SoftBank-backed startup, Delhivery has secured $25 million from Steadview Capital, ahead of planned IPO. The investment firm has purchased secondary shares from an early investor of the logistics firm. Founder and CEO of Delhivery – Sahil Barua believes that the funds raised from Steadview will help the company to go public in the coming twelve…
Cloud computing services provider, Sinch, has announced that Softbank-owned SB Management has bought a 10.1% stake in the company. Sinch said in a statement it had issued 3.2 million new shares at a subscription price of 1.050 crowns per share, a 6.6% discount to Monday’s closing price, raising about 3.3 billion Swedish crowns ($386 million)…
MindTickle, Sales Readiness platform, has raised $100 million in a combination of equity and debt financing, led by Softbank Vision Fund 2¹ to prepare customer-facing employees everywhere to drive revenue growth. The round also saw participation from existing investors, Norwest Venture Partners, Canaan, NewView Capital, and Qualcomm Ventures. The Sales enablement platform seeks to use…
NVIDIA and SoftBank Group Corp (SBG) announced a definitive agreement under which NVIDIA will acquire Arm Limited from SBG and the SoftBank Vision Fund in a transaction valued at $40 billion. The combination brings together NVIDIA’s leading AI computing platform with Arm’s vast ecosystem to create the premier computing company for the age of artificial…
Education technology startup Unacademy has raised a $150 million funding led by Japanese conglomerate SoftBank, taking the firm’s valuation to $1.5 billion. Existing investors that participated in the funding round are Facebook, General Atlantic, Sequoia India, Nexus Venture Partners, and Blume Ventures. Earlier in February, Unacademy had raised $110 million from Facebook and PE firm…
The founder and CEO of SoftBank Group Corporation, Masayoshi Son recently announced that he is stepping down from his board position at the Chinese e-commerce firm Alibaba. Announcing his decision, Son said that he’s “graduating” from his most successful investment by far. Son’s resignation comes just months after Alibaba Co-founder Jack Ma quit from SoftBank’s…
Chinese transportation company, DiDi recently announced that it has completed a $500mn fundraising round for its self-driving unit. The funding round was led by Masoyoshi Son-led SoftBank’s Vision Fund 2. The ride hailing giant said in a statement that the round marked the first time DiDi’s self-driving business had brought in external funding since it…
Layoffs have become a common phenomenon in these unprecedented times. The coronavirus has impacted several businesses, forcing them to resort to tough measures like cost cutting and downsizing. The recent company to fall in the crisis is shared office space startup, WeWork. Recently, WeWork India said that it has laid off nearly 20% of its…
Japanese multinational conglomerate SoftBank Group Corp recently announced that Alibaba Co-Founder Jack Ma will resign from its board. Jack Ma’s resignation is the latest high-profile departure by an ally of SoftBank CEO Masayoshi Son. Jack Ma resigned from the board as he is pulling back from formal business roles to focus solely on philanthropy. Earlier…
The coronavirus pandemic has impacted several jobs globally with nearly 10 mn people filing for unemployment benefits in America alone. The pandemic has forced businesses to close operations and employees have been sent on furloughs for indefinite periods. The International Labour Organization has predicted that globally around 2.5mn jobs would be lost due to the…
Food-delivery unicorn Zomato is reportedly in talks to acquire SoftBank-backed grocery startup Grofers. According to reports by The Economic Times and Entrackr, the all-stock deal might value the e-grocer at $750mn (around ₹5,700Cr). Reportedly, Softbank is considering investing about $100-$200mn in the merged entity through its VC arm Vision Fund. According to sources mentioned in…
Goldman Sachs alumnus Taiichi Hoshino to lead investment planning department at Softbank SoftBank Group Corp, announced the appointment of ex Goldman Sachs banker Taiichi Hoshino as head of a new investment planning department at the investment major. The move comes in the backdrop of increased scrutiny of the group over ventures backed by the group,…
Softbank-backed American online small business lender Kabbage is furloughing a “significant number” of its 500-strong US team. It is also completely closing down its office in Bangalore, and executive staff is taking a “considerable” pay cut, according to a report by TechCrunch. The company CEO Rob Frohwein has cited, “economic fallout of this virus has…
OneWeb, the satellite internet start-up backed by Japan’s SoftBank Group, is filing for Chapter 11 bankruptcy. The company has since its inception launched 74 satellites and has 44 ground station to power its communication service using low earth orbit satellites. In their statement the company said that the Company and certain of its controlled affiliates…
Real-estate brokerage startup, Compass has reportedly laid off 15% of its workforce due to the ongoing crisis in the real estate industry because of the coronavirus outbreak. As per a TechCrunch report, based on an internal email accessed by the media, the Softbank-backed startup has recently has laid off 15% of its staff as a…