#Marketwire is your quick summary of notable market movements in the technology industry. The firms covered in this segment include Bessemer Ventures, Swiggy, Samsung, Tesla, Solarcity and Facebook.
Indian Govt Allows 100% FDI in Online Grocery
Indian government on Monday allowed 100% FDI in food retail, including through eCommerce, provided such items are produced, processed or manufactured in the country. The move will help Indian hyper-local grocery startups raise funds more easily, it will also help in reducing wastage, helping farm diversification and encourage industry to produce locally within the country.
This reform will benefit farmers, give impetus to food processing industry and create vast employment opportunities. The amendments in policy will certainly help retailers and grocery startups such as Bigbasket and Grofers. Read More
Bessemer Ventures in Talks to Invest $12M in Swiggy
US-based venture capital firm Bessemer Venture Partners is in advanced talks to invest around $12 million in food-delivery company Swiggy.
Last month, Swiggy has raised an additional $7 million from existing investors Norwest Venture Partners, DST Global and Accel Partners, valuing the company at $130 million. In January, the Bangalore-based company had raised $30 million in Series C round of funding from New York-based Harmony Partners and Singapore-based RB investments. Read More
Samsung Will Invest $1.2B in IoT
Samsung Electronics Vice Chairman & CEO Dr. Oh-Hyun Kwon unveiled Samsung’s vision for ‘Human-Centered IoT,’ including a strategy to spend $1.2 billion over 4 years for U.S.-based Internet of Things (IoT) R&D and investments. This will be led by the Samsung Strategy and Innovation Center, Global Innovation Center and Samsung Research America, part of Samsung’s U.S. footprint of more than 15,000 employees across the country. Read More
Tesla offers to Acquire SolarCity for $2.8B
The great Elon Musk empire is uniting. Today his electric car and battery company Tesla announced its offer to acquire his solar panel installation company SolarCity. Together the companies could allow you to outfit your home with solar panels that power a giant battery for everything inside, as well as your electric car.
The deal still has to be approved by SolarCity and its board. If it goes through, it would see SolarCity stock exchanged for Tesla stock. The deal would pay a premium of 21% to 30% on top of SolarCity’s value of $2.14 billion, so Tesla would be buying SolarCity for between $2.59 billion and $2.78 billion worth of its stock. Read More
Facebook Signs Deals with Media Firms
Facebook has signed deals worth more than $50 million with media companies and celebrities to create videos for its live-streaming service. Facebook has signed nearly 140 deals, including with CNN, the New York Times, Vox Media, Tastemade, Mashable and the Huffington Post, the Journal reported on Tuesday, citing a document. Read More
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