In Brief: Unacademy eyes $150 mn fresh funding; Food delivery firms renegotiate restaurant contracts

In Brief: Unacademy eyes $150 mn fresh funding; Food delivery firms renegotiate restaurant contracts
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5 Jun, 2020

Sorting Hat Technologies, which owns edtech platform Unacademy, is in talks to raise $100-$150 million in a fresh funding round, at a valuation that could enable its entry into the unicorn club, The Economic Times reported. Returning investors General Atlantic and Steadview Capital are likely to double down on their stake, while new global investors have shown interest as well, the report said, citing sources. The development comes months after General Atlantic and Facebook invested $110 million in the Bengaluru headquartered company.  

Read: Edtech platform Unacademy expands employee stock option pool

Swiggy, Zomato renegotiate exclusivity contracts with restaurants

Online food aggregators Zomato and Swiggy have evoked the force majeure clause, and are renegotiating exclusivity contracts and minimum guarantee clauses with restaurants, citing Covid-19 induced business loss, The Economic Times reported. While the exclusive tie-ups accounted for about 30% of overall sales last year for both Swiggy and Zomato, they also drove up costs, the financial daily said, citing top executives at these firms.

India unperturbed by US probe on equalisation levy

India is undeterred by the US government’s decision to investigate the equalisation levy, or the tax levied on the Indian businesses of overseas digital companies, The Economic Times said, citing government officials. Companies such as Netflix and Amazon fall under this category. The US had on Tuesday initiated the probe against 10 nations or blocs that have imposed such taxes or are in the process of doing so, the report added. 

Telegram rolls out new security and editing features

Instant messaging platform Telegram has added features such as a two-step verification process, in-app video editor, animated stickers and speaking graphics interchange format (GIFs) to its app. The video enhancement feature will help users adjust parameters such as saturation and brightness levels, according to a statement. They can also add animated stickers to photos and videos while editing, which can later be turned into GIFs, it said. 

Urban Company resumes at-home salon services

Gurugram headquartered home services marketplace Urban Company has reopened its at-home salon services in all cities, except Maharashtra and other containment zones. Dubbed UC Safe Salon, the company claims more than a lakh women have signed up for the services since the lockdown began. Beauticians will undergo daily temperature checks, wear masks and gloves, and use sanitised tools and single-use products to ensure safety, the company added.

Uber resumes essential travel services in Mumbai

Ride hailing platform Uber has resumed its Go, Premier and Auto services for essential travel purposes in Mumbai. Customers will be required to carry documentation to prove the purpose of travel and wear face masks, as per a statement. On the other hand, driver partners will be asked to submit pre-trip mask verification selfies and attend mandatory safety education sessions, it said.

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