Reliance Retail has bought a 25.8 per cent stake in Dunzo, India's leading quick commerce player, for $200 million (around Rs 1,488 crore) as it looks to expand its presence in online grocery delivery business. Dunzo has raised $240 million (about Rs 1,787 crore) in its latest funding round that was led by Reliance Retail Ventures Ltd (RRVL) - the retail arm of Reliance Industries, the two firms said in a statement. Existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital also participated in the funding round.
'It has taken us 15 years to get to where we are. It obviously doesn't happen overnight.'
All of the 56 impacted associates, eight in the senior management and 48 in the middle as well as lower management, have been offered enhanced severance benefits and out placement services to support their transition, the company said.
India will not face arch-rivals Pakistan in the group stages with both teams placed in separate groups.
E-commerce firms and sellers including Amazon and eBay have made recommendations to the government for a differentiated policy framework for e-commerce in the revised Foreign Trade Policy (FTP) which is expected to come into effect from April 1, 2021. This is because the existing policies on exports have catered largely to traditional, offline and business-to-business exports. Suggestions have been made to the government that through the FTP, it is important to create a conducive policy framework for e-commerce exports that lowers the entry barrier for small businesses to start exporting, according to the industry sources.
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'The kind of jobs the advent of artificial intelligence, data science and so on are creating simply didn't exist before'
The lockdown that crippled the entire logistics, delivery and supply chain network to near zero, was enough to deal a body blow to India's fastest growing unicorn whose very business model saw a severe disruption, like several other firms and sectors.
The founder of the e-commerce firm, which specialises in procurement of industrial products, believes if he plays his cards right, his company could become a unicorn with a valuation of $1 billion in 5 years.
Yuvraj turned back the clock and took Raipur by storm
While reforms may translate into new opportunities for firms like ITC, Adani Wilmar and Reliance Retail, farmers are unlikely to use it for fear of upsetting commission agents.
Sources said a merger could benefit both as Grofers' private labels business would be a draw for Zomato, as well as its experience in the online grocery delivery space.
Billionaire Mukesh Ambani's Reliance Retail on Thursday told the government that complex legal structures have been used by some firms to bypass the country's e-commerce rules which from the very beginning do not allow foreign capital in the inventory-based model. At a meeting called by the commerce ministry on allegations that foreign online retailers created complex structures to bypass foreign investment rules and damage small traders, Amazon urged the government not to issue any clarification until investigations into its business practices had been concluded, sources said. At the meeting, Reliance Retail's representatives said the Indian e-commerce policy does not allow foreign capital in the inventory-based model and foreign investment is allowed only in pure technical infrastructure/ platform that facilitates the meeting of buyer with sellers.
IMAGES from Day 2 of the one-off Day-Night Pink Ball women's Test between Australia and India in Gold Coast on Friday.
An EV has to be purchased along with the battery as there are hardly any battery swapping, rental, or leasing business models available across India.
Over 80% of graduate engineers passing out of universities in India are unemployable. With digitisation going mainstream, this skill deficit can be redressed through world-class training material, points out Ankit Shyamsukha, CEO, ICA Edu Skill.
BigBasket co-founder Abhinay Choudhari has exited the company, and in his next entrepreneurial journey, he is looking to "solve another equally painful chore for many Indian households" after grocery shopping. The Tata group acquired a majority stake in the online grocery store in May. And when the deal happened, Choudhari decided he won't continue to be part of the management team.
It's a great friend to expecting mothers and their babies, explains Ranjana Sharma.
Consumers are set to gain from discounts.
India's first home-grown mapping company MapMyIndia is looking to list in the public market by raising around Rs 1,200 crore at a Rs 6,000-crore valuation. Sources said the company is ready with its draft red herring prospectus documents and is likely to file as early as next week. While the money will be used for business expansion, it will also give MapMyIndia's early investors, including Qualcomm, PhonePe, and Japanese mapmaker Zenrin Co., a chance to exit. The Verma family, which founded the company, will continue to remain promoters.
India's batting greats Sachin Tendulkar and Yuvraj Singh turned back the clock and took Raipur by storm in their inimitable style as India Legends registered a thumping 57-run win over South Africa Legends in Road Safety World Series T20 at the Shaheed Veer Narayan Singh International Stadium, on Saturday.
Mukesh Ambani's Reliance group has struck acquisition deals worth $4.2 billion with a dozen companies in just two years to expand its retail business. The latest purchase was of a majority stake in Justdial for Rs 3,497 crore. Elaborating on his acquisition strategy a few weeks ago during the AGM, Ambani stated that one of the key planks would be to acquire businesses that enhanced Reliance's offerings and experiences to customers and that they would be both physical and digital.
GST rate for petrol and diesel cars and hybrid vehicles is already at the highest bracket of 28 per cent plus cess.
Society of Manufacturers of Electric Vehicle (SMEV) on Thursday said sales of EVs in India fell 20 per cent in the financial year 2020-21 to 236,802 units. In 2019-20 sales of electric vehicles (EVs), including electric two-wheelers (E2W), electric three-wheelers (E3W) and electric four-wheelers (E4W), stood at 295,683 units. For FY21, the E2W segment sales declined by 6 per cent to 143,837 units, as compared to 152,000 units in FY20, SMEV said in a statement, adding that the FY21 E2W sales included 40,836 high-speed and 103,000 low-speed E2W. The E3W segment registered sales of 88,378 units as against 140,683 units sold in FY20.
India is in dire need of cybersecurity professionals. With several recent incidents of data breach, India's cybersecurity journey so far proves this demand. But is the country ready to meet this demand and is it preparing a cybersecurity workforce for the unforeseen cyber future? A report titled "India Cybersecurity Services Landscape" by Nasscom-Data Security Council of India (DSCI) predicts that the Indian cybersecurity services industry would grow at a compound annual growth rate (CAGR) of about 21 per cent to touch $13.6 billion by 2025. And by 2022, the industry, which generated a cumulative revenue of about $4.3 billion in 2019, is expected to grow to $7.6 billion. However, around 3.5 million jobs in the cybersecurity space will remain unfilled by the end of 2021.
The car was expected to have a price tag of Rs 10 lakh and launch was slated for this June.
The dairy company has alleged that Google India and also goDaddy.com were misusing their platforms for earning revenues through advertisements on fake B2B campaigns that duped innocent individuals seeking Amul franchise across India.
While global competitors Amazon and Walmart are looking to explore B2B online in India, traditional Indian retailers like the Future group and Reliance Retail and e-commerce players such as Snapdeal and Flipkart have no immediate plans in this area.
Don't spend your time trying to raise funds and then get demotivated by the rejection. Spend your time growing your company first, says Arjita Sethi.
India dictated terms to mighty Australia who did everything they could to survive the difficult overs under lights and finish the third day of the rain-marred pink ball Test at 143 for four on Saturday.
The Indian IT services sector is scrambling to retain talent since digitisation-led transformation has increased the demand for a digitally skilled workforce. As a result, the pull for jobs for tech professionals is also coming from non-IT sectors, leading to higher attrition among IT companies. The average number of tech jobs from non-IT sectors has seen a 41 per cent uptick in March-May'21 versus March-May'19, according to data from Naukri.com.
An individual must have tolerance for ambiguity and will have to learn to adapt to changing scenarios, suggests Career Coach Dr Shruthi J Mayur.
In the domestic segment, demand is currently led by rural markets, oil and gas, LPG and B2C segments like roofing and sheeting.
As part of this strategy, the e-commerce major has launched a programme to manage the entire business-to-business inventory supply and management for kirana stores in three cities in Karnataka.
'Pfizer India has submitted an application on December 4 to the DCGI seeking emergency use authorization for its COVID-19 vaccine in India'
Companies in India are expected to dole out an average increment of 7.3 per cent to employees this year amid faster-than-expected economic recovery and revival in business and consumer confidence, according to a survey. The first phase of the 2021 Workforce and Increment Trends Survey by Deloitte Touche Tohmatsu India LLP (DTTILLP) also said the average increment this year will be higher than 4.4 per cent seen in 2020 but lower than 8.6 per cent given by companies in 2019. As many as 92 per cent companies that participated in the survey plan to give an increment in 2021 compared to only 60 per cent last year.
Unlike the race to buy airwaves by telecom companies, airports by infrastructure companies and city gas networks by energy companies, the race to develop super apps by consumer-facing companies in India has not brushed up against any regulatory issues. Officials at the ministry of electronics and information technology and at other regulators are happy they do not have to meddle in who among the Tata group, Reliance Industries Ltd, Flipkart or Paytm will manage to build an app that sweeps in customers. Unlike separate apps a customer uses on her mobile to order groceries, buy food or airline tickets or just make payments, a super app can perform all these functions.
Trent Boult finished with IPL career-best 4-18 in his four overs, including a maiden, while Jasprit Bumrah took 2-25 as CSK finished on a lowly 114-9 in their 20 overs.
The Ministry of Home Affairs (MHA) on Wednesday allowed cinema halls and theatres to operate with more people while swimming pools have been permitted for use by all in fresh COVID-19 reopening guidelines.
Adani said he expected the number of flyers in the country to grow five-fold, which means India would require 200 additional airports to handle over 1 billion domestic and international passengers across the tier-1, -2 and -3 cities.
