Elon Musk, the chief executive officer of Tesla, on Friday terminated his deal, saying Twitter had failed to provide information about fake accounts on the platform, after which Twitter's chairman, Bret Taylor, vowed a legal fight.
Tiger Global, which bet big on several late-stage startups and helped mint many unicorns in a record-breaking 2021, is changing tact after clocking huge losses amid the downturn.
Tiger Global, which has previously backed startups like Flipkart, Ola, Delhivery and others, birthed multiple unicorns such as Groww, ShareChat and Infra.Market, and participated in big follow-on funding rounds in several late-stage startups in 2021 – a record breaking year for big-ticket funding – at high valuations.
The elevation of Arora as the cofounder comes on the back of the exit of Blinkit cofounder Saurabh Kumar in June last year. Kumar went on to start another company called Warpli, which delivers everything from groceries to electronics in 30 minutes.
The CSC, a special purpose vehicle (SPV) of the Ministry of Electronics and Information Technology, and Adani Capital, the nonbanking financial company (NBFC) arm of Adani Group reached the agreement last month, one of them said.
In April, ONDC launched a pilot in five cities – New Delhi, Bengaluru, Coimbatore, Bhopal and Shillong and went live in the sixth city of Lucknow in June.
The Bengaluru-based company’s existing investors Matrix Partners India, Elevation Capital, Lightspeed Venture Partners and Ankur Capital also participated in this round.