DEX Platform FTX Acquires Alameda Research VC Department

DEX Platform FTX Acquires Alameda Research VC Department

Exchanging cryptocurrencies Alameda Research VC operations business is acquired by FTX. Given the current sluggish crypto market, Alameda Research’s venture capital operations appear to have been bought by the investment section of crypto exchange platform FTX.

According to Caroline Ellison of Alameda Research, the amalgamation happened before previous co-CEO Sam Trabucco retired, leaving Ellison as the only member in that role. According to reports, FTX Ventures’ investment section was in charge of assets totalling $2 billion at the time the Alameda acquisition started.

The analysis found that while the change had little impact on Alameda Research, it had a big impact on the crypto startups market. Over than 150 private companies, including Magic Eden and Anchorage Digital have taken funding from Alameda Research.

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The deal started in January after FTX Ventures collected $2 billion, according to Amy Wu, the fund’s manager. She also mentioned that there was no money exchanged between FTX and Alameda.

According to Amy Wu, who is in charge of the VC fund, the sale didn’t contain any kind of payment, and Alameda’s investment arm was totally under the control of FTX Ventures. According to Wu, the companies ran independently from one another, with the Alameda team making no contributions to the venture side.

Voyager Digital declined a joint offer from FTX and Alameda to purchase out its cryptocurrency assets and outstanding debts in July as part of its bankruptcy processes.

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Despite the fact that Alameda offered its own services and supported the bitcoin custody business Anchorage Digital at the time, the company’s legal department released an announcement at the time indicating that the suggested purchase would have hurt clients.

Ellison may consider keeping bailouts for bitcoin businesses who are going through a financial issue in the middle of a market collapse. The more prominent someone is, the more important it would be to attempt to help them, she added.

FTX recorded $270 million in revenue in the first quarter and was projected to create around $1.1 billion, despite the fact that this projection was made before the “crypto winter.”

Also Read: Income Of FTX Soared From $89 Million To $1.02 Billion

It has been a busy time for FTX, which recently agreed to a contract granting it the option to buy lender BlockFi. The company is also in negotiations to purchase the South Korean enterprise Bithumb, and on Thursday it was mentioned as a prospective buyer of the lender Voyager.

Furthermore, FTX is considering expanding its retail trading operations and breaking into the stock market. However, the internal records indicate that “more skilled traders” who employ futures or options still have a place in the market.

Swiggy Raises Funding In Series K Round, Total Market Value Goes Up To $10.7 Billion

swiggy raises funding

Hardly six months after bagging a whopping $1.25 billion investment in funding, leading online food ordering platform based in India Swiggy raises funding one more time in Series K round of funding. Swiggy has freshly procured $700 million in a Series K financing round as the Indian food tech giant is proactively looking forwards to expanding its business operations. Apart from India, Swiggy has already rolled out its services in South Asian markets. 

An insider having direct knowledge of the matter revealed that Invesco managed the Series K investment round, which increased the market capitalization of Swiggy to $10.7 billion. Previously, during the Initial Public Offering (IPO) in July, the food-tech company was valued at $5.5 billion. 

The market capitalization value of the food tech giant crosses Zomato’s existing market value as Swiggy raises funding in the Series K round. It is important to note here that Zomato, a 13 years old company, is witnessing a slump in its share price, which has brought down Zomato’s market value below $10 billion.

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Swiggy’s Round K funding saw participation from Axis Growth Capital, Sixteenth Street Capital, Kotak, Sumeru Ventures, Baron Capital Group, IIFL AMC Late Stake Tech Fund, Segantii Capital, Ghisallo and Smile Group. Existing investors of Swiggy also participated in the funding round, which included Alpha Wave Global, Qatar Investment Authority, ARK Impact and Prosus Ventures.

Swiggy’s quick delivery service, Instamart, is on track to hit a $1 billion annual gross merchandise volume run rate in the coming three quarters, the food-tech firm believes.

Swiggy, India’s leading food ordering platform giving tough competition to Zomato,  had said last year that the firm wanted to spend $700 million to upgrade its services and geographic presence. After Swiggy raises funding, it seems the rivalry in the food delivery industry in India will witness stiff competition in grabbing market share.

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‘Invesco Developing Markets Fund, on a long term basis, is looking forward to investing in leading companies across the world that have long term structural development ability. Investment in Swiggy is one such kind of investment.’ Said Justin Leverenz, Chief Investment Officer at Invesco.

Majety’s Words After Swiggy Raises Funding

Sriharsha Majety, Swiggy co-founder and chief executive, said that Instamart had achieved a Gross Merchandise Value (GMV) in only 17 months, while the core food delivery company required 40 months to accomplish the same level of success.

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The ultimate goal of Swiggy is to make 100 million users at least use Swiggy 15 times a month. The completion of this goal will help Swiggy’s ecosystem to have a broader influence and bring revolution in the food and grocery delivery industry. For that, the food tech company will continue to invest in our partners and products.’ Sriharsha Majety added further.

The Indian food services sector will stand at a value of $97 billion by the end of 2026. Organized food service is increasing at a higher rate compared to the other industries, and it is anticipated to have a 55 per cent market share by 2025. By the end of 2025, we predict internet access to hit 20% and the market size to achieve $20 billion, with a compound annual growth rate of 46 per cent (CAGR). Acquisition of new customers as well as expanding into new and emerging areas will comprise the major of the company’s development.

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Ola sets aside Rs.250 crore for grocery delivery business: Report

We all understand that olla may be a cab company however many of us do not know that within the year 2015, olla launched an internet food market in Bengaluru and a food delivery app in March an equivalent year. They planned to use its cabs and drivers to deliver groceries, between nine am and eleven pm. once around 9 months, it shut each olla Store and olla Foods with none detail.

Nearly once 5 years, olla is prepared to dive into the hyper-competitive grocery delivery area once more. The market is already controlled by Grofers, Swiggy and Dunzo which supply delivery of essential product in around 10-30 minutes and olla plans to fight a battle with these firms.

The founding father of the corporate Bhavish Aggarwal is quickly building associate degree electronic two-wheeler business via olla electrical.

The company wants a various portfolio of companies that goes on the far side cab aggregation and rides. this could be the explanation that they’re making an attempt to revive its on-line food and grocery delivery businesses once the pandemic.

Ola is designing and aims to achieve an equivalent quantity of success that alternative food delivery apps like Swiggy has had with Instamart. It wont to operate as a grocery marketplace wherever Swiggy wont to combination stores whereas Instamart currently features a a lot of economical dark store model and stocking necessities.

According to reports, ola has already unbroken a thumping budget of Rs 250 large integer for the grocery delivery business.

They had planned to line up around three hundred dark stores for grocery and convenience delivery, simply previous its $2 billion commerce. the corporate currently has its own fifty five cloud kitchens and plans to expand the quantity.

The company plans to clock a revenue run rate of around Rs a hundred large integer per month before the commerce takes its place.

Clear Receives $75 Million Funding, Includes Stripe’s 2nd Investment In India

clear

Indian financial services platform clear raised $75 million in investment from the US giant stripe and many other participants in its series C funding round. Clear, formerly known as ClearTax, expands its products line from tax returns filing to investments in mutual funds and wants to be more inclusive for small and medium enterprises (SME).

Stripe disclosed its second investment in an Indian startup just a few days after the news of Stripe acquiring payments reconciliation platform Recko surfaced on the internet. The Series C funding round saw participation from Alua Capital, Stripe, Think Capital, Kora Capital, and a few investors who already have made investments in the Indian startup Clear.

With the newly bagged funds, Clear presumably has an approximate market value of $750 million. ‘We are probably one round (funding round) away from joining the unicorn’s club,’ says the Co-founder and serving CEO of clear Archit Gupta on the pretext of receiving new investments.

The SaaS platform plans to utilise the recent investment amount to boost its expansion strategies for business-to-business (B2B) credit and payments facilities. The ten-year-old startup is also looking forward to foraying its business into the international market, especially in Saudi Arabia and Western Europe.

Archit Gupta said his startup would bring $75 million raised funds into play to enlarge its services and also plans to expand overseas. He further said that clear, which is already operational in the Middle East, aims at extending its financial assistant services in Europe shortly.

According to Archit Gupta, Clear’s SaaS (Software as a Service) platform has seen a 5X growth over 18 months and processes about 10 per cent of invoices of India’s large, medium and small businesses with a General Merchandise Value (GMV) of $400 billion. During the last 18 months, Clear has taken 3 thousand large enterprises onboard, it said. Furthermore, the SaaS platform has more than 5 million taxpayers, 1 lakh tax practitioners and 6 lakh plus small businesses relying on its Artificial Intelligence monitored financial services.

‘We are happy to greet Stripe, Kora and other new investors. Kora holds profound expertise in tech companies in developing markets, and Stripe is an international fintech giant that constructs economic infrastructure for online businesses – we are eager to learn from both of them,’ said Archit Gupta.

Nitin Saigal, founder and Chief Information Officer of Kora, said in an announcement that they are delighted to ally with Clear as they innovate at scale in the Indian SaaS ecosystem, allowing businesses to automate their invoicing and taxation workflows.

The SaaS platform, founded in 2011, has many prominent entrepreneurs and investors backing it, including the Co-founder of Affirm Max Levchin, WhatsApp’s Head of Business Neeraj Arora, the founder of IronPort Scott Banister, and the founder of Paytm Vijay Shekhar Sharma. Additionally, SAIF Partners, the founder of AngelList Naval Ravikant, PayPal co-founder Peter Thiel’s Founders Fund, Composite Capital and Sequoia Capital have investments in the startup. Clear has bagged $140 million in funding since its establishment in 2011. Clear is one of the first few startups funded by Y Combinator.