Funding and Investments
Several Indian startups recently secured significant funding, indicative of continued investor interest in the market. Avataar.me received $7 million from
Sequoia India, and Pepper Content secured $4.2 million led by Lightspeed India. Razorpay is reported to be raising $100 million in a round with GIC and Sequoia, which might value the company at $1 billion. Moreover, FreshToHome is in talks to secure $130 million in funding.
E-commerce Developments
The e-commerce sector witnessed strategic moves and evolving consumer behavior. Tata Group is assessing merger and acquisition opportunities to expand its e-commerce business. Online brands are observing faster growth on their own channels and apps compared to platforms like Flipkart and Amazon. Flipkart and Walmart provided an additional $30 million to Ninjacart. There's anticipation of revamped e-gifting options for the upcoming festive season, with banks offering enticing deals on e-commerce platforms, reminiscent of an early Diwali.
Product Launches and Updates
There have been several product launches and updates across various tech segments. OnePlus Nord is set to feature Google apps, including Duo, Messages, and Phone, pre-installed. Amazfit Bip S Lite is scheduled to launch in India on July 29, and the Verge Lite has been relaunched at a price of Rs 4,999. Corning launched Gorilla Glass Victus, promising enhanced scratch and drop performance, with the Galaxy Note 20 being the first device to incorporate it. Amazon's Alexa app is undergoing a makeover, with customization tailored to user needs. Gmail has introduced new work tools, providing corporate clients the ability to edit documents and files without exiting the email service.
Market Trends and Insights
The Indian market is displaying specific trends and dynamics. Food delivery volumes have reached pre-Covid-19 peaks, according to Zomato's Deepinder Goyal. The lockdown has contributed to the rise of online spying and stalking applications, posing a risk to the privacy of unaware Indians. Meru Cabs introduced an office commute service. Investors appear cautious about young startups with Chinese capital. Furthermore, data indicates that the staff of Flipkart and Amazon are preparing for major sales events, demonstrating their dedication even amidst challenges such as Covid-19.
