Bengaluru
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"Indian customer is so demanding and doesn't want to pay for anything." - Uber CEO Dara Khosrowshahi.
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Lenskart has disclosed in its IPO filing that a company promoter hasn't been able to locate his college degree -- and the university isn't responding.
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If my IPO was subscribed 50x+ in South Korea, you can bet I will be speaking fluent Korean, too.
LG India's managing director Hong Ju Jeon begins his speech on the listing of the South Korean firm's Indian unit in Hindi, and then to everyone's shock, continues, delivering it entirely in Hindi. Brownie points for mixing things up in an usually dreary event #lgipo
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India strikes $715m deal with 30 publishers -- including Elsevier, Springer Nature and Wiley -- giving 18 million academics nationwide free access to 13,000 research journals from 2025.
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"Byju's is worth zero today," - founder Byju Raveendran in a press conference.
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IndiGo within striking distance of becoming the world's most valuable airline by market cap.
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Hyundai Motor's subsidiary in India contributes 6% to Hyundai Motor's global revenue but trades at a similar market cap.
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Everstone has acquired Paras Chopra's bootstrapped startup Wingify for about $200 million – sources
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An Indian insurance startup founder claims his company Kenko was destroyed by the regulator who saw entrepreneurs like him as "crooks."
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Gaurav Munjal, founder and chief executive of Unacademy, a high profile Indian startup, has urged employees that they "must learn to work under constraint" and "focus on profitability at all costs" in a candid email.
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"You can write however long report you want but Bengaluru will remain the startup capital of India."
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Postman now valued at $5.6 billion. techcrunch.com/2021/08/18/ap…
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India is a "land of Lilliput brands," says Bernstein.
Only eight large-scale consumer brands generate $1 billion or more in annual revenue.
The top 10 largest listed FMCG firms collectively hold only about a 4% of the addressable market.
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JPMorgan says moving iPhone final assembly from China to India would lift the retail tag by a token 2% to about $1,008, far below the 30% leap to $1,285 if production were reshored to the US.
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Rise of private labels in India.
Jefferies says it expects to see a "fight breaking out between producers and distributors at some point."
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Nearly half of US VCs in middle to senior positions have no successful investments
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Goldman Sachs projects that Indian households will channel between $7 trillion and $12 trillion into financial savings instruments over the coming decade.
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Zomato's current share price implies market is valuing its food delivery business at "close to zero" - Goldman Sachs
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Paytm, which employs over 11,000 people, will not require them to work from the office even when the lockdown and covid are over, said Vijay at a press briefing.
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OpenAI is exploring a partnership with India's Reliance and has discussed cutting ChatGPT subscription price in the country by 75-85% - The Information
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Goldman Sachs on CRED:
Annualized TPV of $100b
Personal loan book of $2.3b
ARR $340m
Consumer ARPU at Rs2,100 – much higher than industry avg
15m MAU, 12m MTU
30% of personal loan disbursements in the industry go to CRED members
Very close to full-profitability
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Uber eliminates commission fees for autorickshaw drivers in India in response to competition from Namma Yatri and Rapido
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Work update: I'm moving on from TechCrunch after nearly six years. Thanks to the TC community. More to follow.
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Reliance will spend $12-$15b to build a 1GW datacenter, Morgan Stanley estimates
Reliance will use about 25% of the capacity itself, investing $7b in datacenter infra and $5b in 250MW of chips. Will lease remaining to hyperscalers and LLM providers as datacenter-as-a-service
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Indian fintech app Jar tops $200M valuation in Tiger Global-led funding techcrunch.com/2022/02/03/ja…
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PhonePe has launched Pulse, a free website to offer insights on how Indians are paying digitally based on 22 billion transactions it has processed. phonepe.com/pulse/
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A key threat to India's food delivery "cash machine" isn't competition, but generic GLP-1 drugs set for genericization in mid-2026, writes Bernstein.
The target consumer for these drugs is the same "power user" profile that drives the food delivery business.
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Goldman Sachs estimates Blinkit's valuation within Zomato's sum-of-the-parts analysis to $13 billion, exceeding food delivery value for the first time!
Zomato bought Blinkit for less than $600 million in 2022.
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Meesho is tracking a $6.2b GMV run-rate, CLSA says, citing the management, and at roughly 5m orders a day, it handles the highest daily volume of any e-commerce platform in the country
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Flipkart Group -- which includes Myntra -- controls a 48% market share of India's online commerce.
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HSBC: "We believe India is likely to graduate directly from unorganised retail (Kirana stores) to QC (quick commerce), while Modern Retail penetration will likely remain low."
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India's 2023 e-commerce retail sales (~$60-65 billion) was less than half of China's last Singles' Day (11.11) sales ($160 billion).
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I'm off this week, but Bernstein has published a scathing review of Amazon's India business today.
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Urban Company service workers earn as much as entry-level IT professionals in India.
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Scoop: Amit Jain, former Sequoia Capital India partner and Uber India head, is working on a new crypto payments startup and has raised money from Uber CEO Dara Khosrowshahi, former SoftBank COO Marcelo Claure and Doordash CEO Tony Xu.
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South Delhi and suburban Mumbai residents spend more than a quarter of their household budgets online, matching digital shopping rates in the UK and China, per Kotak.
The rest of urban India trails far behind at under 8%, closer to South Africa's penetration rate.
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Zepto, a 10-minute grocery delivery startup founded by two 19-year-old Stanford dropouts, has more than doubled its valuation to $570 million from $225 million last month. techcrunch.com/2021/12/20/ze…
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"India is slowly but surely ceding ground to its Asian peers in biopharma innovation and manufacturing."
Bernstein analysts' open letter to PM Modi:
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Indian startups -- Razorpay, OfBusiness, Bizongo, and Cars24 -- have together unveiled $1.1 billion in fresh funding today. At least one more is on its way.
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Zepto is currently doing about $100m sales per month - Goldman Sachs, citing Zepto management
Hit $1.2b annual GMV in just 29 months since founding - GS
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India's PE ratio soars to 21x, outpacing emerging markets at 10x and global markets at 14.5x.
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New: BlackRock has cut Byju's valuation by 95.5% to $1 billion.
BlackRock is a small investor in Byju's (owning just 0.9%). Byju's was valued at $22b in early 2022. It has raised over $5b against equity and via debt over the past decade.
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Unacademy has $352.33 million in the bank and is pledging to become a public company in two years, co-founder and chief executive Gaurav Munjal wrote to the team Monday. The startup is undertaking several cost-cutting measures including salary reductions of founders + management.
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BGMI has been pulled from the Play Store because of a government order - a person familiar with the matter.
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Bodhi Tree-backed Allen has held talks to acquire Unacademy in a deal that values the SoftBank-backed startup at $800 million, down from $3.44 billion in 2021 - Economic Times
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Rapido now has almost double Uber's monthly active users on Android and nearly triple Ola's - Sensor Tower, Citi
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Log9 Materials raised over $90 million from investors including Peak XV and Amara Raja and was last valued at $230 million. It had plans to manufacture batteries locally and transform India's commercial EV fleets. The startup now faces bankruptcy. What went wrong? Bernstein:
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Confirmed: Sequoia Capital India leads $450M investment in Polygon's first major VC round. Others participating include: SoftBank, Tiger Global, Galaxy Digital, Alameda Research, Alexis Ohanian, Steadview Capital, Animoca Brand and Elevation Capital. techcrunch.com/2022/02/07/po…
Scoop: Sequoia Capital India and Steadview Capital are in talks to back Polygon techcrunch.com/2021/12/05/vc…
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"We expect Zomato's Blinkit, Zepto and Swiggy Instamart - the top three [quick commerce] players - to reach $10bn in gross order value by FY26 and surpass $78bn within a decade." - CLSA
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Rupay credit card transactions on UPI now account for nearly 40% of India's total credit card transactions by volume, Bernstein estimates.
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Binance says it doesn't own Indian exchange WazirX, two and a half years after acquisition announcement.
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Razorpay valued at $7.5 billion in $375 million Series F funding. techcrunch.com/2021/12/19/in…
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YouTube accounts for 35-50% of digital revenues for some of India's largest music labels.
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Reliance and Google to offer Google AI Pro -- which includes Gemini Pro and 2TB of storage -- to Jio users for free for 18 months.
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Myntra, India's top online fashion platform, plans 4-hour deliveries in some Indian cities, a dramatic acceleration from its usual 2-3 day cadence, as quick commerce transforms consumer behavior - sources
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India, long criticized for delivering not enough public debuts, has outpaced the U.S. in tech IPOs this year.
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New: General Catalyst, one of the world's largest VC firms, is expanding its presence in India by merging with local venture firm Venture Highway and earmarking between $500m to $1b for investments in the country.
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Certain emerging markets, especially India, remain highly unprofitable for Amazon - JPMorgan
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