BUSINESS
Competitive intensity is coming down in quick commerce: Zomato
At a time when more than 5,000 employees are said to have been fired across the tech startup ecosystem, Zomato said that it does not have any plans to cut its headcount. But it is not going to increase its employee strength also.
BUSINESS
Young talent still open to joining startups but are asking more questions amid layoffs, funding freeze
Over the past few months, startups have laid off thousands of employees after a boom year in which they received multiple job offers and been hired for sky-high salaries and with offers of incentives like BMW cars. Layoffs and shutdowns have become the norm in the face of a funding crunch
BUSINESS
Meesho to join Open Network for Digital Commerce; plans to take on Amazon, Flipkart with branded offerings
Meesho Mall move is significant as the Bengaluru-headquartered company has previously only focused on the non-branded segment and the price-over-convenience market
BUSINESS
Amazon launches Smart Commerce, aims to to transform local stores into digital dukaans
Amazon plans to digitise one crore small businesses across the country by 2025.
BUSINESS
D2C brand BlissClub raises $15 million in Series A led by Eight Roads Ventures, Elevation Capital
The startup will use the funds to build its app, for research and development, marketing and expand its 70-member team
BUSINESS
Polygon launches fellowship program in India for Web3 developers
Polygon hosts over 19,000 decentralized apps (dApps), with over 135 million unique user addresses, and boasts over $5 billion in total value locked-in (TVL).
BUSINESS
Coinbase to go slow on hiring, drops plans to triple size of company
Coinbase had launched its Indian tech hub in 2021 which currently has over 300 employees. Chief executive officer Brian Armstrong had then written that the crypto exchange will continue to invest heavily in the India hub.
BUSINESS
Are 10-minute deliveries failing?
The much hyped yet disputed ‘10-minute delivery’ concept seems to have been relegated backstage with a new battle brewing among quick commerce and food-delivery players for delivery agents.
BUSINESS
Swiggy resumes Genie, but long distance deliveries still not available
The food tech and quick commerce players have been dealing with attrition and dearth of delivery executives which has turned out to be a bigger problem for these players.
BUSINESS
Smytten raises Rs 100 crore led by Fireside and Roots Ventures
The company is currently clocking an annual recurring revenue of Rs 150 crore and plans to grow it up to Rs 500 crore in the next 12 months.
BUSINESS
Crypto Crash: Young and old investors alike navigate tough times
Despite the lack of regulations in India, many chose to invest in cryptos in the hopes of getting returns that are higher than any other asset class.
BUSINESS
Swiggy buys Times Internet’s restaurant tech platform Dineout
Swiggy did not disclose the size of the deal and said that Dineout would continue to operate as an independent app.
BUSINESS
Food tech companies getting more orders; thanks to IPL, office reopening
Delivery is becoming a concern among companies including Swiggy and Zomato due to a high churn rate.
BUSINESS
ApnaKlub raises $10 million from Tiger Global
Seller-focused startup ApnaKlub earlier raised $4 million from Sequoia India’s Surge, Blume Ventures, Whiteboard Capital and Flourish Ventures in August 2021.
BUSINESS
Indian crypto industry seeks dialogue with Govt on 28% GST blow
The industry is currently considering its options and is hoping to approach the government for talks on reconsidering the tax rate.
BUSINESS
E-commerce enabler GoKwik raises $35 million in Series B funding round
Founded in 2021 January by Chirag Taneja, Vivek Bajpai and Ankush Talwar, GoKwik helps direct-to-consumer brands to personalise shopping experience for consumers.
BUSINESS
Coinbase CEO Brian Armstrong: Disabled UPI because of informal pressure from the RBI
The Nasdaq-listed company clocked a revenue of $1.17 billion for the first quarter and reported a quarterly net loss of $430 million, compared with a profit of $840 million in the fourth quarter.
BUSINESS
Swiggy halts Genie operations in multiple cities
"The cricketing and festive season has resulted in a surge in demand for servicing the requirements for both the food marketplace and Instamart," said a Swiggy spokesperson
BUSINESS
Crypto exchange CoinDCX rolls out venture arm aiming to invest in Web3 startups
CoinDCXVentures has invested in seven Web3 startups including Web3 social network Taki, notification protocol EPNS, and cross chain solution Router Protocol.
BUSINESS
Quick commerce market faces some fast facts
From restaurant aggregator Zomato’s 10-minute delivery to grocery delivery firm Zepto’s 10-minute food delivery service Café, the segment has seen some moves that change its underlying dynamic.
BUSINESS
Josh Talks raises $3.5 million led by Ankur Capital and others
Founded in 2015, Josh Talks has an average of 85 million monthly views across platforms and has forayed into interactive educational courses
BUSINESS
Zomato founder Deepinder Goyal to donate ESOP proceeds worth Rs 700 crore to Zomato Future Foundation
It comes at a time when Zomato has started its 10-minute delivery and is riding on Blinkit for its quick commerce.
BUSINESS
User retention is flat post 40 minutes, 95% of Indian grocery basket can be covered in 10 minutes: Zepto founder and CEO Aadit Palicha
Zepto's strong operating and execution chops soon saw investor interest and steep valuations amid the funding boom in Indian startups.
BUSINESS
Zepto, a 10 -minute grocery delivery app, raises $200 million at a valuation of $900 million
The startup was in fact looking to raise at a $1 billion valuation, which would have given it the unicorn status, but this didn't come through.
