Monday, December 23, 2024
Home Blog Page 7

Google Names Preeti Lobana as VP and Country Manager to Lead India’s Digital Push

By
Online Desk
-
0
Image of Preeti Lobana
Google Names Preeti Lobana as VP and Country Manager to Lead India’s Digital Push

Google recently appointed Preeti Lobana as the new country manager and vice president for Its India operations. 

The position was previously held by Sanjay Gupta, who has now moved on to serve as the tech giant’s president of the Asia Pacific region. 

Preeti Lobana, Google’s New VP for India is a seasoned professional 

A statement released by Google introduced Lobana as a seasoned professional, it reads: “A seasoned Googler with eight years of experience as Vice President of customer-centric solutions, Preeti will now spearhead Google India’s sales and operations, driving the company’s commitment to India’s burgeoning digital economy”.  

Continue Exploring: Reliance Brands to Exit Partnership with G-Star RAW and Replay Amid Falling Demand

Lobana will work closely with Roma Datta Chobey, who served as the interim country manager and will now continue in her role as Managing Director for Google India’s Digital Native Industries.

Google’s Head of Asia Pacific Region Comments on the Appointment 

On the other hand, Sanjay Gupta also released a statement on this new appointment to the top executive position. It reads: “With AI poised to redefine the boundaries of what’s possible, I am incredibly excited to welcome my colleague, Preeti, as our new Country Manager…”

Continue Exploring: CarDekho SEA Secures $60M to Fuel Expansion Across Southeast Asia

Praising his successor to his erstwhile office, Gupta wrote: “Preeti’s leadership will be instrumental as we deepen our engagement with India’s unique ecosystem, leveraging AI advancements like Gemini 2.0 to accelerate digital inclusion and unlock unprecedented economic opportunities for every Indian.”

Advertisement

Zomato’s Global Finance Head Hemal Jain Resigns 

By
Online Desk
-
0
Image of Zomato
Zomato’s Global Finance Head Hemal Jain Resigns 

The global head of finance and chief financial officer of Zomato’s business-to-business grocery supply vertical Hyperpure, Hemal Jain has resigned from the company. 

Zomato’s Global Head of Finance Hemal Jain Quits

Jain’s exit follows closely after Zomato received an Rs 803 crore demand notice from the Goods and Services Tax (GST) authorities. In response, Zomato stated that it plans to challenge the GST demand.

Continue Exploring: CarDekho SEA Secures $60M to Fuel Expansion Across Southeast Asia

Hemal Jain had been with Zomato for more than six years, having joined the company in 2018. Her final day at the Gurgaon-based firm will be January 31. Jain reported directly to Zomato’s CFO, Akshant Goyal. As part of the senior management team, she played a key role in Zomato’s initial public offering in July 2021. Before joining Zomato, Jain spent over ten years at Hindustan Unilever.

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

Hemal Jain’s Resignation Letter 

The resignation letter by the top executive was shared online, & it reads: “I hereby tender my resignation as Head – Business Finance of the Company. Please accept my last working day as 31st Jan, 2025. I have had the privilege of being part of the Zomato journey and its dynamic team over the past 6 years. However, after much reflection, I have taken this tough decision to move on and explore a different path. I take this opportunity to thank everyone in Zomato for the support extended to me during my tenure. I wish Zomato the very best for continued success.” 

Advertisement

Hollister Arrives in India: Myntra to Bring Popular Brand to Local Shoppers

By
Online Desk
-
0
Image of Hollister
Hollister Arrives in India: Myntra to Bring Popular Brand to Local Shoppers

Popular American apparel brand Hollister is entering the Indian market via a partnership with Myntra Jabong, the business-to-business (B2B) wholesale arm of Myntra. 

Hollister Collabs with Myntra to Debut in the Indian Market

This exciting collaboration was announced by Myntra via a statement which reads: “This marks a significant milestone in the country’s evolving fashion journey. Abercrombie & Fitch and Hollister, known for their timeless style and exceptional quality, are sure to woo Gen Z, millennials, and beyond with their unmatched quality and style” 

Continue Exploring: Reliance Brands to Exit Partnership with G-Star RAW and Replay Amid Falling Demand

Hollister has a great reputation worldwide for its trendy casual clothing and has a sizeable international presence. It is headquarters in Libertyville, Illinois, and manages manufacturing and distribution centers across three continents. 

Myntra’s Grand Plans 

As part of Myntra’s ongoing efforts to bring top global brands to Indian consumers, the company is set to introduce Abercrombie & Fitch, along with its sibling brand Hollister, to the Indian market. This move is aligned with Myntra’s strategy to offer Indian shoppers a wide range of international fashion and lifestyle choices. Abercrombie & Fitch is expected to debut in India with both standalone stores and an online presence in late 2025, marking a significant addition to the country’s retail offerings.

Continue Exploring: Kalyan Jewellers reports 3.3% decline in Q2 net profit to INR 130.32 Cr

Founded in 1892, Abercrombie & Fitch has established itself as a leader in premium casual wear, known for its blend of classic styles and modern designs. The brand caters to a broad audience, including men, women, and children, and operates through a strong omnichannel model across the globe. In addition to its flagship offerings, the company also owns Abercrombie Kids, a children’s clothing line, and Gilly Hicks, a brand focused on athleisure and loungewear.

Advertisement

CarDekho SEA Secures $60M to Fuel Expansion Across Southeast Asia

By
Online Desk
-
0
Image of Car Dekho
CarDekho SEA Secures $60M to Fuel Expansion Across Southeast Asia

CarDekho SEA, a Singapore-based auto financing platform and a subsidiary of India’s CarDekho Group, has raised $60 million in its first round of external funding. 

CarDekho Gets Massive Investment 

The investment, led by Navis Capital Partners and Dragon Fund, brings the company’s valuation to over $300 million. This latest funding pushes CarDekho SEA’s total investment to more than $100 million, including $40 million from its parent company.

Continue Exploring: Zomato Continues to Lead with 58% Share in India’s Food Delivery Market: Report

The company plans to use the funds to expand its presence across Southeast Asia, with a particular focus on Indonesia and the Philippines, where it sees strong growth potential in the used car and bike financing markets.

CarDekho Expands its Global Footprint 

Founded in 2020, CarDekho SEA quickly established a strong foothold in key markets like Indonesia (through OTO Indonesia) and the Philippines (via Carmudi and Zigwheels). The company expanded further in 2021 by acquiring Carmudi, which helped it tap into markets in Indonesia, the Philippines, and Thailand.

Continue Exploring: CityKart in Talks to Raise $35-40 Million Amid Rising Competition

CarDekho SEA operates as an aggregator for auto financing, setting itself apart with tech-driven solutions. Its asset-light business model relies on partnerships with over 50 financial institutions and 20,000 dealers and retail agents. The platform also uses AI and machine learning to improve credit assessments and reduce fraud, addressing a major challenge faced by small used car dealers who often struggle to access financing directly.

Advertisement

Tivoli Group Launches The Tivoli in Chattarpur, Expanding Its Luxury Portfolio

By
Online Desk
-
0
image of The Tivoli in Chattarpur
Tivoli Group Launches The Tivoli in Chattarpur, Expanding Its Luxury Portfolio

Tivoli Group has opened its first five-star hotel, The Tivoli, in Chattarpur, Delhi. This marks a major step in the company’s growth strategy, positioning it to cater to the premium hospitality segment. 

A Flagship Project With Significant Potential 

The property, built on the site of an older establishment, is a significant upgrade and took five years to design and construct. With the launch of The Tivoli, the group aims to elevate its legacy and expand its footprint in the luxury hotel market, according to a company statement.

Continue Exploring: Sanjay Dutt and Maanayata Dutt Launch Food Brand “Dutt’s Franktea” with a Unique Twist

The executive chairman of the firm made a statement explaining the project. He said: “We aim to deliver a premium hospitality experience to our guests and bring all facets of luxury under one roof- be it weddings, staycations or events. 

Top Executive Details Key Features of the Project 

Speaking further he added: “Tivoli has been a renowned name for curating and hosting unforgettable moments, be it dream weddings or vacations, corporate or bespoke events. The Tivoli Five Star now will go a notch up by organising all of these with world-class amenities and luxury, the idea is to take its legacy to extraordinary new heights.”

Continue Exploring: Founder of Mango, Isak Andic, Dies in Hiking Accident Near Barcelona

The hotel boasts 132 rooms, including a luxurious presidential suite with private dining and personalized butler service, a spacious junior suite, and 130 premium rooms designed for comfort and elegance.

Advertisement

Swiggy Promotes Sidharth Bhakoo to Chief Business Officer for Food Marketplace

By
Online Desk
-
0
Image of Sidharth Bhakoo
Swiggy Promotes Sidharth Bhakoo to Chief Business Officer for Food Marketplace

Zomato’s arch rival Swiggy has promoted Sidharth Bhakoo to the role of Chief Business Officer (CBO) for its food marketplace.

Sidharth Bhakoo Gets Elevated to Key Leadership Position 

Bhakoo made the announcement on his social media and seemed super enthusiastic about taking up the role. He wrote: “I’m happy to share that I’m starting a new position as Chief Business Officer – Food Marketplace at Swiggy,”

He had joined the company way back in 2018, as the Associate Vice President (AVP) and Regional Business Head for North, East, and Central India. 

Continue Exploring: Sanjay Dutt and Maanayata Dutt Launch Food Brand “Dutt’s Franktea” with a Unique Twist

Before joining Swiggy, Bhakoo built a diverse career in both the banking and telecom sectors. He started at GE Money as a product manager, overseeing consumer durables and two-wheelers. 

Sidharth Bhakoo’s Stellar Corporate Journey 

He then moved to the Royal Bank of Scotland, where he took on key roles, including programme manager for business banking in India and senior relationship manager.

Continue Exploring: Founder of Mango, Isak Andic, Dies in Hiking Accident Near Barcelona

In the telecom sector, Bhakoo made his mark at Vodafone Business Services, where he climbed the ranks from senior manager in SME sales to General Manager and head of sales. During his time at Vodafone, he led cross-functional teams in areas such as customer service, technical pre-sales, and marketing, while also managing significant sales budgets.

Advertisement

Zomato Continues to Lead with 58% Share in India’s Food Delivery Market: Report

By
Online Desk
-
0
Image of zomato
Zomato Continues to Lead with 58% Share in India’s Food Delivery Market: Report

A fresh report published by Motilal Oswal reveals that Zomato continues to dominate India’s food delivery space with a 58% market share in the first quarter FY25. 

On the other hand, its arch rival Swiggy lags behind at 42%. 

Zomato Continues to Dominate Market Share

On the quick commerce space, Zomato’s Blinkit commands a 46% market share, while Zepto and Swiggy’s Instamart trail behind at 29% and 25% respectively in Q1FY25. The report read: “Zomato has continued to gain market share from Swiggy from FY22 to 1QFY25, aided by its stronger execution. According to reported gross order value (GOV), Zomato’s market share grew from 54 per cent in FY22 to 58 per cent in 1QFY25,” 

Continue Exploring: Thrive Consumer App Shuts Down: Cofounder Dhruv Dewan Reflects on the Journey

Zomato & Swiggy Boast Impressive Financials 

Swiggy’s food delivery business recorded a Gross Order Value (GOV) of Rs 6,808 crore for the April-June period, while Zomato’s GOV reached Rs 9,264 crore. During Q1FY25, Swiggy had an average of 14.03 million monthly transacting customers, compared to Zomato’s 20.3 million.

Continue Exploring: Infosys Invests Nearly $1 Million in Healthtech Startup 4baseCare to Advance Precision Oncology

In related news, Motilal Oswal Asset Management is reportedly in discussions to invest in Zepto. Raamdeo Agrawal, chairman and co-founder of Motilal Oswal Financial Services, has personally invested in both Swiggy and Zepto.

Advertisement

CityKart in Talks to Raise $35-40 Million Amid Rising Competition

By
Online Desk
-
0
Image of citykart
CityKart in Talks to Raise $35-40 Million Amid Rising Competition

Popular chain of retail stores dealing in value apparel CityKart is reportedly in talks with A91 Partners and TPG NewQuest to raise around $35-40 million. 

Investment Talks for CityKart are Heating Up

This comes amidst rising competition from rivals like Vishal Mega Mart. Speaking on the investment talks a source told Moneycontrol: “The talks are in progress and due diligence between the parties is ongoing,”

Continue Exploring: Thrive Consumer App Shuts Down: Cofounder Dhruv Dewan Reflects on the Journey

The source continued: “Out of the total fundraise, secondary share sales will amount to around $25 million (Rs 210 crore) and the remaining $10-15 million (Rs 85-130 crore) will be the primary capital that will go into the company’s coffers.”

CityKart Going Through a Period of Change 

Another source explained: “Citykart’s early backers like Investcorp and India SME Investments will dilute some stake and sell shares to TPG NewQuest.” The deal is still in the negotiation stage and details might change.

Continue Exploring: Infosys Invests Nearly $1 Million in Healthtech Startup 4baseCare to Advance Precision Oncology

Citykart is currently valued between $160-180 million (Rs 1,350-1,500 crore), driven by annual sales of approximately $80-90 million (Rs 765 crore), reflecting a 2X revenue multiple, according to sources. This multiple is notably lower than the 4-5X multiple expected for Vishal Mega Mart in the public markets. 

Advertisement

Reliance Brands to Exit Partnership with G-Star RAW and Replay Amid Falling Demand

By
Online Desk
-
0
Image of G Star
Reliance Brands to Exit Partnership with G-Star RAW and Replay Amid Falling Demand

Reliance Brands is exiting its partnership with Italian denim brand Replay and the Dutch clothing brand G-Star Raw. 

The Reliance Industries subsidiary cited falling demand for discretionary products as the main reason. 

Most Stores Have Already Shut Down 

Most G-Star RAW stores in India have already shut their doors, though the brand continues to be available through online platforms. Similarly, Replay stores are set to close soon, as Reliance, the brand’s local partner, has determined that G-Star RAW has limited appeal among Indian consumers. As a result, G-Star RAW may explore alternative distribution methods in the Indian market.

Continue Exploring: Thrive Consumer App Shuts Down: Cofounder Dhruv Dewan Reflects on the Journey

India presents a promising opportunity for global fashion brands, but the market has become increasingly competitive with the entry of major international players like Zara, H&M, Uniqlo, and Gap.

The Increasingly Competitive Fashion Market of India

Sources close to the matter have confirmed that most G-Star RAW stores in India have already closed, though the brand remains accessible through online platforms. Reliance is also planning to shut down the Replay stores, as they believe both brands are struggling to maintain relevance in the Indian market. G-Star RAW may explore the possibility of partnering with another retailer to continue distributing its products in India.

Continue Exploring: Amazon Founder Jeff Bezos Enjoys Culinary Experience at Vikas Khanna’s New York Restaurant

The Netherlands-based fashion brand G-Star RAW entered India about a decade ago through a partnership with Genesis Luxury, and later became part of Reliance’s portfolio when the company acquired Genesis in 2017.

Advertisement

Founder of Mango, Isak Andic, Dies in Hiking Accident Near Barcelona

By
Online Desk
-
0
Image of Isak Andic
Founder of Mango, Isak Andic, Dies in Hiking Accident Near Barcelona

In a tragic development the founder of popular Spanish clothing brand Mango Isak Andic passed away after an accident. 

Founder of International Fashion Brand Mango Isak Andic Passes Away in Tragic Accident 

The 71 year old entrepreneur fell from a cliff while hiking with friends in the Montserrat caves near Barcelona on Saturday. 

Continue Exploring: Worthy Cart Launches with Big Ambitions: Aiming for INR 20 Crore Revenue by 2025

CEO of the esteemed brand Toni Ruiz made a statement which read: “It is with deep regret that we announce the unexpected death of Isak Andic, our non-executive chairman and founder of Mango”. He continued: “Isak has been an example for all of us. He dedicated his life to Mango, leaving an indelible mark thanks to his strategic vision, his inspiring leadership and his unwavering commitment to values that he himself imbued in our company”.

Isak Andic was an Entrepreneur Par Excellence 

Andic was born in Turkiye’s Istanbul and moved with his family to Spain in the 1960’s. His net worth stood at a whopping $4.5 billion according to Forbes. 

Continue Exploring: Zepto CEO Aadit Palicha Celebrates Key Milestone with Public Release of FY24 Financial Statement

The company has solidified its standing as one of the top international fashion groups, boasting a strong presence in over 120 markets and employing 15,500 people globally, as per its website. In 2023, it achieved a turnover of 3.1 billion euros (approximately $3.26 billion).

Advertisement
1...678...1,219Page 7 of 1,219