In today’s top connected economy news, Echelon Fitness is reportedly considering various options that could value the company at more than $1 billion, while Sweden-based Klarna is collaborating with social shopping upstart HERO. Plus, Paytm reportedly hopes to raise $268 million in a funding round.
Peloton Rival Echelon Fitness Eyes Strategies To Hit $1B Valuation
Echelon Fitness Multimedia LLC is reportedly looking at different strategic options that could provide the firm with a valuation in excess of $1 billion. Goldman Sachs Group Inc. headed up $65 million in financing for Echelon back in 2020. Echelon is a competitor to Peloton. Merchants such as Costco Wholesale Corp., Target Corp. and Walmart Inc. carry Echelon’s merchandise. Echelon CEO Lou Lentine recently noted that the musician Pitbull has backed the company.
Klarna Acquires HERO To Enhance Social Shopping
Sweden-based Klarna, the payments and shopping platform, has acquired social shopping startup HERO. To that end, Klarna will bring HERO to its quarter of a million retail partners. “With HERO we share an ambition to elevate the shopping experience through the convergence of online and in-store shopping experiences, supporting retailers to inform and engage consumers in new ways,” Klarna CEO Sebastian Siemiatkowski said in an announcement. HERO, which rolled out six years ago, is headquartered in New York and London.
Paytm Seeks To Raise $268M Ahead Of IPO
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Paytm, the Indian digital payments company, reportedly hopes to bring in $268 million in a funding round as it gets ready to make its public debut later in 2021. One97 Communications Ltd., Paytm’s parent company, was reportedly anticipated to file for a draft prospectus for a domestic initial public offering (IPO). The potential $2.3 billion IPO would be the third-biggest in India when it comes to dollar amount, after the state-run mining firm Coal India at the beginning of the 2010s and Reliance Power back in 2008.
