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SoftBank Takes $4B Stake in Nvidia; Flipkart, Snapdeal Ink Non-Binding Term Sheet; Byju's May Join Unicorn Club Soon & More

Online learning startup Byjus’ expects to break even and turn profitable in the fiscal year 2017-18.

Photo Credit : ShutterStock,

Here is a list of deals that happened in Indian Startup Ecosystem today including funding, merger, acquisition, fund launch etc. Read a brief description about all of them:

1.India’s largest e-commerce marketplace retailer Flipkart has signed a non-binding term sheet for Snapdeal merger
, reported ET. Flipkart is said to begin the due diligence process for the deal very soon. The merger is valued close to $1 billion and post the merger, Flipkart has assured that the Snapdeal employees will retain their jobs. The merger will commence probably in the first week of June.

2. The Japanese company, SoftBank Group Corp. which just closed its Vision Fund, has quietly amassed a $4 billion stake in Nvidia Corp.
, making it the fourth-largest shareholder in the graphics chipmaker, reported LiveMint. Under its founder, Jen-Hsun Huang, Nvidia has become one of the leaders of the charge by chipmakers to provide the underpinnings of machine intelligence in everything from data centres to automobiles.

3. Venture capital firm Sequoia Capital and SAIF Partners have held discussions to back online education technology firm Unacademy, sources familiar with the development said, with a deal likely to close in a few months. Sequoia has already backed Byju's and math tuition platform Cuemath signalling the bullishness of risk investors around education, reported TOI.

4. Online learning startup Byjus’ expects to break even and turn profitable in the fiscal year 2017-18, just two years after it launched its popular learning app in August 2015.

Byjus’ turned profitable in the quarter ending March, recording a revenue growth of 150 percent to Rs 260 crore, compared to Rs 115 crore in the same month last year.

The company may also join the unicorn club soon, reported Money Control.


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