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Vijay Agicha Steps Down as Chief Investment and Transformation Officer at PayU

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Vijay Agicha Steps Down as Chief Investment and Transformation Officer at PayU

Vijay Agicha, who served as the Chief Investment and Transformation Officer at Naspers-backed PayU, has resigned from his position, according to sources familiar with the matter. 

Agicha is reportedly considering a move to an investment firm, where he is expected to focus on fintech investments.

A string of leadership departures at PayU in recent months

His exit follows a string of leadership departures at PayU in recent months. Earlier this year, Suresh Rajagopalan, former CEO of PayU-owned Wibmo, which provides authentication services for digital payments, also left the organization.

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“Vijay has been a driving force behind four major acquisitions and has contributed significantly to shaping a robust fintech ecosystem through strategic minority investments during his tenure. As he moves on from PayU, we extend our best wishes for his future endeavors,” said a PayU spokesperson.

PayU seeing a big leadership change 

PayU has been undergoing significant leadership changes since selling its global operations to Israeli fintech provider Rapyd in August 2023.

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In September 2023, PayU’s longtime Global CEO Laurent Le Moal stepped back from his operational role, transitioning to an advisory position for Prosus and PayU. Around the same time, Global CFO Akash Moondhra and PayU Finance CEO Prashanth Ranganathan also left the company.

These changes came amid broader shifts at Prosus and its parent company Naspers. Bob van Dijk, who had served as CEO of both entities for a decade, announced his departure in September 2023. He was succeeded by Fabricio Bloisi in March 2024.

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PharmEasy’s Valuation Plummets Amid Financial Struggles: Report

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PharmEasy’s Valuation Plummets Amid Financial Struggles: Report

PharmEasy, once a high-flying online pharmacy with a peak valuation of $5.6 billion, is now estimated to be worth just $456 million, marking a sharp decline. 

This significant drop followed a filing by investor Janus Henderson, revealing a substantial devaluation of its shares. Janus Henderson’s 12.9 million shares in PharmEasy were marked down to $766,043, a sharp fall from their initial purchase price of $9.4 million.

PharmEasy’s Concerning Financials

The downturn is reflected in PharmEasy’s financials. Its parent company, API Holdings, posted a staggering loss of Rs 2,533 crore for the fiscal year 2024 (FY24), a 15% drop in revenue to Rs 5,664 crore compared to Rs 6,644 crore in FY23. While revenue suffered, the company managed to reduce its losses by over half, largely due to significant cuts in goodwill impairment charges.

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Despite having raised over $1 billion in funding to date, PharmEasy has faced mounting financial pressures. These difficulties were exacerbated when the company postponed an $843 million IPO that was initially scheduled for November 2021. 

A $300 Million Loan

To weather the storm, PharmEasy turned to debt financing, securing a $300 million loan from Goldman Sachs, which later became difficult to repay. In 2023, the company issued a rights offering to raise capital, successfully raising around $417 million.

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A more recent filing from April 2024 indicates that PharmEasy also raised approximately $216 million, with support from the Manipal Education and Medical Group, along with existing investors.

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Swiggy Instamart’s 2024 Report: Big Spenders, Unique Purchases, and Everyday Essentials

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Swiggy Instamart’s 2024 Report: Big Spenders, Unique Purchases, and Everyday Essentials

Swiggy Instamart’s annual report for 2024 paints a vivid picture of how Indians embraced quick commerce in their daily lives. From stocking up on groceries to splurging on gold coins and gadgets, customers across the country made Instamart a go-to destination for both routine and extravagant shopping.

Big Spenders Lead the Pack

Two prolific shoppers from Delhi and Dehradun together spent over ₹20 lakh on Instamart this year, filling their carts with everyday essentials like atta, milk, and cooking oil.

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Top Picks Across India

Milk was the undisputed favorite of the year, featuring in 1 out of every 15 orders nationwide. Other popular items included curd, dosa batter, chips, and soft drinks. Fruits and vegetables made up a significant chunk of orders, appearing in 20% of all baskets.

The year also saw some interesting spending patterns:

Pet Pampering in Mumbai: A devoted pet owner spent more than ₹15 lakh on dog and cat food, leading the pet care category.

Tech Splurge in Chennai: One shopper spent ₹1,25,454 on gadgets, including gaming earphones and a hair straightener.

Mango Madness in Hyderabad: A mango lover shelled out ₹35,000 during May, stocking up on the king of fruits.

Gold Rush in Ahmedabad: A customer set a record by spending ₹8,32,032 on gold coins during Dhanteras.

Poker Parties in Delhi: Diwali celebrations in the capital featured poker chip purchases totaling ₹4,60,000.

Tonic Water Craze: Mumbai saw a single-day purchase of tonic water worth ₹8,20,360, while a Goa resident spent nearly ₹35,000 on tonic water over the year.

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Swiggy Instamart’s 2024 data highlights the growing role of quick commerce in both everyday convenience and indulgent spending, reflecting the evolving shopping habits of Indians.

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India’s CCI Fast-Tracks Investigation Into Apple’s Business Practices

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India’s CCI Fast-Tracks Investigation Into Apple’s Business Practices

India’s antitrust body, the Competition Commission of India (CCI), is moving swiftly to advance its investigation into Apple’s business conduct, following a decision to grant major tech companies access to confidential details prior to the final hearing in the case.

The CCI has accused Apple of using its dominant position in the market to violate competition laws, a charge that, if proven, could result in a significant penalty for the tech giant.

CCI Establishes a “Confidentiality Ring”

In a recent development, CCI agreed to establish a “confidentiality ring” before proceeding with the final hearing, according to sources familiar with the matter. This step is part of the regulatory body’s efforts to streamline the case.

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The final hearing is expected to begin early next year, with Apple and other select parties granted access to sensitive information related to the probe under the confidentiality ring arrangement. Apple will then likely be given four weeks to review the information and submit a response.

What Does the Confidentiality Ring Do? 

The confidentiality ring ensures that confidential data is handled properly throughout the investigation process, allowing for quicker resolution of cases. As part of this process, Apple and other involved entities will be allowed to inspect the probe documents and potentially receive certified copies. The investigation, initiated in 2021, revolves around Apple’s in-app purchase system, which charges developers a commission of up to 30%. The CCI’s findings suggested that Apple’s practices were harmful to developers, users, and other payment service providers.

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In August, Apple raised concerns about the disclosure of its commercial secrets during the investigation, which led the CCI to order that all reports be returned and destroyed before issuing new versions of the documents.

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Government Orders Investigation into Discriminatory Cab Fare Pricing on Android and iOS Devices

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Government Orders Investigation into Discriminatory Cab Fare Pricing on Android and iOS Devices

Union Consumer Affairs Minister Pralhad Joshi has instructed the Central Consumer Protection Authority (CCPA) to conduct a thorough investigation into reports that ride-hailing platforms are displaying different fare prices for the same ride on Android and iOS devices. 

The investigation will also expand to cover other sectors, such as food delivery apps and online ticket booking services.

Union Minister Takes Cognisance  

Sharing the report from The Times of India, Joshi tweeted, “This seems to be an unfair trade practice where cab aggregators are allegedly using differential pricing based on factors highlighted in the article. If true, this is a blatant violation of the consumer’s right to transparency. I’ve directed @jagograhakjago through CCPA to look into this and present a report as soon as possible. I’ve also asked them to investigate other sectors like food delivery and online ticket booking.”

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Officials indicated that they will gather evidence, reach out to ride-hailing platforms, and investigate similar practices in food delivery and ticket booking services. Former Consumer Affairs Secretary Rohit Kumar Singh condemned the practice, calling it discriminatory and a form of “dark pattern” unfair trade. He noted that such pricing practices use device data without consumers’ consent.

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CCPA Has Delved into Such Issues Before 

This is not the first time that the CCPA has intervened in matters related to ride-hailing services. Both Uber and Ola have previously complied with directions aimed at safeguarding consumer rights. Officials are now taking a closer look at how widespread the practice of differential pricing is and whether it extends beyond the ride-hailing industry to other digital platforms.

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Archies Expands into GCC Market with Strategic Partnership

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Archies Expands into GCC Market with Strategic Partnership

Archies has officially entered the GCC retail market through a strategic partnership with Al Hasnae Gifts, marking a significant milestone in its global expansion plans. This collaboration launches Archies’ presence in the UAE, with future plans to extend into Oman, Saudi Arabia, and Bahrain, broadening its reach in the Middle East.

Top Executive Shares his Statement 

Varun Moolchandani, Executive Director of Archies, expressed his excitement about the venture: “We are thrilled to team up with Al Hasnae Gifts as we embark on this journey in the GCC. This partnership is a vital step towards bringing joy and fostering emotional bonds through our unique gifting range.” He further emphasized the opportunity in the region, saying, “The GCC market is vibrant with immense potential, and we look forward to introducing Archies’ timeless gifting products to a new audience. It’s especially exciting for the NRI community, who will now have a chance to reconnect with Archies and share meaningful gifts, particularly during festivals that are deeply cherished.”

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Archies’ products are now available in key retail outlets across the GCC, thanks to Al Hasnae Gifts’ established network in the region. Retail partners include Carrefour (MAF Retail), ADCOOP stores in Abu Dhabi and Al Ain, and Union Co-op locations in Dubai. The partnership also strengthens Archies’ presence on prominent online retail platforms, offering an integrated omnichannel shopping experience.

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Archies Has Grand Plans for the Future 

Looking ahead, Archies plans to further expand into Oman, Saudi Arabia, and Bahrain, aiming to provide a diverse range of high-quality gifting solutions. This collaboration not only promises enhanced market access but also ensures a seamless shopping experience for customers both in-store and online, setting the stage for a successful first year with expected revenues of AED 7–8 million.

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India’s 2024 Spending Surge: Quick Commerce Dominates Beyond Groceries

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India’s 2024 Spending Surge: Quick Commerce Dominates Beyond Groceries

India’s growing appetite for convenience and fast deliveries continued to dominate in 2024, revealing intriguing consumer spending habits across the country.

Swiggy Instamart’s recent report sheds light on a remarkable rise in orders, not just limited to groceries but also extending to an array of products from makeup and toys to vacuum cleaners. The data, gathered between January 1 and December 1, 2024, highlights fascinating trends in how Indians are increasingly turning to quick commerce platforms for a wide range of goods.

Cities with the Highest Spenders 

Delhi and Dehradun emerged as the cities with the highest spenders, with both places seeing customers spending more than Rs 20 lakh each on the platform. The most popular purchases were kitchen staples such as atta, milk, and oil, reflecting a strong demand for everyday essentials.

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Nationally, the top five items ordered were milk, curd, dosa batter, chips, and soft drinks. In fact, one in every 15 orders included milk, while fruits or vegetables appeared in about one in five orders. This suggests a consistent demand for basic household necessities.

Key Insights from the Report

The report also highlighted some standout spending moments. For instance, one user spent a staggering Rs 8.3 lakh on gold during Dhanteras, while on Valentine’s Day, the platform saw an average of 307 roses being ordered every minute. Other notable purchases included a Chennai shopper who spent Rs 1.25 lakh on electronics and home appliances, which included nearly 85 items like gaming earphones, smartwatches, and an induction cooker.

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This surge in spending reveals the growing role of quick commerce platforms in not just delivering groceries, but in offering a vast range of products to meet the diverse needs of consumers across India.

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India Set to Become Apple’s Third-Largest Market by 2026

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India Set to Become Apple’s Third-Largest Market by 2026

India is on track to become Apple’s third-largest market by 2026, following the US and China, with local sales expected to surge by up to 20% next year, potentially reaching 15 million units. 

India is Apple’s 5th Largest Market

This growth comes as Apple shifts its focus to emerging markets like India to offset its shrinking market share in China, which has been impacted by Huawei’s resurgence.

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Currently, India ranks as Apple’s fifth-largest market, with Japan and the UK in the third and fourth spots, respectively. Experts suggest that India’s growing middle class, increasing availability of financing options, and a shift towards premium products are key drivers behind Apple’s sales growth. With rising disposable incomes, Indian consumers are increasingly opting for higher-end devices, which benefits Apple’s exclusive focus on the premium segment.

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Apple has a Bright Future in India

The company’s performance in India is expected to accelerate further, with financing options playing a significant role in making premium smartphones more accessible. During festivals, Apple also benefits from steep discounts, which fuel the demand for its devices. According to Counterpoint Research, Apple is forecasted to ship 8.5 million units in the third quarter of 2024 and is expected to add another 4 million units in the December quarter, driven by strong demand for its latest iPhone models.

“India is likely to become the third-largest market for Apple in terms of shipments by 2026,” said Counterpoint’s Research Market Outlook, highlighting how the availability of financing is helping make premium Apple gadgets more affordable for an increasingly consumption-driven population.

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OYO Travelopedia 2024: Spiritual Destinations Shine, Hyderabad Tops Bookings and Leisure Travel Sees a Boom

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OYO Travelopedia 2024: Spiritual Destinations Shine, Hyderabad Tops Bookings and Leisure Travel Sees a Boom

OYO’s annual report, Travelopedia 2024, highlights intriguing trends in India’s travel habits, showcasing a clear preference for spiritual tourism while also spotlighting the rise of less-traveled destinations. 

Puri, Varanasi, and Haridwar are the top spiritual spots this year, attracting the most pilgrims. However, the report also notes a noticeable uptick in visitors to lesser-known sites like Deoghar, Palani, and Govardhan, which indicates a growing curiosity for unconventional spiritual locations.

Hyderabad Tops the List 

When it comes to urban travel, Hyderabad leads as the most-booked city in India for 2024, followed by major hubs such as Bengaluru, Delhi, and Kolkata. Uttar Pradesh remains the top state for bookings, but other regions like Maharashtra, Telangana, and Karnataka are also seeing strong demand. Interestingly, smaller cities such as Patna, Rajahmundry, and Hubli have experienced significant growth, with bookings increasing nearly 48% year-on-year, reflecting a desire for less crowded, offbeat destinations.

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Leisure travel trends also saw a shift this year. Jaipur continued to be a favorite, with Goa, Pondicherry, and Mysore trailing behind. Surprisingly, Mumbai saw a decline in leisure travel as more tourists opted for nearby locations instead of the bustling metropolis.

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Top Executive Opines on the Findings of the Report 

Shreerang Godbole, OYO’s Global Chief Service Officer, commented on these findings: “2024 has been a transformative year for travel. The demand for both spontaneous getaways and longer stays has surged, driven by changing work trends. As remote work reshapes travel habits, flexibility has become essential for both leisure and business travelers.”

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Kirana Stores Seek Government Support to Compete with Quick Commerce Giants

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Kirana Stores Seek Government Support to Compete with Quick Commerce Giants

The Federation of Retailer Association of India (FRAI) has called on the government to provide enhanced technological support to local kirana stores, allowing them to better compete with the growing presence of quick commerce giants like Swiggy Instamart, Blinkit, and Zepto. 

Representing approximately 80 lakh micro, small, and medium retailers, FRAI argues that empowering kirana stores with robust digital tools will level the playing field and help them maintain their relevance in the rapidly evolving market.

FRAI Spokesperson Makes Important Points 

According to FRAI Honorary Spokesperson Abhay Raj Mishra, the government’s initiatives, such as the Open Network for Digital Commerce (ONDC), are a step in the right direction, but a more targeted approach is necessary to address the unique needs of kirana stores. “Kirana stores should be equipped with technology that makes them as visible and accessible to customers as the quick commerce companies,” Mishra explained. He emphasized that for these stores to remain competitive, they must be able to tap into the expanding digital marketplace, meeting the demands of modern consumers.

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Kirana stores are facing increasing pressure as quick commerce companies, backed by massive investments and logistical advantages, offer deep discounts and faster delivery. FRAI pointed out that these companies have a distinct edge, with large warehouses, vast customer bases, and substantial financial resources that kirana stores simply can’t match.

Trouble for Kirana Stores

This imbalance has led to stagnating sales for traditional kirana stores, especially during peak demand periods like festivals, noted Lok Sabha member Praveen Khandelwal. He added that for small shopkeepers to thrive in this new era, it’s essential they adapt and leverage all available channels to stay in tune with changing consumer expectations. 

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Without this shift, the competition from quick commerce players will continue to intensify, putting local businesses at a significant disadvantage.

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