16th April 2021

Doge is doing zoomies.

Dear Reader,

Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.

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[Private Equity] Softbank is investing $450 million in Swiggy, an Indian food delivery startup, at a valuation of $5.5 billion. The Bangalore based start-up had also raised $800 million last week in a funding round led by Goldman Sachs. 

Over60: Bloomberg Quint

[IPO] British fintech startup Wise, said it is in discussion with British financial regulators regarding going public via a direct listing. While the company was targeting listing in June, the company has finalised a direct listing over a traditional investment bank lead listing. The most recent fundraising resulted in Wise being valued at $5 billion. 

Over60: FT

[Cryptocurrency] Prices of Dogecoin, the meme cryptocurrency, zoomed by more than a 100% overnight. The cryptocurrency’s price surged after a series of Elon Musk tweets, the most recent one being that of the 1926 painting ‘Dog Barking at the Moon’, which many Redditors interpreting as sending the price of Doge ‘to the moon’. 

Over60: Moneycontrol

[Bankruptcy] Wirecard’s administrator has agreed to sell a large chunk of the defunct business’ Asian operations. The German fintech firm collapsed in June 2020 as it was forced to admit that €1.9 billion in cash was fictitiously reported on its balance sheet.  

Over60: Straits Times

[Hedge Funds] One of the world’s largest activist hedge funds Elliott Management, has built a ‘significant’ multi-billion pound position in GlaxoSmithKline. According to people familiar with the events, the hedge fund plans on setting up a potential battle over the UK drugmaker’s future, especially since the company significantly underperformed its peers in the race for a Covid vaccine. 

Over60: FT

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Happy Friday,

Team Under60.