Zomato to have many CEOs💫, Avendus buys stake in Xpressbees🚚, Twitter can become an accurate news source📰
Zomato to become ‘Eternal’, Avendus Future Leaders Fund buys stake in Xpressbees, Twitter can become an accurate and relevant news source, Funding Deals & more.
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Zomato to have many CEOs, will call itself Eternal, says Deepinder Goyal💫
Food delivery startup Zomato is internally rebranding itself to“Eternal” – a larger organisation that will house all of its businesses, much like the Google-Alphabet rebrand.
“We are at a stage of life where we are maturing from running (more or less) a single business to now running multiple large companies,” Deepinder Goyal, CEO of Zomato, wrote on the company’s Slack channel on July 28.
He said Zomato was transitioning from a company where he was the sole CEO to one with CEOs for each of its businesses – Zomato, Blinkit, Hyperpure and Feeding India.
Zomato on Monday reported a consolidated loss of Rs 186 crore for the first quarter of 2022-23. Revenue from operations came in at Rs 1,413.9 crore, up 67.44% from Rs 844.4 crore in the year-ago period.
Avendus Future Leaders Fund buys stake in Xpressbees for Rs 195 crore🚚
Avendus Future Leaders Fund has bought a stake in Xpressbees, the new-age logistics services provider from the Firstcry stable, from Elevation Capital for Rs 195 crore.
This is the sixth deal from the new Rs 1,500-crore fund II raised by Avendus in August 2021. So far, it has invested in companies such as SBI General Insurance, Juspay, Lenskart, Zeta and Licious.
Operated by BusyBees Logistics Solutions, Xpressbees has over 100 hubs across India, 1 million sq ft warehouse capacity, and 52 cargo airports. The company’s new lines of business include 3PL (third-party logistics), B2B Xpress and cross-border operations.
Avendus’ first fund, launched in 2019, of $50 million has been invested across companies such as Lenskart, Delhivery, VerSe Innovation, Bikaji Foods, National Stock Exchange and Ujjivan Small Finance Bank among others.
Tartan, a Payroll and workforce management startup, raised $4.5 million in funding from 500 Global (previously 500 Startups), InfoEdge Ventures and Naval Ravikant-backed Quant Fund, among others.
Combonation, an e-commerce platform that offers combo deals, has secured $2 million in a Pre-Seed funding round.
OckyPocky, an English learning platform for kids, raised an undisclosed amount from Silicon Valley-based Goodwater Capital and Naval Ravikant-backed Quant Fund.
Musk says Twitter can become an accurate and relevant news source📰
Amidst an ongoing legal battle with Twitter, Tesla CEO Elon Musk has said the social media platform has the potential to be a relevant and accurate news source that’s “not totally depressing”.
Having earlier dismissed the mainstream media as a "click-seeking machine dressed up as a truth-seeking machine”, Musk tweeted, “It sure is hard to find a news source that's accurate, relevant and not totally depressing,” adding, ‘Maybe Twitter can become that’.
Musk has long been a vocal critic of the mainstream media. A few days ago, he criticised the Wall Street Journal, saying its report on his alleged affair with Google cofounder Sergey Brin’s wife Nicole Shanahan was untrue.
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- Francis Bacon
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