Bigbasket receives $200mn from parent Tata Digital: Report

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December 21, 2022

E-grocery player Bigbasket has raised $200 million from parent Tata Digital which owns 64% of the company. This is Tata Digital’s fourth round of funding in Bigbasket.

According to a report by the Economic Times, the funding round is expected to value Bigbasket at $3-3.5 billion post-money. During a secondary share sale in March this year, the firm was valued at $2.7 billion.

Bigbasket will utilize the fresh capital to expand the quick commerce vertical BB Now and use it as an expansion strategy for core Bigbasket users rather than enticing existing customers to try the 30-minute delivery service, as per the report.

By launching its quick vertical, BBNow, in December 2021, the company, which has been expanding, will be in direct rivalry with other well-funded companies like Instamart by Swiggy, Zomato’s grocery delivery service through Blinkit, and quick commerce player, Zepto.

With a target of approximately Rs 320 crore by December next year, BB Now is generating gross sales of about Rs 130 crore every month. Through dark stores, it is currently present in more than 24 cities.

BigBasket also plans to expand its core egrocery business from the current 55 cities to around 75.

Facilio plans to double its footprint by 2023

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December 21, 2022

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Facilio, a software as a service based property application, has drawn up plans to double its footprint by the end of 2023, a top company official said. The company moved to a 40,000 sq ft office building in the city and plans to hire more people next year.

A fully automated facilities management system is installed in the new building that Indiqube has developed. According to a statement made here by Facilio, the facility is equipped with the company’s flagship offering, an artificial intelligence-based CMMS platform that offers a seamless visitor management system, workplace management, floor visualization, among other things.

Real estate owners can aggregate building data, boost performance, and centrally manage portfolio operations owing to Facilio’s suite of products. Large real estate companies worldwide use the company’s property operations software platform remotely deployed.

“We currently manage 10,000-plus buildings spread across commercial offices, healthcare, hospitality and retail across the globe. We are aiming to double this by the end of 2023 and tap into the USD 30 billion real estate focused operations software market,” co-founder and CEO Prabhu Ramachandran said.

“We will continue to make strategic hires across the product marketing and engineering functions here and are looking to strengthen our enterprise sales teams in the Middle East, US, UK, Europe and Australian markets,” he said.

Apart from Chennai, Facilio today employs 200 people and has offices in New York, London, Australia, Dubai, and Singapore. Investors funding the company include Accel India, Tiger Global Management, Dragoneer Investment Group, and Brookfield Growth.

Digital models now a key ingredient in FMCG story, says a new report

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December 21, 2022

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According to a Nuvama report, general trade’s historical domination of the distribution channel is not under threat even though India’s fast moving consumer goods (FMCG) sector has shown exceptional agility in keeping up with the times by turning to online sales across segments.

“Quick commerce is the poster boy of this online shift, and it is evident in metro and Tier 1 cities post-covid in grocery and dairy. We expect FMCG players to continue to build on their focus on new-age distribution channels, which are showing great appetite for growth. But e-commerce and quick commerce are nibbling away big pies—particularly in indulgence categories,” said the report.

In the e-commerce model, the most established FMCG companies have recorded a higher share of sales. For instance, Hindustan Unilever noted that over 10% of their ice cream business was created by quick commerce. At the same time, sales of D2C, e-commerce, and B2B orders placed digitally account for over 20% of HUL’s overall sales. With a contribution of 9.2% to sales last quarter, up from 7.5% in FY22, Tata Consumer’s e-commerce division saw a 40% growth. Even for Dabur, e-commerce increased by 50% year over year and provided roughly 9% of total revenue in the most recent quarter compared to 2-3% four years earlier.

According to industry experts, the gross merchandise value of the quick commerce market will reach $5 billion by 2025.

“FMCG companies don’t always find direct to consumer channels to be highly profitable. Companies have also relied on third-party data from retailers and are finding it difficult to gain holistic insights into consumers’ buying behaviors and preferences,” Vikas Mangla, founder of Digital ROI, added that margins and profitability are still significant challenges. “Brands could launch private label products to increase profitability and need to focus on expanding the category to increase the average cart value.”

This industry is growing due to rising customer demand for top-ups and impulse purchases. Customers favour quick deliveries and convenience with the expansion of digital touchpoints. Convenience and efficiency in e-commerce and quick commerce delivery are preferred due to busy lifestyles, urbanisation, ageing populations, and smaller households. This demand is driven by millennials, especially Gen Z customers in mid to high-income families in metro and Tier 1 areas. About 0.3 million orders are currently processed each day by quick commerce players.

“Several platforms promote their brands by offering specific offers and discounts. With clear brand descriptions, various product portfolios for digitised platforms, tieups with platforms for offers, FMCG businesses look forward to enhance the scope of their online offerings by increasing coverage for delivery, offering more convenient and quicker delivery options and providing items or products that are hard to find offline,” added the Nuvama report.

Delhivery to buy supply chain technology company Algorhythm Tech

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December 20, 2022

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Delhivery, a logistics company with its headquarters in Gurugram, announced that it is buying Pune-based Algorhythm Tech Pvt. Ltd., a supply chain technology company.

Delhivery stated that the transaction is expected to close on January 31, 2023.

Algorhythm Tech will operate as a fully-owned subsidiary of Delhivery Limited following this 100% acquisition.

Abhaya Borwankar, Ajit Singh, and Sandeep Pendurkar founded Algorhythm in 2003. Through its proprietary Rhythm 3.0 platform, Algorhythm provides end-to-end supply chain planning and execution products to clients across the FMCG, pharma, steel, auto, and telecom sectors.

Sandeep Kumar Barasia, Executive Director and Chief Business Officer, said, “Given that technology has and continues to be our core business differentiator, Algorhythm Tech’s SCM software products will enhance our Supply Chain Solutions offering with value added services and also drive cost optimisation in service delivery.”

Ajit Singh, Co-founder of Algorhythm Tech, said, “Delhivery has made great strides to emerge as the largest logistics provider in India in a decade and we can think of no better team or company to work with to accelerate our joint vision for the future.”

Wyndham signs a new hotel in Jammu—a Ramada Plaza by Wyndham

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December 20, 2022

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SS Innovators and Realtors Private Limited, a real estate and road development company based in Jammu, announced the signing of a franchise deal with Wyndham Hotels & Resorts for a new hotel development in Jammu (J&K) under the Ramada Plaza by Wyndham brand.

The hotel is located in Vijaypur along the strategically important Jammu-Pathankot National Highway NH1A and is scheduled to open in 2024. Once completed, the hotel will offer 85 keys, a variety of food and beverage options, and the city’s largest meeting and banqueting space.

“We are excited to franchise our upcoming hotel with Wyndham Hotels & Resorts under their popular Ramada Plaza brand and bring it to the city of Jammu. We are working closely with Wyndham to design and complete the hotel to high international standards and look forward to welcoming guests to experience this wonderful hotel,” said Satish Jamwal, director of SS Innovators and Realtors Private Limited.

“We are delighted to announce the signing of Ramada Plaza by Wyndham in Jammu. This will be our second hotel in the state of Jammu and Kashmir after our recently opened hotel in Katra. The signing reaffirms our commitment to continue to grow in Jammu and Kashmir bringing in the strengths of our brand portfolio for owners and guests. We look forward to our partnership with SS Innovators and Realtors Private Limited,” said Nikhil Sharma, regional director of Eurasia, Wyndham Hotels & Resorts.

Paytm joins with HDFC ERGO to offer insurance cover to mobile transactions upto Rs 10,000

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December 19, 2022

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One97 Communications Limited (OCL), the parent company of Paytm, launched ‘Paytm Payment Protect’, a group of insurance plans in collaboration with HDFC ERGO General Insurance to insure transactions made through UPI across all apps and wallets.

Users can protect themselves from fraudulent mobile transactions up to 10,000 with this latest offering, which is available for just ₹30 per year. Higher cover options with an annual cap of Rs.1 lakh are among the future additions to the product.

Commenting on the launch of this unique policy, Bhavesh Gupta, CEO of Lending and Head of Payments at Paytm, said, “We are the pioneers of mobile and QR payments in India, with customer safety being our top priority. We are offering an insurance cover with convenient claims with a vision to safeguard users and fight cyber crimes. Our partnership with HDFC ERGO is aligned with our mission of spreading financial awareness and propelling safer digital payments adoption in the country.”

This product’s launch to the market aims to improve trusted digital payments even more and boost their adoption across the nation. HDFC ERGO will now use Paytm, a mobile payments pioneer with a trusted and extensive reach, to promote its cost-effective and comprehensive insurance plans.

Mr Parthanil Ghosh, President of Retail Business, HDFC ERGO General Insurance, said, “The use of mobile wallets and UPI has increased exponentially, especially after the pandemic. While it brings ease and convenience, it also makes one susceptible to cyber frauds. We are excited to partner with Paytm as this asserts our pledge to provide innovative solutions to mitigate cyber risks in today’s digital era. Our comprehensive insurance offering, coupled with Paytm’s digital access, will boost digital growth and ensure financial inclusion along with protection from cyber frauds across the country.”

Purbanchal Cement lines up Rs 200-Cr for expansion

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December 19, 2022

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Purbanchal Cement, based in Assam, has earmarked Rs 200 crore for expansion and acquisition over the coming years, including foraying into markets outside the northeastern area like West Bengal, a senior official said. The Maithon Group company currently operates a 0.5 million tonne capacity plant near Guwahati.

“We are evaluating between brownfield expansion and acquisition preferably with mine rights in the northern part of Assam,” Purbanchal Cement MD Vedant Agarwal said.

“We have earmarked Rs 200 crore over the next two-three years to fund our expansion. Initially, we are aiming at ramping up our installed capacity to 1 million tonnes,” he said.

The company is looking at potential beyond the northeast, according to Agarwal.

“There are plans to set up a grinding unit in West Bengal to tap the eastern market demand,” he said.

The West Bengal government has been wooing investment from the manufacturing sector by banking on huge coal deposits, according to officials.

Cement makers, however, have recently been adversely affected by high commodity prices and supply constraints.

“As a result of coal shortage, the industry is experiencing severe cost pressure, which has led to price volatility. However, things seem to be improving, albeit slowly,” Agarwal said.

Dharaniswar joins Grand Mercure Bengaluru at Gopalan Mall as talent & culture manager

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December 16, 2022

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Dharaniswar joined Grand Mercure Bengaluru at Gopalan Mall as a talent & culture manager with over 19 years of strong expertise in the hospitality human resource domain. He will lead the 212 key premium five-star hotel’s talent & culture division in his position. As the industry emerges from the pandemic, his main focus will be to recruit, retain, and expand talent.

After completing his bachelor’s degree in hotel management & administration from IHM Kolkata, Dharaniswar started his career in hospitality in 2003. After working for Novotel Imagica Khopoli and Novotel & ibis Bengaluru Outer Ring Road, he joined Accor in 2013 as the learning and development manager at Novotel Ahmedabad. In his previous role, he headed the talent and culture division at the 118-key Novotel Guwahati. Additionally, Dharaniswar has an IGNOU postgraduate diploma in human resource management.

“Dharaniswar is highly motivated individual and comes with a great understanding of both Accor values and the brand ethos. His experience will help in sustaining the warm culture at the Grand Mercure. We are excited to welcome him to the team”, said Sachin Maheshwary, general manager of the hotel, on his appointment.

Fashion tech startup Virgio bags USD 37 million

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December 16, 2022

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Fashion tech startup Virgio said it had raised USD 37 million (about Rs 306 crore) in a funding round led by Prosus Ventures, Accel and Alpha Wave. According to a statement from the company, the capital from the Series A funding round will be utilized for expanding the company’s technology and hiring.

The company is building a platform for fashion technology that will provide designers seamless access to consumer preferences. According to the statement, the vision includes a network of tech-driven factories allowing designers to construct prototypes swiftly, gather consumer feedback, and scale production.

“Traditionally, the fashion industry has operated on depth and discount models. Virgio is pioneering the test and scale method, making runway fashion accessible and affordable for all consumers, while eliminating excess inventory for manufacturers,” Virgio CEO and Founder Amar Nagaram said.

Instagram introduces new feature to help users restore access to accounts

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December 16, 2022

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Instagram has introduced a new “hacked” hub feature that can help with account access problems.

“To support accounts that are experiencing access issues or may have been hacked, we have created a new, comprehensive destination people can rely on to report and resolve account access issues,” the platform said in its blog.

Users can use the feature to solve a variety of account access problems. The new feature may be useful when an account has been hacked, and the user has lost access to two-factor authentication, forgotten their password, or had their account disabled.

The social media company has also launched a new function that allows two of your Instagram friends to confirm your identity so you can get back into your account if it has been disabled.

“We want to ensure people have multiple options to get their accounts back if they lose access,” the blog reads.

With this new feature, Instagram is also opening up access to a feature that can offer users various options to restore access to their account if they lose it.

Instagram has also said that it is testing strategies to help prevent Instagram hacking before it occurs.

“First, we remove accounts that our automated systems find to be malicious, including ones that impersonate others, which goes against our community guidelines. Second, because bad actors often don’t immediately use accounts maliciously, we’re now testing sending warnings if an account that we suspect may be impersonating someone requests to follow you,” the company said in the blog.

In the coming months, it will also issue warnings whenever an account sends a direct message (DM) that appears to be from a business.

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