added that the Cleartrip team, with its deep industry knowledge and technology capabilities, will help Flipkart Group provide deeper value and travel experiences for customers.

Stuart Crighton, CEO and co-founder of Cleartrip, said the company has been a pioneer in capitalising on technology to simplify the travel experience for our customers.

“This product-driven focus has enabled us to become the preferred travel partner of choice for consumers in a wide range of markets in the region,” he added.

The deal closing will be subject to applicable regulatory approvals.

-with PTI inputs

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow