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Amazon India set to buy MX Player in a distress sale

EntrackrEntrackr Ā· 1y ago
Amazon India set to buy MX Player in a distress sale
Medial

Amazon appears to be very close to acquiring Times Internet-owned MX Player, according to three sources aware of the discussions. This is Amazonā€™s second attempt at snagging the video streaming platform and this time it looks like the deal is almost finalized. ā€œAmazon India has been in late-stage talks to acquire MX Player in a distress sale,ā€ said one of the sources requesting anonymity as talks are yet to be public. ā€œThe contours of the deal have been chalked out and Amazon has offered a term sheet to MX Player.ā€ Amazon India had also held discussions with the Times Internet-owned firm in March last year but the talks fell through by July 2023. Times Internet had acquired MX Player in a $140 million deal in January 2018. According to sources, the two companies began fresh discussions in February this year. ā€œMX Player team will join Mini TV and its chief executive officer Karan Bedi is likely to join as director,ā€ said another source who wished not to be named. The acquisition will strengthen Amazonā€™s Mini TV operation in India, said sources. ā€œThe size of the deal is around $50 million,ā€ added the person quoted in the beginning of the story. MX Player is owned by MX Media which also used to own short video entertainment app MX TakaTak. MX TakaTak merged with Google-backed ShareChat in February 2022. Later, ShareChat shut down MX TakaTak after transitioning the users into Moj. The Ankush Sachdeva-led firm also wrote off its investment in MX TakaTak. Queries sent to Amazon and MX Player did not elicit an immediate response. If the deal goes through, MX Player will be the sixth subsidiary from which Times Internet would have taken an exit in the past three years. The Gurugram-based company sold MX Takatak in February 2022 while DineOut was acquired by Swiggy in May 2022. E-commerce roll-up unicorn Mensa acquired MensXP, iDiva, and Hypp from Times Internet in December 2022. Times Internet has also been looking to sell its music streaming platform Gaana and held talks with Airtel Wynk but the discussion didnā€™t go through.

Exclusive: Mobility unicorn Rapido set to raise $60 Mn from Prosus

EntrackrEntrackr Ā· 9m ago
Exclusive: Mobility unicorn Rapido set to raise $60 Mn from Prosus
Medial

Mobility firm Rapido is set to raise $50-60 million in a mix of primary and secondary capital from Prosus, according to three sources familiar with the deal. This tranche is part of its ongoing $200 million round. ā€œProsus will acquire a $60 million stake in Rapido. The terms of the deal have been finalized, and it will also enable partial exits for early backers,ā€ said one of the sources, requesting anonymity. Rapido has already secured $120 million in its Series E funding round from WestBridge Capital, through investment vehicles including SETU AIF and Konark. Entrackr had exclusively decoded this tranche in August. ā€œWith Prosusā€™s $60 million, Rapido will conclude its Series E round,ā€ said another source, who also wished to remain anonymous. Sources indicate that the companyā€™s valuation will remain unchanged. According to estimates from startup data intelligence platform TheKredible, Rapido was valued at around $1.02 billion in the initial tranche of the Series E round, funded entirely by WestBridge. Queries sent to Rapido and Prosus didnā€™t elicit any immediate response. We will update the story in case they do. Itā€™s worth noting that Prosus is the largest stakeholder in food delivery and quick commerce major Swiggy. Swiggy acquired over a 12% stake in Rapido after leading its $180 million funding round in November 2022. Prosusā€™s interest in Rapido comes at a time when Rapido has surpassed Ola and Uber to become the largest player in the overall ride-hailing space (covering bikes, autos, and cabs), according to Rapidoā€™s internal documents reviewed by Entrackr. Rapido has yet to disclose its FY24 numbers, but the firmā€™s operating revenue tripled to Rs 443 crore in FY23. This steep growth in scale also led to a 54% increase in losses, reaching Rs 675 crore in FY23.

Eat Better Co bags Rs 17 Cr in pre-Series A round

EntrackrEntrackr Ā· 3m ago
Eat Better Co bags Rs 17 Cr in pre-Series A round
Medial

Snack brand Eat Better Co has picked up Rs 17 crore in pre-Series A funding round co-led by Prath Ventures and Spring Marketing Capital along with participation from existing investors. The brand also made an appearance on Shark Tank where they bagged a deal at a 100-crore valuation from Namita Thapar. The Jaipur based company had previously raised $1.12 million from Mumbai Angels and others. The fresh funds will be utilized to expand its product line and double down on Q-commerce, Eat Better Co said in a press release. Co-founded in 2020 by Mridula Kanoria, Vidushi Kajaria, and Shaurya Kanoria, Eat Better Co operates as an Internet first brand offering multi-category healthy products. The brand makes better-for-you sweets and namkeen using real ingredients, just like homemade snacks. The company offers healthy food products like healthy snacks, sweets, seeds, and nuts mixes, giving an alternative for healthy snacking. The brand claims to deliver over 2,00,000 orders every month and is selling across multiple platforms. The brandā€™s products are also available on quick commerce platforms like Swiggy Instamart, Zepto, and Blinkit.

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