Saturday, December 28, 2024
Home Blog Page 16

No Grounds for Investigation: CCI Reportedly Clears Zepto, Blinkit, and Instamart

By
Online Desk
-
0
Image of zepto and blinkit
No Grounds for Investigation: CCI Reportedly Clears Zepto, Blinkit, and Instamart

In a great relief to quick commerce giants Zepto, Blinkit and Instamart, the Competition Commission of India (CCI) reportedly hasn’t found grounds for investigation into their businesses. 

This is as no player in the quick commerce category prima facie holds a dominant position. 

Competition Commission of India Finds No Grounds for Investigation 

Sources told NDTV Profit that the Competition Commission of India (CCI) looked into the complaints against prominent 10 minute delivery companies and found no evidence of any wrongdoing. The commission is reportedly of the view that the segment is quite new and emerging and hence any interference by its part might stifle innovation. The CCI usually takes up cases suo moto, but has apparently declined to launch an investigation in this case as it doesn’t see any merit in the allegations against these firms. 

Continue Exploring: Elon Musk’s Tesla Considers Comeback to India, In Talks with DLF for Showroom Space

As aforementioned, the quick commerce domain is an emerging market and there are several players vying for lucrative market share, further no single player seems dominant right now. As such, the CCI isn’t moving forward with any investigation. 

Allegations of Predatory Pricing 

Earlier the All India Consumer Products Distributors Federation which represents four lakh retail distributors, had shot a complaint to DPIIT alleging predatory pricing on the part of quick commerce companies by offering deep discounts. 

Continue Exploring: Luxury jewellery brand Giva registers 66% revenue growth to INR 274 Cr

The department had then reportedly forwarded the complaint to the CCI which has now reportedly declined to launch an official investigation. 

Advertisement

Amazon Takes on the Quick Commerce Boom with 15-Minute Delivery Service in Bangalore

By
Online Desk
-
0
Image of amazon
Amazon Takes on the Quick Commerce Boom with 15-Minute Delivery Service in Bangalore

Amidst the boom in quick commerce segment, Amazon is debuting with a 15 minute delivery service in the city of Bangalore in a few weeks. 

This was announced by the company’s senior vice president for India and emerging markets Amit Agarwal. 

Amazon’s Ambitious Debut in the Quick Commerce Market 

In an interview with ET, Agarwal explained: “Our goal remains the same, which is that we want to offer the largest selection of products to the largest customer base at the fastest speeds…we do recognise that our urban customer base is keen on getting a small selection of products, mostly everyday essentials, delivered faster”. Acknowledging the importance and significance of rapid delivery services, he discussed the macroeconomic implications of the same & Amazon’s strategy. 

Continue Exploring: Lenskart to invest INR 1,500 crore in Telangana for a mammoth eyewear manufacturing plant

Not wanting to lose out on the quick commerce boom, Amazon had earlier announced that India would be the first market where they’d launch a 15-minute delivery service. Amazon reportedly plans to launch with 1000 to 2000 products in the quick delivery service in Bengaluru and then scale it to different cities of India. The same has been code named “Tez” internally. 

Rising Competition in the Quick Commerce Category 

Amazon’s highly anticipated foray into the quick commerce sector comes hot in the heels of Flipkart’s recently launched “Minutes” service. The category is however dominated by three players, namely: Zomato-owned Blinkit, Swiggy Instamart, and Lightspeed-backed Zepto. 

Continue Exploring: India’s Retail Boom Drives Mall Vacancy Drop to 8.3%

The competition in the segment is heating up with new entrants like BigBasket’s BB Now and Reliance Retail’s Jio Mart.

Advertisement

Paytm’s Vijay Shekhar Sharma: Only AI-Focused Startups Will Thrive in the Future

By
Online Desk
-
0
Image of Paytm
Paytm’s Vijay Shekhar Sharma: Only AI-Focused Startups Will Thrive in the Future

Paytm founder and CEO Vijay Shekhar Sharma opined that startups that are not working on technologies that can replace humans in workflow would get left behind. 

Speaking at the Rising Rajasthan Global Investment Summit, Sharma offered compelling insights into the future of AI adoption and its implications on the broader economy. 

Paytm Founder Opines on AI 

When asked if his company Paytm is looking into technologies that would replace humans in the workflow, he said: “We will need to hire more … to provide technology support. Technology companies will become stronger with the adoption of tech”. 

Continue Exploring: FirstCry narrows loss to INR 62.85 Cr, revenue jumps 26.7% 

He emphasised the fact that startups that are not actively looking into technologies that would replace humans in the workflow would not stick around in the long run. AI, he believes would eventually replace humans in a lot of fields. He continued: “If you are not building a startup that removes the obligation of a human’s workflow, you’re not building a company that will be surviving after five years”. 

AI’s Impact on the Economy 

On the impact of AI & it’s future, Sharma said: “Machines will take care of processes and systems that typically humans do. Most ambitious person in this room will take an ambition of removing 100 thousand people off the load of the work. That is the power of AI that you are expecting. If you are not building for that then you are building mediocre stuff”

Continue Exploring: Flipkart to create 600 jobs with new FSC centre in Indore

The entrepreneur gave several thought provoking remarks about AI’s future descriptive effects on the economy and society that are sure to be food for thought for people in India and abroad. 

Advertisement

Zepto HR Chief Martin Dinesh Gomez Resigns from Position

By
Online Desk
-
0
Image of zepto
Zepto HR Chief Martin Dinesh Gomez Resigns from Position

Zepto’s chief human resource officer (CHRO) Martin Dinesh Gomez has reportedly resigned from his position at the quick commerce company. 

An 11 year veteran at Amazon, Gomez had been with Zepto for less than a year. He has previously been associated with Thomson Reuters, Microsoft, and Accenture. 

Zepto Leadership Shake-Up as Gomez Departs

A source familiar with the matter told Moneycontrol: “Martin is currently serving his notice period and will leave Zepto in a few weeks. In the interim, Aadit Palicha (co-founder and CEO) is handling HR operations and is involved with the hiring and other related tasks. 

Continue Exploring: IHG Hotels to expand in India with new Vignette Collection brand

CEO Palicha & Zepto’s Chandan Mendiratta would together be taking on the responsibilities formerly held by Gomez. Mendiratta was with Zomato heading the brand marketing unit, before he joined Zepto. He now holds several key leadership positions in the company. 

Martin Dinesh Gomez Joins a Growing List of Key Executives Leaving Zepto

Several important position holders in the startup have left the company in recent months & Martin Dinesh Gomez’s resignation comes as the latest in a series of departures. 

Continue Exploring: IndiaMART strengthens ties with Mobisy Tech, focuses on SaaS market

A while back Manik Oberoi, former VP, Growth and Retention at Zepto left the company and, earlier Viral Jhaveri, ex chief business officer and chief growth officer had quit his position. Additionally, Ashish Shah, former Senior Vice President (SVP) of Finance also left the organisation. 

Advertisement

Elon Musk’s Tesla Considers Comeback to India, In Talks with DLF for Showroom Space

By
Online Desk
-
0
Image of tesla

Tech giant Tesla reportedly intends to enter the Indian market, and is actively looking for real estate with the help of DLF in the Delhi NCR region. 

Tesla CEO Elon Musk had previously cancelled  plans to debut in the Indian market. 

Tesla Eyes Operational Space in Delhi NCR

India’s largest property developer DLF is reportedly in discussions with Tesla to help it secure operational space in the Delhi NCR region. Musk had earlier axed his visit to India, where he was expected to announce a $2-3 billion investment. This came in the backdrop of a dip in sales figures and a consequent 10% reduction in its workforce. Reportedly, the Elon Musk led EV behemoth is exploring options around DLF Avenue Mall in southern Delhi and Cyber Hub in Gurugram. 

Continue Exploring: How FMCG food packaging is transforming sustainably to meet consumer preferences?

Reuters reports that Tesla wants to set up a consumer experience centre and is looking for a 3,000 to 5,000 square feet showroom for the same. Tesla is also considering other real estate developers. The source told the outlet: “Tesla’s search is still exploratory and nothing has been finalised”

India’s Attempts to Build its EV Industry 

Tesla’s highly anticipated entry in India has been delayed due to several issues, including super high import tariffs. However, potential opportunities remain, like new government policies allowing reduced duties of 15% on certain EV imports. The Indian government has also been reportedly adjusting its policies to attract global auto manufacturers. 

Continue Exploring: Indian Pharma Sector Sees 9% YoY Growth in November, Driven by Price Surge and New Launches

This is important, considering the fact that the Indian EV industry currently holds a minuscule 2% share of total auto sales. The government wants to expand this to 30% and beyond. Tesla’s foray into India could be extremely lucrative for the company and also be a boost for India’s growing EV industry. 

Advertisement

Indian Pharma Sector Sees 9% YoY Growth in November, Driven by Price Surge and New Launches

By
Online Desk
-
0
Image of medicine
Indian Pharma Sector Sees 9% YoY Growth in November, Driven by Price Surge and New Launches

The pharmaceutical industry of India had a phenomenal month in November where it saw a 9% year-on-year growth driven by a surge in prices and the launch of new products. 

Fresh data from data from AIOCD-AWACS indicates robust growth for the sector, which has been a key industry in India’s growth story. 

Fantastic Figures for the Indian Pharma Sector 

Every segment of the industry barring two saw impressive growth. Derma received an amazing 15.8% growth followed by Cardiac at 11.7%. Gastro and Anti-diabetic saw 11% & 10.1% growth respectively. Volume grew 1.8% in November 2024 as opposed to negative 4.5% a year back. Prices too grew at an increased pace this year. These figures paint an optimistic picture for the industry in the short to medium term. New launches increased 2.7%, and the same has been cited as a key catalyst for the growth in the pharmaceutical industry. 

Continue Exploring: Sleep-deprived CEO: Wakefit’s #Gaddagiri campaign targets Zomato’s Deepinder Goyal

The best performers and the weakest firms

At the topmost spot Alkem Laboratories Limited, registered an impressive growth figure of 15.9%, propelling it at the top of the pack. Next, Glenmark Pharmaceuticals Limited also turned out fantastic figures at 15%. On the other hand, Dr Reddy’s Laboratories Limited boasted a 12.5% rate of growth. Abbott India and Sun Pharmaceuticals also performed above the industry average and returned great figures. While several other firms returned figures that were around the industry average.

Continue Exploring: OreGin: India’s first Kinnow-based Gin expands market reach

However, there were several firms that underperformed the industry average and returned disappointing figures. These included: Cipla Ltd. which saw a dip with a growth of 8.2%, while Lupin Ltd. followed closely at 8.1%, and Zydus Lifesciences Ltd. lagged behind with 5.9%. Other companies like Emcure (1.1%), Pfizer India (5%), Sanofi India (3.5%), JB Chemicals (6.6%), and Indoco Remedies (7%) also reported weaker growth compared to the overall average.

Advertisement

Flipkart’s super.money leapfrogs Amazon Pay in UPI transactions 

By
Online Desk
-
0
Image of UPI
Flipkart’s super.money leapfrogs Amazon Pay in UPI transactions 

Fintech juggernaut super.money backed by Flipkart zoomed past Amazon in number of UPI transactions setting an impressive feat. 

This achievement now places it seventh in the list of top largest players in the UPI ecosystem according to government figures. 

super.money does amazing numbers in the UPI game 

super.money facilitated 78.49 million transactions worth INR 3,130.10 Cr in the last month alone, signalling a new entrant in the fiercely competitive UPI market. Additionally, it towered above the figures of UPI players like WhatsApp and FamApp, and extended its lead over Groww, MobiKwik, BHIM and Jupiter Money. However, the top three players in the ecosystem seem firmly entrenched in their respective positions. 

Continue Exploring:IndiaMART strengthens ties with Mobisy Tech, focuses on SaaS market

Despite a drop in monthly numbers, PhonePay retains its top spot as India’s most used UPI platform. Similarly, the number 2 & 3 performers also saw a decline in numbers, with Google Pay reporting 5.7 Bn UPI transactions in November, while 1.1 Bn transactions were facilitated by Paytm in the same timeframe. 

This drop in numbers plagues the overall UPI market, with transactions dipping 6.6% month-on-month to 15.48 Bn in November and the value of transactions plummeting 8.3% to INR 21.55 Lakh Cr. 

Ambitious targets & a feature rich platform 

The birth of the Flipkart backed platform was accompanied by an ambitious target of facilitating 100 million monthly transactions by December 2024, & the CEO Prakash Sikaria believes it would comfortably reach the same. 

Launched in August, it began with small numbers to eventually make it into the top 10 players of the market. 

Continue Exploring: India’s Gold demand surges to 50 times production in 2023

Besides UPI, the platform also includes a whole host of additional features like a Fixed Deposit offering, with a super low booking amount of INR 1000 & interest rate as high as 9.5%. Moreover, it launched an affordable credit card offer with attractive price options

Advertisement

Lenskart to invest INR 1,500 crore in Telangana for a mammoth eyewear manufacturing plant

By
Online Desk
-
0
Image of lenskart
Lenskart to invest INR 1,500 crore in Telangana for a mammoth eyewear manufacturing plant

Lenskart is on the verge of making a huge investment in Telangana worth INR 1,500 crore with its largest eyewear manufacturing plant. 

The Gurugram based company has signed a MOU (memorandum of understanding) with the Government of the state of Telangana. 

Investment Promises to Create Thousands of Jobs 

An announcement to this effect was made on X by state IT and industries and commerce minister Duddilla Sridhar Babu, who wrote: “Lenskart would be setting up the world’s largest eyewear manufacturing facility in Telangana with an investment of around Rs 1,500 crore. The facility will produce eyewear, lenses, sunglasses, as well as accessories and other products catering to India, along with exports to other markets in Southeast Asia and the Middle East” 

Continue Exploring: Novel Jewels to invest INR 5000 Cr in opening 100 stores across India

This incredible injection of capital promises to turbocharge the economy of the state, and the same was reflected in the statement of the minister, “The plant will create around 2,100 jobs, and there are purported discussions around an R&D plant being set up. This is a testament to our policy that ensures speed and ease of business for companies”

Lenskart Boasts Impressive Financials 

A major US firm set the valuation of the eyewear company at a whopping $5.6 billion, representing a substantial jump from earlier figures. Furthermore, in the current financial year, the company managed to achieve an annual revenue run rate of $1 billion. Secondary investment from Singapore’s state-owned investment firm Temasek and Fidelity provided $200 million for the Indian company. Additionally, it managed to raise $1 billion in capital in a time span of a couple of years. 

Continue Exploring: Luxury fragrance brand Nisara enters UAE with Beauty Brands Global

Lenskart has witnessed exponential growth, with the count of its stores reaching 2,500, of which 2,000 are in India. To further expand its business, the concern has made some notable acquisitions, including Tango Eye, an artificial intelligence-based computer vision startup & Owndays, which was acquired at an estimated sum of $400 million.

Advertisement

India’s Retail Boom Drives Mall Vacancy Drop to 8.3%

By
Online Desk
-
0
Image of mall
India’s Retail Boom Drives Mall Vacancy Drop to 8.3%

Mall vacancies plummet to 8.3 per cent, down from 15.5 per cent in 2021, as India’s retail sector sees incredible growth amid positive macroeconomic conditions. 

A boom in consumer demand has brought about this surge in supply addition, which according to a report by Anarock will sustain for the foreseeable future. 

Supply addition follows sustained surge in demand 

Commenting on these developments, Anuj Kejriwal, CEO and MD-Retail, Industrial and Logistics, Anarock Group said: “Vacancy in prominent malls continues to be on the decline owing to limited supply and robust leasing. Superior malls across the country are operating almost full capacity”

Continue Exploring: D2C baby care brand Chicco to open 40 outlets in India by 2027, doubling turnover

Amidst all this surge in supply addition, the apparel and accessories and food & beverages segment retains the lion’s share of the pie. On the other hand, smaller segments like that of watch and jewellery exclusive stores have also witnessed impressive growth this year with close to 6% of the total retail leasing volume. 

Metro cities account for a lion’s share of planned supply 

In terms of geography, the largest share of planned supply addition is in Delhi NCR, Mumbai & Hyderabad. These three metros account for a mammoth 85% of the planned supply. However, rental values in prominent high streets are also witnessing a strong surge in prices. Kejriwal also added: “Retailers and brands continue to prefer smaller spaces as nearly 70 per cent of the leases were for spaces ad-measuring up to 2,500 square feet” 

Continue Exploring: Vegetarian Thali prices climb 7.2%, Non-Veg Thali sees 1.8% surge: Report

This growth is a fantastic opportunity for national & international brands to capitalise on, as consumer demand continues to be higher than supply.

Advertisement

Flipkart receives internal approval to shift domicile from Singapore to India ahead of IPO

By
Online Desk
-
0
Image of flipkart
Flipkart receives internal approval to shift domicile from Singapore to India ahead of IPO

Flipkart has reportedly received an internal nod to shift its domicile from Singapore to India in a major move. 

This development comes in the backdrop of its upcoming initial public offering (IPO). The company is going public in 2025 or early 2026 with a clear timeframe to effectuate the same. 

Flipkart’s Upcoming IPO

The upcoming shift in domicile is a crucial step in its listing in the Indian market. The same is expected to bring rich tax benefits to the Indian government. Discussions to re-domicile its parent entity from Singapore to India began in May for Flipkart. Flipkart Pvt Ltd, which is currently based in Singapore works through several complicated arrangements and this move is set to bring much needed simplicity in its structure and operations. 

Flipkart was acquired for a whopping $16 billion in 2018, and has since then planned to take the e-commerce giant public. 

Continue Exploring: D2C baby care brand Chicco to open 40 outlets in India by 2027, doubling turnover

In this context, Walmart International President and CEO Kath McLay stated, “We have seen a growth in some premiumisation and that is, kind of, lifting the profile of the Flipkart business. And so it (Flipkart) is on track for the growth trajectory that we had them on. And we are looking and exploring when will be the right time to IPO that business.” 

Flipkart Produces Impressive Financial Performance 

Flipkart India’s B2B division saw a 26% increase in operating revenue, reaching INR 70,541.9 crore for the year ending March 2024. Meanwhile, Flipkart Internet, the company’s marketplace arm, grew its revenue by 21% to INR 17,907.3 crore in FY24. 

Continue Exploring: Titan Company premiumizes watch line, base price now INR 3,000

The company also reduced its losses by 41% year-on-year, bringing them down to INR 2,358 crore for the same period. These figures reflect the robust performance of the popular e-commerce platform.

Advertisement
1...151617...1,224Page 16 of 1,224