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Spotify And Discord Are Back Online 🟢 After Outage
Music streaming giant Spotify and messaging platform Discord were back online after facing major global outages.
According to outage detecting site Downdetector, more than 175,000 Spotify users had reported facing issues while using the app, and over 61,000 Discord users reported being affected by the issue.
Both the platforms acknowledged the issues via Twitter. “Something’s not quite right, and we’re looking into it. Thanks for your reports!,” tweeted Spotify Status.
Discord tweeted saying, “We’re aware of an issue causing message failures and are working on a fix. Apologies for the disruption & thx for hanging tight!”
Some media reports suggested that Google Cloud problems were the reason behind the issue affecting Spotify and Discord users.
Google Cloud confirmed the issue saying, “We’re aware of an ongoing issue with HTTP 500 errors on Google Cloud Load Balancer. Our teams are investigating and updates are being posted on the Status Dashboard.”
After a couple of hours, both the platforms were back online. Both the companies confirmed the same; however, neither of them elaborated on the source of the outage.
Food Delivery Startup Swiggy Gears up for $1 billion IPO 🤑
Indian food delivery startup Swiggy is reportedly gearing up for its public offer, which is estimated to be between $800 million and $1 billion.
The company has hired investment banks JP Morgan and ICICI Securities as lead managers.
The company will hire merchant banks later to help run the listing process as it plans to offer about a 10% stake in the IPO, which is likely to hit the market by the first half of next year.
Swiggy, which is backed by SoftBank Group, doubled in valuation to $10.7 billion in its last funding round in January.
The company also counts on several leading investors including Accel, Invesco, Baron Capital Group, Naspers, Tencent, Alpha Wave Global, Sumeru Ventures, among others.
Besides its core food delivery business, Swiggy has also diversified its business into areas such as grocery delivery through Instamart, which aims to deliver in 15-30 minutes through a network of seller-owned warehouses.
The company has launched a pick-up and drop service Swiggy Genie in addition to a membership program called Swiggy One.
AngelList Venture Raises $100 Million in Series C Funding Round 💰
AngelList Venture, a fundraising and investment platform for investors and founders, has raised $100 million in its Series C funding round at a $4 billion valuation. The funding was led by Tiger Global and Accomplice, along with participation from other investors.
The fresh funding comes after a huge launch spree from the company, which spent the pandemic working on its founder-focused services through rolling funds, roll-up vehicles, and even on a fresh $25 million capital to back startups solely based on hiring velocity.
According to the company, it has supported 11,300 startup investments in 2021, up from 3,800 in 2020.
The company also grew to hold $10 billion in assets, an increase from $3 billion the year before.
AngelList Venture plans to use the fresh proceeds to increase its team size. Additionally, it is looking for new investments, acquisitions, and the launching of new products in 2022.
Besides this, the company is also opening up a community round on its platform for GPs who have invested in the platform in the last year.
McDonald’s Says no Burgers 🍔 for Russians now, Temporarily Closes 850 Restaurants in the Country 🇷🇺
McDonald’s is temporarily closing all of its 850 restaurants in Russia in response to the country’s invasion of Ukraine that started nearly two weeks ago.
The fast-food giant announced its decision to temporarily close its restaurants, joining hundreds of other global companies that have halted work in Russia since the war began.
In an open letter to employees, McDonald’s President and CEO Chris Kempckinski said closing those stores, for now, is the right thing to do. “Our values mean we cannot ignore the needless human suffering unfolding in Ukraine,” said Kempckinski.
Kempczinski also said that currently, the company can’t predict when it would be able to open its restaurants in Russia. The company is also experiencing supply chain disruptions and other operational challenges.
Even though McDonald’s is temporarily closing its restaurants, it will still continue to pay its 62,000 employees in Russia who have dedicated their lives to the company. It looks like the company will take a big financial hit because of the closures.
Around the Web 🌐
Philippines Will Begin a Pilot Program For CBDC Launch: In a joint event organized by the central bank of the Philippines – Bangko Sentral ng Pilipinas (BSP) and the Alliance for Financial Inclusion, BSP Governor Benjamin E. Diokno announced the country’s plans regarding the launch of Central Bank Digital Currencies (CBDC). The country will roll out a pilot implementation of CBDC, to enhance the payment system’s safety, resiliency, and efficiency.
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