What’s going on with quick-commerce platform Dunzo? Dunzo is said to be planning to raise up to $35 million through a rights issue, but it is said that it would be at a significantly reduced valuation. This potential funding round could slash Dunzo’s valuation to approximately $200 million. To put this in context, it’s a quarter of its peak valuation, which once soared to about $800 million.
Some of its existing investors have, reportedly, committed to injecting about $10 million – $15 million into the company at this reduced valuation. However, the board has not yet given its final approval for this proposal. Dunzo is said to have been facing turbulent times, with multiple rounds of layoffs being announced. It is said to have deferred or reduced salaries for some of its employees. Dunzo was said to have reduced about 50% of its dark stores.
And what’s going on with FinTech Slice? It is said to have officially announced its intent to merge with North East Small Finance Bank (NESFB). India’s banking regulator, the Reserve Bank of India, has granted a No-Objection Certificate (NOC) for this merger. So, Slice would be poised to become a Small Finance Bank.
In its most recent funding round, Slice achieved a valuation of about $1.8 billion. Earlier in 2023, Slice was said to have acquired a 5% stake in NESFB for about $3.4 million. And what’s interesting is that the RBI is said to have expressed reservations about FinTech companies acquiring licenses by taking over regulated entities like banks and NBFCs (Non-Banking Financial Companies). This merger is said to mark the first instance of a FinTech firm transforming into a full-fledged bank.
And what’s going on in Hyderabad? Recently, a solar-powered Healthway Cycling Track was unveiled by Telangana Minister KT Rama Rao. This is a 23-kilometre cycle track. There are said to be 16,000 solar panels on the roof of the cycling track, something that is said to only have been done previously by South Korea.
The solar roof panels are said to have the potential to generate 16 megawatts of electricity. To put this into perspective, this energy output is equivalent to powering about 32,000 streetlights or illuminating around 800 kilometres of city streets. This could mean a lot for sustainable energy production. Minister Rao remarked that the investment in solar panels is expected to pay for itself in 6 years. And the entire project is anticipated to become financially self-sustaining within 15 years.
As of 6th October 2023, this is what’s going on. Now you know.
