Last week, Spotify went public through its Direct Listing with an opening share price of $165.90 and a valuation of $29 billion. Its shares closed at $149.01 on its first day of trading (10% decline) which valued the company at $26.5 billion.
Uber and Meituan Dianping acquired bike-sharing startups. Uber acquired Jump, a New-York based dockless bike-sharing startup, for $100 million to expand its product offerings to include bike-sharing. Meituan Dianping purchased Mobike, a China based bike-sharing platform, for $2.7 billion to consolidate resources between the Tencent-backed firms as they both try to increase their respective market shares.
Didi Chuxing officially launched its platform in Mexico which represents the company's first international launch. Didi Chuxing was attempting to increase the number of drivers on its platform in this new region by not charging a commission until June 17th and offering a lower commission (20%) compared to Uber’s 25% commission after June 17th.
Instacart raised an additional $150 million as an extension of its Series E funding round which now brings its total Series E funding to $350 million. Following this round, the company’s valuation increased to $4.35 billion.
The news articles and links presented below are available for your reference.
"Chinese Uber Rival Didi Launches in Mexico, Recruits Drivers"
"Instacart Raises Another $150 Million"
"China's Meituan Dianping Acquires Bike-sharing Firm Mobike"
"The Latest: Spotify's Market Value Hovers at Around $29B"
“Spotify Traded Down 10% on First Day, Achieved $26.5 Billion Market Cap"
"Uber Acquires Dockless Bike-share Startup Jump"