5 Minutes Read

bigbasket CEO believes he’s found that ‘sweet spot’ between superfast and supercheap deliveries

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The ‘bigbasket supersaver’ launch comes amid industry-wide discussions about the feasibility of 10-minute deliveries, with bigbasket opting for a pragmatic two-hour delivery window. The company aims to optimise efficiency without compromising on substantial savings for its customer base.

bigbasket, a Tata Enterprise, has unveiled its upgraded ‘bigbasket supersaver’ service — a rebranded slotted delivery service that promises a unique fusion of superfast deliveries and supercheap prices.

This move comes as CEO Hari Menon claims to have discovered the elusive sweet spot between superfast and supercheap deliveries, promising customers a combination of rapid service and substantial savings.

In an email to subscribers, Menon expressed his enthusiasm for the new approach: “I am happy to announce that in our slotted delivery service, you will now get the same extensive range and assortment of groceries delivered to you in less than 2 hours and with extra savings of 5% off on thousands of products. As before, you get to choose your own slots too. In line with these changes, we are rebranding our slotted delivery service to bigbasket supersaver.”

This strategic shift is already in action, currently serving customers in Bengaluru, Noida, and select areas of other cities, with plans to expand to the top 30 cities by the end of March.

bigbasket supersaver not only promises tangible savings but also boasts three times the assortment of instant grocery services, ensuring a diverse and comprehensive selection for every shopper, the CEO said.

Menon elaborated on the rationale behind the transformation: “While each of these services — slotted delivery and instant delivery — has its advantages, we’ve been asking ourselves: What is that sweet spot where we can bring you an extensive range of products, even better savings, and superfast delivery? After re-engineering our systems and processes, we believe we’ve found the answer.”

The move comes amid industry-wide discussions about the feasibility of 10-minute deliveries, with bigbasket opting for a pragmatic two-hour delivery window. The company aims to optimise efficiency without compromising on substantial savings for its customer base.

For those with urgent needs, bigbasket continues to offer its instant grocery service, ‘bbnow,’ complementing the two-hour delivery feature of bigbasket supersaver.

Menon said, “Since inception in 2011, bigbasket has been associated with slotted delivery. Over the years, our customers have loved the convenience of getting a large range of groceries together with great savings delivered in the time slots of their choice, typically on the same or the next day.”

As the grocery delivery sector becomes increasingly competitive, bigbasket’s innovative approach is poised to set a new standard, offering a winning formula that combines speed, savings, and a diverse range of products.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Ola, Uber and Dunzo among worst platforms for gig workers, bigbasket tops fair work norms list

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Fairwork India 2023 report: While Ola and Porter scored zero in fair work standards for gig workers. and bigbasket got six points, none of the 12 platforms evaluated on fair pay, work conditions, contracts, management, and representation principles managed to get a perfect score of 10.

Ride hailing platform Ola and tech-enabled logistics company Porter scored zero in fair work standards for gig workers on a scale of 0-10, according to Fairwork India report 2023. bigbasket topped the list with six points.

The ‘Fairwork India 2023’ report, spearheaded by the Centre for IT and Public Policy (CITAPP) at the International Institute of Information Technology Bangalore (IIIT-B), in association with Oxford University, examined Amazon Flex, bigbasket, BluSmart, Dunzo, Flipkart, Ola, Porter, Swiggy, Uber, Urban Company, Zepto and Zomato for the survey.

Fairwork India interviewed workers from 12 platforms in four cities — Bengaluru, Delhi, Kochi, and Thiruvananthapuram — for minimum standards of fair work in the platform economy. The agency examined the working conditions of platform workers on digital labour platforms in India.

A key highlight of the report is that none of the 12 platforms evaluated on five principles, including fair pay, fair conditions, fair contracts, fair management, and fair representation, managed to get a perfect score.

Here’s how the platforms fared across principles

Fair pay

Flipkart, bigbasket and Urban Company were the only platforms with a minimum wage policy to ensure that all their workers earn at least the hourly local minimum wage after factoring in work-related costs. However, no platform made the second point of the fair pay principle, which requires platforms to provide sufficient evidence that workers earn at least the local living wage after work-related costs.

Also Read: India plans welfare measures for gig workers ahead of elections

However, Urban Company has made a public commitment to ensure that its workers earn at least the local living wage after factoring in work-related costs.

Fair conditions

Amazon Flex, bigbasket, BluSmart, Flipkart, Swiggy, Urban Company, Uber, Zepto and Zomato were awarded the first point for providing adequate safety equipment and periodic safety training to their workers.

Only bigbasket, Swiggy, Urban Company, Zepto and Zomato got the second point for providing workers with accident insurance coverage at no additional cost, monetary compensation for income loss in cases where they were unable to work due to medical reasons other than accidents, and for ensuring that workers’ standing was not negatively affected when they returned after a break taken with prior notification given to the platform.

Fair contracts

Seven out of 12 platforms — bigbasket, BluSmart,Dunzo, Swiggy, Urban Company, Zepto and Zomato — ensure accessibility and comprehensibility of their contracts, and have a protocol for data protection and management of worker data.

bigbasket, BluSmart, Urban Company, Zepto, and Zomato have also adopted a change notification clause in their contracts, reducing asymmetries in liability (such as by a provision to compensate workers for losses due to app malfunctions), adopting a code of conduct for their subcontractors, and making the variables of pricing transparent where dynamic pricing was used.

Fair management

Amazon Flex, bigbasket, BluSmart, Flipkart, Swiggy,and Zomato provide due process in decisions affecting workers, and channels for workers to appeal disciplinary actions.

Also Read: More than just a gig worker | This report ‘delivers’ insights into their lives, dreams

According to the report, there was sufficient evidence that only BluSmart and Swiggy have institutionalised the conduct of regular, external audits to check for biases in their work allocation systems and they’ve also adopted policies against the discrimination of platform workers.

Fair representation

No platform got a point for this principle this year, pointing towards the lack of representation through a collective body or trade union. “It is disconcerting that despite the rise in platform worker collectivisation across the country, over the past four years, there was insufficient evidence from any platform that showed a willingness to recognise a collective body of workers,” the report noted.

Also Read: As India shops and feasts, gig workers expect salaries upto ₹150,000 in the festive season

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

BigBasket loss widens to Rs 1,535 crore in FY23

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Tofler said the loss of BigBasket increased by 89 percent, implying the company had posted a loss of around Rs 812 crore in 2021-22.

Online grocery delivery firm Innovative Retail Concepts, which operates as BigBasket, has posted widening of loss to Rs 1,535 crore for 2022-23, according to details shared by Tofler.

Tofler said the loss of BigBasket increased by 89 percent, implying the company had posted a loss of around Rs 812 crore in 2021-22.

The company’s revenue increased by 5 per cent to Rs 7,462 crore.

“The company further reported a net loss of INR 1,535 cr during the same fiscal. This is 89 per cent increase from the last financial year. The company’s total expenses for the fiscal were reported as Rs 8,998 crore,” the report said.

BigBasket declined to comment on the report.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

‘Consumers never wanted 10-minute delivery,’ says Bigbasket’s co-founder

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The quick commerce space has gained immense momentum over the past two years, and is currently dominated by players like Zepto, Zomato’s Blinkit, Swiggy Instamart and Dunzo that promise grocery deliveries in under 10 minutes or within 10-15 minutes.

In the time where major e-commerce platform are chasing rapid delivery Bigbasket’s co-founder Hari Menon has said that the unit economics for 10-minute delivery just doesn’t work.

While speaking at the Sharrp Summit in Mumbai on Wednesday, Menon mentioned that consumers never wanted quick delivery and it was something that was thrust upon them.

A ‘good sensible’ business that will make sense is 15-30 minute deliveries, which is what companies in this space should chase, he added. On the growth of quick commerce Menon added that  he doesn’t think it will scale that fast.

“Quick commerce has certain dynamics required for unit economics to work, which means you need a high density of orders, it will be cut off at some point. The Bigbasket model will scale, but quick commerce without density doesn’t work,” Menon said.

Why will the Bigbasket model scale?

Tata Group-owned Bigbasket also runs a quick commerce offering under BB Now, which delivers groceries in 15-30 minutes. Menon believes this model works because it is able to leverage warehousing, which is common with the main Bigbasket grocery delivery business.

Moreover, BB Now is increasing the number of purchases for Bigbasket overall.

“The good thing is the same customer buying in both places. If they were buying 10 items earlier, now they are buying 14 across both platforms. What they were buying from a Kirana store outside, they are now moving to BB Now and pantry buying continues on the main platform,” Menon told CNBC-TV18 on the sidelines of the event.

Combined buying, as a result, has gone up by 15 percent for Bigbasket, he added.

The quick commerce space has gained immense momentum over the past two years, and is currently dominated by players like Zepto, Zomato’s Blinkit, Swiggy Instamart and Dunzo that promise grocery deliveries in under 10 minutes or within 10-15 minutes.

Bigbasket joined the fray in December 2021 with the launch of BBnow, but offers grocery delivery in 15-30 minutes.

So what will work for quick commerce?

While BB Now is able to leverage common warehousing, setting up a business for only quick commerce becomes harder, says Menon, adding that quick commerce is viable provided you have a high density of orders.

The key then, he adds, is to prioritize dense locations, instead of covering an entire city.

“If you go to a place where you have very few orders, it doesn’t make sense. So you have to choose your locations, only cover dense locations. If you go into non-dense locations, you’ll bleed,” Menon says.

While the order volume varies depending on the business model, Menon says those running only quick commerce will need about 800-1,500 orders in a day to remain viable.

What is also critical apart from order density, is also order value – which is currently around Rs 400-450 – and cost of last-mile delivery, which again is linked to density.

“The more dense the area, the cost of delivery comes down,” Menon said.

Also read: Deepinder Goyal quits Urban Company board as Zomato-owned Blinkit eyes home services

Bigbasket is currently present in 400 cities and towns across the country. Menon says the company is unlikely to add more geographies this year.

Despite demand remaining tepid in rural markets and some pockets of Urban, Menon said that demand has started picking up, in rural as well and believes grocery as an industry will grow anywhere between 30-35 percent this year over last year.

Bigbasket is also seeing high traffic from the Tata Group’s super app Tata Neu, Menon said, and expects 15 percent of its business to come from the Tata Neu app.

“IPL just started and Tata Neu is doing a lot of advertisement and so traffic has really shot up. We’re seeing great conversions and many new customers coming in,” Menon added.

Also read: Quick commerce in 2022: The year of learning to be fast and frugal

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Tata considering $2 billion injection into its super app venture

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Tata Neu allows users to buy groceries and gadgets as well as reserve airplane tickets and restaurants from brands under Tata. The app also comes with membership service and offers financial products such as bill payments, loans and insurance.

Tata Group is considering injecting another $2 billion of fresh capital into its super app venture as the salt-to-software conglomerate seeks to bolster its digital business, according to people familiar with the matter. Tata Digital Pvt. will receive the additional funding over two years if the deal proceed, the source said.

The fresh capital could help online platform Tata Neu, which went live last April, to strengthen its digital offerings, fix technical glitches and meet any new spending needs, one of the people said.

Tata Group has asked Tata Digital to look for ways to boost the valuation of the super app, the source said, asking not to be identified discussing information that is private.

Deliberations are ongoing and the conglomerate could still change the size and timeline of a deal, the people said.

Representatives for Tata Group and Tata Digital declined to comment.

Also Read | Tea demand looking up post decline in third quarter: Tata Consumer

Any fresh capital would come as Tata Digital is reviewing its strategy and fending off entrenched e-commerce rivals such as Amazon.com Inc. and Walmart Inc.’s Flipkart.

Tata Neu, India’s first super app since at least mid-2020, was modeled on China’s ubiquitous Alipay and WeChat but ran into technical glitches and customer complaints soon after its launch last year. Local heavyweights Reliance Industries Ltd. and Adani Group are looking to roll out their own super apps as well.

Tata Neu allows users to buy groceries and gadgets as well as reserve airplane tickets and restaurants from brands under Tata. The app also comes with membership service and offers financial products such as bill payments, loans and insurance.

Tata Neu is expected to meet just half of the sales target in its debut year. The super app will see sales of about $4 billion in the year to March 31, compared with the $8 billion target set at the beginning of 2022, Bloomberg News reported in January.

Tata Group acquired firms including e-grocer BigBasket and e-pharmacy 1mg to bolster its e-commerce portfolio, investing more than $2 billion in the past three years.

Also Read | Charge+Zone raises $54 million in Series A1 funding round – aims for 6x growth over next four years

Tata Sons Pvt., the group’s holding company, explored bringing in financial or strategic investors, including global technology companies, to back the super app, Bloomberg News reported in 2020.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Startup Street: Tortoise raises funds from Swiggy, BigBasket’s Abhinay Choudhari launches LaundryMate

Fintech startup Tortoise has received an undisclosed sum from the co-founders of Swiggy and ZestMoney. The ‘save now buy later’ startup had earlier raised $2.3 million in a seed round from Vertex Ventures.

Startup Street spoke to Nikhil Joy, co-founder of Tortoise, to discuss this fundraise and the growth outlook.

India’s overall addressable market for laundry services is expected to grow from $11.3 billion to $15 billion by 2025, as per a RedSeer report. Tapping on this big opportunity, BigBasket co-founder Abhinay Choudhari has launched his new venture LaundryMate, an organised online laundry services brand with a turnaround time of 24 hours.

The firm has launched its business-to-consumer app and operations in Bengaluru, with plans to roll out in 30 cities, including small towns, over the next decade.

Startup Street spoke to Abhinay Choudhari, Co-Founder & CEO of LaundryMate, to talk about his new venture and the future roadmap.

Edtech unicorn Unacademy has something new up its sleeve. It launched its new YouTube content growth creation strategy which will include both academic and un-academic segments which will add to its existing bouquet of offerings.

CNBC-TV18’s Ritu Singh spoke to Vivek Sinha, COO, Unacademy, to discuss the new launch.

Watch video for more

 5 Minutes Read

Top startups founders and stakeholders launch Artha School of Entrepreneurship for early-stage entrepreneurs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The initative will be spearheaded by TN Hari, former HR head at BigBasket and ex-Lenskart CHRO Suruchi Maitra.

Top founders and stakesholders in the Indian startup ecosystem have launched a non-profit Artha School of Entrepreneurship to help new-age entrepreneurs scale their ventures.

The initative will be spearheaded by TN Hari, former HR head at BigBasket and ex-Lenskart CHRO Suruchi Maitra.

“India’s quest for equitable growth will never be fulfilled unless founders from all socioeconomic backgrounds realize their full potential. The Artha Scale Program has been carefully designed to create impact on a bigger canvas,” said Hari.

Meanwhile, Maitra added, “In the decades to come, India’s quest for prosperity and inclusive development will be addressed at the confluence of technology, entrepreneurial energy, and patient capital. In the process, many large companies would take shape.”

Also read: Sequoia’s Surge reveals 15 Indian & Southeast Asian startups that are in its 7th cohort

The other members of the founding team include, Helion Ventures co-founder Ashish Gupta, entrepreneur and angel investor Pavan Vaish, ISB founding dean and Ashoka University founder Pramath Raj Sinha, Helion Ventures and the Fundamentum Partnership founder Sanjeev Aggarwal.

“Eighty percent or more of the scaling problems entrepreneurs grapple with everyday have been solved before. Reinventing the wheel through trial and error slows down, and often derails, the journey,” commented Aggarwal.

As per a statement, the founding team has a track record of scaling startups and have participated in creating 12 unicorns and 10 successful exits including 3 IPOs.

The program has been designed for founders of early-stage startups that have achieved some level of product-market fit and are poised for scale. The objective is to make the art and science of scaling accessible to these founders, the statement added.

Also read: These women entrepreneurs are changing the market with their apps

As part of the program, the participants will have access to online content, in multiple formats, relating to all elements of scaling and get mentorship from a set of successful founders and startup executives. 

“Starting-up is not easily coachable but Scaling-up certainly is. Entrepreneurs have an unmistakable bias for learning from individuals who have been through their journeys successfully, and a program like this can enable India become not just a land of Unicorns but a land of high growth and sustainable companies,” said Vaish.

The non-profit will also partner with startup incubator T-Hub in Hyderabad and KSN Global in Kochi. As per the company, discussions are also underway to partner with ecosystem enablers in other states.

The firm added that the first set of workshops have already taken place in Kochi and more have been scheduled in Hyderabad, Bengaluru, Delhi, and would soon be extended to Ahmedabad, Chandigarh, Pune, Mumbai, and Chennai.

Also read: Fundamentum Partnership launches Fund 2, raising $227 million; and 10 years of Unitus Ventures

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Should Elon Musk be able to buy Twitter?

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Startup Digest: Gupshup acquires OneDirect, Curefoods closes its $50M Series C round, BigBasket raises Rs 350 Cr, Yojak lays off 60+ employees & Sheryl Sandberg to leave Meta after 14 years

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Startup Digest brings you a quick wrap of all the news that matters.

Here are the top headlines from the startup space.

Unicorn Gupshup acquires Sequoia-backed OneDirect

Conversational engagement startup Gupshup has acquired OneDirect, an omnichannel, AI-enabled, customer service platform for an undisclosed amount.

The acquisition strengthens Gupshup’s service and enables conversational engagement with a powerful and flexible live Agent Assist solution. OneDirect enables businesses to manage customer conversations, like on SMS, WhatsApp, Instagram, Google Business Messenger, RCS, Voice, and email, using a simple and unified interface.

“OneDirect, with their proven leadership in helping leading brands transform omni-channel customer service, is a valuable addition to our Conversational Engagement Platform,” said Beerud Sheth, co-founder and CEO, Gupshup.

Also read: Coralogix to utilise Series D fund raise of $142 million for expansion in India and APAC region

Last year in April, Gupshup became a unicorn after it raised $100 million in funding from Tiger Global Management, at a valuation of $1.4 billion.

FUNDING NEWS

Cloud kitchen startup Curefoods closes its $50M Series C round

Cloud kitchen firm Curefoods has raised $50 million in its Series C funding round from a mix of new and existing investors.

With this round, the company has so far raised over $120 million in equity and venture debt. Ambit acted as the exclusive financial advisor to Curefoods.

The funds raised from the current round will be used towards the expansion of existing brands into newer geographies and the acquisition of newer brands, a statement said.

BigBasket raises Rs 350 Cr from its holding company

Tata Digital-owned Innovative Retail Concepts, which runs online grocery platform BigBasket, has received a capital infusion of Rs 350 crore from holding company Supermarket Grocery Supplies.

The capital was raised against 3.5 crore shares with each shared priced Rs 100, regulatory filings sourced from business intelligence platform Tofler showed.  Last month, BigBasket had raised Rs 1,000 crore from its holding company.

Innovative Retail Concepts was made a subsidiary of Supermarket Grocery after Tata Digital acquired BigBasket in 2021. Tata owns 4 percent stake in Supermarket Grocery Supplies that owns BigBasket. Apart from its own app and website, BigBasket now sells via super app Tata Neu also.

KB Investments, Kalaari Capital lead $13M Series A round in Eloelo

Eloelo, a creator-led social gaming and live streaming platform, has raised $13 million in Series A funding round co-led by KB Investments, Kalaari Capital, and existing investors Waterbridge Ventures and Lumikai Fund.

The round also saw participation from Convivialité Ventures and Rocket Capital.

The new capital will be used to expand the firm’s tech, product, and content teams, as well as to foster new partnerships with creators and help them reach millions of consumers, according to the company.

“We have been growing at 40 percent month-on-month (MoM) with a vision to build the future of interactive entertainment. Our Series A fundraise demonstrates the belief our current and new investors have in what we are building,” said Saurabh Pandey, Co-founder and CEO, Eloelo.

Ruraltech startup Hesa raises $2.3M in Pre-Series A round

Ruraltech startup Hesa has raised $2.3 million in its pre-Series A round led by Venture Catalysts. The round also saw participation from Venture Catalysts USA Chapter, Faad, IPV, WFC and other angel investors.

“Our primary objective is to provide a connection between financial services providers with their last-mile target consumers using a phygital approach. We will continue to expand and empower businesses to ride the rural value chain for buying and selling, leveraging our technology and human capabilities,” said Vamsi Udayagiri, Founder and CEO, Hesa.

The startup claims to have connected over 65 brands to 600,000 rural customers through 8000 partners in around 5000 Indian villages. It has tied up with brands like Wycool, BigHaat, Walmart, HDFC Life, Reliance General Insurance and Apollo Hospitals.

PumPumPum raises $2M equity after clocking 1000% growth in FY21-22

PumPumPum, a used car leasing company, has raised $2 million equity from LC Nueva Investment Partners, Founder’s room capital and Lets Venture. The round also saw participatin from Manish Agarwal, Founder and CEO, Nazara Group, and Uday Sodhi, Ex Business Head Sony Liv.

The fresh capital will help the firm accelerate its plans and vision to become India’s largest mobility leasing company.

The company claims to have recorded a 1000 percent growth in the auto segment in FY 2021-22. It is currently only present in Delhi-NCR and Bengaluru and manages and services its fleet in over 55 cities.

Indeanta bags $150K from IvyGrowth Associates and others

Electric mobility startup Indeanta has raised $150,000 in its ongoing Pre-Series A funding round from IvyGrowth Associates and a network of angel investors.

The round was led by Prateek Toshniwal, Mehul Shah, Nine Spar and others. Indeanta said it is in the process of signing MoUs to provide upwards of 15,000 three-wheelers and light commercial trucks used for deliveries across multiple cities in India over the next 3 Years.

“We are glad the investors have extended their trust, financial support and mentorship towards us. This certainly will help us achieve our ambitious plans in the pipeline,” said Aaron D’souza, founder, Indeanta.

EzeRx Health secures undisclosed sum in seed funding round

Medtech startup EzeRx Health has received an undisclosed sum in seed funding round from promoters of Mankind Pharma, including Sheetal Arora, the CEO of Mankind Pharma Limited.

The startup intends to use the fresh capital for scaling up its operations and marketing along with boosting its sales in various markets across India, Africa, and South East Asia, seeking global certifications and boosting its R&D efforts.

“This funding will help our company in securing partnerships with healthcare providers to integrate our products into their platform and partnering with hospitals and small clinics for the deployment of our products,” said Partha, Founder, EzeRx.

OTHER STARTUP NEWS

Info Edge-backed Yojak lays off over 60 full-time employees: Report

Yojak, a B2B e-commerce platform backed by Info Edge Ventures, has laid off more than 60 full-time employees over the last two months as the company scaled down its India business, according to a report by Moneycontrol.

Yojak has also laid off around 75-80 contractual workers, the report added. The company counts KAE Capital Management, and Shaadi.com’s founder Anupam Mittal among others as its backers.

Inc42 reported the development first, saying that Yojak has laid off 140 employees amid a funding crunch and that the Info Edge-backed company is looking to shut down its India operations.

Yojak joins the growing list of tech startups to lay off hundreds of employees amid a funding crunch. However, Yojak’s co-founder Rachit Garg, reportedly said that Yojak’s layoffs had nothing to do with a funding crunch and that the company is well-capitalised.

Govt lines up banks for e-commerce effort to take on Amazon, Walmart: Report

India’s effort to break Amazon and Walmart dominance of its e-commerce sector, by establishing its own open network, has begun lining up banks and other key players needed to move it forward, sources told Reuters.

Some of India’s biggest banks are in discussions about setting up “buyer platforms” to let their customers place orders for goods and services over the Open Network for Digital Commerce (ONDC), which the Central government soft-launched in April, the sources told Reuters.

ONDC Chief Executive T. Koshy said he had held talks with banks, venture capitalists and telecoms companies, but declined to name them or to comment on how far the discussions had progressed.

Sourav Ganguly joins hands with edtech startup Classplus

Ending all speculations after sending a cryptic tweet, BCCI President Sourav Ganguly has joined hands with edtech startup Classplus to promote thousands of educators and content creators.

Ganguly also took to social media to announce this initiative, upon completing 30 years in Indian cricket. In the 30-second clip, Ganguly is heard saying, “The first step towards achieving your dreams is having the right coach.”

Classplus has claimed to have digitised over one lakh educators and content creators across more than 3,000 cities serving 30 million students, assisting them in building their online presence and selling their online courses.

“With Dada (Ganguly) himself by their side, we hope to help these edupreneurs further grow their reach and take their business to newer heights,” said Mukul Rustagi, CEO and Co-Founder, Classplus.

Velocity and Adyogi launch Growth Accelerator Program for D2C brand

Velocity, a revenue based financier, has partnered with Adyogi, one of the India’s leading marketing agencies, to launch a Growth Accelerator Program which aims to solve the growth capital and digital marketing pain points for D2C businesses.

D2C brands selected for the program will receive support in the form of growth capital financing, inventory planning and optimised marketplace listings from Velocity while AdYogi will leverage its performance marketing expertise to increase marketing efficiency, a statement said.

Velocity and AdYogi have committed to 2X growth in revenues within 6 months for participants in the program, failing which both will waive their respective financing and marketing fees. As per the firm, specific focus will be on improving returns on advertising across Facebook and Google as well as marketplaces like Amazon, Flipkart and Myntra.

Stanza Living launches fully managed apartments

Stanza Living, a full-stack co-living destination, has marked its foray into fully-managed apartment space across six cities in the country, including Delhi, Gurugram, Bangalore, Hyderabad, Pune and Chennai.

Starting with an investment of $10 million, the new business category has been launched with an initial inventory of 5000 rooms. The company plans to grow this new portfolio to 1,20,000 rooms by 2026, capitalising on the $9.8 billion market opportunity, a statement said.

“After establishing a strong brand value with our fully-serviced living solutions for students and working professionals, we are excited to foray into a high-potential category like managed apartments. As India’s leading operator in this space, we have always focused on understanding the nuanced needs of diverse consumers and deploying intelligent technology to craft their living experiences. With this vertical, we will continue to set new benchmarks in consumer experience,” said Sahil Ludhani, Senior Vice President, Revenue and Growth, Stanza Living.

CoinSwitch launches crypto rupee Index CRE8

Crypto investing app CoinSwitch has launched the cryptocurrency rupee Index (CRE8), a benchmark index to measure the performance of the Indian rupee-based crypto market.

CRE8 tracks the performance of eight crypto assets representing over 85 percent of the total market capitalisation of cryptos traded in Indian rupee. The index is based on real trades on the CoinSwitch app.

Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Solana (SOL), Polkadot (DOT) and Dogecoin (DOGE) will be the eight tokens constituting the index.

“CRE8 is a demonstration of our commitment to bring more transparency to the Crypto market and equip users with a simple, easy-to-understand measure of the Indian market. The index provides a trustworthy, real-time view of the Indian Rupee-denominated Crypto market based on actual trades, enabling Indian users to make informed investment decisions,” said Ashish Singhal, Co-founder and CEO, CoinSwitch.

GLOBAL STARTUP AND TECHNOLOGY NEWS

Facebook sees 38 percent jump in hate speech; violent content rises 86 percent on Instagram in April

There has been a rise of around 37.82 percent in hate speech on social media platform Facebook and 86 percent jump in violent and inciting content on Instagram in April, according to a monthly report released by Meta.

The majority of the content in the report is based on detection by social media platforms before users reported to them.

According to the report released on May 31, Facebook detected 53,200 hate speech in April, which is 37.82 percent higher compared to 38,600 detected in March, on which the platform took action.

The report showed that Instagram acted on 77,000 violence and incitement-related content in April compared to 41,300 in March.

Meta Platforms’ Sheryl Sandberg to leave after 14 years

Meta Platforms’ Chief Operating Officer Sheryl Sandberg, whose close partnership with Chief Executive Officer Mark Zuckerberg powered the growth of the world’s biggest social network, is leaving the company after 14 years, she said in a Facebook post.

“When I took this job in 2008, I hoped I would be in this role for five years. Fourteen years later, it is time for me to write the next chapter of my life,” she wrote.

Chief Growth Officer Javier Olivan will take over as chief operating officer, Zuckerberg said in a separate Facebook post, although he added that he did not plan to replace Sandberg’s role directly within the company’s existing structure.

“I think Meta has reached the point where it makes sense for our product and business groups to be more closely integrated, rather than having all the business and operations functions organized separately from our products,” he said.

Olivan has worked at Meta for more than 14 years and has led teams handling Facebook, Instagram, WhatsApp and Messenger.

Sandberg’s departure marks an end of an era for Meta, which is shifting focus toward hardware products and the “metaverse” after years of scandals over privacy abuses and the spread of conspiratorial content on its platforms, as well as plateauing user growth on its flagship app Facebook.

Sandberg said in her post that she will continue to serve on Meta’s board after leaving the company in the fall. When asked about her next steps, she told Reuters she was focusing on philanthropy at a “critical moment for women.”

Amazon to pull Kindle out of China, other businesses to remain

Amazon said it will stop supplying retailers in China with its Kindle e-readers from Thursday and will shut its Kindle e-bookstore there next year, in the latest pullback by a US tech firm from the restrictive Chinese market.

Amazon announced the decision on its official WeChat account, saying it was adjusting the strategic focus of its operations and that its other business lines in China would continue, as per a Reuters report.

The Kindle China e-bookstore will stop selling ebooks from June 30 next year, it said, though customers will be able to continue downloading any purchased books for a year beyond that. It will also remove the Kindle app from Chinese app stores in 2024, it added.

The company said the closure of Kindle’s China business was not due to government pressure or censorship. “We remain committed to our customers in China. As a global business, we periodically evaluate our offerings and make adjustments, wherever we operate,” a spokesperson for Amazon said in an emailed statement.

“With our portfolio of businesses in China, we will continue to innovate and invest where we can provide value to our customers.”

YouTube could be liable for unauthorised uploads if slow to act, German court rules

YouTube and other platforms could have to pay copyright damages over unauthorised uploads even if the content was put online by a third party, Germany’s top court ruled.

The platforms would be liable only if they did not act quickly to block access once they had learned of illegal uploads, the court said in its ruling on Thursday.

As per a Reuters report, the case comes amid a long-running battle between Europe’s $1 trillion creative industry and online platforms, with the former seeking redress for unauthorised uploads.

Thursday’s decision involves a lawsuit filed by a music producer after video and audio recordings of an artist he owned the rights to were still available on YouTube even after the producer’s lawyer had sent a letter asking them to be removed.

No final decision was taken by the court over whether YouTube was liable, which means the case will return to the lower courts for re-examination based on the new guidelines.

YouTube said it was confident in the systems it had built to fight copyright infringement and ensure rights holders would receive their fair share.

Also read: Synaptic bags $20 million in Series B funding; Shadowfax’s growth outlook

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Startup Digest: Mu Sigma founder buys out Sequoia & General Atlantic: Report, Zilingo says working closely with major investors, BigBasket’s 10-20 min delivery

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Mu Sigma founder buys out investors Sequoia and General Atlantic: Report Data analytics firm Mu Sigma’s founder Dhiraj Rajaram has bought back shares held by the company’s investors Sequoia Capital and General Atlantic, gaining full ownership of a firm that he founded nearly two decades ago, people familiar with the development told Moneycontrol. “General Atlantic …

Mu Sigma founder buys out investors Sequoia and General Atlantic: Report

Data analytics firm Mu Sigma’s founder Dhiraj Rajaram has bought back shares held by the company’s investors Sequoia Capital and General Atlantic, gaining full ownership of a firm that he founded nearly two decades ago, people familiar with the development told Moneycontrol.

“General Atlantic and Sequoia together put $200-$300 million in Mu Sigma and they would make at least 2.5-3 times on the investment. They have been investors in the company for many years and were looking at an exit,” one of the persons cited above said.

Mu Sigma was last valued at $1.5 billion in 2013. A second source said Rajaram has no plans to raise capital from new investors. “He doesn’t need to as the firm has been profitable. They might do an IPO in the US in the near future if they need the money.”

The buyback will be funded by a mix of cash and debt. The last time around, Rajaram got a $400 million credit line against his shares from Barclays, Deutsche Bank, Standard Chartered, and Credit Suisse to buy out Ambiga’s stake, apart from a portion of the company’s cash. This credit has been repaid in full, sources said.

Zilingo says it is working closely with major investors after Temasek backs probe

After Temasek backed an investigation into Zilingo’s accounting practices, the fashion technology startup said it is working closely with its major investors and an independent firm for the probe.

“The major investors of the company authorised the board to put the CEO, Ankiti Bose, on suspension pending an investigation of the matters raised,” Zilingo said in a statement to PTI. However, it did not elaborate on the investigation. “The major investors have hired an independent firm to investigate the matter, and the company is working closely with the major investors and the independent firm for the investigation,” it said.

Also Read: Microsoft announces two new initiatives to support startups

“The major investors have hired an independent firm to investigate the matter, and the company is working closely with the major investors and the independent firm for the investigation,” it added. Proper due process has been and will be followed, it insisted.

In a strongly-worded statement, Temasek had on Tuesday stated, “We expect our portfolio companies to abide by the sound corporate governance and codes of conduct and ethics. We are, therefore, in support of the board’s investigation into the complaint as a part of good governance to safeguard the interests of the company.”

This is the second investment firm that has spoken in the favour of a strong governance framework, days after Sequoia India, also an investor in Zilingo, spoke on the subject. Sequoia Capital India’s Shailendra Singh too has stepped down from the board of Zilingo following questioning over the accounting practices of the fashion technology startup.

BigBasket ramps up qcommerce bid with 10-20 min delivery service

Joining the likes of Swiggy, Dunzo, Blinkit and Zepto, Tata group-owned e-grocery seller BigBasket has entered the quick commerce segment through its under-20 minutes bbnow and under 60 minutes bbexpress across cities.

bbnow offers 10-20-minute deliveries within a 1.5-2.5 km radius with access to inventory comprising over 3000 products. Meanwhile, bbexpress offers deliveries within an hour for consumers within a 6-km radius with a choice of over 8000 products, the firm said in a statement.

Also Read: India likely to have 250 unicorns by 2025, tweets NITI CEO quoting a report

The online supermarket firm has built a delivery network across India along with a chain of 90 offline operational stores and plans to have about 700 more in place by the year-end. The company aims to cover the entire spectrum of grocery retail including quick-commerce, physical stores, alongside online grocery sales through the main BigBasket platform, the firm added.

“Apart from consumers who plan and buy their monthly groceries from BigBasket, there is a huge user base comprising those who make unplanned purchases, top-ups and impulse purchases. For impulse and emergency purchases, the bbnow service with its 10-20-minute delivery window is a great option, and for unplanned buyers who are not in extreme haste, we have bbexpress delivery within an hour of order placement,” said Hari Menon, co-founder and CEO, BigBasket.

HealthifyMe mulls IPO in the next 24 months: Report

Health and wellness platform HealthifyMe is mulling an initial public offering (IPO) in the next 24 months even as it plans to clock an annualised revenue run rate (ARR) of $200 million around the same time, as per a report by the Economic Times.

“We are seeing a change in people’s mindset towards using behavioural change apps like HealthifyMe and we plan to touch $200 Million ARR in 20-24 months. We may think of an IPO when we reach there,” Tushar Vashisht, co-founder of HealthifyMe, told ET. The company plans to achieve $100 million ARR in the next eight months, the report added.

OYO achieves 8 lakh+ bookings; record week second time in a row

Travel technology platform OYO has crossed over 8 lakh bookings this week, a record high for 2022. At its peak, over 950 storefronts (hotels & homes) were sold out with 100 percent occupancy on April 16, the firm said in a statement.

OYO attributes the success of this milestone to its app that provides increased flexibility to today’s travellers with features like ‘Pay at Hotel’. Additionally, on average, 20 percent of the bookings were made by OYO’s Wizard members, India’s second-largest loyalty programme, it said.

Coinbase unveils NFT marketplace in limited beta

Cryptocurrency exchange Coinbase has announced that its non-fungible tokens (NFT) marketplace is now in beta version and accessible to a small set of beta testers who will be invited based on their position. The company said now anyone can check out the first version of Coinbase NFT and explore the vast collection of NFTs on the Ethereum blockchain.

Also Read: Actor Anushka Sharma joins Millet-based startup Wholsum Foods as investor & brand ambassador

“Beta testers will be able to create a Coinbase NFT profile to buy and sell NFTs using any self-custody wallet, whether that’s Coinbase Wallet or something else,” said Sanchan Saxena, vice president of product, ecosystem products, in a blog post.

“For a limited time, there will be no Coinbase transaction fees. We will eventually add fees, which will be in line with Web3 industry standards, and we will provide notice before anything changes,” Saxena added.

The company said it is starting with a small set of beta testers who will be invited based on their position on the company’s waitlist. It will start at the top of the waitlist and open access to more people over time. In the coming weeks and months, the company said it will add more features that will gradually bring the company’s vision for a web3 social marketplace to life.

CoverStack partners with Spinny to offer motor insurance to pre-owned car buyers

Insurtech startup CoverStack has partnered with online used car retailing unicorn Spinny, to provide insurance services for used cars at the time of sale.
Coverstack’s API integrations will act as a one-stop solution for Spinny providing them with a single platform where they can initiate an inspection, compare quotes between insurers as well as book a policy, the firm said.

By partnering with Spinny, Coverstack will extend its insurance-providing technology and enable a one-stop-shop for motor insurance. This hassle-free and the time-effective process will give end-to-end support to used car selling from buying up to seamless claiming.

D2C Brand Kapiva to launch operations in the UAE and US; targets Rs 100 crore global revenue in 3 years

Kapiva, a homegrown D2C Ayurvedic nutrition brand, is eyeing global expansion, starting with UAE and US. With this international expansion, the brand has set a target to reach Rs 100 crore global revenue by end of FY 2024-25.

The Ayurveda market is set to grow by $6.81 billion from 2021 to 2026, progressing at a CAGR of 15.32 percent, according to industry reports. As per Kapiva’s market research, the US market showed increasing interest in Ayurveda with the popularity of preventative healthcare in the aftermath of the pandemic which the brand aims to leverage.

Agritech startup AgNext appoints Nitin Kochhar as chief business officer

Agritech startup AgNext has onboarded business veteran Nitin Kochhar as its chief business officer to drive business expansion in domestic and international markets.

With over 16 years of experience, Kochhar has worked across sectors such as edtech, e-commerce, and logistics, among others. Prior to joining AgNext, Nitin Kochharwas working with WhiteHat Jr. as a chief business officer and building new channels to drive the growth of the organisation for global expansion. He has worked with India’s leading companies like ITC Limited, Flipkart, Shopclues, Rivigo, among others.

He will play a critical role in the development and expansion of AgNext’s business verticals, as the company continues to see accelerated demand for its offerings, a statement said.

“As a global leader, Nitin Kochhar will play a pivotal role in steering and leading sales, both in India and overseas. His extensive experience in building start-ups will be instrumental to helping AgNext scale rapidly and take our solutions and services to diverse markets,” Taranjeet Singh Bhamra, founder and CEO, AgNext, said.

GLOBAL TECHNOLOGY & STARTUP NEWS

Tesla reports $18.76 billion in revenue for Q1

Tesla beat analysts’ expectations on the top and bottom lines for Q1 2022. The world’s most valuable automaker said revenue was $18.8 billion in the first quarter ended March 31, versus estimates of $17.8 billion, according to IBES data from Refinitiv. This is up 81% from a year earlier.

Revenue from sales of its regulatory credits to other automakers jumped 31% to $679 million in the first quarter from a year earlier, helping boost revenue and profits. Its earnings per share was $3.22, beatings analysts’ estimates of $2.26. The results let Musk meet a hat trick of performance goals worth a combined $23 billion in new compensation.

Ackman gives up on Netflix, taking $400 million loss as shares tumble

Billionaire investor William Ackman liquidated a $1.1 billion bet on Netflix, locking in a loss of more than $400 million as the streaming service’s stock plunged following news that it lost subscribers for the first time in a decade, Reuters reported.

Ackman’s hedge fund Pershing Square Capital Management made an abrupt U-turn, selling the 3.1 million shares it had bought just three months ago as Netflix’s shares tumbled 35 percent to $226.19.

In January, the investor funneled over $1 billion into the streaming service just days after a disappointing forecast for subscriptions pushed the share price lower. Now the second bout of negative news about subscribers – the company said it had lost 200,000 – prompted the fund manager to turn his back on a company he had showered with praise only weeks before.

In a brief statement announcing the move, Ackman said proposed business model changes, including incorporating advertising and going after non-paying customers, made sense but would make the company too unpredictable in the short term.

Amazon, SpaceX snag NASA space communications contracts

Amazon’s satellite venture, SpaceX’s Starlink network and other satellite firms have won a combined $278.5 million in contracts from NASA to demonstrate communications in space as the US space agency moves to replace its current satellite network in orbit with privately-built systems.

According to Reuters, NASA is increasingly looking to rely on private space companies for its operations and wants to stimulate more commercial activity in areas from space communications to sending humans to orbit.

Amazon’s Project Kuiper, a planned network of over 3,000 satellites built to beam broadband internet to remote regions, won $67 million, while SpaceX’s Starlink venture, a larger satellite-internet network with some 2,000 satellites in space already, received $70 million. Each company is expected to complete the development and demonstrations of their satellites under the contract by 2025, NASA said in a statement.

Amazon opens up Prime delivery service to other retailers: Report

Amazon will let other online merchants piggyback on its Prime service to deliver goods quickly to their customers, CNBC reported. The company on Thursday launched a new service, Buy with Prime, that lets third-party merchants use Amazon’s vast shipping and logistics network to fulfill orders on their own sites, while also appealing to Amazon’s 200 million-plus Prime customers.

These websites will be able to put the Prime badge on their websites next to items that are eligible for free two-day or next-day delivery. Prime members will use the payment and shipping information stored on their Amazon accounts to place an order. Buy with Prime won’t be free for sellers, and pricing will vary depending on payment processing, fulfillment, storage and other fees.

Russia fines Google over Ukraine ‘fakes’, far-right content: TASS

A Russian court has fined Google 11 million roubles ($137,763) for failing to delete what it terms “fake” information about the conflict in Ukraine and YouTube videos produced by Ukrainian far-right groups, TASS reported.

Russia’s communications watchdog said earlier this month that it was taking steps to punish Google for “spreading fakes” on YouTube, and has previously warned the U.S. company that it would be fined if it failed to comply, part of a wider battle with foreign tech firms and media to control information flows.

Google was found guilty of committing administrative violations and fined 4 million roubles and 7 million roubles in two cases, Moscow’s Tagansky District Court said.

Uber’s Mideast unit says it’s in talks with Saudi to ease ride-hailing restrictions

Uber subsidiary in the Middle East, Careem, says it is in talks with authorities in Saudi Arabia to ease restrictions, including those that have limited driver numbers and led to long waits for rides, as per Reuters.

The oil-rich kingdom in recent years has restricted driver jobs on ride-hailing platforms to citizens, while also limiting the types of cars that can be used, introducing new fees and hitting the companies with large retroactive tax bills.

Careem chief executive Mudassir Sheikha said that, due to the changes there, the Dubai-headquartered firm could not attract enough drivers to meet demand in the kingdom but he was confident a solution would be found relatively soon.

Judge rejects ‘gag order’ for Elon Musk

Elon Musk will not be subjected to a “gag order” preventing him from discussing a lawsuit claiming he defrauded Tesla shareholders by tweeting in 2018 about taking his electric car company private, a federal judge ruled.

US District Judge Edward Chen in San Francisco agreed with Musk and Tesla that the proposed temporary restraining order appeared overbroad because it prevented Musk from speaking to “anyone” about the case, as per a Reuters report.

Chen also found no proof that letting Musk, the world’s richest person according to Forbes, talk publicly posed a “clear and present danger” or “serious and imminent threat” to a trial.

But the judge also said he plans to tell jurors at the scheduled January 2023 trial he had already ruled that Musk’s tweets were false, and made with sufficient knowledge they were false.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
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Hiring of quick e-commerce delivery execs on the rise; over 4 lakh jobs on offer

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Companies like Zomato, Swiggy, BigBasket, Shadhowfax and Ecom Express are looking to hire as online shopping continues unabated.

Despite an increase in store purchases amid waning COVID-19 infections, demand for last-mile delivery executives and supply chain personnel is on the rise among quick e-commerce companies like Zomato, Swiggy, BigBasket, Shadhowfax and Ecom Express.

In the next three months, more than four lakh jobs will be open for delivery executives in grocery, food, medicines, and apparel and fashion segments, The Economic Times reported. The openings, almost 50 percent more than last year, will be for both regular and gig workers.

Also read: One in 4 households using quick service apps for buying groceries online: Survey

Shadowfax Technologies, a network for quick delivery that collaborates with online marketplaces like Flipkart Quick, Zepto, BigBasket and Swiggy Instamart, is looking at increasing hiring of delivery agents by three times in 2022 compared with last year.

“Online and on-demand tech-backed gig marketplace for instant deliveries will drive more demand, considering the shift in purchasing behaviour,” Abhishek Bansal, Co-Founder of Shadowfax, told The Economic Times.

Also read: Explained: The flipside of instant grocery delivery services

Zomato is also looking at engaging more delivery partners, including women and transgender participants, a company spokesperson said.

The demand for executives comes on the back of a surge in online shopping. Leading online platforms are also looking at taking a number of initiatives such as setting up dark stores, engaging in instant delivery and creating hyperlocal distribution networks.

Also read: Changing risk profiles of e-commerce and startups in post COVID-19 world

Last week, food delivery major Zomato said it would be piloting a 10-minute food delivery service from next month, a move that could reduce the cost to end-customers by 50 percent.

Earlier this month, Reliance Retail said it would start instant grocery delivery with its JioMart platform. By end of the next quarter, Reliance plans to take instant grocery sales to over 200 cities and towns where JioMart is present and double the reach in the next few months.

Also read: Twitter India is hiring, to focus on country-specific products: Report

According to a report by management consulting firm RedSeer, India’s quick commerce market is set to grow 15 times to touch $5.5-billion market size by 2025. At present, the total addressable market for quick commerce in India is about $45 billion with metros and tier-1 cities driving demand.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?