Musk won’t join Twitter forum; Ola board clears controversial Avail acquisition

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A week after Elon Musk revealed his 9.2% stake in Twitter, the social media company’s CEO, Parag Agrawal, says the tech billionaire has decided not to join its board. . “I think it’s for the best,” he tweeted, just a week after saying he was “excited” that Musk was joining the board.

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Also in this letter:
■ Ola’s board of directors approves the acquisition of Avail Finance
■ PhableCare raises $25M and other deals closed
■ Startups, ecomm and IT companies drive deals in Q1 2022


Elon Musk turned down a seat on Twitter’s board, CEO says

Elon Musk

Twitter chief executive Parag Agrawal said on Monday that Tesla founder Elon Musk had decided not to join the social media company’s board, days after disclosing a 9.2 stake. % in the business.


“We believed that having Elon as a trustee of the company where, like all board members, should act in the best interest of the company and all of our shareholders, was the best way forward. offered a seat,” Agrawal said in a tweet.

“Elon’s appointment to the board was to become officially effective. [April 9], but Elon shared the same morning that he would no longer be joining the board. I think it’s for the best,” he added.

Minutes after Agrawal’s tweet, Musk tweeted a giggling emoji, leaving users confused. He then deleted the tweet.

Elon Musk

After Musk disclosed his stake in Twitter on April 4, becoming its largest shareholder, Agrawal tweeted that he was “excited” for the Tesla chief executive to join Twitter’s board.

Musk then proposed changes to the premium subscription service Twitter Blue on Saturday, including lowering the price, banning advertising and allowing users to pay in dogecoin cryptocurrency. He had also tweeted out a poll on whether Twitter should introduce an edit button last week.

Koo woos Musk: Hours after Agrawal announced that Musk had decided not to join Twitter’s board, Aprameya Radhakrishna, CEO of Indian microblogging site Koo, asked the tech billionaire to join his startup’s board. .

He tweeted: “We are young, nimble and dream big! Koo is being built as the future of social media @kooindia. Your specific point on democratized verification [is] already done by the way.”


On April 6, Koo announced that it had launched voluntary self-verification for all users, saying it was the first social media platform in the world to do so.

This is not the first time that Radhakrishna has contacted Musk. Last month, he urged the Tesla CEO to join Koo as a user.


Ola Board Approves Acquisition of Avail Finance

Ola Board Approves Acquisition of Avail Finance

The board of directors of Ola’s parent company, ANI Technologies, has approved the acquisition of Avail Finance, people briefed on the matter tell us.

Transaction with a related party: Ankush Aggarwal, co-founder of Avail Finance, is the brother of Ola founder and CEO, Bhavish Aggarwal. We announced on March 25 that the deal would be considered a related party transaction because the two brothers are directors of Goddard Technical Solutions, which operates Avail Finance.

Ankush Aggarwal is expected to lead Ola Financial Services, the fintech arm of Ola, according to a source. We reported in March that he would be primarily responsible for lending activity.

Ola said last month it would acquire Avail Finance in a $50 million share swap, subject to board approval. We announced the same day that Ankush Aggarwal and Avail Finance investors, including Alpha Wave Ventures and Matrix Partners, would obtain a stake in ANI Technologies after the acquisition.

Loans for drivers: Ola said the acquisition of Avail Finance, which lends to blue-collar workers, would help it strengthen its game in the underserved credit segment, which includes its driver partners.

Tweet of the day


Closed deals ETtech

ETtech deal closed

PhableCare, a chronic disease management company, raised $25 million in a funding round led by Kalaari Capital. The company said it would use the funds to further strengthen its ecosystem and accelerate its market expansion, acquire customers (doctors and patients), grow its brand and create new revenue streams.

■ Care provider Medfin raised $15m in new funding from investors including Arka Nxt, HealthXCapital (Singapore), Blume Ventures, Axilor Ventures, Sony and Kotak Investments. The company provides patients with access to the latest surgical treatment procedures at affordable prices. He said he would use the funding for geographic expansion, investing in R&D, technology and hiring people.


Startups, e-commerce and IT companies drive deal value in Q1 2022: report

start-up

Startups recorded the highest number of private equity and M&A deals, according to Grant Thornton Bharat’s Dealtracker report for January-March 2022.

Details: Twenty-five deals over $100 million each, 99 deals worth $10-99 million each, and increased focus on startups have helped India’s private equity (PE) funding ecosystem to show a 92% increase in investment value from $4.9 billion to $9.4 billion. at the same time last year.

PE offers: Startups lead private equity investments in deal count, closing 283 deals worth $2.9 billion during the quarter. Retail technology and fintech led investment volumes in the startup sector with 18% each.

Number of private equity investments by sector

Mergers and Acquisitions : The startup sector also continued to dominate M&A deal activity, with 58 deals valued at $567 million during the quarter. The IT sector saw 34 such transactions with a total value of $825 million. Overall, the number of M&A deals jumped 53% from the first quarter of 2021, driven by a 64% increase in domestic deal volumes.

Value of private equity investments by sector

Big business: Byju’s $800 million fundraising was the largest transaction recorded during the quarter, followed by Swiggy’s $700 million fundraising. Startups such as Zetwerk and Ola Electric Mobility also cracked the top 10 with deals worth $210 million and $200 million, respectively.


How Meta Fumbled Propaganda Moderation During Russia’s Invasion of Ukraine

Meta

Days after the March 9 bombing of a maternity and children’s hospital in the Ukrainian city of Mariupol, comments claiming the attack never happened began flooding Facebook and Facebook moderators. ‘Instagram.

Images of bloodied and heavily pregnant women fleeing through the rubble, their hands cradling their bellies, immediately sparked outrage around the world.

Among the most recognized women was Mariana Vishegirskaya, a Ukrainian fashion and beauty influencer. Photos of her navigating a hospital stairwell in polka-dot pajamas circulated widely after the attack, captured by an Associated Press photographer.

But Russian authorities seized on the footage, placing it side-by-side with his glossy Instagram photos in a bid to persuade viewers the attack was faked.

How much can moderators make? “The messages were despicable” and appeared to have been orchestrated, the moderator told Reuters. But many were within company rules, the person said, because they didn’t directly mention the attack. “There was nothing I could do about it,” added the host.

Estimate: “We have separate expert teams and outside partners who examine misinformation and inauthentic behavior and we have enforced our policies to counter this activity forcefully throughout the war,” Meta said in a statement.

Today’s ETtech Top 5 newsletter was curated by Arun Padmanabhan in New Delhi, Aishwarya Dabhade and Zaheer Merchant in Mumbai. Graphics and illustrations by Rahul Awasthi.

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