IC BYTES
IC Bytes of the Week: 6/9/20
As students, knowing what is going on around you is important as it essentially forms your perception of the world and develops your views on fundamental matters.
We are super stoked to introduce IC Bytes of the Week, where we will be quickly summing up the hottest news of the week — from tech to business, in a simplified language that our young readers can understand.
⚡Top things that happened
- Reliance buys stake worth ₹24K crore in Future Group’s retail business to acquire it
Reliance Retail Ventures Ltd (RRVL) has acquired Future Group’s retail, warehousing, logistics, and wholesale businesses. Reliance is already India’s largest retail chain and has been expanding its dominant position in the country.
2. India’s GDP declined by a whopping 23.9% in the June ’20 quarter
The GDP for the April-June 2020 quarter fell by 23.9% in comparison to the same quarter a year ago. This is the first time that the Indian economy has contracted so much in at least four decades. If GDP growth falls again in this quarter, India would technically be in a recession.
The finance ministry has however said on Friday that India is witnessing a sharp ‘V’ shaped recovery.
3. Unacademy raises $150Mn from SoftBank, becomes a new entrant in the ‘unicorn’ club
The recent funding has tripled Unacademy’s valuation to $1.45 billion in less than six months, making it the second-most valuable ed-tech startup in India after Byju’s. This also marks SoftBank’s entry into India’s soon-to-be $3.5 billion ed-tech sectors.
4. Amazon India gets drone delivery permit by FAA
Amazon has received approval from the Federal Aviation Administration of the United States to operate its fleet of Prime Air delivery drones, joining UPS and Alphabet-owned Wing. Amazon began testing delivery drones in 2013, in a bid to deliver packages in 3o minutes or less.
5. Eruditus raises $113Mn in its series D round from Chan Zuckerberg Fund
Mumbai-based online education startup Eruditus $113 million in a Series D round co-led by Naspers and Leeds Illuminate Global. Chan Zuckerberg Initiative and existing backers Sequoia India and Ved Capital also participated in the round. The funds will be used in partnering with new universities and creating career-ready courses.
Fintrackr estimate shows that Eruditus has been valued $695 to 705 million in the fresh financing round.
6. PUBG banned in India by the Govt, parent company Tencent loses ⬇ $34Bn in just 2 days
PUBG is among the new 118 Chinese apps blocked by the government, amidst growing tensions with China. India is PUBG Mobile’s biggest market, accounting for roughly 175 million installs.
Tencent lost $34 billion in just two days, which marks the second biggest dip in its valuation since the $66 billion loss last month when the US President Donald Trump banned WeChat.
Tencent has suffered mammoth losses alongside ByteDance, whose flagship product TikTok met a similar fate earlier.
We’ll see you in the next update of IC Bytes! Until then, Ciao :)
