Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines.

This is Equity Monday, our weekly kickoff that tracks the latest big news, chats about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself here — and don’t forget to check out last Friday’s episode.

So, what was on our minds this morning?

• Headlines: The Twilio-Segment deal is real, happening, and is priced about where we expected. Big names in the ex-China Internet want to make encryption worse. And, how the United States government would break up Google is becoming clearer by the week.
• On the Twilio Segment deal, as TechCrunch and Forbes anticipated, the transaction came in around $3.2 billion, forming something of a API monster from their combined form. As we noted on the show, a lot of investors made a mint from the transaction.
• Airkit has raised $28 million while in stealth since 2017. What does it do? Per Forbes, it's a "low-code platform" that wants to "improve customer engagement." That's notably similar to what Segment does.
• Flash Express raised $200 million, as the on-demand and delivery spaces stay hot.
• And Razorpay raised $100 million at a valuation of $1 billion, meaning that we have just witnessed the birth of yet another fintech unicorn.
• And, finally, warm public markets mean that the startup and VC game will stay afoot, even if we see a pre-election dip in IPOs.

We hope that you are well and warm and fully of good spirits. Back soon!

Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.