NEWME
New-age consumer brands trend on deal street
Uppercase–a luggage brand started by former VIP Industries MD Sudip Ghose–is in talks with Flipkart-backer Accel to raise new capital, sources told us. This would be the 3rd major deal in the space after Peak XV Partners’ Mokobara investment and Lighthouse’s bet on Safari.
Homebound startups restructure; offline push by D2C brands
Happy Wednesday! Homegrown startups are stepping on the pedal for their move back home. This and more in today's ETtech Morning Dispatch.
Offline stores are trending as new set of D2C firms emerge
Investors and startup founders are noticing a trend: D2C businesses across various sectors, like fashion, electronics, and food and beverage, are opening physical stores (going offline) even after their initial funding round.
Stride Ventures closes third fund at $165 million
Stride Ventures closed a $165 million third fund, supported by various entities. The fund focuses on consumer and financial services sectors, with Apoorva Sharma explaining the adjustment from the initial $200 million target.
New growth markets for IT firms; Stride Ventures closes third fund
Indian IT firms are seeing rapid growth in new geographies amid a slowdown in their established North American market. More on this in today’s ETtech Top 5.
Fashion startups Fashinza, Virgio to return investor capital after failed pivots
Fashinza and Virgio failed to attract customers in the original business plans for which they had raised the funds. They are now returning most of the capital they had raised, after a change in their business models.
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New-age consumer brands pulling in funds, tech no bar; and other top stories this week
At the peak of the funding winter last year, an investor told me that the pace of investment deals will continue to be slow, but the nature of companies grabbing new cash will be different. The next obvious question was: what kind of companies? Consumer brands, the person said.
Tech-first VCs line up for new-age consumer brands, offline businesses
Tech-first VC Nexus Venture Partners will lead a $5 million funding round in specialty coffee brand AbCoffee and it will also invest in lab-grown diamond maker Aukera, sources told ET. Accel, one of Flipkart's earliest investors, will close a $12 million round in fast fashion brand Newme. Why are tech-first VCs lining up for new-age brands with a horde of affluent young customers?
Meesho’s secondary deal; tech VCs line up for consumer brands
Peak XV Partners and Tiger Global are among investors aiming for a stake in ecommerce firm Meesho via secondary deals. More details in a packed edition of ETtech Morning Dispatch.
IIM Calcutta completes final placements; 464 students get 529 offers from 194 companies
Accenture Strategy was the top recruiter among the consulting sector, which included firms like EY-Parthenon, Monitor Deloitte, KPMG, PwC, Vector Consulting, Arthur D. Little, McKinsey, BCG, Bain, and Kearney, among others.
Ranjan Pai’s big Aakash stake; Meesho, Pine Labs fair value cut
Manipal group head Ranjan Pai will soon become the largest shareholder in Aakash—one of the few remaining valuable assets of troubled edtech Byju’s. This and more in today’s ETtech Morning Dispatch.
Fast fashion brand Newme raises $5 million in funding round led by Fireside
The Bengaluru-based startup, which currently sells its own brand of clothing across both online and offline outlets was founded in 2022. It had in the past raised an undisclosed round of funding from investors such as Aum Ventures, 2am VC and All In Capital, all of whom have participated in the current round.
Google Play announces ‘Best of 2023’ in India for apps and games
Google Play’s Best of 2023 in India is the search giant's annual set of awards to recognise the best apps and games on Google Play and the developers who bring them to life.
Israeli energy sites impacted by the Gaza conflict
Israel on Oct. 9 suspended the Chevron-operated Tamar gas field, whose platform is located some 25 kilometres (km) (15.5 miles) off the city of Ashdod along Israel's southern Mediterranean coast. Tamar produced 10.25 billion cubic metres (bcm) of gas in 2022, 85% of which was used in the domestic market while the remaining 15% was exported to Egypt and Jordan.
Chasm grows between Indian startups & internet body IAMAI; IT firms look to boost utilisation levels for better margins
Indian internet firms have given internet body IAMAI a thumbs-down, alleging that it has favoured Big Tech companies on multiple issues. This and more in today’s ETtech Morning Dispatch.
ETtech Unwrapped: Gig workers versus Blinkit, and other top stories this week
Even for Blinkit, the change in payout structure was the straw that broke the camel’s back with delivery executives telling us that they had been working under poor conditions but stuck around because the quick-commerce platform paid better than its rivals.
Don't miss these ETtech exclusives from this week
Here’s a list of our scoops, exclusives and news that matters from across the startup and technology sector.
Building India's Shein: why investors are backing a new wave of fashion ecommerce startups
The big action is taking place in the online fast-fashion space, with companies looking to build an ecosystem in India from scratch. The new fashion startups are trying to differentiate themselves as an alternative to incumbents like Flipkart-owned Myntra, Reliance’s Ajio and Tata Cliq.
Wary VCs step up diligence; new-age ecommerce firms get investor attention
Amid the overall decline in venture capital funding, investors are taking more time to scrutinise startup business models before closing deals. The lack of easy funding has led to a deeper analysis of the market. This and more in today’s ETtech Morning Dispatch.
Padma Vibushan for MSY, Krishna, Mahalanabis and Zakir Hussain
Former foreign minister SM Krishna, table maestro Zakir Hussain and US-based mathematician Srinivas Varadhan were also conferred with the Padma Vibhushan, the country's second-highest civilian award. Industrialist Kumar Mangalam Birla, author Sudha Murty and novelist SL Bhyrappa were among nine awarded Padma Bhushan. Businessman Rakesh Jhunjhunwala was posthumously given the Padma Shri.
How to create multiple profiles for family members using mAadhaar app
You can make several profiles for each member of your family. Only individuals with Aadhaars linked to registered mobile numbers are able to build Aadhaar profiles through the mAadhaar App.
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