Tesla hits $1 trillion market cap
Chalo acquires Shuttl, BharatPe moves Delhi HC, Funding Deals & more.
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Tesla hits $1 trillion market cap, is more than India’s top 5 listed companies combined
Tesla Inc’s record run in the stock market on Monday saw its market capitalisation surge past the $1 trillion mark, making it the first-ever car manufacturer to join the esteemed list of trillion-dollar companies which includes Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc.
Tesla founder and CEO Elon Musk’s net worth too soared $36.2 billion to $289 billion, extending his lead at the top of the table of billionaires.
Monday, the stock of the electric automaker surged 12.66% to end at $1,024.86 apiece on the NASDAQ index after it landed with its biggest-ever order from rental car company Hertz. Its market cap stood at over $1.02 trillion.
With this, Tesla’s market cap currently stands at more than that of the five most valuable listed companies on the BSE. India’s five largest companies together have a combined market cap of Rs 51,89,897.02 crore ($692.35 billion) as of Tuesday’s end of the trade.
With the $1 Trillion valuation, Tesla is now more valuable than the other 9 biggest listed carmakers combined.
Chalo acquires Amazon backed Shuttl, plans for International expansion
In a strategic move, public transport technology company Chalo has acquired Shuttl, the app-based office commute bus aggregator for an undisclosed amount.
This acquisition will enable Chalo to accelerate its plans for international expansion as Shuttl already has a presence in Bangkok, and enter large Indian metro cities that Chalo was not present in so far.
Shuttl addresses the premium bus services market targeted at office-goers looking for a more comfortable commute and is, therefore, a natural extension for Chalo’s stage carriage city buses business.
The acquisition news comes days after Chalo’s announcement of its Series C funding of about $40 million.
- Agritech startup Gramophone has raised $10 million in its Series B funding round led by Z3Partners. Existing investors, including Info Edge, Asha Impact, and Siana Capital, participated in the round.
- Pregnancy and parenting app Healofy on Tuesday announced a $6.5 million (Rs 48 crore) fundraise in a Series B round led by Celesta Capital. The direct-to-consumer company also announced a $1 million debt raising from Stride Ventures.
- Social non-fungible token (NFT) platform Hyy.pe has raised $2 million in a fresh funding round led by Elevation Capital.
- Payments technology and card company Visa has closed its investment of $5 million in Open, which was part of the neo bank’s $100 million Series C fundraise, according to Moneycontrol.
BharatPe moves Delhi HC; opposes PhonePe’s trademark over ‘PE’ usage
Fintech unicorn BharatPe, which recently launched a ‘buy now pay later’ app under the trademark “postpe” has taken the clash with rival PhonePe to Delhi High Court, seeking to cancel the latter’s registration on the Devanagari script of ‘Pe’.
BharatPe said that its holding company Resilient Innovations has filed six cancellation actions against multiple registrations held by PhonePe before the Intellectual Property Division of the Delhi High Court.
This development comes after PhonePe filed a petition in the Bombay High Court on October 22 against BharatPe’s usage of ‘Pe’ in name of their new Buy Now Pay Later (BNPL) platform PostPe.
The hearing on the admission of the petition is slated for November 8 in the Delhi HC.
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