27 August 2018 – Walmart Completes $16bn 77% Acquisition of Flipkart

Exits

Walmart has completed its $16bn acquisition of a 77% stake in Indian e-commerce marketplace Flipkart, as part of an ongoing drive into e-commerce that has involved investments in JD.com and Dada-JD Daojia and full acquisitions of Jet.com and Bonobos among others.

China-based immunotherapy developer I-Mab Biopharma raised $220m just a few weeks ago in a series C round featuring corporate venturing unit Tasly Capital, but is reportedly eyeing a $500m initial public offering set for Hong Kong.

The biggest player in China’s news aggregation sector is the Bytedance-owned Toutiao, but newcomer Qutoutiao is making ground fast and has filed for its own IPO, which has a $300m target and which is set to occur in the US.

Live event promotion and ticketing software provider Eventbrite has filed to raise up to $200m in an IPO that will give Square an exit less than a year after it invested as part of an agreement that will make it Eventbrite’s payment processor in some of its biggest markets.

High-end fashion marketplace Farfetch has meanwhile raised more than $700m in funding, and is set to go public after filing for a $100m IPO in the US.

Ascentage Pharma has also raised a big round lately, pulling in $150m in its series C round last month, and its IPO plans seem to be going smoothly.

Ant Financial closed an immense $14bn of funding in June at a reported $150bn valuation, but a forecasted IPO for company, e-commerce giant Alibaba’s financial services spinoff, has now been put back until the end of 2019 at the earliest according to the FT.

Amazingly, that aforementioned flotation of Ascentage was neither the only nor the biggest exit on Global University Venturing – despite the summer holidays! – with an up to $800m acquisition of University of Bristol spinout Ziylo by pharmaceutical firm Novo Nordisk towering over everything else.

Deals

Alibaba acquired food delivery platform Ele.me in May at an enterprise value of $9.5bn, and its latest financial statement reveals it has merged the service with its local services spinoff, Koubei.

Slack has secured $427m in a series H round co-led by Dragoneer and General Atlantic at a valuation exceeding $7.1bn.

Car sharing platform Getaround has become the latest company to raise big money in a SoftBank-led round, taking in $300m from a series D round that included existing backer Toyota.

Primary healthcare service One Medical has raised $180m in funding from investors including GV, and three years after its last round, Carlyle Group has now come in for a $350m primary and secondary investment.

CassTime Technologies, a China-based provider of car servicing and parts to corporate clients, has raised $36.4m to increase its series B round to $95m.

Latch has developed a smart access system for buildings and has secured $70m in a series B round led by Brookfield Ventures, the venture capital arm of Brookfield Asset Management, which will begin installing the systems in buildings being developed by its Brookfield Properties subsidiary.

Upgrade has put together an online offering that combines consumer credit with credit monitoring and financial education tools. It was founded by Renaud Laplanche, also the founder of online lending platform LendingClub (a $1.6bn market cap at present), and it’s moved quickly having just closed a $62m series C round led by CreditEase Fintech Investment Fund.

Funds

Latitude Venture Partners, the Indonesia-based venture capital and business development vehicle affiliated with conglomerate Sinar Mas, has secured $200m in capital.

Drone Fund, the Japan-based venture capital firm that targets unmanned aerial vehicle technology, has now secured telecoms firm KDDI, game producer Sega Sammy, price comparison platform Aucfan, engineering consultancy Japan Asia Group, education provider Leave a Nest and Canal Ventures, the investment arm of systems integrator Nihon Unisys, among others, as limited partners in a fund that is targeting a $27m to $45m final close by the end of September.

Dating platform Bumble has launched a corporate venturing fund that will concentrate on female-founded and female-led businesses.


“Funky Chunk” Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0

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