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Edtech unicorn Upgrad doubles valuation with $225-mn funding round

An education technology unicorn built by a cable TV-era entrepreneur almost doubled its valuation after raising $225 million in fresh funding, balking a frosty global venture capital environment. India’s UpGrad Education Pvt, founded by Ronnie Screwvala, increased its valuation to $2.25 billion in the round that included billionaire James Murdoch’s Lupa Systems LLC and US testing and assessment provider Educational Testing Service, according to a person familiar with the deal. ETS develops and administers standardized tests including the TOEFL (Test of English as a Foreign Language) and Graduate Record Examination (GRE).

GE arm buys 49% stake in Continuum's onshore wind project in Gujarat

GE Energy Financial Services, an arm of GE, has acquired a 49 per cent stake in Continuum Green Energy's 148.5 megawatt Morjar onshore wind project in Gujarat for an undisclosed sum. This transaction marks GE EFS' first onshore wind equity investment in Gujarat through a structured preferred equity solution, the company said in a statement

Ford resumes production at TN plant as some workers withdraw strike

Production at the Tamil Nadu factory belonging to auto major Ford has resumed after a section of employees consented to work after striking work since May 30 demanding a better severance package, officials said. While Ford India, the subsidiary of the United States car maker, said more than 300 people gave their consent to resuming production and the plant has resumed operation in double shifts from June 14, employees said only 100- 150 of them (of the total about 2,600) have joined to commence work.

Uber's package delivery service drives rapid growth for small businesses

Ride-hailing giant Uber said that Connect, its package delivery line of business, has completed two years of operations, helping deliver packages across 23 cities and driving growth for many small businesses around the country. Altogether total deliveries through Uber Connect over a period of the last two years have covered a distance enough to circumnavigate the earth over 1,100 times. The product, launched in 2020 during the nationwide lockdown, was initially intended to help people deliver packages safely while staying within the comfort of their homes. The testing times the country faced during those days meant Connect was used by people to deliver essentials such as medicines, and groceries, and by small home-run businesses to send packages to their customers.

Disney Plus could lose 20 mn subscribers after ceding IPL streaming rights

Walt Disney Co. could lose as many as 20 million of its Disney+ subscribers after being outbid for the streaming rights to Indian Premier League cricket matches this week. The estimate, from Media Partners Asia, means the company may have trouble reaching its goal of as many of as 260 million global Disney+ subscribers by 2024, according to Vivek Couto, executive director of the research firm.

Adani Group fastest in valuation growth at 88%, Ambani's RIL up 13%: Report

The Adani Group has gained the most in terms of value in the six months to April 2022, with a 88.1 per cent jump to Rs 17.6 lakh crore, a report said on Wednesday. In comparison, billionaire Mukesh Ambani's Reliance Industries -- which houses nearly all its ventures -- saw a 13.4 per cent rise in value to Rs 18.87 lakh crore.

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