Tag Archives: India
Starlink India head steps down after government order
Sanjay Bhargava, the head of Starlink India, has stepped down from his role weeks after the Indian government ordered the company to stop taking orders for the devices as it doesn’t have the license to operate in the South Asian market. In a LinkedIn post, Bhargava said he was leaving the firm for “personal reasons.” […]
Latest Flipkart financials; SBI puts $20M in Pine Labs
Two key units of Flipkart’s India business reported strong revenue growth in FY21, according to regulatory filings. While the unit that runs the ecommerce marketplace saw its revenue grow 32%, the wholesale unit clocked 25% higher revenue for the same period compared to the year before. The growth for the Indian online retail major comes […]
Flipkart's marketplace unit clocks 32% revenue growth in FY21
Bengaluru: Two key units of Walmart-owned Flipkart’s India business—Flipkart India and Flipkart Internet—reported growth of 25% and 32% in revenue from operations in FY21, respectively, according to regulatory filings sourced from business intelligence platform Tofler. The first is the wholesale unit and the second is the marketplace arm. Flipkart Internet’s operational revenue was Rs 7,840 […]
Theranos verdict: Key moments from the Elizabeth Holmes trial
Mumbai: A jury in the US found Theranos founder Elizabeth Holmes guilty of defrauding investors in the blood testing startup, convicting her on four of 11 counts. Prosecutors said Holmes, 37, swindled private investors between 2010 and 2015 by convincing them that Theranos’ small machines could run a range of tests on just a single […]
Global social commerce market to hit $1.2 trillion by 2025: Accenture
The global social commerce market will grow two-and-a-half times from $492 billion in 2021 to $1.2 trillion by 2025, with India’s market growing the fastest over this period, according to a report by consulting firm Accenture. That’s three times faster than traditional ecommerce is expected to grow over this period, the report stated. By 2025, […]
SpaceX’s Starlink to refund pre-orders in India following government order
Starlink, part of Elon Musk’s SpaceX, informed a number of individuals in India on Tuesday that it will be refunding their pre-orders, more than a month after New Delhi told the firm to stop “booking/rendering the satellite internet service” in the South Asian market without obtaining a license. In an email to those who had […]
NewQuest, Premji invest Rs 507 crore in startup iD Fresh Food
Bengaluru: Asia’s leading PE firm NewQuest Capital Partners, along with the existing investor, PremjiInvest, invested Rs 507 crore in iD Fresh Food—India’s leading fresh food startup. Early investor Helion Ventures has made an exit with a 10X return, stated the company. Kotak Mahindra Capital acted as the exclusive financial advisor to the company and Helion. […]
UPI transactions scale new peak in December 2021
Mumbai: Transactions made using the Unified Payments Interface scaled a new peak in December 2021, surpassing the previous record set in October when the value of UPI transactions crossed $100 billion for the first time. In fact, the volume and value of monthly UPI transactions have nearly doubled since the start of 2021. According to […]
State Bank of India invests $20 million in Pine Labs
Bengaluru: India’s largest lender, the , has invested $20 million in Pine Labs, the fintech startup said Tuesday without sharing any further details of the deal. The IPO-bound online payments and merchant solutions platform raised around $700 million in multiple tranches last year and was last valued at $3.5 billion. ET reported in December that […]
Curefoods makes five more acquisitions to bolster house-of-brands strategy
Mumbai: Curefoods, a cloud kitchen startup, has acquired five more brands to strengthen its direct-to-consumer play and create a house of brands on its platform. The company now owns more than 20 brands in its portfolio and will look to take it up to as many as 25 by the middle of this year. The […]
B2B etailer Geniemode raises $7 million from InfoEdge Ventures, others
Geniemode, a business-to-business cross-border e-commerce startup, has picked up $7 million in a Series A funding round led by Info Edge Ventures, the investment arm of Info Edge (India) Ltd. The fundraising, which comes within four months of the Gurugram-based firm’s $2.25-million seed round, will be utilised to scale the company’s tech platform to onboard […]
Delhi HC grants time to WhatsApp, Meta to respond to CCI
The Delhi High Court has decided not to interfere with the Competition Commission of India’s investigation into WhatsApp’s new privacy policy ahead of the tabling of India’s Data Protection Bill in the parliament.
Exotel raises $40 million for its full-stack customer engagement platform
Exotel said on Tuesday it has raised $40 million in a financing round, just three months after securing $35 million in funding, as the Bangalore-based startup demonstrates growth for its full-stack customer engagement platform in emerging markets. Steadview Capital led the startup’s Series D round. Exotel, which counts Blume Ventures and IIFL Asset Management among its […]
Unnamed firm could be worth $100M; crypto predictions for 2022
Happy New Year! ETtech Top 5 returns to your inbox today after a well-earned break. When Indian startups raised a record $36 billion in 2021 and 39 of them turned unicorns, you may have thought, like we did, “Now I’ve seen it all.” Well, a company that’s still at the idea stage—and doesn’t yet have […]
Software exporters expected to see strong revenue growth in Q3: Report
Mumbai: Software exporters are set for a weak earnings season with some of them finding their EPS growth falling to the tune of 15 per cent, despite strong revenue growth of 2.6 to 6 per cent in the seasonally weak quarter ending December, according to a report. The December 2021 quarter earnings season will begin […]
‘Technology is now allowing nations to almost walk away from globalisation’
Abishur Prakash, a geopolitical futurist at Center for Innovating the Future (CIF) in Canada, specialises in one of the most pertinent themes of our times — the geopolitics of technology. Prakash’s fifth book that recently came out — The World Is Vertical: How Technology Is Remaking Globalization — seeks to capture this defining trend. He […]
Cloud solutions will drive IT solutions for the foreseeable future
Mumbai: An increasing number of businesses-scale digital transformations and cloud delivery solutions will continue to drive growth for IT and technology services. On public cloud (hyperscaler) services, TCS and are leading the global leader-board among the major Indian service providers but there is scope for more. According to Gartner research, in 2022, global cloud revenue […]
Groyyo gets $4.6 million seed funding from Alpha Wave, others
Groyyo, a business-to-business manufacturing and automation company, has raised $4.6 million in a seed funding round led by Alpha Wave Incubation, a startup incubator managed by Falcon Edge Capital. Sparrow Capital and Stride Ventures participated in the fundraising, as did angel investors like Bain & Co.’s Deepak Jain and Arpan Seth, Oyo’s Maninder Gulati and […]
Flipkart website, app down for some users in India
Flipkart’s website and mobile app were down for some users on Monday. While some users saw an error message on the app and website home page, others had difficulty accessing their orders and shopping cart. ETtech A comment from the company is awaited. This is a developing story. More details awaited. Trusted by Industry Leaders […]
Small firms lead etail penetration; creators will fuel Web3 in 2022
Happy New Year! ETtech Morning Dispatch is back and raring to go after a week-long break. As part of a series we are calling 20:22 Vision, we take a look at the trends that will shape ecommerce, Web3 and crypto in India this year. The country’s ecommerce market has long been dominated by two platforms—Amazon […]