Lucinda here while Dan's in the mountains this week. Send me your tips!

Situational awareness: Speaking of Dan, he will be moderating sessions with General Atlantic CEO Bill Ford, IBM vice chairman Gary Cohn, Snowflake CEO Sridhar Ramaswamy, and Carlyle Group co-founder David Rubenstein at Davos tomorrow.

Hours into the job on Monday, President Trump signed an executive order suspending the TikTok ban for 75 days.

Why it matters: This is only a temporary reprieve for TikTok.

The big picture: It's not clear that Trump has the authority to issue the suspension, as he's given no evidence that TikTok has made progress toward a divestiture by ByteDance. But that won't stop attempts at a deal, and TikTok turned its lights back on Sunday afternoon after a short shutdown.

Between the lines: The bill required TikTok sell to an approved buyer by Jan. 19 to avoid running afoul of the bill, but it gives the president the ability to extend the ban if he makes "certain certifications to Congress regarding progress toward a qualified divestiture."

• But the executive order made no mention of any progress. And when Trump was asked by a reporter about how TikTok CEO Shou Zi Chew felt about a potential joint venture owning the business, Trump answered: "I think he'd probably like it because he has nothing."
• Perhaps due to this legal morass, service providers Apple, Google, Microsoft and Amazon — which would also be subject to fines under the law — had not re-added TikTok to their respective U.S. app stores as of early Tuesday.

The big question becomes who will call Trump out in his honeymoon period? Congress is unlikely to sue Trump, says Colin Costello of Freshfields, as that path has typically gone nowhere.

• But Republican Sen. Tom Cotton warned that there's no "legal basis" for an extension, and that companies that flouted the law could be sued by figures outside of the executive branch, "under securities law, shareholder lawsuits, and state AGs."

In the meantime, the idea of a sale is looking more likely than in previous months. China suggested on Monday that it would be open to a deal, in contrast to prior statements that it would block a forced sale of TikTok.

• Perplexity AI, last valued at $9 billion, also submitted a bid to merge with TikTok's U.S. unit, CNBC first reported — adding to a short list of known bidders that includes real estate mogul Frank McCourt.
• The Perplexity side is estimating that TikTok U.S. alone is worth more than $50 billion — meaning the combined entity is likely to be worth more, Axios has learned. The proposed deal currently doesn't have a set valuation.

Yes, but: Axios has learned that Perplexity's proposed deal doesn't include the algorithm, which has been a major sticking point for both the U.S. and Chinese governments.

• Trump would also have to consult with agencies to determine whether any deal is "qualified divestiture" under the law, which means it prevents ByteDance or China from controlling the algorithm or data.

The bottom line: If TikTok is to continue operating legally stateside, it won't just be thanks to Trump. It's likely that Congress will have to act again to give a further extension to provide time for a deal to come together, or repeal the law altogether.

Indian fintech Groww is gearing up for an IPO later this year in Mumbai that could value it between $7 billion and $8 billion, Bloomberg reports.

Why it's the BFD: Despite tepid listing markets elsewhere, India had a record-breaking 2024 with over $20 billion raised.

In fact, India is expected to beat China, becoming 2024's second largest IPO market by value behind the U.S., according to the Financial Times.

Zoom in: Groww is said to have selected JPMorgan and Kotak Mahindra Bank for a potential listing that could raise $750 million or more.

• Phantom, an SF-based crypto wallet business, raised $150m in Series C funding valuing it at $3b. Sequoia Capital and Paradigm led with participation from a16z crypto and Variant. axios.link/3PK6Tog

• Instabase, an SF-based startup using AI to organize and analyze unstructured data, raised $100m in Series D funding valuing it at $1.24b. It was last valued at $2b. QIA led with participation from Greylock Partners, NEA, Andreessen Horowitz, and Index Ventures. axios.link/3C5sZid

• Fundment, a U.K.-based platform for financial advisers, raised £45m in Series C funding at a reported £150m valuation. Highland Europe led the round. axios.link/4jlfo6Y

• Rhino.ai, a Washington, D.C.-based tech modernization company using AI, raised $50m in Series A funding led by Koch Disruptive Technologies. rhino.ai

• Sereact, a German robotics business, raised €25m in Series A funding. Creandum led the round. axios.link/3E6BM44

• Ecoplanet, a Munich-based energy management platform for businesses, raised €16m in Series A funding led by EQT Ventures. ecoplanet.tech

• Men in Blazers Media Network, a NYC-based U.S. soccer media business, raised $15m in Series A funding led by Avenue Sports Fund. meninblazers.com

• Kraaft, a French construction tech startup, raised a €13m Series A. Dawn Capital led with participation from Brick & Mortar Ventures, Chalfen Ventures, Stride VC and OSS Ventures. axios.link/42lJalW

• Gravity, an SF-based carbon accounting and energy management platform, raised $13m in Series A funding. Ansa Capital led and was joined by Eclipse, Hanover, and Caffeinated Capital. axios.link/4g8gFM3

• Zynap, a Spanish cybersecurity startup using generative AI, raised €5.7m from Kibo Ventures and Kfund. axios.link/40EoPXT

• MoneyHash, an Egyptian payment management startup, raised $5.2m. Flourish Ventures led the round with participation from Saudi's Vision Ventures, Arab Bank's Xelerate and Emurp Kepple Ventures. axios.link/3E74SQQ

⚡ Bolt.earth, an Indian EV charging network, raised $5m in additional Series A funding. Version One Ventures led with participation from Union Square Ventures and Prime Venture Partners. bolt.earth

• Fusebox, an Estonian energy management software maker, raised €2.6m in funding led by Soulmates Ventures with participation from SmartCap, Eneco Ventures and PKO Bank. fusebox.energy

• Egregious, a London-based security startup focused on AI misuse, raised $1m in pre-seed funding led by Fuel Ventures and Oxford Capital. axios.link/4h22Vnf

• LeapXpert, a NYC-based communications compliance platform, raised $20m in Series B funding. Portage led with participation from Rockefeller Asset Management, Uncorrelated Ventures and the Partnership Fund for New York City. leapxpert.com

• Qomodo, a Milan-based payment solution for physical merchants, raised €13.5m in Series A funding. RTP Global and LMDV Capital led the round with participation from Proximity Capital and Primo Capital. qomodo.me

• Belfry Software, a NYC-based maker of back-office software for physical security providers, raised $12m in Series A funding, per Axios Pro. Base10 Partners ledwith participation from Bienville Capital and Aglaé Ventures. axios.link/3E3FH1j

Nearly 60% of private corporates believe strategic growth and the addition of new capabilities will be the primary drivers of 2025 M&A decisions, according to a November survey of Goldman Sachs Investment Banking clients.

Download the Goldman Sachs 2025 M&A Outlook for more.

• AnaCap Financial Partners agreed to buy a majority stake in DK Accountants & Adviseurs Nieuwegein, a Dutch accountancy services provider. axios.link/4jqbuda

• Granite Creek Capital Partners acquired Ritchie Industries, a Conrad, Iowa-based manufacturer of automated livestock watering products. Rural American Fund also participated. axios.link/3E1hYPo

• Leon Capital will invest up to £70m for a majority stake in in Domna, a U.K.-based home energy retrofitting company. axios.link/42qt2zF

• Micross Components, a portfolio company of Behrman Capital, acquired Integra Technologies, a Wichita, Kan.-based semiconductor assembly and testing post-processing provider. axios.link/40rBwEh

• PrimeSource Brands, backed by Clearlake Capital Group, acquired Keylink, a New Holland, Pa.-based provider of aluminum railing systems. axios.link/40ErlNP

• Talon, a portfolio company of Equistone Partners Europe, acquired Out of Home Masters, a Netherlands-based media agency. axios.link/42lYUFK

• Tropolis Insurance Services, backed by Unity Partners, acquired insurance agencies BDMH Insurance Services, Follmer Insurance Services, Madigan Pingatore Insurance Agency, and R&A Insurance. axios.link/42qFNu3

• Sailpoint, an Austin-based identity governance software business, filed for an IPO. It posted revenue of $699.6m for the year ending Jan. 31, 2024 and a net loss of $395.4m. Thoma Bravo took the business private for $6.9b in 2022. axios.link/4h3tHLT

• Groww, an Indian fintech, is prepping for an IPO in the country that could raise $750m and value it up to $8b. Investors including Ribbit Capital and Tiger back the firm. axios.link/4h19sP2

• Hennessy Capital Investment VII, a Hennessy Capital-formed SPAC, raised $175 million. axios.link/40K20kz