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TLDR: Elon Musk’s in news again over disclosure of Twitter stake, PhonePe clocks 100 million transactions, and Mastercard rolls out crypto-backed payment card

Twitter shareholders sue Elon Musk over delay in disclosure of stake

Former Twitter shareholders dragged Elon Musk to court claiming they missed out on the recent bull run in its stock price because he waited too long to disclose a 9.2 per cent stake in the microblogging company, Reuters reported.

PhonePe clocks 100 million transactions in a day for the first time

PhonePe, one of the top payments companies in India, said that it processed more than 100 million transactions in a single day for the first time. The company informed the media that it processes more than 2.5 billion transactions a month with an annual total payment value of $780 billion.

Mastercard and Nexo roll out crypto-backed payment card

Mastercard has joined hands with crypto lender Nexo to come out with the world’s first “crypto-backed” payment card, as per a Reuters report. It is the latest in a series of signs of digital assets becoming mainstream.

China’s anti-graft agency is investigating Jack Ma’s Ant Group

China’s top anti-graft watchdog, CDDI, was one of the agencies involved in an inquiry into links between Jack Ma’s Ant Group Co. and state-owned Chinese companies, according to Bloomberg News. The watchdog sought to understand the influence of Ma’s fintech empire and the extent of its transactions with state banks and enterprises, the report added.

Amazon adds fuel and inflation surcharge to seller fees

Amazon has announced that it is looking to offset rising costs by adding a five per cent “fuel and inflation surcharge” to fees it charges third-party sellers who use the e-commerce giant’s fulfillment services, AP reported. The Seattle-based company said on its website that the added fees, which take effect April 28, are “subject to change” and will apply to both apparel and non-apparel items.

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BigBasket receives Rs 1,000 crore as investment from Tata

Tata-owned online grocery platform BigBasket will receive Rs. 1,000 crore from holding company Supermarket Grocery Supplies, as per documents accessed by Economic Times. Tata Digital holds around 64 per cent stake in Supermarket Grocery, the business daily added.

Pine Labs takes over Mosambee to bolster payments play

Pine Labs, a merchant commerce platform, revealed that it had acquired a majority stake in payment solutions firm Mosambee for an undisclosed sum, Livemint reported. The investment by Pine Labs will value Mosambee at upwards of $100 million, the report added.

Lenskart plans to raise $200-250 million at a valuation of $4.5-$5 billion

Online eyewear retailer Lenskart is in talks to raise nearly $200-250 million at a valuation of $4.5-5 billion, Economic Times reported. The financing is being led by Alpha Wave Global, and will include a secondary share sale, sources told ET.

Twitter looks to enhance push notifications by acquiring OpenBack

Twitter will be acquiring Dublin-based mobile engagement platform OpenBack, TechCrunch said in its report. The social media giant’s head of consumer product, Jay Sullivan, announced that the OpenBack team will join Twitter’s Bluebird product team and will focus on enhancing notifications on the social media platform. The financial terms of the deal were not disclosed.

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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