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ETtech Evening Briefing on Feb. 4, 2021: BigBasket rebounds, Elon Musk backs Dogecoin, Greta Thunberg meets Noida

Good night,

India’s largest on-line grocery BigBasket
recorded a 36% jump in income prior to now fiscal, even earlier than a pandemic-induced lockdown induced a surge in residence deliveries.

In the meantime, as trains throughout the nation begin creaking again to life after virtually a 12 months, journey portal Ixigo is betting on a fast revival. It has
acquired practice discovery and reserving platform Comfirmtkt for an undisclosed sum.

In Elon Musk information, the billionaire took a short hiatus from his self-imposed Twitter exile
to tweet about Dogecoin, a “meme-based cryptocurrency”, inflicting its value to leap 50%. He simply can’t assist himself, can he?

Right here’s a have a look at the top tech news right this moment.

1. BigBasket income rose 36% earlier than pandemic


Revenues of on-line grocery BigBasket
rose by over a third in FY20 from the earlier fiscal. Losses, nonetheless, additionally grew for a similar interval. The corporate clocked a 36% development in income to Rs 3,818 crore for the 12 months ended March 31, 2020.

Rebound after tough begin: The homegrown e-grocery had confronted disruptions in the course of the preliminary days of the lockdown in March. It, nonetheless, went on to double its enterprise, servicing over 300,000 deliveries a day in comparison with round 150,000 deliveries earlier than the shutdown.

Going going… ET reported final month that BigBasket is at present within the
final stages of closing a deal to promote a majority stake to the Tata Group. Tata will shell out a complete of $1.2 billion, in a mixture of a major and secondary sale of shares, giving it a 60% stake in BigBasket. The salt-to-software conglomerate is probably going to supply a full exit to 2 of BigBasket’s largest traders, Chinese language e-commerce large Alibaba and scandal-hit personal fairness agency Abraaj Group.

2. Ixigo buys Confirmtkt

Journey portal Ixigo has
acquired Bengaluru-based Comfirmtkt, a web based practice discovery and reserving platform, for an undisclosed quantity in a cash-and-stock deal.

Particulars: As a part of the deal, Ixigo founders Aloke Bajpai and Rajnish Kumar will likely be becoming a member of the board of Confirmtkt and current traders together with Enterprise Catalysts will exit the corporate. Each firms will proceed to run independently, Ixigo stated in an announcement. The deal is anticipated to assist the group consolidate its presence in tier 2, 3 and 4 markets.

Betting on an categorical revival: Previous to the Covid-19 pandemic, over 25 million individuals in India travelled by practice on daily basis, making this an $8-billion market. The resumption of practice providers and rest of lockdown norms have led to a fast restoration of reserved practice ticketing to close pre-Covid ranges.

3. ETtech Offers

■ Microblogging app
Koo has
raised $4.1 million in Series A funding from current traders Accel, Kalaari Capital, Blume Ventures and Dream Incubator, and participation from new investor 3one4 Capital. Based in 2020, Koo permits customers to attach, remark, and interact in 13 native languages – like a Twitter for Indian languages.

■ On-line gaming platform
Cellular Premier League (MPL) stated it’s now
valued at $945 million after selecting up $95 million in its Collection D funding spherical, greater than double from the valuation when it raised capital in September final 12 months. ET was the
first to report about MPL’s fundraise on Wednesday.

4. Elon Musk backs ‘meme-crypto’ Dogecoin on Twitter

Dogecoin surged greater than 50% on Thursday after billionaire entrepreneur Elon Musk
tweeted his support for the cryptocurrency, two days after he stated he was
taking a break from Twitter “for some time”.

We have been on a break! This comes two days after the meme-crazy billionaire stated he was taking a break from Twitter.

  • A rising variety of Musk’s current tweets have fuelled shopping for frenzies. Final week, a tweet in assist of a gaggle of retail traders on Reddit who had coordinated to purchase shares in Gamestop triggered a rapid jump within the share value of the gaming firm. And when he up to date his Twitter bio to “#bitcoin” final Friday, the cryptocurrency’s value briefly skyrocketed by round 20%.

5. Greta vs Delhi police: is that this actual life?

And at last, the strangest story of this, or virtually some other day. Rumours on social media instructed that the Delhi police
had filed a case in opposition to Swedish local weather change activist Greta Thunberg on Thursday afternoon. We’re firmly via the wanting glass at this level.

  • Issues received so out of hand that the Delhi police have been compelled to name a press convention to make clear that the FIR wasn’t in opposition to Thunberg, who the final time we checked wasn’t an Indian citizen. It was, somewhat, in opposition to the unknown and thus unnamed creators of a protest toolkit that Thunberg had tweeted on Wednesday earlier than deleting it hours later. Which is, if something, even stranger.

In the meantime, Thunberg reiterated her assist for the farmers’ protest. “I nonetheless #StandWithFarmers and assist their peaceable protest. No quantity of hate, threats or violations of human rights will ever change that. #FarmersProtest,” she tweeted.

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