India gets 2nd gaming unicorn as Mobile Premier League raises funds at $2.3 bn valuation
Mobile Premier League (MPL), a Bengaluru-based esports and mobile gaming platform has become India’s second gaming unicorn after it raised funds at $2.3 billion valuation. The start-up raised capital from Legatum Capital, Accrete Capital, Gaingels LLC and other existing investors. MPL was founded by Sai Srinivas Kiran G and Shubh Malhotra in 2018.
Microsoft to buy back up to $60 billion in shares
Microsoft has said that it will conduct an up to $60 billion share buyback programme and appoint its President Brad Smith as Vice-Chair. The buyback programme has no expiration date and could be terminated at any time. Smith, who joined Microsoft in 1993, currently leads a team of 1,500 staff in 54 countries, according to Microsoft’s website.
Bitcoin price to rise tenfold to $500,000 in 5 years: Cathie Wood
ARK Invest’s Cathie Wood, during the SALT Conference, said she expects the price of Bitcoin to soar to $500,000 in five years. “We believe that the price will be tenfold of where it is today,” Wood added. She further said she would default to Bitcoin if she could own just one cryptocurrency, as “countries are now deeming it legal tender”.
PharmEasy acquires Bengaluru based start-up Aknamed for $150-200 million
PharmEasy has acquired Bengaluru-based healthcare supply chain startup Aknamed for $150-200 million. This would mark the online pharmacy start-up’s second acquisition this year. Earlier in June, it bought a 66.1% stake in listed diagnostics firm Thyrocare for ₹4,546 crore (about $611 million), becoming India’s first unicorn start-up to acquire a listed company.
India’s August exports rise 45.7% to $33.28 billion, trade deficit at $13.81 billion
India’s exports rose by 45.76% to $33.28 billion in August, as against $22.83 billion in the same month last year, data released by the Commerce Ministry showed. Trade deficit in August widened to $13.81 billion as against $8.2 billion in the year-ago period. Imports during the month increased by 51.72% to $47.09 billion, the data showed.
Poonawalla-backed Wellness Forever to file papers for ₹1,600-cr IPO
Mumbai-based retail pharmacy chain Wellness Forever will file draft documents with market regulator SEBI for its initial public offering (IPO) by September end. The firm, which is backed by Serum Institute of India’s CEO Adar Poonawalla, plans to raise ₹1,500 crore to ₹1,600 crore through the IPO, it added. The firm plans to expand to 1,000 stores by 2023.