Deal of the week
The deal I’ve been waiting for is finally done. Rimac Automobili, the Porsche-backed Croatian company that makes electric hypercars and components for automakers, is taking over Bugatti. Rimac will own a controlling 55% share in the new company, Bugatti-Rimac, with VW’s Porsche owning the remaining 45%.
A few nuts and bolts on the deal: Rimac is going to separate the development, production and supply of battery systems, drivetrains and other EV components into a new entity owned by Rimac Group called Rimac Technology, which will work independently with other global car manufacturers.
Founder Mate Rimac will continue to hold his 37% share in Rimac Group, with Hyundai Motor Group holding the same 12% and other investors at 27%. Porsche recently upped its stake in Rimac from 15% to 24%, but its total ownership doesn’t give It a controlling interest in the new EV company. Mate Rimac will lead Bugatti-Rimac, which will be headquartered in Zagreb, Croatia. Bugatti’s manufacturing will remain in Molsheim, France.
Mate Rimac was on our virtual stage in June and talked about the company’s future plans, including confirming that they were in talks with Bugatti. Extra Crunch members can watch the entire interview or read a recap here.
Other deals that caught my eye as I emerge from vacation mode …
Kurly, a South Korea startup that provides next-day grocery delivery services across the country, raised $200 million in funding in a Series F valuing the company at $2.2 billion. The company’s valuation has more than doubled in the last year. Last April, Kurly closed a Series E of $150 million at a $780 million valuation.
Lacuna Technologies, a startup that helps cities create and enforce transportation policies by building and managing open-source digital tools, has raised $16 million in a Series A round, bringing the company’s total investment to $33.5 million. The round was led by Xplorer Capital Management, and includes Playground Global, the company’s founding investor. Participating investors include JetBlue Technology Ventures and Lauder Partners. Along with the funding news Lacuna is announcing the addition of Keith Nilsson, MP and co-founder of Xplorer, to the company’s board.
MaxAB, an Egyptian startup based out of Cairo that serves a network of traditional food and grocery retailers across Egypt, has raised $40 million in Series A financing.
Ola, the Indian ride-hailing giant, is flush with $500 million in new capital thanks to investments from Temasek and an affiliate of Warburg Pincus .Ola co-founder and chief executive Bhavish Aggarwal is also participating in the new investment, the startup said. Ola said in a statement that the investment comes “ahead of IPO” — but didn’t elaborate.
Stellantis, the global automaker born out of a merger between Fiat Chrysler Automobiles and French automaker Groupe PSA, will invest €30 billion ($35.5 billion) in electric vehicles and new software over the next four years as part of a major push to transition away from internal combustion engines. Stellantis shared a few of its plans, including manufacturing an electric Dodge muscle car and an electric Ram pickup truck by 2024. Stellantis also said it would offer an electric or plug-in model in every vehicle segment under its Jeep brand by 2025.
Volvo Group, Daimler Truck and Volkswagen’s AG heavy-truck business the Traton Group plan to invest €500 million (~$593 million USD) to install and operate 1,700 charging points in strategic locations and close to highways for electric heavy-duty long-haul trucks and buses around Europe. The automakers intend to finalize the agreement by the end of this year and start operations next year, with the hopes of increasing the number of charge points significantly as the companies seek additional partners for the future joint venture.
Zomato, a food delivery startup in India that competes with Swiggy, has boosted its plan to raise $1.3 billion in its initial public offering, which opens on July 14 and closes July 16. Zomato said it will price its shares in the range of 72 Indian rupees (96 cents) to 76 ($1) and is targeting an upper limit valuation of $8.56 billion. It plans to list on Indian stock exchanges.