TechCrunch Summary (2023-05-08 04AM)

Source: Invesco cuts Indian food delivery giant Swiggy’s valuation to $5.5 billion

Summary
Invesco, a US-based investor, has marked down Indian food delivery startup Swiggy’s valuation to $5.5bn, a 48.6% decrease from its previous $10.7bn valuation. Swiggy’s revised valuation now aligns with its publicly-traded competitor Zomato, which has also faced a downturn, closing Monday’s trading session at roughly $5.45bn.

Fact

📉 Invesco reduced Swiggy’s valuation to $5.5bn, a 48.6% decrease from its previous valuation of $10.7bn.

👥 Swiggy’s investors include Prosus Ventures, Accel, and SoftBank.

🗓️ Last year saw a decline in funding activity within the Indian startup ecosystem, with many larger startups opting not to raise funds or financing via convertible notes.

💸 Other Indian startups facing a valuation markdown include Byju’s, whose valuation was cut by BlackRock to $11.5bn from $22bn.

Source: Go1 snaps up speed reading app Blinkist to expand in enterprise learning

Summary
Australian edtech Go1 acquires Berlin-based Blinkist, a platform that produces abbreviated versions of non-fiction books. The purchase is a combination of shares and cash. Insight Partners, Blinkist’s largest investor, is invested a further $30m in Go1. The two companies aim to integrate the platforms with extra AI and app-based learning on the Go1 side, enabling cross-selling between platforms while working towards more user engagement.

Fact

📈 Acquisitor Go1 is an Australian edtech valued at over $2bn

📚 The acquired Blinkist has 25 million downloads and a value of $160m

💰 The purchase is a mix of cash and shares

👥 Go1 has 8 million users including major customers such as Westpac and Delta

💡 The integration will involve Blinkist’s biggest investor, Insight Partners, taking an additional $30 million in equity in Go1 at an “upround”

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