Products of 30,000 small brands serve to 80% of India’s population: Report

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April 18, 2022

According to a survey, most of the country’s population utilizes household products from over 30,000 small and medium businesses, while only 20% use items offered by large companies. On the other hand, according to a report by traders’ body CAIT, products of Fast Moving Consumer Goods (FMCG), consumer durables, and cosmetics from over 30,000 small and medium businesses cater to the demand of 80% of India’s population.

Foodgrains, oil, groceries, personal cosmetics, innerwear, ready-made garments, beauty and body care, footwear, toys, educational games, and healthcare were all included in the survey.

“It’s a myth that about 3,000 big brands of corporate houses, particularly in the FMCG sector, consumer durables and cosmetics etc, are catering to the needs of the people of the country. In fact, more than 30,000 small and medium but regional level brands are the largest contributor in meeting the demand of the people of India,” CAIT (Confederation of All India Traders) said.

The survey said that most people’s needs are met by tiny and small-scale manufacturers’ items supplied in modest quantities.

Due to intensive media and outdoor exposure and celebrity endorsements, big brands are popular among the upper and upper-middle classes, according to CAIT Secretary General Praveen Khandelwal.

On the other hand, small-scale manufacturer’s brands are sold through one-on-one interactions between consumers and shopkeepers, as well as word-of-mouth among individuals of medium and lower-medium income groups, as well as those from economically disadvantaged groups, he added.

HCL Tech announces new digital solution for retail clients on Microsoft Cloud

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April 16, 2022

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For the retail business, HCL Technologies has announced the availability of its ‘Envisioning Retail Transformation’ solution on Microsoft AppSource.

According to the AppSource website, the solution is for organisations who want to engage customers through an omni-channel shopping experience, drive value from data, and develop a resilient supply chain model.

According to a company statement, HCL Technologies has developed engagement assessments to assist organisations in conceiving ideas and designing a plan for digital transformation that is aligned with their strategic objectives and projected return on investment.

The ‘Envisioning Retail Transformation’ assessment from HCL Technologies will aid in the discovery and communication of business priorities among a group of shareholders, the delivery of a business model to accelerate ecommerce sales, and the improvement of inventory management while activating a digital feedback loop, which is at the heart of digital transformation.

The solution is offered as a consulting service focused on Microsoft Cloud for retail capabilities in the United States, Canada, the United Kingdom, Singapore, and Australia.

Swiggy, TVS Motor invest in bike-taxi startup Rapido

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April 16, 2022

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Rapido, a bike-taxi platform, has secured USD 180 million in a series-D round led by new investor Swiggy, with TVS Motor and existing investors Westbridge, Shell Ventures, and Nexus Ventures also participating. According to reports, the startup is valued at over USD 800 million. Before this round, Rapido had raised about USD 130 million.

Rapido plans to utilize the capital to improve its technology and teams in a variety of areas, as well as expand its total supply to cover more metros, tier-1, -2, and -3 cities.

“Rapido will be investing these funds in all its three categories — bike-taxi, auto and delivery — to enhance its captain earnings and improve customer experience in the over 100 cities it operates in,” the company said.

Swiggy’s participation in this round will bolster the two firms’ synergies, according to Rapido, and will result in increased earnings for both Swiggy’s delivery executives and Rapido’s captains.

“We look forward to learning from Swiggy’s experience to scale up throughout the country and enhance our captains’ / customers’ experience, who are the backbone of our business. In addition, TVS Motor, who are very passionate about EVs and the future of mobility, will help us in further expansion,” Aravind Sanka, co-founder of Rapido, said.

Rapido has a customer base of over 25 million people and over 1.5 million’ captains’ (driverpartners). In addition, you can hire bike taxis and autos through the app.

CoffeeMug.ai strives to make $3mn revenue by FY 2022-23

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April 15, 2022

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CoffeeMug.ai, a rapidly-growing community of over 2,50,000 founders, investors, CXOs, and business leaders, has announced the launch of an innovative talent solution for senior-level hiring that is integrated with its community: a source-to-hire talent intelligence platform that is powered by the open web, an AI-based matchmaking engine, and deep insights from the CoffeeMug.ai community.

To drive senior-level recruiting for its clients, the talent search technology analyses millions of public profiles on the internet and blends them with deep aspirational and behavioral insights from CoffeeMug’s data pool.

In India, the United States, and Singapore, the company has already onboarded 35 clients.

Brands including Lenskart, Licious, Gaana, Haptik, Klub, Sugarbox, and Gameskraft are among those. CoffeeMug.ai plans to serve roughly 150 clients using this platform and generate $3 million in revenue by FY 2022-23.

The company also aims to improve the platform by enrolling new clients in the next few months, particularly in the US market.

“Finding the right talent has become highly challenging for leaders during these unprecedented times, especially for a senior role. Since we launched CoffeeMug.ai, our members highlighted the challenges they face in finding the right role for themselves, and we realized how big this opportunity is. By launching Talent Solutions, we have decided to address it. The best part is that we are starting with 35+ clients across India, the US, and Singapore, demonstrating that this is a global problem statement. We are excited about addressing it,” said Dipti Tandon, co-founder & COO, of CoffeeMug.ai.

Stockal receives $9 million in Series A funding

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April 15, 2022

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In its Series A funding, Stockal, a global investment platform, raised $9 million. Hashed (a global web3 focused venture fund) and PEAK6 are among the investors who contributed to this round of funding (an investment firm in the US). Aside from ARC Group Ventures, Trica, 7Square, AZ Ventures, Czar Capital, Riso Capital, and some of Stockal’s existing investors, the round included ARC Group Ventures (ARC Group’s venture capital arm), Trica, 7Square, AZ Ventures, Czar Capital, Riso Capital, and some of Stockal’s existing investors.

Stockal plans to use the fresh capital to accelerate its international expansion plans, according to the company. “With the fresh inflow of funds, Stockal will now be entering the South East Asian markets,” it added.

Commenting on the funding, the co-founders and co-CEOs – Sitashwa Srivastava and Vinay Bharathwaj – said, “We are very excited about the opportunity of making investing and savings a truly borderless use-case. Investors from emerging markets have always been short-changed when it comes to finding diverse investment opportunities and we are happy to play a large role in unlocking the global potential for them. The last couple of years has highlighted that there is a tremendous appetite among retail investors to make their money borderless and they will make the leap provided the required ecosystem is available. We are working very closely with banks and regulators in all our markets to make Stockal an extremely seamless platform.”

Simon Kim, CEO & managing partner at Hashed, said, “We are very bullish on the global investing trend. As financial boundaries are becoming smaller, people in Asia are looking at investing options that are global and democratic. We believe Stockal has the right ingredients to build global leadership in this space. They have created a very impressive distribution network in India and MENA and we are excited about their prospects and approach in South East Asia and Eastern Europe.”

Video streaming platform Hoichoi teams up with JioSaavn

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April 15, 2022

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Hoichoi, a video streaming service, has teamed up with JioSaavn, a music, and audio streaming service, to create a bundle that would make both of their services available on the former’s platform. The annual package will allow users access to JioSaavn’s audio streaming collection and regional entertainment content on the Hoichoi platform, like as popular Bengali movies and original series.

Both OTT services will be offered in a 12-month package for a 30% discount, allowing users to stream music from over 80 million tracks and watch over 2,000 hours of movies, original series, films, docu-series, and more according to a statement from the two companies.

According to the two companies, the association will help both platforms develop organically while also adding value to its end-users by providing a broader, more differentiated choice of streaming content, making it a win-win situation for all parties involved. Hoichoi has partnered with national companies to dig deeper into regional Bengali-dominated marketplaces and vernacular consumers. In contrast, regional brands have partnered with JioSaavn to make Hoichoi more accessible and reach a broader customer base.

“At hoichoi, we have always been passionate about widening our user base and enthusiastic about presenting our existing users with differentiated content in collaboration with brands that aim alike. I believe this partnership with JioSaavn has the ability to generate mutually desired engagement and growth. With this strategic brand integration, we plan to present the audience with the attractive package to our extensive library of new and existing series along with the vast audio catalogue of JioSaavn,” Vishnu Mohta, co-founder– hoichoi, said in a statement.

JioSaavn is an audio streaming service for South Asian music and artists founded in 2007 as Saavn. Reliance Industries Ltd. bought a majority share in JioSaavn in March 2018. In addition to approximately 80 million recordings in 16 languages, the organization has 900+ label agreements.

CoutLoot introduces a wholesale platform to link sellers to manufacturers

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April 13, 2022

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CoutLoot, a social commerce platform, has announced a wholesale platform that will link millions of offline and online vendors with small and medium manufacturers across the country.

Sellers and merchants can source fast-moving products and categories directly from manufacturers using this platform, cutting out the middleman and improving profit. In addition, over 7 lakh vendors would benefit instantly from the platform, which would help them source their products faster and boost their earnings.

Coutloot has assisted over six lakh small street retailers and dealers in expanding their company online and generating seven times more revenue in the last year.

“The platform is tailor-made for smaller retailers and sellers coming from beyond the metro cities of India. The wholesale SAAS platform will be integrated with other platforms, short video apps, and logistics platforms to plug supply chain issues for every small Indian business or creator. The sellers would be able to source products directly from the manufacturers at smaller MoQs (minimum order quantity) at the right price through which they can order even with small working capital. It will also help them earn better margins,” Jasmeet Thind, co-founder, CoutLoot, said.

The larger B2B platforms currently provide large quantities that smaller vendors cannot afford. CoutLoot is attempting to break into smaller MOQs using technology to assist smaller sellers and even creators in starting their online stores in smaller locations. Coutloot’s users are concentrated in smaller towns, demonstrating a lack of demand for online buying and selling in a more local and trusted environment.

Sellers can currently choose from over 5000 SKUs from 240 small and medium factories in India on the wholesale platform. Over the next two months, the target is to have roughly 60,000 SKUs.

CoutLoot plans to have a strong network of three million vendors on its platform by the end of 2022 after raising $12 million from Ameba Capital, 9Unicorns, Venture Catalysts, and Astarc Ventures. In addition, the company’s Android and iOS apps have surpassed 10 million downloads.

Unlike larger social commerce platforms such as Facebook, Instagram, and Whatsapp, Coutloot’s dedicated software assists sellers with a free store and logistics, payments, demand, and supply chain services. It intends to provide sellers with a ‘buy now, pay later’ option. CoutLoot’s platform also has a first-of-its-kind negotiation option for both vendors and buyers in their native language.

IT security startup Securden raises $10.5mn in funding led by Tiger Global

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April 13, 2022

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Securden, an IT security startup, has raised $10.5 million in a funding round headed by Tiger Global, a private equity firm based in the United States, according to its CEO, Bala Venkatramani.

The investment also included Accel and Together Fund, with the funds going toward leadership hiring across North America, increasing headcount in India, and expanding the product portfolio to explore adjacent opportunities in IT security, he said.

Securden, based in Delaware, creates tools that protect access across IT, DevOps, and cloud environments, including managing passwords for IT teams, governing privilege access in servers and endpoints, and even enabling remote access without a VPN.

Over the last 18 months, the company has grown by 20% month over month, and Venkatramani expects to complete the current calendar year with a 400% revenue growth.

Secureden’s clients are mostly from North America and Europe, a few from Australia-New Zealand and the Middle East.

According to Venkatramani, Securden will attempt to make inroads into the North American market in the next months, accounting for over 45% of the company’s market distribution.

Identity theft, malware, ransomware, and insider exploitation, according to Venkatramani, are emerging as major concerns in the wake of the pandemic’s rapid digital transformation.

Likewise, the company’s clientele is shifting away from small and medium-sized businesses and toward the mid-market and enterprise segments. Securden operates in five business categories, including large ones like cloud infrastructure security and DevOps security management, with total revenue of $50 billion, according to the CEO.

BigBasket receives ₹1,000 crores investment

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April 13, 2022

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According to regulatory records acquired from business intelligence platform Tofler, Tata-owned Innovative Retail Concepts, which owns online grocery platform BigBasket, received a capital infusion of Rs 1,000 crore from holding firm Supermarket Grocery Supplies.

On March 31, the transaction was approved.

Supermarket Grocery is owned by Tata Digital, about 64% of the company. After Tata Digital acquired the BigBasket operator, Innovative Retail Concepts was made a subsidiary of Supermarket Grocery.

The investment comes as Tata Digital is prepared to launch Tata Neu, its superapp. BigBasket is one of the company’s most important online businesses. Apart from the egrocery sector, BigBasket also provides critical logistics infrastructure for other Tata brands’ ecommerce deliveries.

BigBasket’s gross sales for the previous fiscal year were predicted to be $1.3 billion, with sales expected to increase by 40% annually over the next few years.

It has also set up franchise locations for aided shopping and introduced its Fresho outlets for selling fresh supplies in November last year and a multi-mode delivery approach.

Meta to begin testing money-making tools for its metaverse

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April 12, 2022

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Meta Platforms, the parent company of Facebook, has begun testing tools for selling digital assets and experiences within its virtual reality platform Horizon Worlds, a major aspect of its aim to build a metaverse, the company announced on Monday.

Meta stated in a statement that the tools will be available to a selected group of users who are producing virtual classes, games, and fashion accessories on the company’s immersive platform, which is accessible via VR headsets.

Those selected users will be able to sell their accessories or offer paid access to specialised digital spaces they have developed using a single tool, according to the company.

The social media giant is also experimenting with a “creator bonus” scheme for a select group of Horizon Worlds users in the United States, in which it will pay participants each month for using new features that the company launches.

“We want there to just be tons of awesome worlds, and in order for that to happen there needs to be a lot of creators who can support themselves and make this their job,” Chief Executive Mark Zuckerberg said in a conversation with early adopters, held inside Horizon Worlds using avatars.

The Facebook parent company, which last year changed its name to Meta, has made significant investments in virtual and augmented reality to reflect its new bet on the metaverse, a futuristic concept of a network of virtual environments accessed via various devices where users can work, socialise, and play.

Land, buildings, avatars, and even names can be bought and sold as non-fungible tokens, or blockchain-based virtual assets, in which the company competes with up-and-coming virtual world competitors. Last year, the market for these items skyrocketed, with sales fetching hundreds of thousands of dollars.

Horizon Worlds, a huge VR social network, and Horizon Venues, a virtual event platform, are early iterations of metaverse-like spaces from Meta.

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