BUSINESS
Amazon skips India update, warns of slowdown in global cloud business
Amazon has already shut units like Amazon Food in India and also announced that Amazon Academy would be closed down in a phased manner, starting August 2023
BUSINESS
Oyo turns cash flow positive in Q4, ends FY23 in black as it gears up to go public
Oyo, which refiled its draft red herring prospectus (DRHP) with the SEBI under the recently introduced pre-filing route in March 2023, was sitting on a cash reserve of around Rs 2,700 crore, according to the presentation.
BUSINESS
Sequoia-backed fintech Razorpay to integrate with ONDC
Razorpay is the second large fintech startup that has joined the ONDC this month, after Walmart-owned PhonePe went live on the open network in April. Noida-based Paytm was among the first few companies that went live on the ONDC.
BUSINESS
ONDC aims at 5-fold rise in India's digital consumption to $340 billion: McKinsey
ONDC aims to increase the penetration of e-commerce to 25 percent, from about 4-5 percent currently, in the next two years by reaching 900 million buyers and having 1.2 million sellers likely having a gross merchandise value (GMV) of $48 billion.
BUSINESS
The layoff story at Koo: Hush-hush agreements, but nothing written, led to forced resignations
The Tiger Global-backed startup has trimmed 30% of its 260-member workforce, or about 80 employees, over the past year or so.
BUSINESS
VC funds flow to startups dries up 25% in first quarter of 2023, says KPMG
The latest figure was also the joint-lowest since the second quarter of 2018, when Indian startups raised $1.7 billion.
BUSINESS
Tiger Global-backed Koo trims workforce by 30%
Founded in 2020 by Aprameya Radhakrishna and Mayank Bidawatka, Koo has so far raised over $70 million from investors like Accel, Blume Ventures, Kalaari Capital, 3one4 Capital and others.
BUSINESS
Furniture rental startup Rentomojo hit with data breach
The company said it is weighing all options, including legal routes to minimise the impact of the breach.
BUSINESS
Swiggy launches Maxx to offer e-commerce-like experience in an hour
The pilot currently delivers only to certain regions of Bengaluru, and Swiggy is understood to expand to other regions and categories based on the results it yields from the current foray.
BUSINESS
Blinkit mess: Quick-commerce rivals feast on as sales surge, marketing costs drop
New users are unlikely to remain on the platforms as consumers tend to shift back to their go-to app whenever things get back to normal, said some executives, unless Blinkit fails to resolve the issue this week
