FIEO collaborates with Shiprocket to help MSME exporters in India

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December 13, 2022

The Federation of Indian Export Organisations (FIEO) has signed a Memorandum of Understanding (MoU) with the e-commerce enablement platform Shiprocket to help micro, small and medium enterprise (MSME) exporters in India present their products on the Indian Business Portal (IBP), according to a media release.

IBP vendors and FIEO members ship products offered on numerous marketplaces through their B2C orders effortlessly to more than 220 countries, according to Shiprocket, which claims it has already integrated with Amazon, Shopify, and many more.

According to the announcement, FIEO member exporters could select premium economy & express options through the Shiprocket panel. Additionally, a separate helpdesk is set up to resolve inquiries and service issues for the FIEO members quickly. To launch e-commerce exports in a cost-competitive way, FIEO members and SMEs registered on the Indian Business Portal (IBP) can also take advantage of a flat 15% discount on the international shipment tariff.

Ajay Sahai, Director General and CEO of FIEO, said, “Our goal is to assist small-scale entrepreneurs, startups, and MSMEs, even in remote areas of India, so that we can capitalize on the enormous potential of e-commerce retail exports and appropriately reward these small-scale sellers and merchants with global shipping.”

Speaking on the partnership, Akshay Ghulati, Co-founder of Shiprocket, said, “With an increase in digitization in India, sellers from tier 2 & 3 cities are emerging, and they need logistics support. Shiprocket is committed to creating a tech-friendly and inclusive ecosystem for them to ease their business and help them to expand their reach in global markets.”

In addition, Shiprocket said it would provide logistics-related services to Indian Business Portal (IBP) store holders and FIEO members as a value-added service. These services would include domestic shipping, warehousing management services, fulfilment services, and marketing tools, all under the Shiprocket brand.

IHCL makes its debut in Dharamshala with Norbu The Montanna

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December 13, 2022

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Indian Hotels Company (IHCL) has announced the launch of Norbu The Montanna, an IHCL- SeleQtions hotel at Dharamshala, Himachal Pradesh. The scenic Kangra Valley surrounds it since it is hidden among the Dhauladhar mountain range.

Puneet Chhatwal, managing director and CEO of IHCL, said, “This opening will strengthen IHCL’s extensive presence in key leisure destinations in India. We believe Dharamshala, which offers both adventure and spirituality, has tremendous potential to attract domestic as well as international travellers. We are extremely delighted to launch Norbu The Montanna – IHCL SeleQtions.”

The seven-acre Norbu the Montanna offers breathtaking views of the Dhauladhar range and is conveniently located near the Kangra airport, nestled within the serene Kangra Valley. The hotel’s design is inspired by traditional architecture. Each of the 31 rooms and suites has been meticulously designed for modern luxury and is inspired by distinctive Tibetan symbols such as the Tibetan flag, Yak, Leopard, Sparrow, and Yag God.

Ojas Garg, founder, and MD, of Soham Hotels & Resorts, said, “One of the most visited destinations in Himachal Pradesh, Dharamshala is a traveler’s paradise. We are delighted to partner with IHCL to introduce the SeleQtions brand in Dharamshala.”

With the addition of this hotel, IHCL will have four hotels in Himachal Pradesh, with two under development.

Bumble Bee Flights receives Rs 300-Cr to make air taxis

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December 13, 2022

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The UK-based technology conglomerate SRAM & MRAM Technologies and Resources Limited has invested Rs 300 crore ($37 million) in Bumble Bee Flights Pvt Ltd. This company has developed India’s first autonomous air mobility solution with multiple use-case scenarios, including air ambulance, air taxi, logistics, recreational use, and defence applications.

The Bengaluru-based startup, established in early 2022 by serial entrepreneur and expert in air mobility solutions Arjun Das, said it would use the funds to establish an assembly plant in Odisha to manufacture the air taxis. By April 2023, the company plans to launch the prototype.

According to an official release, Bumble Bee Flights will manufacture air taxis under the Bee Flights brand. By 2024, these air taxis will be certified and available for production.

Arjun Das, Founder of Bumble Bee Flights, said, “eVTOL Aircrafts are the future of urban mobility and transport. These autonomous air taxis would not only ease the already burdened urban road infrastructure but also will work towards reducing carbon footprints. We aim to work towards making mobility cheaper, faster, and more sustainable.”

In collaboration with operators around the world, Bumble Bee Flights will design and manufacture these air taxis, Arjun added. The first step would be obtaining certification for India, the US, the UK, the UAE, and Singapore.

“We are like the Boeing or Airbus for air mobility solutions,” Arjun said.

He stated that the company was dedicated to make in India, make for the global market, and build the transportation of the future. “This is also a step towards putting Odisha and India on the global air mobility solution map,” he said.

Gurujee Kumaran Swami, Vice Chairman, SRAM & MRAM Technologies and Resources Limited, said, “We are committed to the make in India movement and [we] share a common vision of the importance of a sustainable future using electric air mobility systems.”

upGrad boosts its domestic leadership with two strategic appointments

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December 13, 2022

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upGrad has announced two strategic appointments to further strengthen its domestic footprints, effective November 2022. The global higher edtech company has hired Brijesh Nain and Paras Jhaveri as the Business Unit Head and Vice President – Finance, respectively.

In his new role, Nain will focus on building upGrad’s Data Vertical Sales and Marketing efforts while implementing product innovations for improved business outcomes. Brijesh has over ten years of expertise and has led high-growth business teams in the telecom, consumer goods, and pharmaceutical industries. He spearheaded the exam-prep division while managing the marketing and product initiatives for greater sales funnel effectiveness during his last employment with K12 giant BYJU’S.

On the other hand, Jhaveri would take the lead as the senior management’s financial advisor for business strategy growth. To streamline the financial planning and reporting procedures, he will manage compliance functions for upGrad and its divisions from start to finish. As a qualified chartered accountant, he began his career with PwC and later moved on to other firms where he strengthened the finance divisions of numerous businesses. Additionally, he served as the Walt Disney Company’s AVP – Finance.

Commenting on the development, Mayank Kumar, Co-founder and MD upGrad, said, “upGrad is extremely committed to driving career outcomes for its learners, which in turn, have started reaping business results. We have expanded our domestic footprint significantly and introduced new business lines to support our growth momentum. It’s important for us to have leaders like Brijesh and Paras who come with strong business fundamentals and have steered growth and profitability for multiple brands. We have planned certain organic developments for the current and upcoming FYs which will surely amplify our market visibility and foothold. Therefore, we are confident to leverage their expertise and strong leadership skills to further multiply our efforts for 100%+ results.”

Logistics startup Shipsy announces first ESOP buyback

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December 12, 2022

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Shipsy, a SaaS-based smart logistics management provider, has announced its first ESOP buyback. According to a statement issued by the company, the buyback is open to all existing and full-time employees of Shipsy who have worked there for at least a year.

The company also stated that Shipsy’s employee count had surpassed 350 in less than seven years. According to the SaaS platform, its recurring revenue increased by over 100% last year, while its customer base increased by 75%.

Soham Chokshi, CEO and Co-founder of Shipsy, stated, “We have seen tremendous growth in the last few years. Our success is a combined effort of each of us at Shipsy, and celebrating it together is a part of our cultural DNA. We extended the buyback option to make these victories sweeter for our employees and their families, who have been consistent partners in our success. It is just one way of expressing our gratitude for the value they bring to the company.”

The company has offices and a significant presence in Southeast Asia and the Middle East in addition to India, and it expects to have operations in the Americas and Europe soon.

Early this year, A91 Partners and Z3 Partners, along with existing investors Info Edge and Sequoia Capital India’s Surge, invested $25 million in Shipsy, bringing the company’s total funding to about $33 million.

D2C dairy brand Sid’s Farm forays into Bengaluru market

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December 12, 2022

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Telangana-based D2C dairy brand Sid’s Farm has entered the Bengaluru market. A logical expansion choice for the brand in a consumer-driven city is Bengaluru, which has an 8 cr+ population and is the third largest in India (25 % urban, > 50 % migrated) and the fourth largest in terms of GDP. The city has enormous potential, given the rising demand for superior-quality dairy products and the increased interest in premium products.

The products would initially exclusively be available through e-commerce websites, offering milk and common dairy products like paneer, curd, ghee, and butter. Leading e-commerce websites like Milk Basket, Big Basket, Zepto, SuprDaily, and Fresh to Home will offer the products. Customers can select separate cow, buffalo milk, and dairy products from Sid’s Farm’s offerings based on their preferences.

Dr Kishore Indukuri, Founder and MD of Sid’s Farm, said, “We are kicking off our venture by serving our superior quality milk and dairy products only through e-commerce sites and will introduce the same subsequently with niche store partners in Bengaluru. Eventually, we also want to be directly available to our customers at their doorsteps through our app and our own distribution channel too.”

Sid’s Farm is a fresh dairy brand established in Telangana that prioritises product quality over all other considerations. Sid’s Farm strives to offer customers the highest quality milk by working with more than 500 store partners in and around Telangana. Each unit is subjected to 45 tests based on the FSSAI’s (Food Safety and Guidelines Authority of India) legal standards for milk and milk products.

Incidentally, Bengaluru is a consumer market, and Sid’s Farm has the ideal potential to offer customers the best milk and dairy products because there is a shortage of fresh cow and buffalo milk and milk products free from antibiotics, preservatives, and synthetic hormones.

Java Capital launches Rs 75 Cr seed-stage fund

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December 12, 2022

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Java Capital, a SEBI-registered Alternative Investment Fund (AIF) that focuses on seed-stage companies, has announced opening its first fund, which has a corpus of Rs 75 crore and a greenshoe option of Rs 25 crore.

The fund completed its first close at Rs 30 crore and plans to complete its final close over the next six months. The recently established fund has already begun funding pre-seed to pre-Series A startups, and it plans to build a portfolio of 15 to 20 such startups with an average first check size of Rs 2 crore. For follow-on investments into portfolio firms with the best track records, the fund will set aside 50% of its total assets.

The fund, which has already invested in four companies, is looking at startups in the deep tech, SaaS, enterprise tech, fintech, and climate and sustainability verticals that are looking to raise pre-seed to pre-Series A funding.

Vinod Shankar, Co-founder and Partner of Java Capital, said, “We are possibly one of the only funds with strong diversity with three full-time partners and are led by deep conviction in the companies we invest in. We are not afraid to lead rounds ourselves at this stage, which is again led by our deep conviction and contrarian to most other funds in this market. We are willing to take outlier risks such as Agnikul, a company making India’s first 3D printed semi-cryo rocket engines, or EPlane, which is building electric flying taxis.”

The company has previously invested in 23 startups, including Agnikul, KukuFM, BharatX, Better Opinions, Yellow Metal, The Eplane Company, Kindlife, Legistify, etc.

In 2020, professional venture capitalists and startup ecosystem enablers Bhargavi V, Vinod Shankar, and Karteek Pulapaka launched Java Capital. 40% of these companies have used it to lead rounds. The portfolio as a whole raised additional funding by over 50%.

After receiving investments from Java, four companies were chosen for the Y-Combinator accelerator. Java’s entire portfolio is currently valued at $385 million.

Bhargavi V, Co-founder and Partner of Java Capital, says, “We are super excited to announce the launch of our fund, and we are strong believers in the long-term growth story for India. We are in the venture space for the next few decades and would like to grow Java Capital as the first port of call for founders looking to start companies.”

Karteek Pulapaka, Co-founder and Partner of Java Capital, said, “India is in the midst of a once-in-a-century transformation, and this will be underscored by cutting-edge startups. We have a strong record of backing and nurturing visionary founders developing disruptive business models and technology.”

Vee Technologies to add 3,000 freshers in south India

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December 12, 2022

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Vee Technologies, an IT services firm with its headquarters in New York, has announced its plan to hire over 3,000 fresh graduates to its workforce in south India over the next 12 months to meet the expanding demand from its healthcare clients in the US. As a first step in its Rs 200 crore expansion plan, the company said it had started the hiring process to bring in 1,200 recent graduates in biotech, science, and the arts.

Through proprietary platforms, Vee Technologies’ delivery centres in Karnataka, Tamil Nadu, and Telangana in India, Manila in the Philippines, and other locations in the USA serve clients worldwide in engineering, design, and healthcare.

Six of the top 10 US hospitals are among the hundreds of hospitals that use Vee’s proprietary platforms and technologies as clients for software, analytics, and strategic IT services.

CEO and Managing Director of Vee Technologies, Chocko Valliappa, said the company “aims to triple the number of employees in Tamil Nadu to 10,000, in the next three years, with this investment in the IT-enabled services operations.”

According to the announcement, medical coders and calling agents are being sought for roles in Bengaluru, Chennai, Salem, Trichy, and Hyderabad.

Booking.com search highlights where Indians prefer to travel for the holiday season

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December 10, 2022

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The most recent search data trends from Booking.com provide insight into the popular vacation spots for Indian travellers during December and the holiday season. For Indian travellers eager to get back out there and make the most of their vacations, the world is opening up again with the majority of travel restrictions lifted.

Beach, nature/mountains, and road trips are among the top five most preferred trip types for Indian travellers, according to the Booking.com APAC Travel Confidence Index, and this is reflected in the most popular destinations for the upcoming holiday season.

According to data from Booking.com, when it comes to domestic travel, Indian travellers prefer hill stations, beaches, and historical places, with Pondicherry topping the list and being followed by Lonavala and Manali.

For Indians, travelling the world is once again on their bucket list. Regarding international travel, Indians look for metropolitan cities where they can ring in the new year and celebrate the festive season. The most popular travel destinations in South-East Asia are Bangkok and Singapore, with Dubai continuing to be the top choice for Indian tourists.

Paris, London, and Dubai top the list of the top 15 locations searched for during the holiday season by travellers worldwide.

Santosh Kumar, country manager, India, Sri Lanka, Maldives and Indonesia at Booking.com, “The last few years have taught us that travel should not be taken for granted. After two years of travel restrictions, travellers feel overwhelmingly more optimistic about travelling. It is encouraging to see Indian travellers exploring different destinations both within India and abroad with a more positive outlook towards travel. As people remain enthusiastic and book their holidays, Booking.com will continue to make it easier for everyone to create their unique travel memories as they experience what these different destinations have to offer during the year end and beyond.”

Cash on delivery about $30 billion of India’s ecommerce market, says Gokwik

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December 10, 2022

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Though consumers are utilizing digital currency more frequently, according to e-commerce enabler GoKwik, cash on delivery transactions still account for around $30 billion of India’s e-commerce market.

“We live in a low trust society. It’s not that these people have not done UPI ever. We have in fact seen that there is a 50% overlap in people using UPI or credit cards and COD. It is also a generational thing, and it will take another 10-15 years to move away from COD similar to other markets like Japan,” said Chirag Taneja, co-founder of Gokwik. “COD has withstood the shock of demonetization, and Covid wave and cash in circulation (CIC) has come back in the economy.”

It predicts that the COD and RTO percentages will increase with the industry expansion as e-commerce penetration in India reaches double digits due to improved accessibility and affordability in tier 3 and beyond cities.

Currently, COD makes up approximately 25-30% of all e-commerce transactions. Gokwik expects that if brands make back-end interventions, COD will halve and remain at about 10-15%. Also, higher COD orders typically lift the possibility of the Return to Origin (RTO) rate, effectively the rate of orders that are cancelled even before delivery. RTO is worth around $9 billion, according to GoKwik.

“Companies have built payment infrastructure from the payment lens and not from the ecommerce lens, which merchants want us to solve. Similarly, the entire check out propositions, including log in, address and discounts, have deep problems, and we address these shopping experience issues for brands,” added Taneja.

Taneja, Ankush Talwar, and Vivek Bajpai established GoKwik in 2020 to solve problems with e-commerce firms, such as optimizing the customer experience, recovering from abandoned carts, boosting conversions, raising GMV, and minimizing the return to origin (RTO). Their solutions cover the entire customer journey—before, during, and after the sale. They recently reported that their network had processed over $1 billion in orders and had experienced a 520% rise in transactions year over year.

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