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FM Nirmala Sitharaman: quick commerce to enhance India’s innovative image globally

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Ashutosh Dubey
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FM Nirmala Sitharaman: Quick Commerce to Enhance India's Global Innovative Image

Finance Minister Nirmala Sitharaman believes that the success of quick commerce startups can boost India’s global reputation as a hub for innovative solutions. She described quick commerce as a “one-of-a-kind innovation” unique to India.

Q-commerce are one of an innovation that only India has – FM

“India’s businesses, particularly the startups, especially the quick commerce for instance are truly one of a kind innovation that only India has,” she said in an event.

Continue Exploring: Honasa Consumer’s shares plummet amid distributor row, loses ‘Unicorn’ status

Reportedly, Sitharaman urged startups in the segment to leverage their solutions internationally, positioning the country as a destination for modern and scalable innovations. However, she also acknowledged the challenges quick commerce platforms pose to traditional kirana stores. “… that’s not to say the brick-and-mortar retail is not doing fine, they are being challenged, I recognise that,” she said.

Meanwhile, she stressed the need for a balanced approach. “We need to handhold and support our brick-and-mortar retail. No doubt. But use this to brand India as a destination of innovative solutions to modern, urban needs. This will serve as an incentive to scale up internationally,” she added.

Continue Exploring: Zepto raises $350 Mn from Sachin Tendulkar, Amitabh Bachchan led by Motilal Oswal

AICPD alleges q-commerce violating competition laws

The quick commerce segment has seen rapid growth in popularity over the last few years. However, there have been demands to keep a check on the segment. The All India Consumer Products Distributors Federation alleged that quick commerce players are creating an uneven playing field. Veteran banker Uday Kotak said that quick commerce has succeeded only in India, posing a challenge to retailers.

Amidst the competition, companies are launching new features to stay ahead. Myntra is piloting a 30-minute to 2-hour delivery feature. Flipkart has launched its Flipkart Minutes product, offering 8-16 minute deliveries in select cities. 

Further, Amazon India is also planning to launch a similar service early next year.

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Zomato enters into BSE’s flagship index, joins ranks of Reliance, Infosys

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Ashutosh Dubey
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Zomato enters into BSE’s flagship index, joins ranks of Reliance, Infosys

The Bombay Stock Exchange (BSE) has announced that it will add Zomato, the foodtech major, to its flagship BSE Sensex index, replacing JSW Steel, effective December 23.

BSE index comprise of 30 financially sound firms 

This development makes Zomato the first new-age tech startup to feature in the benchmark index. The BSE Sensex serves as both a benchmark and an investable index, comprising 30 large, well-established, and financially sound companies across key sectors.

Continue Exploring: Zepto CEO claims quick commerce will create more jobs than Railways

The addition of Zomato to the Sensex is expected to bring in fund inflows into the stock as passive funds that track the index will allocate capital to the stock. With this addition, Zomato will join the ranks of established companies like Reliance Industries, Infosys, HDFC Bank, and Hindustan Unilever, among others. 

Further the BSE has also announced that PB Fintech will be added to the BSE Sensex Next 50 and BSE 100 indices. Additionally, Zomato, along with Jio Financial Services, will be added to the BSE Sensex 50 index.

NSE adds Zommato to F&O list

Earlier this month, the National Stock Exchange (NSE) added Zomato to the futures and options (F&O) stocks list. Other new-age tech stocks like Delhivery, Jio Financial Services, Paytm, Nykaa, and PB Fintech were also added to the segment. Zomato has been witnessing strong growth in its top and bottom lines.

Continue Exploring: Myntra rolls out 30-Minute to 2-Hour Delivery amid quick commerce competition 

Meanwhile, the company reported a net profit of INR 176 crore in the second quarter of the ongoing fiscal year, up over 4 times from the year-ago period. Operating revenue also zoomed 68.5% to INR 4,799 crore during the quarter.

Previously, the company acquired the entertainment ticketing business of Paytm for INR 2,048 crore earlier this year to further shore up its revenue. However, this resulted in the company’s cash reserves declining to INR 1,726 crore at the end of September 2024 quarter. 

To further strengthen its balance sheet, Zomato is looking to raise INR 8,500 crore via qualified institutional placement (QIP) in December. A part of the freshly raised capital is likely to be used for scaling up the ‘going out’ or District vertical and expanding the presence of Blinkit amid the rising competition in the quick commerce segment. 

Shares of Zomato ended Friday’s trading session 0.97% lower at INR 264.15 on the BSE. The stock has given 130% return year to date.

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Zepto CEO claims quick commerce will create more jobs than Railways

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Ashutosh Dubey
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Zepto CEO claims quick commerce will create more jobs than RailwaysZepto CEO Aadit Palicha has made a bold claim that the quick commerce segment is poised to generate more jobs than what Indian Railways will create in the next two to three years. Quick commerce to bring significant tax revenueThis statement comes in response to concerns that quick commerce platforms are hurting traditional kirana stores.Continue Exploring: Myntra rolls out 30-Minute to 2-Hour Delivery amid quick commerce competitionAccording to a report by Moneycontrol, Palicha said that the quick commerce ecosystem is actually creating jobs and will bring in significant tax revenue for the country. He argued that the segment is well-positioned to create a large number of jobs, surpassing even the Indian Railways. Aadit Palicha addresses claims by CAITPalicha also addressed allegations by the Confederation of All India Traders (CAIT) that quick commerce players were "killing" local mom and pop stores."The same Datum Intelligence report that CAIT quoted to try and prove that we are hurting kirana stores also shows $46 billion in added grocery and household essentials consumption between FY23 and FY24. Quick commerce was less than $5 billion in FY24. So if the incremental consumption growth was $46 billion but QC is only $5 billion, then where did the remaining $41 billion go? It went mostly to the kirana store! Their own data shows that it’s impossible for quick commerce to have caused kirana stores to shrink," Palicha explained.Continue Exploring: Flipkart appoints Walmart executive Dan Bartlett to Its Board of DirectorsFurther, Palicha also rubbished concerns that Zepto was indulging in predatory pricing, claiming that only 0.2% of the units sold on the Zepto platform were below the cost price of the manufacturer in FY24. He argued that the platform's approach to cutting out middlemen was yielding cost benefits to end consumers, which was deflationary for the Indian consumer.Meanwhile, Zepto's CEO comments come at a time when India's quick commerce space is witnessing heightened competition, with players like Blinkit, Swiggy Instamart, and Flipkart Minutes vying for market share.

Zepto CEO Aadit Palicha has made a bold claim that the quick commerce segment is poised to generate more jobs than what Indian Railways will create in the next two to three years.

Quick commerce to bring significant tax revenue

This statement comes in response to concerns that quick commerce platforms are hurting traditional kirana stores.

Continue Exploring: Myntra rolls out 30-Minute to 2-Hour Delivery amid quick commerce competition

According to a report by Moneycontrol, Palicha said that the quick commerce ecosystem is actually creating jobs and will bring in significant tax revenue for the country. He argued that the segment is well-positioned to create a large number of jobs, surpassing even the Indian Railways. 

Aadit Palicha addresses claims by CAIT

Palicha also addressed allegations by the Confederation of All India Traders (CAIT) that quick commerce players were “killing” local mom and pop stores.

“The same Datum Intelligence report that CAIT quoted to try and prove that we are hurting kirana stores also shows $46 billion in added grocery and household essentials consumption between FY23 and FY24. Quick commerce was less than $5 billion in FY24. So if the incremental consumption growth was $46 billion but QC is only $5 billion, then where did the remaining $41 billion go? It went mostly to the kirana store! Their own data shows that it’s impossible for quick commerce to have caused kirana stores to shrink,” Palicha explained.

Continue Exploring: Flipkart appoints Walmart executive Dan Bartlett to Its Board of Directors

Further, Palicha also rubbished concerns that Zepto was indulging in predatory pricing, claiming that only 0.2% of the units sold on the Zepto platform were below the cost price of the manufacturer in FY24. He argued that the platform’s approach to cutting out middlemen was yielding cost benefits to end consumers, which was deflationary for the Indian consumer. 

Meanwhile, Zepto’s CEO comments come at a time when India’s quick commerce space is witnessing heightened competition, with players like Blinkit, Swiggy Instamart, and Flipkart Minutes vying for market share.

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Myntra rolls out 30-Minute to 2-Hour Delivery amid quick commerce competition

By
Ashutosh Dubey
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Myntra rolls out 30-Minute to 2-Hour Delivery amid quick commerce competition

Myntra, the fashion e-commerce platform, has launched a new 30-minute to 2-hour delivery feature called “M-Now” in select areas of Bengaluru. 

This move is part of the company’s efforts to enhance its customer proposition and offer faster delivery options.

Look at expanding it further based on insights – Myntra

According to INC42, a spokesperson of Myntra told, “At Myntra, we are always looking for ways to sharpen our customer proposition. We launched M-Express earlier, towards enhancing the customer-experience with regard to speed and have been experimenting with a pilot for faster delivery in a select few pincodes.” The spokesperson added, “We will look at expanding it further based on the insights gained, before launching it formally.”

Continue Exploring: E-commerce platforms transforms consumer buying patterns in metro cities – NielsenIQ

The M-Now feature is currently live on the Myntra app and promises to deliver products from popular brands like Mango, Lakme, Levi’s, and boAt, among others. This development comes after Myntra began testing a four-hour delivery service in four Indian cities, including Bengaluru and New Delhi, two months ago. 

Meanwhile, the company’s efforts to enhance its delivery services come at a time when quick commerce players like Zepto, Zomato-owned Blinkit, and Swiggy‘s Instamart are expanding their catalogues to offer products in various categories.

Myntra launches ‘M-Express’ service in 2022

However, the fashion tech giant has been continuously working to reduce its delivery time. In 2022, the company launched its ‘M-Express’ service, which aimed to deliver products within 24-48 hours in select cities. The ecommerce company claimed that its marketplace entity has turned EBITDA positive “since the last quarter (Q4) of calendar year 2023”.

Continue Exploring: Uniqlo India targets INR 1,000-Cr sales mark in FY25, experiences 30% growth

Further, the Flipkart-owned fashion ecommerce platform saw its net loss jump more than 30% year-on-year (YoY) to INR 782.4 Cr in the financial year 2022-23 (FY23). Operating revenue grew 25% to INR 4,375.3 Cr in FY23 from INR 3,501.2 Cr in FY22.

Notably, Myntra is currently tapping the Tier II & III cities, which accounts for 40% of the international brand orders for the company. To keep up with the trend, Flipkart recently launched its quick commerce service ‘Minutes’ for users in Delhi and Bengaluru. The service allows users to order groceries, electronics, smartphones, and other products within 8-16 minutes.

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Flipkart appoints Walmart executive Dan Bartlett to Its Board of Directors

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Ashutosh Dubey
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Flipkart appoints Walmart executive Dan Bartlett to Its Board of Directors

E-commerce major Flipkart has appointed Dan Bartlett, a senior executive at Walmart Inc, to its board of directors. Bartlett, who is currently the executive vice president, corporate affairs at Walmart, will join the board effective November 21, 2024.

Flipkart brings in transformative change in India – Dan Bartlett

“The Flipkart Group has been instrumental in driving transformative change by enhancing value and access for customers across India. It has a significant opportunity to further contribute to job creation while focusing on equitable and sustainable growth,” Bartlett said.

Continue Exploring: Honasa Consumer’s shares plummet amid distributor row, loses ‘Unicorn’ status

However, Bartlett brings with him extensive experience in public policy, sustainability, and corporate strategy. He also oversees corporate real estate and leads the development of Walmart’s new home office campus in Bentonville, Arkansas. Before joining Walmart, Bartlett held senior positions at public relations firms like Hill+Knowlton Strategies and Public Strategies.

Flipkart merges with Walmart in 2018

Meanwhile, Kalyan Krishnamurthy, chief executive officer and member of the board, Flipkart Group, said, “Bartlett has been a close partner for Flipkart since our association with Walmart in 2018. We are proud to welcome him to the board, and will greatly benefit from his extensive experience in strategy, and building long-standing responsible and sustainable businesses.”

Continue Exploring: Flipkart-backed fintech startup Super.Money launches fixed deposit offering

Moving forward, the e-commerce giant has been expanding its operations in India, with its business-to-business arm, Flipkart India, reporting a 26% year-on-year surge in operating revenue to INR 70,541.9 crore in the year ended March 2024. The company has also launched its quick commerce service, Flipkart Minutes, to compete with other players in the market.

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Honasa Consumer’s shares plummet amid distributor row, loses ‘Unicorn’ status

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Ashutosh Dubey
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Honasa Consumer's shares plummet amid distributor row, loses ‘Unicorn’ status

Honasa Consumer, Mamaearth’s parent company, witnessed a significant decline in its share price, hitting an all-time low of INR 237.40 on November 21.

Honasa’s market cap shrinks to $0.91 bn

The company’s market cap also shrunk to $0.91 billion from $1.42 billion at the end of last week, causing it to fall below the unicorn valuation mark.

Continue Exploring: Mamaearth’s parent company Honasa registers loss of INR 18.57 Cr, revenue declines 6.9%

Meanwhile, the decline in share price comes amid a row with distributors. The All India Consumer Products Distributors Federation (AICPDF) alleged that Honasa was undertaking unethical stock dumping practices. The body claimed that while they continue to deal with issues pertaining to “unsold stocks nearing expiry” of Honasa, the company’s credit notes of about INR 50 crore are unsettled.

Following which, AICPDF’s national president Dhairyashil Patil said, “If the issues are not resolved, the body will be forced to explore a nationwide decision of non-cooperation.” However, Honasa strongly denied the allegations in its response to AICPDF shared with the bourses.

Continue Exploring: Mamaearth’s Honasa Consumer faces AICPDF heat over unsold inventory worth INR 300 Cr

Honasa refutes allegations of AICPDF

In its detailed response, Honasa countered a large chunk of the allegations made by the body. The company sighted data from its Distribution Management System to show that the distributor network currently carried an inventory worth INR 40.69 crore of its products. Honasa also countered AICPDF’s allegation of INR 50 crore of unsettled credit notes by saying that the claims for its general trade channel partners stood at INR 4.73 crore as on September 30, 2024.

Further the company stated, “Given these efforts, the claims made are not reflective of the current reality, and are spreading misinformation about us.” The company’s share prices have been on a freefall since it disclosed its financials for the second quarter of the fiscal year 2024-25. The company slipped into the red and posted a consolidated net loss of INR 18.6 crore during the quarter.

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Zepto raises $350 Mn from Sachin Tendulkar, Amitabh Bachchan led by Motilal Oswal

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Ashutosh Dubey
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Quick commerce major Zepto has raised $350 million (approximately INR 2,950 crore) in a funding round led by Motilal Oswal‘s private wealth division.

Domestic Investors, HNIs invest into Zepto

The round saw participation from domestic high-net-worth individuals, family offices, and financial institutions, including Taparia Family Office, Mankind Pharma Family Office, and RP Sanjiv Goenka Group.

Continue Exploring: Zomato’s unconventional job posting sparks debate over INR 20 lakh fee

Celebrities Abhishek Bachchan and Sachin Tendulkar also invested in the round. Zepto stated that the round was raised entirely from domestic investors. The company plans to use the funds to expand its 10-minute snacks delivery service, dark store network, and fintech offerings.

Meanwhile, Zepto cofounder and CEO Aadit Palicha said, “When we started this venture, the risk appetite among domestic investors was limited – especially to trust 18-year-olds with their money. Today, we are humbled to have reached a place in India’s economic growth where we’ve not only fostered that trust but also spearheaded a fundraise of this magnitude, which will hopefully set a precedent for the startups that follow ….”

Zepto nets $665 million in June

This funding round comes after Zepto raised $665 million in June at a valuation of $3.6 billion and another $340 million in August at a valuation of $5 billion. The company has raised over $1.3 billion in the past few months.

Continue Exploring: Bingo forges partnership with All India Pickleball Association

Further, the funding round also highlights the growing competition in India’s quick commerce space. Swiggy has allocated a significant portion of its IPO proceeds to fuel its quick commerce vertical, while Zomato-owned Blinkit has rapidly scaled up its operations and product catalogue.

Established in July 2021 by Palicha and Kaivalya Vohra, Zepto claims to deliver groceries and other items within 10 minutes. The company operates in 17 cities, has over 550 dark stores, and processes more than 7 lakh orders daily. Zepto is also eyeing an initial public offering (IPO) in the next couple of years and is in the process of shifting its base to India.

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Uniqlo India targets INR 1,000-Cr sales mark in FY25, experiences 30% growth

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Ashutosh Dubey
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Uniqlo India targets INR 1,000-Cr sales mark in FY25, experiences 30% growth

Uniqlo India aims to reach INR 1,000-crore sales mark in the current fiscal year, driven by retail expansion and 30% annual growth. 

Chief Operating Officer Kenji Inoue stated, “We have been achieving 30% growth, we feel that the potential of the market is huge.”

Uniqlo aims to triple annual sales to 10 trillion yen

India is a crucial market for Uniqlo’s parent company, Fast Retailing Co., which reported annual sales of 3 trillion yen (nearly $20 billion) and aims to triple it to 10 trillion yen. Inoue added, “Though India is still a small market on a global scale for Uniqlo, its potential is probably one of the biggest and it will change in the future.”

Continue Exploring: Delhi’s Khan Market ranks 22nd globally as most expensive retail street

For now, Uniqlo India operates 13 stores and is opening two new stores in Mumbai and West Delhi, taking the total count to 15 by November-end. Within three years of operations, Uniqlo became profitable in FY ’22, reporting a 31% revenue increase to INR 814.84 crore and a 25% profit increase to INR 85.17 crore.

Inoue said, “We have grown 30% last year (FY ’24) and we are targeting a similar growth ratio. We have not seen any significant drop or any change in people’s consumption behaviour.” On achieving the INR 1,000-crore sales mark, Inoue stated, “We aim for that. It would be dependent on factors such as the opening of new stores.”

Continue Exploring: Wrangler partners with SOCIAL to launch co-branded merchandise line

Uniqlo to surge local sourcing, aims 18%

Meanwhile, Uniqlo India is increasing local sourcing, aiming for 18% by 2025, up from 15.5% currently. Inoue noted, “We commit to expansion and modernisation of production activities in India and are on track to achieve local sourcing requirements.”

The company focuses on quality service and product mix in each region, particularly in South India. Uniqlo also generates 15% of sales from its online store, serving 17,000 pincodes. Inoue emphasised the importance of online sales through the mobile application and website.

Notably, Uniqlo is part of Fast Retailing Co., headquartered in Tokyo, Japan. The company has eight brands, including GU, Theory, and Helmut Lang.

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Tata CLiQ rebrands as Tata CLiQ Fashion, shifts focus to fashion and lifestyle

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Ashutosh Dubey
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Tata CLiQ rebrands as Tata CLiQ Fashion, shifts focus to fashion and lifestyle

Tata CLiQ, an e-commerce platform, has rebranded as Tata CLiQ Fashion, marking its transition from a general marketplace to a specialised platform focused on fashion and lifestyle.

Tata CLiQ gets new logo, redesigned app

The rebranding effort includes a new logo, updated packaging, and a redesigned app and website to improve user experience.

Continue Exploring: Third Wave Coffee’s revenue rises 67%, but losses nearly double

According to Gopal Asthana, CEO of Tata CLiQ, “Our new identity reflects our focus on meeting the changing needs of consumers. This move strengthens our position in the fashion segment and allows us to help customers explore their style. We aim to offer an improved and more tailored shopping experience.”

Meanwhile, Tata CLiQ Fashion will offer a wide range of products, including clothing, footwear, watches, accessories, beauty items, gadgets, and home products. The platform will feature specialised stores such as the Sneaker Store, Indie Finds Store, and Lingerie Store. Additionally, Tata CLiQ Fashion will include Tata CLiQ Palette, a curated selection of beauty products, as well as thematic stores like the Winter Wear Store and the Wedding Store.

Continue Exploring: Nandini Dairy expands to Delhi, posing new challenge for Amul

Tata CLiQ Fashion onboards 6,000 brands

With over 6,000 brands on board, Tata CLiQ Fashion aims to provide a seamless online shopping experience, making it easier for customers to find products that suit their needs. The platform’s curated collections and digital tools are designed to simplify and enhance the shopping experience.

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Zomato CEO Deepinder Goyal clarifies controversy over INR 20 Lakh fee job

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Ashutosh Dubey
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Zomato's unconventional job posting sparks debate over INR 20 lakh fee

[Updated] Zomato cofounder and CEO Deepinder Goyal issued a clarification regarding the company’s job listing for a chief of staff position, which received criticism for requiring applicants to pay INR 20 lakh. Goyal stated that the company received 18,000 applications for the post and that the requirement was merely a “filter” to find the right candidates.

“As some people pointed out, the ‘you have to pay us 20 lacs’ was merely a filter, to find people who had the power to appreciate the opportunity of a fast track career, without getting bogged down by the constraints in front of them,” said Goyal. He also clarified that charging the fees was “never part of the plan” and that the company will not ask selected candidates to pay the amount.

[Original] Zomato‘s cofounder and CEO, Deepinder Goyal, recently posted an unusual job listing for a chief of staff position. The post went viral, sparking intense debate.

Zomato to donate fee to Feeding India initiative

According to the listing, the selected candidate would receive no salary for the first year but instead pay INR 20 lakh. The fee would be donated to Zomato’s Feeding India initiative. Goyal stated, “We believe that people who apply for this role should do it for the learning opportunity it presents, rather than for a fancy well-paying job… Think of this as a fast-track learning program.”

Continue Exploring: Flipkart-backed fintech startup Super.Money launches fixed deposit offering

The job requirements include “common sense, communication skills, empathy, and not a lot of experience.” The selected person would oversee “anything and everything to build the future of Zomato.” Starting from the second year, the chief of staff would receive a salary exceeding INR 50 lakh.

Netizens react

Reactions varied, with some praising the innovative approach and others criticising the terms. Amit Sachdev, Tata iQ’s chief people officer, said, “The job posting appears to be a really ‘maverick’ way to find the right mindset candidate.” Emmanuel David, Aster DM Healthcare’s independent director, termed it an “alternative MBA.”

Continue Exploring: Beyoung goes global, expands to Middle East through partnership with Noon.com

However, many users expressed concerns about the job listing excluding applicants who cannot afford the INR 20 lakh fee, effectively narrowing the pool to a specific socioeconomic class. Others slammed the Indian startup founders’ “obsession with the demand for free labour” and drew attention to potential labour law violations.

Further, Deepak Shenoy, founder and CEO of CapitalMind, said, “… Not a fan of underpaying young people, or of taking money from them for a job. I used to get offers from people willing to pay us to give them a job, in 2001. Didn’t do it then. Hunger is a driver, but it shouldn’t be the consequence.”

Some users highlighted that banks are unlikely to finance this job role, unlike traditional educational courses. There were also concerns about potential violations of labour laws, such as the Payment of Wages Act, Minimum Wages Act, and Industrial Disputes Act. Many noted that not paying an employee for a year while charging fees could lead to criminal charges, legal actions, and heavy penalties for unfair employment practices.

Nihar Ghosh, former CHRO of Emami Group, added, “Goyal has a good sense of humour. I think more than a job post, it’s a joke and nothing less than that. This, I personally think, is crude and in bad taste.”

Goyal clarified that Zomato is not trying to save money and will contribute NR 50 lakh to the selected person’s chosen charity.

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