India Roundup: Byju’s nears another edtech acquisition, and other news (updated)

This is an updated version of the article that was published 4 hours ago.

Byju’s eyes acquisition of another coding-based platform

• Edtech startup Byju’s is close to acquiring Tynker, a US-based coding platform for kids, making it the latest in a series of acquisitions to consolidate its leadership in the K12 segment, said a MoneyControl report.
• Sources said the deal size could be up to US$100 million. This is the company’s second acquisition in the coding space after WhiteHat Jr last year.
• Byju’s has spent over US$2 billion in acquisitions this year alone.

Zomato shuts down grocery delivery, nutraceutical businesses

• Newly listed food delivery giant Zomato has announced plans to shut down its grocery delivery business. The company began the pilot for the delivery service in a few markets in July, and it will end the pilot on September 17.
• According to Zomato, the service had moderate success and faced a few challenges, including frequent changes in inventory, said The Economic Times. Zomato also recently invested over US$100 million in Indian e-grocer Grofers.
• The company has decided to shut down its nutraceutical business as well. Zomato ventured into nutraceuticals last year by launching health and fitness products.

Walmart-owned Flipkart’s GMV likely to cross US$20 billion

• Walmart-owned Flipkart Group clocked in a gross merchandize value (GMV) of around US$15 billion in 2020 and is currently on an annualized GMV run rate of US$23 billion, reported The Economic Times, citing sources.
• Around US$20 billion of the projected GMV will likely be from Flipkart, with the rest coming from the company’s fashion portal Myntra.
• According to a report from wealth management firm Bernstein, Flipkart achieved a GMV of around US$12.5 billion last year on a standalone basis, around US$1 billion higher than main rival Amazon.

Beauty products platform Purplle eyes US$500m valuation

• Beauty products marketplace Purplle is in talks to raise US$50 million to US$75 million, valuing the company at over US$500 million, said a MoneyControl report, citing sources.
• Investors who could come on board include Norwest Venture Partners, Kedaara Capital, Venturi Partners, and South Korea’s Mirae.
• Purplle had earlier raised US$45 million in March, valuing the startup at US$300 million.

Ola to employ 10,000 women at EV factory

• Ride hailing giant Ola’s Futurefactory, will be run entirely by women, which will employ over 10,000 people, making it the world’s largest women-only factory, Ola Chairman and Group CEO Bhavish Aggarwal announced in a blogpost.
• This is the first in a series of initiatives Ola is undertaking to create a more inclusive workforce and provide economic opportunities for women across the board, it said.
• The Ola Futurefactory is being built on a 500-acre site in Tamil Nadu, India. At a full production capacity of 10 million vehicles annually, it will be the world’s largest two-wheeler factory, claims the company.

Pine Labs converts to a public company

• IPO-bound company Pine Labs has been renamed from Pine Labs Pte to Pine Labs Limited, indicating that the company’s IPO preparation has started to gather momentum, according to an Entrackr report.
• Sources said the company which provides digital payments and commerce solutions to merchants is likely to list in the US in the next 10-12 months.
• Another report said the company is eyeing a US listing at a valuation of US$5 billion.