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Date :23 Mar 2017

E-wallet companies choke on new RBI norms

The Reserve Bank of India s tough new guidelines for digital wallet companies has left the sector gasping.The Central bank, in guidelines issued late on March 20, has raised the minimum capital requirement for digital wallet providers by around five times to Rs 25 crore, mandated full compliance with Know-Your-Customers norms, and introduced limitations on domestic remittances.As a breather, RBI has allowed digital wallet providers to comply with the KYC requirements within six months of a customer opening an account with them. Another worry is the increased minimum capital requirement for prepaid instrument (PPI) or digital wallet licence holders. RBI s reasoning for this measure is that fewer than 10 of the more than 50 PPI licence holders in India are active. But the active ones, too, feel threatened

Date :22 Mar 2017

Paytm wants a large pie of online travel market

Payment wallet Paytm is preparing for a journey to the numero uno spot in the online travel space, bigger than the likes of established incumbents like MakeMyTrip and Yatra. Based on the number of travel tickets it books, the Alibaba-backed company is already claiming that it occupies the second position just after MakeMyTrip-Ibibo. “Right now we have about 200 million users onPaytm platform. If we look at the total number of consumers buying online travel is may not be more than 30 million. So, that is a gap we want fill,” Abhishek Rajan, vice president (travel marketplace) at Paytm told. Paytm entered the travel domain with bus ticket booking a couple of years ago and maintains that it is the second online player in the segment after redBus. Train ticket booking business is four-five months old and the company claims to be booking in multiple of ten thousands daily becoming the next biggest player after IRCTC. Flight ticketing business is six-seven month old and here the company is not among the top three players. The company said it booked ten million online tickets (bus, rail and air) in last twelve months and aims to double it in the following twelve months. Paytm has relied on discounts and cash backs to grow the online travel business. But Rajan said discounts cannot continue indefinitely. “We have brought down the discounts in the bus but customer loyalty has not been impacted. There is no discount for train ticket booking. Ultimately the business has to make money. Investors are confident that since we have done that in other categories, we will do it here,” he said.

Date :22 Mar 2017

Startups in the docks over marked down valuation tax as March 31 nears

As the March end nears, many startups may face a difficult choice, whether to go ahead and pay the tax demanded due to falling valuations or challenge the government over such a demand. Tax officials believe that Section 56 of the Income Tax Act confers on them the power to levy excess consideration, more than the fair value, against issue of shares. Some of the tax officials say that many people in the past had misused the route of paying premium for converting unaccounted cash (black money) to legal money (white). "We have seen cases where people would start a company and through their friends get their black money invested in the company at a premium. I do not see random adjustments against startups, but due to lack of transparency in valuations, we have asked past and present valuation reports from some startups," an income tax officer told.

Date :21 Mar 2017

Flipkart gets $1 bn from Tencent, Microsoft at $11-bn valuation

India s largest e-commerce marketplace Flipkart has closed a $1 billion funding round with backing from Chinese Internet giant Tencent and participation from Microsoft, just two months after former Tiger Global executive Kalyan Krishnamurthy took over as CEO of the company. This latest round of funding brings down the valuation of India s most highly valued startup to $11 billion from a previous high of $15 billion according to sources close to the development. While the round has been completed, the company has so far not disclosed any details on the investment. Apart from the $1 billion, Flipkart is also looking at an additional $500 million investment from eBay which is in talks to merge its India entity with the company and exit the business. The investments will give Flipkart the firepower it needs to take on a fast-growing Amazon and also a potential entry into the peer-to-peer e-commerce market.

Date :20 Mar 2017

Marico picks 45% stake in men’s grooming startup Beardo

Marico Ltd, the maker of Parachute hair oil and Saffola cooking oil, announced its foray into the male grooming market by picking up stake in Zed Lifestyle Pvt Ltd, which owns Beardo. Marico acquired 45% stake for an undisclosed amount in the Ahmedabad-based company. The equity stake shall be acquired over a period of two years, through primary infusion and secondary buy-outs. Zed Lifestyle, which was launched by Ashutosh Valani and Priyank Shah last June, offers growth oil, wax and shampoo for beard; wax and serum for hair; lotion, soap, and face wash for skin. Marico, estimates that the Rs 3,200 crore male grooming market in the country is growing at a double-digit CAGR. Last year in September, Beardo, which is backed by Bollywood actor-turned-entrepreneur Suniel Shetty, raised $500,000 (Rs 3.32 crore) in seed funding from Mumbai-based Venture Catalysts Others startups in men’s grooming segment include Bombay Shaving Company, Ustraa, LetsShave and The Man Company. Bombay Shaving Company raised Rs 4 crore (nearly $600,000) in seed funding last year.

Date :18 Mar 2017

Sun Pharma s arm to acquire Canadian drug firm Thallion

Sun Pharma acquired Thallion Pharmaceuticals through Taro Pharmaceuticals Inc in which Sun Pharma has acquired controlling stake in 2010. The current acquisition by Taro comprises only Shigamab (name of Product)while all other Thallion assets have been transferred to Bellus Health in 2013.The total deal size includes an additional 0.4 million Canadian dollars due at the completion of an additional pre-clinical animal study.Thallion a turnover of 3.14 Canadian dollars in 2016 against 4.81 Canadian dollars in the previous year.

Date :17 Mar 2017

Idea Cellular seeks higher valuation at Rs 134/share as Vodafone merger talks enter last lap

Telecommunication major Idea Cellular has reportedly sought higher valuation for its equity at above Rs 134 per share in the proposed merger with Vodafone India. Idea Cellular’s valuation is at a steep discount to Vodafone India’s estimated Rs 50,000 crore, Aditya Birla Group might need to pump in sizeable equity capital to bring the group’s equity share at par with the UK company. Any change in the valuation of the current equity will impact the money required to be brought in by Aditya Birla Group. Both the companies entered into merger negotiations seeking equal partnership in the combined entity. Vodafone’s UK parent and Idea Cellular’s parent Aditya Birla group may hold equal stakes at 37% each in the proposed merged entity, with the public holding the remaining 26% stake, Idea Cellular is also looking to monetise its telecom tower assets in order to raise cash, pare debt and boost valuations ahead of the merger. Idea Cellular has equity stake in Indus Towers, which is a joint venture between Idea, Bharti Airtel and Vodafone India. A possible Vodafone-Idea combine, with a total subscriber base of 39 crore, will surpass Bharti Airtel as the largest telecommunication company, and will be far ahead of Reliance Jio’s 10 crore.

Date :17 Mar 2017

Zee Entertainment to buy 80% stake in tech startup Margo Networks

Media baron Subash Chandra-led Zee Entertainment Enterprises Ltd has decided to acquire an 80% stake in tech startup Margo Networks Pvt. Ltd for Rs 75 crore ($11.5 million). The Zee Group company said in a stock-exchange filing on Wednesday that it will subscribe to fresh shares of Margo at a post-issue valuation of Rs 95 crore. Mumbai-based Margo, founded in August 2016, has developed a technology to set up server and compute infrastructure to enable digital consumption. This has the potential to drive digital consumption higher, Zee Entertainment said.

Date :16 Mar 2017

IndusInd Bank to acquire 100% stake in ISSL

Hindujas-promoted private lender IndusInd Bank has set the ball rolling to acquire IL&FS Securities Services Ltd (ISSL) for an undisclosed amount. The company said in a disclosure to stock exchanges that it had entered into an agreement with Infrastructure Leasing and Financial Services Ltd (IL&FS), the promoters of ISSL, to buy a 100% stake in the securities firm. ISSL had posted revenue of Rs 277.6 crore and profit after tax of Rs 39 crore in 2015-16. It had reported standalone turnovers of Rs 255.3 crore in 2014-15, and Rs 203.7 crore in 2013-14. In April 2015, IndusInd had acquired the diamond and jewellery financing business and related deposit portfolio of Royal Bank of Scotland N.V. in India. The acquired loan portfolio is approximately Rs 4100 crore.

Date :16 Mar 2017

CKP group to acquire Diamond Power Infrastructure, to infuse 1200 crore

The financially troubled Diamond Power Infrastructure company, which is now under the control of lenders led by Bank of India, will be sold to CKP group. Lenders hold 70% stake in the company upon converting their debt into equity under strategic debt restructuring scheme. The new promoter will now infuse Rs 1200 crore in the company. In January lenders had converted Rs 855 crore of their debt into equity at Rs 41.28 a share. As a result they acquired majority stake in the company and the promoter’s stake fell from 44% to 11% in the quarter ending December 2016. Diamond Power manufacture power equipment’s such as cable conductors and towers.

Date :16 Mar 2017

HCL Technologies to consider share buyback on March 20

The Board of HCL Technologies will meet next week to consider stock buyback, joining the growing roster of IT companies that have opted for the route to make use of huge piles of cash lying idle with them. The sector s leader Tata Consultancy Services and US-based Cognizant had last month announced mega buyback offers to return surplus cash to shareholders. TCS followed suit with a Rs 16,000 crore buyback offer, largest in Indian corporate history IT companies have been under increasing pressure from investors to utilise the huge cash pile on books either through share buyback or generous dividend. HCL Tech had USD 326 million or Rs 2,214.5 crore in cash and cash equivalents on its books in December, 2016. Infosys too has been under pressure to make a similar offer. While it is yet to make any announcements, Infosys has sought shareholders approval to change the company s Articles of Association that includes a provision for buyback. Share buybacks typically improve earnings per share and return surplus cash to shareholders while also supporting share price during periods of sluggish market condition.

Date :16 Mar 2017

Flipkart looks to forge $1.5 billion deal, with eBay and Tencent, to take on Amazon and Alibaba

Flipkart is in talks to seal a funding round of up to $1.5 billion. US-based eBay and China’s Tencent are the frontrunners in the transaction that could make the Indian arm of the American online marketplace a part of Flipkart. eBay is likely to invest about $400-500 million while discussions with Chinese internet conglomerate Tencent and a potential third investor are still underway Talks with eBay are at an advanced stage, and a strategic deal may include Flipkart acquiring or merging their India operations.

Date :15 Mar 2017

Flipkart banks on smartphones to boost sales in FY18

India’s largest e-commerce firm Flipkart Ltd expects gross sales to increase by 50-60% in the next financial year, powered by its reclaimed dominance of online smartphone sales. Apart from smartphones, which account for roughly half of all e-commerce sales in India, Flipkart will focus on increasing sales of large appliances, fashion and furniture. Flipkart has consistently beaten Amazon India in signing up exclusive partnerships with smartphone brands. These partnerships, along with attractive financing and product exchange schemes, have led to a sharp improvement in monthly sales at Flipkart over the past four months.

Date :15 Mar 2017

TA Associates invests in pharma products supplier Ideal Cures

Global growth private equity firm TA Associates has invested in Mumbai-based Ideal Cures Pvt. Ltd, which makes coatings for tablets and capsules. It didn’t disclose financial details. The PE firm said it is betting on the industry trend to outsource production of coatings for tablets, capsules as pharma firms seek solutions that cut processing time and carbon footprint. This will be TA Associates’ third investment in the healthcare space in the last three years. It has previously backed Dr Lal Pathlabs Ltd, which went public in December 2015. It invested about $26 million in drug ingredients maker Shilpa Medicare in January this year. Last year, TA Associates had invested $140 million (Rs937 crore) in TCNS Clothing Co Pvt. Ltd which owns the W brand of clothing for women, to buy out shares from existing shareholders including Matrix Partners India.

Date :11 Mar 2017

Gitanjali Gems unit Nakshatra files for IPO

Diamond jewellery maker Nakshatra World Ltd, which is owned by Mumbai-based Gitanjali Gems Ltd, filed a draft red herring prospectus with capital markets regulator Securities and Exchange Board of India for an initial public offering. The IPO comprises a fresh issue of 18 million shares to raise up to Rs 400 crore ($60 million). This will result in an approximate stake dilution of 29.16% in the company’s equity capital.Gitanjali Gems went public in early 2006 through an IPO that was subscribed 15.35 times. Nakshatra is the most profitable subsidiary of Gitanjali Gems. The company reported consolidated net profit of Rs 73.67 crore for the six months ended September 2016 on consolidated revenue (from operations) of Rs 4,000 crore. Nakshatra’s net profit grew almost five-fold for 2015-16 to Rs 80.02 crore on consolidated revenue of Rs 5,984.30 crore, which grew 32% from a year earlier.

Date :10 Mar 2017

Flipkart valuation cut again, this time by Penn to $9.9 billion

Penn Series Funds, part of the 170-year-old Penn Mutual Life Insurance Company, has joined the likes of Morgan Stanley and Optimum Fund in marking down the value of shares in Flipkart.For the quarter ended December 2016, the Pennsylvania based Penn has reduced the value of Flipkart shares by 34.51% on a year-on-year basis.Penn reduced the value of each share to $93.15 per share in the December quarter of 2016, as against $142.24 per share in the corresponding quarter of previous year. Currently, Penn holds 7,206 shares in the company valued at $6,71,238, according to the mutual fund’s latest filings with US market regulator, SEC. Flipkart reported combined losses of R2,851 crore on a revenue of R15,129 crore for FY16.In just a span of 15 days, three markdowns have been given to Flipkart valuation.The company is also seeing a churn in top level management and business restructuring as seen in the case of Kalyan Krishnamurthy (former executive at Flipkart’s top investor Tiger Global) taking over from Binny Bansal as the new CEO

Date :10 Mar 2017

Govt unveils draft security rules for e wallet firms

The Centre has releasedaset of draft guidelines for digital wallet companies as part of its efforts to promote electronic payments while ensuring the security of transactions. The Ministry of Electronics and Information Technology issued on Wednesday the draft Information Technology (Security of Prepaid Payment Instruments) Rules 2017 for public consultation, and will take suggestions until March 20. The draft rules underline security parameters that digital wallet companies, such as Paytm, FreeCharge and Mobikwik, will have to follow. They also stipulate standards for data protection and customer grievance redressal. Every prepaid payment instrument (PPI), or digital wallet, has been asked to developasecurity policy based on the rules and standards set by the government. “Every ePPI issuer shall review the security measures at least onceayear, and after any major security incident or breach or beforeamajor change to its infrastructure or procedures,” read the draft rules. Besides, the rules also mandate that digital wallets identify and authenticate every customer at the time of issuance, and adopt twofactor authentication for transactions. The government may by notification “exempt” digital wallets from requiring twofactor authentication in specific use cases. The regulations could hurt wallet companies, as one of their biggest advantages over traditional credit and debit cards is the seamlessness of transactions in the absence of multiplefactor authentication. However, like the Reserve Bank of India rules for exempting smallvalue card transactions from multiplefactor authentication, digital wallets could enjoy the same treatment. Moreover, wallets will now have to disclose the kind of information they are collecting from customers and with whom they are sharing such information, and will be allowed to store it only foraperiod specified by the government. This data will also have to be encrypted endtoend in order to safeguard customer data, especially financial data, such as bank balances. “Every ePPI issuer shall adopt security measures to protect the security, confidentiality and integrity of the personal information…(and) shall contractually require merchants handling any authentication data to have security measures in place to protect such data,” the rules say. While the draft rules have been long awaited by digital wallet companies, experts say the guidelines could put extra pressure on such firms which have so far enjoyedafree run. If the final government rules are heavy handed, it could take away some of the advantage these firms have had over traditional banks.

Date :08 Mar 2017

Snapdeal s lifeline from SoftBank may cut its valuation by half

Snapdeal owner Jasper Infotech is inching closer to securing a lifeline from Japan s SoftBank Corp, its largest shareholder, but the transaction could drag its valuation to under $3 billion. SoftBank is negotiating to invest $100-150 million in Jasper in tranches. SoftBank currently owns about 33% stake in Jasper. Its next investment in Jasper could raise its stake in the company to about 40%. Jasper was last valued at $6.5 billion when it raised $200 million in funding led by Canada s Ontario Teachers Pension Plan in February 2016.

Date :08 Mar 2017

Reliance Capital pockets a 2650% return from Paytm investment

Reliance Capital has sold its stake in One97 Communications -the parent company of digital payments provider Paytm -to China s Alibaba in a deal estimated Rs 275 crore which will deliver an over 27-fold return on investment for the Anil Ambani-led financial services firm. Reliance Capital invested Rs 10 crore in 2010 for a 1.5% stake in One97 At that time, the shares of One97 were valued between Rs 250 to Rs 200 said the person cited above. After One97 raised additional capital, this stake got diluted to 0.83%. "In the current sale, shares of Paytm have traded at over Rs 7,000 per unit (i.e, $4.8 billion)," the source told ET.

Date :07 Mar 2017

Tech Mahindra to buy CJS Solutions for $110 m

Software services firm Tech Mahindra has agreed to acquire US-based healthcare IT consulting company CJS Solutions Group for an enterprise value of $110 million (about ?734 crore) to expand its presence in the healthcare space.Tech Mahindra will immediately buy an 84.7 per cent stake making an upfront payment of $89.5 million, while the balance 15.3 per cent will be acquired over three years. The transaction is expected to close by April 2017.Tech Mahindra has been on an acquisition spree, with the company buying as many as 10 companies since 2012. The acquisition of Target Group for $164 million and Bio Agency for $66 million, both in 2016, were among its biggest buys.CJS Solutions, which does business as the HCI Group, had posted revenues of $114 million for the 12-month period ended September 30, 2016.

Date :06 Mar 2017

Online sellers seek Nirmala Sitharaman s help to recover dues from Snapdeal

Several online sellers have for a second time urged commerce minister Nirmala Sitharaman to intervene to ensure troubled ecommerce company Snapdeal pay their dues. AIOVA (All India Online Vendors Association, which represents 2,000 sellers on different ecommerce platforms) also urged the minister to set up a regulatory body for ecommerce, like TRAI for telecom and Sebi for markets. “You can see how data is being manipulated, (and) wrong and late penalties (are) imposed just to debit the sellers,” it said. The Gurgaon-based company has been hit hard by a combination of mounting losses, ongoing churn of the top leadership and the rapid growth of rival Amazon. Its founders have pledged not to take a salary for an unspecified period and other top executives are expected to take pay cuts.

Date :06 Mar 2017

IDG Ventures India, Axilor Look to invest, partner with companies which specialize in deep tech

IDG Ventures India has forged an alliance with early-stage start-up accelerator and seed fund Axilor Ventures to invest in local technology start-ups and ventures that are working on disruptive ideas. IDG Ventures said it would mostly focus on start-ups that are working on so-called deep technologies such as artificial intelligence, robotics, blockchain, virtual reality and augmented reality as part of the new Frontier Tech Innovators programme. Through this alliance, IDG and Axilor will typically fund start-ups at the seed and pre-Series A stage. IDG Ventures typically invests $500,000 to $1 million in early-stage deals and between $3 million to $5 million at the Series A stage. Last year, IDG Ventures had launched a programme called the Digital Consumer Innovators Programme to invest in early-stage consumer Internet ventures in India. IDG’s India portfolio currently also includes e-commerce major Flipkart (through its investment in Myntra), and online lingerie store Zivame.

Date :04 Mar 2017

Snapdeal in talks with PayPal to sell Freecharge

Online marketplace Snapdeal is in talks with US online payment system PayPal to sell Freecharge. The deal would value the online recharge company at around $500 million, compared with the $400 million that Snapdeal paid for it in 2015. "This will free up to a great deal Snapdeal’s desperate need for funds at a time when investors are not willing to put money into its business”, one of the people said engaged in this deal. Late last year, Freecharge had denied reports PayPal would buy a 25 per cent stake for $200 million.

Date :04 Mar 2017

VLCC to acquire two companies; foray into nutraceuticals biz

Beauty and wellness brand VLCC is in the advanced stage of acquiring at least two companies, including a nutraceuticals company, in the near future. Company is looking at relaunching its IPO this year, which it delayed last year owing to market sentiments. The company is expecting a consolidated revenue of Rs 1,000 crore during the current financial year, growing from over Rs 800 crore revenue last year. The contribution of domestic business is around 60 per cent, while international business accounts for 40 per cent of the revenue.

Date :03 Mar 2017

Alibaba to invest $177 mn in Paytm E-Commerce, hike stake to 62%

Paytm E-Commerce Pvt. Ltd, the online marketplace arm of One97 Communications Ltd, is raising $200 million (Rs 1,334 crore) in a funding round led by Alibaba Singapore E-Commerce Pvt. Ltd, a wholly-owned subsidiary of Chinese internet giant Alibaba Group Holding Ltd.Alibaba will invest $177 million (Rs 1,182 crore) while the rest will come from venture capital firm SAIF Partners.Following the deal, the stake of Alibaba and its affiliate Ant Financial (the parent company of Alipay) in Paytm E-Commerce will increase from the current 40% to 62%. "But this will come down as the company creates a large employee stock option pool to attract and retain talent," ET quoted a person privy to the development as saying. Paytm founder Vijay Shekhar Sharma had said, in an interview to VCCircle, that Paytm will be one of the two final winners in the Indian e-commerce contest.

Date :02 Mar 2017

Retail chain D-Mart eyes $2.8 bn valuation in IPO

Avenue Supermarts Ltd, which runs hypermarkets under the D-Mart brand, is seeking a valuation of as much as Rs 18,660 crore ($2.8 billion) in an initial public offering that begins next week. At this targeted valuation, the company would surpass the combined $2.5 billion market capitalisation of four of its well-known peers—Shoppers Stop Ltd, V-Mart Retail Ltd, V2 Retail Ltd and Future Retail Ltd. The public offering will comprise a fresh issue of shares worth Rs 1,870 crore ($280 million). The company will use almost 20% of the net proceeds to repay debt and a part of it to open new stores. The company will sell about 62 million shares, which will see a dilution of an about 10% stake.

Date :02 Mar 2017

Snap snags $31 billion valuation amid strong demand for shares

Snap has priced its initial public offering above its target range, raising $US3.4 billion as investors set aside concerns about its lack of profits and voting rights for a piece of the hottest tech IPO in years. At $US17 a share, the parent of popular disappearing-messaging app Snapchat has a market valuation of roughly $US24 billion ($31.2 billion), more than double the size of rival Twitter and the richest valuation in a US tech IPO since Facebook in 2012.The company had targeted a valuation of between $US19.5 billion and $US22.3 billion.The book was more than 10 times oversubscribed and Snap could have priced the IPO at as much as $US19 a share,

Date :01 Mar 2017

TPG Growth set to acquire 25% stake in Dodla Dairy in Rs300 crore deals

TPG Growth, the growth-capital fund of US private equity firm TPG, is set to buy a significant minority stake in Hyderabad-based Dodla Dairy Ltd. The fund will acquire a stake of about 25% held by US-based investment firm Proterra Investment Partners (formerly Black River Asset Management) in a deal worth Rs300 crore. Black River Capital Partners (Food) Fund had acquired the stake in Dodla Dairy for Rs110 crore in 2012. In 2015-16, Dodla Dairy posted a revenue of Rs1,182 crore, an increase of 16% from Rs1,018 crore the previous year. Demand for milk is expected to grow at a compound annual growth rate of 5% to 200 million tonnes in 2022 from 138 million tonnes in 2014, according to the National Dairy Development Board.

Date :01 Mar 2017

Morgan Stanley MF marks down Flipkart s valuation for fifth time

A Morgan Stanley mutual fund has marked down Flipkart’s valuation for a fifth time, pegging the worth of India’s largest ecommerce marketplace at about $5.37 billion as the company scouts for fresh financing. Flipkart was valued at $15.2 billion when it last raised $700 million from existing investors in July 2015. Flipkart has undergone several management changes since its 2015 fundraise. Cofounder Binny Bansal took over as chief executive from Sachin Bansal in January 2016, only to be replaced by Kalyan Krishnamurthy a year later. Krishnamurthy, the executive credited with the marketplace’s festival season success, was previously a managing director at Tiger Global Management, Flipkart’s largest investor. However, In month of February online retailer Flipkart was in talks to raise a mammoth funding round of up to $1.5 billion from investors including Microsoft Corp., eBay Inc., PayPal Holdings Inc. and Tencent Holdings Ltd at a valuation of $10-12 billion.

Date :01 Mar 2017

Morgan Stanley MF marks down Flipkart s valuation for fifth time

A Morgan Stanley mutual fund has marked down Flipkart’s valuation for a fifth time, pegging the worth of India’s largest ecommerce marketplace at about $5.37 billion as the company scouts for fresh financing. Flipkart was valued at $15.2 billion when it last raised $700 million from existing investors in July 2015. Flipkart has undergone several management changes since its 2015 fundraise. Cofounder Binny Bansal took over as chief executive from Sachin Bansal in January 2016, only to be replaced by Kalyan Krishnamurthy a year later. Krishnamurthy, the executive credited with the marketplace’s festival season success, was previously a managing director at Tiger Global Management, Flipkart’s largest investor. However, In month of February online retailer Flipkart was in talks to raise a mammoth funding round of up to $1.5 billion from investors including Microsoft Corp., eBay Inc., PayPal Holdings Inc. and Tencent Holdings Ltd at a valuation of $10-12 billion.

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