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Week in Tech: Wal-Mart's Wheeling and Dealing, Twitter's Revenue Boost

Wal-Mart inks Luvocracy deal, competing in China, Twitter’s top line gains 124 percent, SnapChat’s lofty valuation and more from the world of technology.

By
with contributions from Reuters

WALMART ON THE PROWL TO BOOST WEB EXPERTISE: The retailer, which has become one of the most voracious dealmakers in tech, said it would buy social marketplace Luvocracy through its @WalmartLabs research and development arm.

AMAZON’S INDIAN INVESTMENT: Amazon.com Inc. said it will invest a further $2 billion in India just a day after the country’s largest e-tailer Flipkart attracted $1 billion of fresh funds, raising the stakes in a nascent, but fast-growing, e-commerce sector.

AD SALES DRIVE TWITTER REVENUES:
Twitter Inc. showed that it was gaining ground as an advertising platform with second-quarter sales that shot up 124 percent to $312.2 million, easily outpacing expectations.

SNAPCHAT SAID IN FINANCING TALKS WITH ALIBABA:
Snapchat, an app that lets users send messages that disappear after a few seconds, was said to be in talks with investors, including Alibaba Group Holding Ltd, for financing that could value the company at $10 billion.

COMPETING IN CHINA:
Alibaba, which is preparing for its multibillion-dollar initial public offering later this year, might be the undisputed e-commerce leader in China — but it’s not the only player in the market. There are a number of fast-growing competitors populating the country’s vast e-commerce landscape.

CHRIS BURCH TALKS BAUBLEBAR INVESTMENT:
Jewelry e-commerce player Baublebar raised $10 million in a Series B financing, with Christopher Burch’s Burch Creative Capital leading the investment.

CROWDFUNDING WEB SITES TAKE AIM AT FASHION INDUSTRY:
While crowdfunded projects flourish in categories such as movies and video gaming, fetching up to $40 million per business idea, fashion-related undertakings have proven less of a money-spinner.

 

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