Galloping Unicorns
SUBSCRIBE
We ll soon meet in your inbox. / Morning Dispatch
Good morning,
A little over a fortnight ago, we reported that early-stage startups are witnessing a funding frenzy, reminiscent of the go-go days of 2014-15. Turns out, unicorns are making the most of the investor interest in fact, between January and March, fundraising was at a record high for the fourth quarter of any fiscal.
Also in today’s newsletter:
TikTok restructuring India team
Boom time for Indian IT
Startup funding in Q4 $3.65 billion
Some of India’s most-valued startups from Byju’s to Zomato witnessed large funding rounds in the first three months of 2021, bucking the trend set in the pandemic year.
We ll soon meet in your inbox.
Please wait.
Gandhi has been made the head of Middle East, North Africa, Turkey and South Asia.
The restructuring is in line with the impending initial public offering (IPO) of TikTok Global in October this year. The share sale would allow retained employees to redeem their employee stock ownership plans, or ESOPs.
ByteDance did not respond to an email seeking comment till the time of publishing this story.
“Gandhi and some employees that work with the technology department have been moved to the GCC, Turkey and MENA region. Those who are being transferred have also been given a few ESOPs, one of the people said. “All the marketing and salespeople that were part of the India team have either moved out or have been asked to go,” the person said.
China s ByteDance has told an Indian court that a government freeze on its bank accounts in a probe of possible tax evasion amounts to harassment and was done illegally, according to a filing.
In the 209-page court filing lodged on March 25, ByteDance told the High Court in Mumbai the authorities acted against the company without any material evidence and gave no prior notice, as required by Indian law, before such "drastic action".
ByteDance pans accounts freeze - Taipei Times taipeitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from taipeitimes.com Daily Mail and Mail on Sunday newspapers.