Funding and Investments
Several Indian startups recently secured significant funding. Pepper Content, for instance, received $4.2 million in funding led by Lightspeed India. Avataar.me
secured $7 million from Sequoia India. Razorpay is in a $100 million round, potentially reaching a $1 billion valuation, with GIC and Sequoia involved. Wekan plans to incubate and fund 20 Indian startups. FreshToHome is also in talks for a fresh $130 million funding round. These investments highlight the continued interest in the Indian startup ecosystem and the potential for growth and expansion.
E-commerce Strategies Evolve
E-commerce platforms are preparing for major sales events, with Flipkart and Amazon staff working hard despite ongoing challenges. Additionally, there are policy updates to revamp e-gifting options ahead of the upcoming festive season. Online brands are also witnessing higher growth through their own channels and apps, outperforming their presence on platforms like Flipkart and Amazon. Flipkart and Walmart delivered an additional $30 million to Ninjacart, indicating continued investment in the supply chain.
New Product Launches
The technology sector sees the launch of several new products. OnePlus launched the Nord with 6 cameras, priced at Rs 24,999, which became available on August 4. The OnePlus Nord is also slated to receive a Google twist, with pre-installed Duo, Messages, and Phone apps. Spotify is expanding beyond audio content, with a video feature for podcasts. Amazon’s Alexa app is also getting a makeover, designed to suit individual user needs. In the audio segment, Sennheiser's Momentum True Wireless 2 and Sony WF-XB700 earbuds were released, offering enhanced features and battery life.
Other Developments Noted
Other significant business happenings include Meru Cabs launching an office commute service. Tata Group is evaluating merger and acquisition opportunities to scale up its e-commerce play. Gmail is introducing new work tools for corporate customers, allowing document and file editing without leaving the email service. Furthermore, food delivery volumes in India have reached pre-Covid-19 peaks, as reported by Zomato’s Deepinder Goyal. LTTS reported a 6% year-on-year profit fall to Rs 303 crore, though revenue increased by 10%.
