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Daily Tech News: TikTok, GMM Music, Lenskart, Animoca Brands, Razer, Evermos

June 05, 2024

Here are the top stories on Techzi

TikTok Shifts Gears: Ecommerce Expansion in Europe Takes a Back Seat

  • TikTok pauses ecommerce expansion in Europe to focus on US growth.

  • ByteDance aims for $17.5B US TikTok Shop by 2024.

  • TikTok faces potential US ban and EU scrutiny over addiction concerns.

GMM Music Strikes a Chord with Tencent in $70M Share Purchase Deal

  • Tencent and TME acquire 10% of GMM Music for $70M, valuing it at $700M.

  • Deal bolsters GMM Music’s IPO plans and global expansion.

  • Partnership involves cash and Joox Thailand stake for GMM Music.

The Streaming Wars: A Flawed Business Model

Guest Author: Richard “Richieee“ Armstrong

  • Streaming wars face profitability challenges as costs rise.

  • High subscriber churn, content expenses strain business models.

  • Industry consolidation, AI content creation may reshape landscape.

Lenskart Focuses Its Sights on $200M Investment from Temasek and Fidelity

  • Lenskart secures $200M from Temasek and Fidelity, valuing the eyewear retailer at $5B.

  • The investment fuels Lenskart’s Southeast Asian expansion plans.

  • Anticipation builds for one of India’s most anticipated IPOs in the coming years.

Web3 Giants Join Forces: Animoca Brands and EVG Unite

  • Animoca Brands, EVG partner to bolster Web3 ecosystems.

  • Mutual investments in products, initiatives like games, apps.

  • Industry giants aim to drive metaverse innovation, adoption.

Razer Sets Sights on Vietnam for Hardware Expansion and Startup Investments

  • Razer targets Vietnam for hardware expansion and startup investments.

  • CEO Min-Liang Tan cites massive esports user base.

  • zVentures to lead seed to series A investments in Vietnamese startups.

Evermos Weighs US or Jakarta IPO for Social Commerce Boom

  • Evermos considers US or Jakarta IPO within two years.

  • Social commerce firm empowers 600,000 home-based women resellers.

  • Strong growth positions startup for potential public listing.

Next Batch of Startups Joins Telkomsel-AppWorks Accelerator

  • Telkomsel, AppWorks accelerator admits seven startups across sectors.

  • Startups to integrate with Telkomsel, boost Indonesia’s digital economy.

  • Program culminates with pitches to investors, potential partners.

AI Meets Web3: Nansen Eyes Automated Crypto Trading

  • Nansen aims for AI-driven automated crypto trading platform.

  • New “Signals” service employs AI for transaction analysis.

  • Startup plans to leverage human expertise alongside AI.

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