UTKRISHTA KUMAR
Tata Digital's Esop delay; inside Nithin Kamath's Rainmatter
Hit by top-deck exits in the past year, Tata Digital, the ecommerce arm of the Tata Group, is trying to assuage senior executives who are still waiting for the stock option component of their pay. This and more in today’s ETtech Morning Dispatch.
Jio Financial’s Q2 report card; Invesco raises Swiggy's valuation
Jio Financial Services, which was recently spun off from Reliance Industries and listed as a separate entity, made a strong showing in the September quarter.
Meesho CXO Utkrishta Kumar exits to set up own venture
Utkrishta Kumar, the chief experience officer for business at ecommerce firm Meesho, has resigned after five years with the company. Kumar will be leaving to pursue entrepreneurship, according to an internal email from co-founder and CEO Vidit Aatrey. Megha Agarwal, currently the CXO for growth, will take over Kumar's role, with responsibilities split into three categories.
Online Rakhi sellers make way in tier 2 and tier 3 cities as well
The share of online sales for Rakhis has increased from 1.5% in 2018 to 7% in 2022, as e-commerce firms report a rise in demand from both metro cities and tier 1 and 2 cities. Amazon, Myntra, and Meesho have all witnessed significant growth in Rakhi orders, with Meesho reporting a 2.5 times increase in demand post-pandemic. Ferns N Petals (FNP) has also seen substantial website traffic growth from tier 2 and 3 cities, with one-third of their annual business revenue generated during Rakshabandhan.
Meesho delists 52 lakh counterfeit, restricted products in six months
Meesho said its "Project Suraksha" systems has detected and blocked over 12,000 bad actor accounts from accessing the platform.
D2C denimwear brand Freakins raises $4 million from Matrix Partners, Blume Ventures, others
The startup, founded by Puneet Sehgal, Shaan Shah and Sachin Shah, will utilise the funds to enhance its supply chain capabilities by tying up with factories specialising in denim, knits, and woven fabrics.
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Meesho hits 11-lakh sellers milestone
The unicorn e-commerce firm said that over 80 per cent of its 11 lakh sellers are new-to-e-commerce and Meesho was their first exposure to the world of online selling.
Small cities dominate e-commerce platforms' festival sales: Industry players
Furthermore, Kothari stated that Tier 2 and below towns collectively contributed around 40-45 percent in 2018-19, but that this has now doubled in terms of actual value and is contributing around 60 percent on a growing basis. According to Redseer, mobile continues to lead the Gross Merchandise Value (GMV) share, accounting for 41% of the total. Fashion, on the other hand, accounted for 20% of GMV, which increased by 48% year on year from the previous holiday season.
Smaller cities drive first day festive sales for online retailers Amazon, Flipkart
Marketplaces like Flipkart, Amazon, and Meesho see more consumers and sellers coming from non-metro markets.
Softbank-backed Meesho records 80% jump in sales on day 1 of festive season sale
The company said that it has received orders from deep corners of the country such as Jamnagar, Alappuzha, Chhindwara, Davengere, Hassan, Gopalganj, Guwahati, Siwan, Thanjavur and Ambikapur."With a wide assortment of around 6.5 crore active product listings at lowest prices, the sale exemplifies Meesho's mission towards democratising e-commerce for everyone," it said.
Meesho ropes in celebs to push five-day mega sale
"These celebs will be seen in a brand new, quirky avatar, each of them donning the role of sellers in different categories and representing the regions they respectively belong to - building local relevance with customers across Bharat," Meesho said.
Meesho records 5.35 mn orders in one-day sale event
Meesho's app downloads surged nearly 5 times on a year-on-year basis to over 102 million in January-March 2022 period.
Meesho records 428% YoY order growth, logs 5.35 million orders in a single day
Making e-commerce accessible to customers from all corners of the country, nearly 78% of the demand came from tier 2 markets
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