FLIPKART ZEPTO DEAL
Ecommerce space heats up; and other top tech, startup stories this week
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. It has been a packed week for ecommerce and quick commerce news. The previous weekend began with Zepto scooping up $665 million in funding, at more than double its last valuation in 2023, which is a pivotal moment for the sector.
Flipkart explored a deal with Swiggy for a pie of quick commerce
Eight to ten months ago, discussions about a potential investment by Flipkart in Swiggy, two of India's biggest internet companies in the consumer sector, were underway. This potential alliance was driven by the changing landscape of the market, particularly the rise of quick commerce. However, due to disagreements on valuation, the talks ultimately fell through.
Flipkart-Swiggy deal talks; Corning’s India plan
Flipkart considered buying a stake in Swiggy months ago amid the rise of quick commerce. This and more in today’s ETtech Morning Dispatch.
Discounting wars in quick commerce; tax relief for ecommerce suppliers
The recent funding raised by Zepto may trigger a discounting war in the quick commerce space. This and more in today’s ETtech Morning Dispatch.
How capital surge may fuel discount war in quick commerce space
The $665 million funding round at Zepto may trigger a discounting war among players like Blinkit, Instamart, and Flipkart. Blinkit faces increased competition in logistics infrastructure as the quick commerce market heats up.
A pivotal event for online commerce; and other top tech, startup stories
Stay tuned to know how the latest capital infusion into Zepto impacts the workings of this fledgling sector.
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Zepto raises $665 million funding at $3.6 billion valuation to take on Blinkit, Swiggy Instamart
Company to double dark-store count to 700, taking on rivals Blinkit, Swiggy Instamart and Big Basket’s BB Now; DST Global, Lightspeed Venture Partners, Avenir Growth Capital and Avra joined as new investors in the round led by Glade Brook Capital, StepStone Group and Nexus Venture Partners.
Zepto’s mega fundraise; Oyo funding gets shareholder nod
Quick commerce company Zepto has raised $665 million from new and existing investors. This and more on today’s ETtech Top 5.
A quick look at Zomato’s Rs 2,300 crore investment in Blinkit
Food delivery company Zomato will infuse Rs 300 cr into its quick commerce unit Blinkit, we reported on June 11. With this, Zomato has infused nearly Rs 2,300 cr since acquiring Blinkit in August 2022. Zomato will pump Rs 100 cr in Zomato Entertainment Pvt Ltd – the unit that runs the company’s live events and ticketing business.
Scoop: DST Global, Lightspeed, others may join Zepto’s financing round valuing it at about $3 billion
Investors are bullish about the company, lured by the growing adoption of ultra-fast delivery platforms despite the high cash burn that typically accompanies these kinds of good-for-consumer businesses.
Zepto’s mega financing; shareholder battle at Kenko Health
Happy Wednesday! Zepto is holding talks with investment fund DST Global and venture capital firm Lightspeed for funding. Details on this and more in today's ETtech Morning Dispatch.
Zomato to infuse Rs 300 crore in quick commerce unit Blinkit as battle intensifies with Swiggy, Zepto
Food delivery company Zomato will infuse Rs 300 crore into its quick commerce unit Blinkit, as per filings made with the RoC. With this, Zomato has infused nearly Rs 2,300 crore since acquiring Blinkit in August 2022. Zomato will pump Rs 100 crore in Zomato Entertainment Pvt Ltd – the unit that runs the company’s live events and ticketing business.
Google invests $350 million in Flipkart as part of nearly $1 billion funding round
Flipkart secures $1 billion funding with investments from Google and Walmart. Walmart, which holds an 85% stake, invested $600 million in the round. Valued at $35-36 billion, Flipkart plans to expand with Google's cloud collaboration.
Google’s $350-million Flipkart bet; Canva CEO interview
Ecommerce major Flipkart has closed its nearly $1-billion funding round with Google coming on board. More on this in today’s ETtech Top 5.
Quick commerce 2.0, and other top tech & startup stories this week
Quick commerce, the buzziest sector in the consumer internet industry, is undergoing a significant transformation. We, at ETtech, have been tracking the sector super closely and bringing the biggest and most impactful stories to you, first.
Roadblocks for q-commerce; Mizuho InCred deal
Happy Friday! As quick commerce platforms diversify, they are likely to face operational challenges. More on this in today’s ETtech Morning Dispatch.
Meesho closes $275 million funding in first tranche, in talks for more
Meesho secures $275M funding in a $600M round. Share transfers hinted in SEC filing. In total, Meesho has raised $1.36 billion – including secondaries – since 2015.
Unicorn sightings become rare as VCs shun that leap of faith
Investors are going back to the same list of startups they have already backed to write bigger cheques leading to new unicorn sightings becoming rare. Only Perfios and Ola founder Bhavish Aggarwal’s Krutrim AI have become unicorns so far in 2024, and the number was the same for the whole of 2023.
Exclusive: WeWork Inc to sell entire stake in India unit
US office sharing company WeWork is selling its 27% stake in the India unit via a secondary deal. We have this evening scoop and more in today’s ETtech Top 5.
Flipkart’s supply chain head Hemant Badri to lead quick commerce business
Flipkart's quick commerce, led by Hemant Badri, to launch in July with dark stores setup. Potential deals with Zepto and Dunzo didn't progress. Swiggy integrates Mall with Instamart.
Quickening pace of quick-commerce; and other top tech, startup stories this week
It’s no surprise, given quick-commerce platforms are betting big on advertising revenues to contribute substantially to their toplines. HSBC Global Research expects Blinkit’s ad revenues to grow fourfold from $60 million in FY24 to $240 million in FY27.
Exclusive: Flipkart-Zepto deal talks falter; quick commerce startup opts for financial investors
The strategic sale discussions are unlikely to be revived. Quick commerce company Zepto is now in discussions for fresh funding at a likely $2.5 billion valuation. It has held talks with the likes of General Atlantic, ADIA, among others.
Exclusive: Flipkart-Zepto deal talks drop out of cart
Happy Friday! Ecommerce major Flipkart held talks with Zepto for a potential deal. More on that in today’s ETtech Morning Dispatch.
As mercury begins to soar, India Inc steps up to keep workers sun-safe
As India braces for a hot summer ahead, companies across various sectors are implementing measures to protect their workers from the scorching temperatures. From ecommerce giants to real estate developers and oil companies, efforts include restricted work hours, flexible schedules, resting areas, access to refreshments, healthcare facilities, and breathable clothing.
Zepto’s $300 million funding; Meta taps Reliance for data centre
The Mumbai-based Zepto is eyeing a valuation of around $2.5-3 billion, as against the $1.4 billion it was assigned on turning unicorn last year, sources said. This is a huge bump up amid a largely sluggish funding market even for Zepto which has been growing fast.
Flipkart eyes quick-commerce entry; No point Googling ‘swadeshi’
Flipkart has been working to cut down the timeline of its deliveries across categories for some time now. The firm rolled out same-day delivery of products across several categories at no extra cost from February.
Zepto, Blinkit to bulk up carts; no let up in Google vs Indian apps tussle
Quick-commerce platforms Blinkit and Zepto are set to expand beyond groceries, adding categories like fashion and electronics. This and more in today’s ETtech Morning Dispatch.
Advertisements get cash counters ringing at quick commerce and food delivery companies
Quick commerce and food companies such as Swiggy, Zomato, Blinkit and Zepto are using advertising to bump up their overall revenue, industry executives and advertisers told ET.
ETtech Deals Digest: Funding crunch continues, investments down 40% in November to $409 million
New-age tech companies raised a total of $409 million in November across 63 rounds, according to data from market research firm Tracxn. Overall funding for the month was down 40% in terms of value compared to a year earlier, when startups raked in $682 million from 136 rounds.
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