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Home Gadgets ETtech Evening Briefing on Feb 8, 2021: SoftBank's turnaround; Tesla's $1.5 billion...

ETtech Evening Briefing on Feb 8, 2021: SoftBank’s turnaround; Tesla’s $1.5 billion crypto bet

Good night,

VerSe Innovation has bagged over $100 million in contemporary funding; SoftBank Imaginative and prescient Fund has racked up a document $8 billion revenue within the third quarter; and taking a cue from its founder Elon Musk, Tesla has guess large on Bitcoin.

Right here’s a take a look at the highest tech information at present.

1. Father or mother of DailyHunt and Josh lands $100 million

Since India banned TikTok in June 2020, a bunch of Indian short-video apps have sought to seize a market that no-one knew existed earlier than TikTok revealed it.
Certainly one of these is Josh, owned by VerSe Innovation, which has now raised greater than $100 million in a Collection H funding spherical led by Qatar Funding Authority and Glade Brook Capital Companions. VerSe additionally owns information aggregator DailyHunt. Canaan Valley Capital and current investor Sofina Group additionally participated within the fundraise.

This comes on heels of VerSe Innovation touchdown greater than $100 million from Google, Microsoft and Falcon Edge’s Alpha Wave Incubation in December, pushing its valuation previous $1 billion.

The story up to now: Whereas homegrown brief video apps are but to realize the success the TikTok did in India,
consolidation is likely on the cards for the sector as a number of gamers like Chingari, Bolo Indya and Trell have seen a major decline of their rankings on the Google Play Retailer whereas these like Josh, Occasions Web’s MX Takatak (full disclosure: Occasions Web additionally owns ETtech), and ShareChat’s Moj have remained among the many most downloaded apps previously few months.

short video

Short-Video Apps

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Different offers of the day

Edtech startup
Newton College
picked up $5 million in its Collection A spherical of financing, led by RTP World. The funding noticed participation from current buyers Nexus Enterprise Companions, Prophetic Ventures and Unacademy co-founders Gaurav Munjal, Roman Saini, and Hemesh Singh. Flipkart’s CEO Kalyan Krishnamoorthy, CRED’s Kunal Shah, Freshworks’ Girish Mathrubootham, Udaan’s Sujeet Kumar and Razorpay founders Harshil Mathur and Shashank Kumar, together with a slew of angel buyers, additionally participated within the spherical.

Paytm founder Vijay Shekhar Sharma and co-working area supplier Innov8 CEO Ritesh Malik have
invested Rs 1.5 crore in eight-month-old firm

2. SoftBank rises from ashes of WeWork

SoftBank Imaginative and prescient Fund unit rebounded from a loss to
record an $8 billion profit within the third quarter.

A 12 months since WeWork sale: This comes a 12 months after the lukewarm IPO of office-sharing agency WeWork and the Covid-19 pandemic pressured SoftBank Group Chief Government Masayoshi Son to
sell off assets and shore up his firm’s crumbling market worth.

“Our imaginative and prescient by no means modified,” Son informed a information convention in Tokyo after his firm introduced its newest outcomes. “Golden eggs should not produced by likelihood,” he added, returning to a favoured analogy that describes SoftBank as a goose that backs fast-growing corporations akin to Alibaba which are its golden eggs.

What modified: A rally in tech shares has aided the turnaround on the Japanese conglomerate’s Imaginative and prescient Fund unit. Softbank mentioned unrealised positive aspects in Doordash, a US-based meals supply service that went public within the quarter, amounted to $10.7 billion.

3. Tesla’s large Bitcoin guess


Tesla has
acquired $1.5 billion worth of Bitcoin, the corporate mentioned in a submitting with the US Securities and Alternate Fee (SEC).

“Different reserve property”: “In January 2021, we up to date our funding coverage to offer us with extra flexibility to additional diversify and maximize returns on our money that isn’t required to take care of enough working liquidity,” the corporate mentioned in a submitting.

“As a part of the coverage, which was duly authorised by the Audit Committee of our Board of Administrators, we could make investments a portion of such money in sure various reserve property together with digital property, gold bullion, gold exchange-traded funds and different property as specified sooner or later.”

Purchase a Tesla with Bitcoin? Why not? The electrical carmaker mentioned it expects to start accepting Bitcoin as a type of cost for its merchandise within the close to future, topic to relevant legal guidelines and initially on a restricted foundation.

4. Corporations commit Rs 500 crore to social safety fund

Greater than a dozen corporations together with Amazon, Flipkart, Swiggy, Ola and Uber have
committed about Rs 500 crore to the federal government’s proposed social safety fund that may present medical insurance to 1 million gig staff, a high official informed ET.

The labour ministry has finalised the scheme for gig staff beneath the Workers’ State Insurance coverage Company, which can be introduced alongside the rollout of the Social Safety Code.

Why it issues: Gig staff lined beneath the scheme can be eligible for medical, maternity, incapacity and different advantages and would have entry to ESIC hospitals. The labour ministry is prepared with the foundations beneath the 4 labour Codes, which can be notified quickly, the official mentioned.

Not for everybody: The white-collar gig workforce, also known as freelance consultants, is not going to be among the many beneficiaries within the first 12 months of the scheme.

5. HCL’s Rs 700-crore bonus

HCL Applied sciences, the nation’s third-largest software program providers agency, is
offering a one-time bonus to its over 1.5 lakh workers price Rs 700 crore to mark the milestone of the corporate’s high line touching the $10 billion.

The particular bonus can be paid to workers in February 2021, amounting to roughly $90 million-plus payroll taxes in some international locations, the impression of which is excluded from the FY21 EBIT steering supplied by the corporate final month. In celebration and gratitude, all workers with one 12 months of service or better will obtain a bonus, the equal of 10 days’ wage.

(Illustrations and graphics by Rahul Awasthi)

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