Nitro Commerce, a platform designed for e-commerce and direct-to-consumer brands, has raised INR 15 crore (approximately $1.8 million) in its seed funding round. Cornerstone Venture Partners led this investment. Warmup Ventures, Lead Angels, Dholakia Ventures, India Accelerator, and individual backers like Arjun Vaidya and Kunal Khattar also participated. The startup plans to raise INR 50 crore (about $6 million) in the coming months. Nitro Commerce: Simplifying E-commerce Solutions Umair Mohammed, CEO and co-founder of Nitro Commerce, spoke to Inc42 about their mission in the rapidly growing e-commerce and direct-to-consumer (D2C) industry. Nitro Commerce aims to support brands by developing essential…
Author: Editorial Team
On June 25, Reliance Jio, Bharti Airtel, and Vodafone Idea started submitting bids for the latest 5G spectrum auction. The Indian government is selling airwaves worth Rs 96,238.45 crore. According to a government statement, the auction aims to improve existing telecom services and ensure they continue uninterrupted. This aligns with the government’s goal of providing affordable, high-quality telecom services to all citizens. Key Details of 5G Spectrum Auction Mock auctions were conducted on June 3, June 13, and June 14 to help bidders get familiar with the e-Auction platform. The auction catalog was published on June 24 at 09:00 AM…
The newly appointed Finance Minister, Nirmala Sitharaman, is preparing to plan the national budget, stressing the need for careful planning and thorough analysis. As reported by ANI, the budget is anticipated to be presented in Parliament by the third week of July. During a meeting with Finance Minister Nirmala Sitharaman before the Union Budget, India Inc. requested several things. They asked for lower income taxes for the common man, more spending on building things like roads and bridges, and measures to control the rising cost of food. Industry leaders and associations also emphasized the importance of improving infrastructure to keep the…
During the first half of 2024, a significant wave of Tech layoffs affected over 98,000 employees across more than 330 companies worldwide. This information comes from Layoffs.fyi, a platform that tracks job cuts in the tech sector. The platform reported 98,834 individuals losing their jobs during this period. Prominent tech giants such as Apple, Google, Microsoft, and Meta were among the 333 companies that implemented these layoffs. Tech Layoffs 2024 highlights a challenging period for the tech industry, where many companies had to make tough decisions amid changing market conditions and strategic shifts. The tech industry’s workforce is still affected…
State Bank of India (SBI) plans to open 400 new branches nationwide in the current financial year as part of its network expansion plan. Last year, the country’s biggest lender opened 137 branches, of which 59 were in rural areas. Despite 89% of digital transactions and 98% outside the branch, SBI Chairman Dinesh Kumar Khara believes branches are still necessary. In an interview with PTI, he explained that branches are required because new emerging areas need banking services. SBI Plans to Open 400 New Branches Last year, the bank opened 137 branches, with 59 of them in rural areas. Despite…
In the first half of 2024, India’s tech startup ecosystem witnessed a notable resurgence in funding, as highlighted in Tracxn’s India Tech Semi-Annual Funding Report. During this period, these startups collectively secured $4.1 billion in funding. This figure represents a 4% increase from the $3.96 billion raised in the latter half of 2023. However, it also reflects a 13% decrease from the $4.8 billion raised in the corresponding period of the previous year. This resurgence in funding underscores a recovery trend following a two-year decline, indicating renewed investor confidence and a growing momentum within India’s tech startup landscape. Despite the…
The rapidly growing instant grocery delivery company Zepto raised $665 million at a valuation of $3.6 billion. This funding round saw new investors like DST Global, Avenir, Lightspeed, and Avra (a fund started by Anu Hariharan) join the company. Existing investors Glade Brook, Nexus, StepStone, Goodwater, and Lachy Groom added more money. Zepto, which provides instant grocery delivery, is attracting investors who are eager to invest in the fast-growing quick commerce sector in India. This significant funding comes when investors are being more careful about which startups they support due to the scarcity of available capital. Zepto’s Rapid Growth and…
Backed by Walmart, Flipkart is getting ready to launch a new service called ‘Flipkart Minutes’ around mid-July. The service aims for a 15-minute delivery time. This new venture represents Flipkart’s third attempt to enter the quick commerce market, following two earlier unsuccessful attempts. According to sources, the launch is expected to happen around July 15. With ‘Flipkart Minutes,’ the company plans to use its established supply chain to quickly deliver various products. This will include not just groceries and essential items but also electronics. The goal is to provide a fast and efficient service to meet customer demands for quicker…
Ola Electric, a prominent manufacturer of electric two-wheelers in India, has recently received approval from the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO). This milestone marks a significant event as it represents the country’s first IPO by an electric vehicle (EV) startup. The company, headquartered in Bengaluru, submitted its draft red herring prospectus (DRHP) to SEBI on December 22. In the prospectus, Ola Electric proposed to raise Rs 5,500 crore through a fresh issue of shares. Ola Electric’s move to go public aligns with its strategic initiatives to expand its market presence and further…
As per reports, a joint operation involving the cyber cell and the UP Police in Lucknow thwarted a significant cyber fraud amounting to Rs 120 crore. The fraudsters, posing as officials from Dr. APJ Abdul Kalam Technical University (AKTU), orchestrated the scam by setting up a fictitious university account. They then transferred the substantial sum to a charitable trust based in Gujarat. Seven individuals have been apprehended in connection with this elaborate scheme. According to a report from TOI, the cyber fraud foiled in Lucknow is potentially one of the largest in Uttar Pradesh’s history. Major Cyber Fraud Foiled in…