World business news 28.03 – 06.04

CredAvenue becomes ”a unicorn” after raising 137 million USD

CredAvenue was valued at $1.3 billion after a $137 million funding round headed by New York-based venture capital and private equity company Insight Partners.

Aston Martin about to develop battery cell technology with Britishvolt

Aston Martin, a British luxury carmaker, has inked a memorandum of understanding with Britishvolt, a business that specializes in lithium-ion battery cell technologies. The two companies will collaborate to develop battery cell technology for high-performance vehicles.

In 2025, Aston Martin hopes to introduce its first battery-electric vehicle, which will be a direct replacement for one of the company’s existing sports vehicles.

According to the company, insurtech platform Zopper has reached a $100 million annualized insurance premium.

Because of the acceleration in digital transformation, the demand for digital solutions exploding across the insurance value chain, and ecosystem partners cooperating with insurtech businesses, insurtech platform Zopper stated it had reached $100 million in annualised insurance premium.

Yulu, an electric two-wheeler company, is raising $100 million to expand its business plan

Yulu, which has built Indias largest battery-as-a-service network with 3 million battery swaps to date, plans to increase its fleet to 100,000 units by the end of the year from 10,000 units now, offer franchisee models to reach other cities, and cater to personal buyers in the coming year.
So far, the company has raised $30 million in equity funding.

Meesho, funded by Facebook, plans to go public in early 2023

Meesho, which is backed by Facebook’s Meta Platforms and SoftBank Group’s Vision Fund 2, plans to go public in early 2023, according to a source familiar with the situation.

Ninjacart has put aside $25 million for agri-tech ventures.

Ninjacart, a fresh produce delivery service, announced on Friday that it had put aside $25 million to invest in future agri-tech firms. Ninjacart’s Agri Seed Funds will make seed investments in firms and entrepreneurs “that propose novel, sustainable, and tech-enabled solutions,” according to the company.

Ford sells its e-scooter operations to a European rival funded by SoftBank

In exchange for equity, Ford Motor Company is selling its Spin e-scooter division to German rival Tier.
The merger will provide the scale that is “desperately needed in the competitive micro-mobility sector,” according to the American automaker.
Tier bought NextBike, a German bike-sharing company, in November and Vento Mobility, Wind Mobility’s Italian subsidiary, in December.

Thiel Capital is partnering with a minor airline. Mesa invests in Regent, an electric seaglider startup.

Thiel Capital, JAM Fund, Mesa Air Group, and others have invested $18 million in Regent, a Boston firm that makes electric seagliders.
Its seagliders are meant to take a hydrofoil out of a harbor, take off at a low speed utilizing the water as a runway, and then soar over the waves at a top speed of 180 mph.

Fintech for student loans West Bridge Capital invests $20 million in Kuhoo

To expand Kuhoo business, West Bridge Capital invests 20 million USD

Visa and Mastercard have halted their operations in Russia

In response to Russia’s invasion of Ukraine, Visa, Mastercard, and American Express have announced that all operations in Russia will be suspended.
The impact on consumers, though, has already been minimized by Russia’s big banks.
Until the cards’ expiration dates, shoppers will be able to use them to make purchases in Russia.
However, foreign-issued Visa, Mastercard, or American Express cards will no longer operate in Russian stores or ATMs

Just like Netflix withdraws from Russia, TikTok has limited its services

Following Russia’s invasion of Ukraine, video-sharing site TikTok and streaming giant Netflix have curtailed and halted their services in Russia, respectively.
TikTok said it has halted live broadcasting and the creation of new material on its site as it considers new legislation aimed at combating “false news” regarding Russia’s armed services.

Zoox has acquired a team from Strio.AI, a robotic strawberry-picking firm

Zoox, an Amazon-owned robotaxi company, revealed this week that it had purchased Strio.AI. The Boston-based robotics firm was created in 2020 by MIT alumni with the goal of automating strawberry crop picking and trimming. During the epidemic, it quickly got up and running, deploying its first prototype system to farms in California and Florida in less than six months.


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