In today’s top connected economy news, Echelon Fitness is reportedly considering various options that could put the company at over $ 1 billion, while Sweden-based Klarna collaborates with the shopping newcomer. social HERO. In addition, Paytm hopes to raise $ 268 million in a funding round.
Peloton Rival Echelon Fitness Considering Strategies To Reach $ 1 Billion Valuation
Echelon Fitness Multimedia LLC is reportedly reviewing various strategic options that could provide the company with a valuation of over $ 1 billion. Goldman Sachs Group Inc. led a $ 65 million financing for Echelon in 2020. Echelon is a competitor to Peloton. Merchants such as Costco Wholesale Corp., Target Corp. and Walmart Inc. sell Echelon’s wares. Echelon CEO Lou Lentine recently noted that musician Pitbull has backed the company.
Klarna acquires HERO to improve social shopping
Swedish payment and shopping platform Klarna, based in Sweden, has acquired social shopping startup HERO. To that end, Klarna will bring HERO to its quarter million business partners. “With HERO, we share the ambition to improve the shopping experience through the convergence of online and in-store shopping experiences, helping retailers inform and engage consumers in new ways,” said Sebastian Siemiatkowski, CEO of Klarna, said in a statement. HERO, which launched six years ago, is headquartered in New York and London.
Paytm seeks to raise $ 268 million ahead of IPO
Paytm, the Indian digital payments company, hopes to bring in $ 268 million in a fundraising round as it prepares to make its public debut later in 2021. One97 Communications Ltd., the parent company of Paytm, is said to have had to file a draft prospectus for a national initial public offering (IPO). The potential $ 2.3 billion IPO would be the third in India in terms of dollar amount, after state mining company Coal India in the early 2010s and Reliance Power in 2008.