Good morning- it's Thursday and Twitter was collectively awaiting the Snowflake IPO which opened at $245, up over 100% from what the company priced its shares ($120). With VCs tweeting about how the process is broken, here's a good summary of the situation from Bill Gurley- https://twitter.com/bgurley/status/1306347206597775360
➡️ Digital Insurance provider Acko has secured a $60M Series D led by Munich Re Ventures along with existing backers including Amazon, RPS Ventures and Intact Ventures. This seems to be the Global Insurance company's first investment in India.
➡️ With the fresh infusion of capital, the company plans to accelerate growth in existing product lines & expansion into new products. This brings the company's total raise to $200M and the company is valued at $500M.
➡️ The company is quite well known for tying up with ridesharing & travel companies to provide insurance products. Most notably, the company powers micro-trip policies for Ola Cab rides & multiple products through Amazon (Amazon is an investor in the company).
➡️In all, the company has issued over 650M policies to over 60M unique customers. And using Ola + Amazon as distribution levers along with having Munich Re as a strategic partner, Im quite bullish on the company.
2. https://bit.ly/3kqyZmS: ShareChat acquires HPF Films
➡️ ShareChat's Corp Dev/M&A team have been quite active lately and have announced the acquisition of HPF Films- a video production company specialised in digital content. In the last 6 months, the company has acquired Elanic, Circle Internet, Memer and now HPF Films.
➡️ The company says the acquisition will help it build a framework for its content creators & influencers as it continues to devote resources to its short-video app Moj.
➡️ The company has produced over 3500 videos across different formats (web-series, ads, short films and documentaries) for over 20 brands in the country. The company will help creators on its platform through workshops, training to improve the quality of content on its platform.
➡️ With several companies in the same space with millions of users apiece, this might help ShareChat's Moj stand out from the competition- which hasn't really been able to recreate the type of content & feed as TikTok had done.
Feedback & ❤️ always appreciated BONUS (Tweet of the day): https://twitter.com/Janilokal/status/1306193052998926336
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