{"id":24493,"date":"2024-04-12T01:46:54","date_gmt":"2024-04-12T01:46:54","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/12\/quick-commerce-grows-beyond-grocery-tribe-capitals-latest-india-bet\/"},"modified":"2024-04-12T01:46:54","modified_gmt":"2024-04-12T01:46:54","slug":"quick-commerce-grows-beyond-grocery-tribe-capitals-latest-india-bet","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/12\/quick-commerce-grows-beyond-grocery-tribe-capitals-latest-india-bet\/","title":{"rendered":"Quick-commerce grows beyond grocery; Tribe Capital\u2019s latest India bet"},"content":{"rendered":"
\"Quick-commerce<\/div>


\n<\/p>\n

Happy Friday! Quick-commerce platforms like Zepto, Swiggy\u2019s Instamart, and Zomato-owned Blinkit are seeing a surge in sales for non-grocery items as they take on ecommerce rivals. This and more in today\u2019s ETtech Morning Dispatch.<\/p>\n

Also in the letter:<\/span>
\u25a0 Apple users hit by spyware attack
\u25a0 VC Lumikai eyes 10-12 deals
\u25a0 Explainer: Google’s Axion data centre processors<\/p>\n

\n

Non-grocery products deliver sales growth for quick-commerce<\/p>\n

<\/div>\n

Quick-commerce platforms like Zepto, Swiggy\u2019s Instamart and Blinkit are seeing rapid growth in the sale of non-grocery items<\/a> as they continue to diversify their offerings and enter the ecommerce turf.

Driving the news: <\/span>Zepto\u2019s non-grocery sales growth more than doubled month-on-month for segments like toys and electronics accessories, while beauty product sales are up threefold. Nearly 15% of the company\u2019s $1.2-billion annualised gross sales now comes from non-grocery products. Swiggy\u2019s Instamart said it registered \u201ca robust month-on-month growth\u2026 with March touching its highest-ever sales for non-grocery categories.<\/p>\n

\"Rise<\/div>\n

Zoom in: <\/span>Industry executives say sales for the beauty and personal care (BPC) segment are likely up over 20% quarter-on-quarter, while earphones and accessories, as well as health and nutrition are clocking double-digit growth on a quarterly basis. Experiments with products like Playstation gaming consoles and new-age fan brand Atomberg also continue as SKUs expand. Swiggy ramped up its product selection and assortment almost fourfold over the past year, particularly in non-grocery.<\/p>\n

\"Quick<\/div>\n

Read our extensive coverage on the rise of quick-commerce:<\/span><\/p>\n

\n

EV SaaS startup Zypp eyes $40 million at $300-350 million valuation<\/p>\n

<\/p>\n

\"EV_Funding_L-R<\/div>\n

(L-R) Zypp Electric cofounders Tushar Mehta, Akash Gupta and Rashi Agarwal<\/em><\/p>\n

EV fleet operator Zypp Electric is in discussions to raise fresh capital from Silicon Valley-based investment firm Tribe Capital<\/a>, in a round that could see the Gurugram-based startup\u2019s valuation almost double from its last fundraise.<\/p>\n

Deal details: <\/span>Zypp Electric is expected to raise around $40 million in a round led by Tribe Capital, two people briefed on the developments told us. The equity infusion is expected to value the startup at $300-350 million.<\/p>\n

Go deeper: <\/span>The company \u2013 which works with delivery platforms including Amazon, Flipkart, Zomato, Blinkit, Swiggy, Zepto, in addition to bike-taxi operators such as Uber and Rapido \u2013 has seen its revenue grow nearly three times in FY24 to Rs 325 crore. <\/p>\n

Launched in 2017, Zypp Electric currently has over 20,000 electric scooters in its fleet deployed across four markets \u2013 Delhi-National Capital Region, Mumbai, Bengaluru and Hyderabad. It aims to expand its service to two more cities this year.<\/p>\n

Tribe Capital on India: <\/span>Tribe Capital, a major investor in ecommerce enablement unicorn Shiprocket, is set to introduce its $250-million India fund. It will be set up as an alternative investment fund (AIF) domiciled in New Delhi. <\/p>\n

ET first reported about Tribe Capital\u2019s plans<\/a> to set up an India-dedicated fund in May 2023. While the India fund is expected to be sector agnostic, it will pick stakes in companies involved in the consumer internet, enterprise software, logistics and fintech sectors, people aware of the matter said.<\/p>\n

Also read | Zypp Electric to deploy two lakh vehicles in its fleet, invest $300 million for expansion<\/a><\/p>\n

\n

VC Lumikai eyes 10-12 deals via India Fund-II<\/p>\n

\"Lumikai.\"<\/div>\n

Salone Sehgal, founding general partner, Lumikai<\/em><\/p>\n

Gaming and interactive media venture capital firm Lumikai is aiming to close 10-12 investments<\/a> in pre-seed and Series A firms over the next few years from its $50-million India fund II, founding general partner Salone Sehgal told ET.<\/p>\n

Tell me more: <\/span>There\u2019s interest in India\u2019s game developer talent with abundant capital flowing into the gaming industry from newer corners, such as SBI Mutual Fund<\/a>, the Kamath brothers<\/a>, Japanese entertainment firm MIXI Inc., Sony Interactive Entertainment, as well as Kratos Studios.<\/p>\n

Giving RMG a miss: <\/span>Sehgal said real money gaming is only a $2-billion subsector among new media which has already peaked in India, adding that it\u2019s not suitable for Lumikai. The firm has already cut its growth forecast for the RMG segment<\/a> to 5% over the next five years, down from 25% previously.<\/p>\n

Also read | Nazara Technologies sets aside $100 million for acquisitions<\/a><\/p>\n

\n

Apple warns users in India, 91 other countries of spyware attack<\/p>\n

\"APPLE<\/div>\n

Apple users in India and 91 other countries are likely to have been impacted<\/a> by a \u201cmercenary spyware\u201d attack attempt, the company said in a threat notification mail on Thursday. Someone tried to gain unlawful access to their Apple devices \u2014 iPhones and iPads. ET first wrote about it this morning.<\/p>\n

Safety compromised: <\/span>Mercenary spyware attacks, such as those using Pegasus from the NSO Group, are exceptionally rare and vastly more sophisticated than regular cybercriminal activity or consumer malware, the mail sent by Apple read.<\/p>\n

Exposing vulnerabilities: <\/span>Apple also said it detected users were \u201cbeing targeted by a mercenary spyware attack trying to remotely compromise the iPhone\u201d which is associated with a particular Apple ID.<\/p>\n

Late on Wednesday India time, Apple also updated its support page<\/a> to include tips for users who had been possible targets of the mercenary spyware attack.<\/p>\n

Also read | ETtech Explainer: why Apple sent emails about \u2018state-sponsored attacks\u2019 to opposition leaders<\/a><\/p>\n

\n

Other Top Stories By Our Reporters<\/p>\n

\"Google<\/div>\n

ETtech Explainer: All you need to know about Google’s Axion data centre processors | <\/span>Alphabet Inc\u2019s Google Cloud announced its first custom-built Arm-based central processing unit (CPU) called Axion on Tuesday, aimed at enhancing Google’s AI capabilities within its data centres. Read more about it here<\/a>.

Tata Neu now live on ONDC F&B in over 800 pincodes in Delhi-NCR, Bengaluru: <\/span>Tata Neu, the Tata group\u2019s superapp, is now live in the food and beverage category<\/a> on the government-backed Open Network for Digital Commerce (ONDC).<\/p>\n

Swiggy expands definition of parenthood to include pet parents: <\/span>Swiggy has rolled out the ‘Paw-ternity Policy’ <\/a>for pet parents on the occasion of National Pet Day, which is observed on April 11 every year. The initiative is designed to provide comprehensive support to employees who are pet parents, the company said.<\/p>\n

\n

Global Picks We Are Reading<\/p>\n

\u25a0 How to stop your data from being used to train AI (Wired<\/a>)<\/p>\n

\u25a0 How Google lost ground in the AI race (FT<\/a>)<\/p>\n

\u25a0 Chip dreams: Young tech workers are flocking to Taiwan (Rest of World<\/a>)<\/p>\n<\/div>\n


\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Happy Friday! Quick-commerce platforms like Zepto, Swiggy\u2019s Instamart, and Zomato-owned Blinkit are seeing a surge in sales for non-grocery items as they take on ecommerce rivals. This and more in today\u2019s ETtech Morning Dispatch. Also in the letter:\u25a0 Apple users hit by spyware attack\u25a0 VC Lumikai eyes 10-12 deals\u25a0 Explainer: Google’s Axion data centre processors […]<\/p>\n","protected":false},"author":2,"featured_media":24494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-109230475\/Quick%20commerce%20platforms%20are%20adding%20categories__non-grocery%20categories%20ecommerce__THUMB%20IMAGE_ETTECH.jpg","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[828,6657,2922,6316,7850,273,305,29627,11942,14689,8204,29663,29662],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/24493"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=24493"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/24493\/revisions"}],"predecessor-version":[{"id":24495,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/24493\/revisions\/24495"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/24494"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=24493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=24493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=24493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}