MEESHO
Fire sale at Byju’s; Meesho’s pre-IPO move
Troubled edtech startup Byju’s is selling its US assets at steep losses, mandated by a US bankruptcy court. This and more in today’s ETtech Top 5.
Micro-drama OTT platform Flick TV raises $2.3 million in round led by Stellaris Venture Partners
Gemba Capital and Titan Capital participated in this round. According to founder Kushal Singhal, the funds will be used to scale content production, improve user experience, expand into regional languages, and strengthen the team. Flick TV is working to tap into the growing demand for short-form, mobile-first video content in India.
Meesho converts to public entity in run-up to IPO
Meesho has completed the crucial step of converting from a ‘private limited’ to a ‘public limited’ company in the run-up to its IPO. The online marketplace has also applied to the National Company Law Tribunal for flipping back its domicile from the US to India ahead of its listing.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Fintech startup Decentro raises Rs 30 crore, will shift domicile to India
Decentro, a fintech startup, secured Rs 30 crore in funding led by InfoEdge Ventures. The company intends to move its base from Singapore to India. This move aligns with other Indian startups returning home. Decentro aims to enhance its products and expand its enterprise adoption. They offer APIs for KYC, payments, and debt collection.
Logistics firms under pressure; The race to deliver style
Happy Thursday! With Indian ecommerce firms insourcing deliveries, the third-party logistics sector is likely to witness consolidation. This and more in today’s ETtech Morning Dispatch.
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Ecommerce’s in-house delivery turn flips third-party logistics biz script
India's top ecommerce firms like Amazon, Flipkart, and Meesho are internalising logistics, squeezing third-party logistics (3PL) providers and driving industry consolidation. Meesho's shift to its logistics arm Valmo impacts players like Delhivery, which acquired Ecom Express to stay competitive. As pricing pressure eases and Meesho's outsourcing plateaus, Delhivery eyes growth and improved margins in FY26.
India’s listed digital firms’ market in early days as ‘reverse flipping’ gains steam: Bay Capital
The white paper noted that publicly listed digital-first companies in India are now valued at over $90 billion. As more businesses turn profitable and scale up, the overall value of India’s digital sector is expected to rise steadily, it added.
E-commerce platforms must comply with guidelines on 'dark patterns': Food Minister Pralhad Joshi
Union Minister Pralhad Joshi has directed e-commerce platforms to adhere to government guidelines on 'dark patterns' and conduct internal audits, or face action. The government has identified 13 such deceptive practices and will form a joint working group for enforcement.
Kolkata-based Fusion CX files DRHP with Sebi to raise Rs 1,000 crore through IPO
Fusion CX Limited has filed for a ₹1,000 crore IPO, comprising a ₹600 crore fresh issue and ₹400 crore OFS. Funds will support debt repayment, IT upgrades, acquisitions, and global expansion. The company serves 197 clients across 15 countries.
Flipkart growing at 20-25% annually despite broader ecommerce slowdown: Group CEO Kalyan Krishnamurthy
Flipkart is experiencing strong momentum with 20–25% year-on-year order growth in May, despite an industry slowdown. CEO Kalyan Krishnamurthy highlighted the firm’s India re-domiciling move, profitability push, and 30% projected June growth. He also reaffirmed that Flipkart’s quick commerce venture, Minutes, aims to scale up to 800 operational dark stores by the close of 2025.
TPG NewQuest, A91 back Citykart in Rs 538 crore round; retailer’s valuation hits Rs 1,400 crore
Citykart secured Rs 538 crore in funding from TPG NewQuest and A91 Partners valuing the company at approximately Rs 1,400 crore. Citykart will use Rs 120 crore from the proceeds to expand beyond Uttar Pradesh and Bihar. Investcorp fully exited, while India SME Investments reduced its stake. The company plans to open 40–50 new stores annually.
Citykart’s big haul; A new AI race
Happy Tuesday! Value fashion retailer Citykart has raised fresh funds to fuel its expansion plans. This and more in today’s ETtech Morning Dispatch.
Pralhad Joshi to meet stakeholders on May 28 to explore solutions to curb dark patterns
On May 28, Food and Consumer Affairs Minister Pralhad Joshi will convene with major stakeholders to address consumer concerns regarding 'dark patterns.' The meeting aims to enhance the effectiveness of the existing 2023 guidelines designed to prevent and regulate these deceptive practices across digital and offline platforms.
SBC Exports plans to launch IPO of travel arm Mauji Trip in 2025-26
SBC Exports will launch an IPO for its travel subsidiary, Mauji Trip, in FY2025-26. The board has approved this plan to boost shareholder value and fund Mauji Trip's growth. SBC Exports reported strong revenue and profit growth for FY25. They have also partnered with Amazon India to sell apparel.
Shiprocket on way to D-Street; Google unleashes AI
Shiprocket has taken a significant first step towards its public market listing. This and more in today's ETtech Top 5.
Shiprocket makes confidential filing for Rs 2,500 crore IPO
Of the total amount, the Zomato and Temasek-backed startup, which helps D2C brands and small sellers sell online, is expected to mop up Rs 1,000-1,100 crore in the form of fresh capital. The confidential filing route allows companies to delay the public disclosure of information, such as the company’s latest financials and the IPO details.
UPI extras miss mark; Amazon streamlines India ops
Happy Friday! Most new features on Unified Payments Interface (UPI) have struggled to gain meaningful traction over the years. This and more in today’s ETtech Morning Dispatch.
Amazon India board clears merger of logistics arm with marketplace entity
Amazon is merging its logistics arm, Amazon Transportation Services (ATS), with its primary marketplace entity, Amazon Seller Services, to streamline operations and reduce compliance requirements. The National Company Law Tribunal has granted interim clearance for the merger. While ATS saw a revenue increase, Amazon aims to simplify its organisational structure amidst slowing e-tail market growth in India.
ETtech Explainer: Why Amazon, Flipkart, Meesho were pulled up amid Operation Sindoor
The Central Consumer Protection Authority took action against thirteen e-commerce platforms in India for selling walkie-talkies without proper disclosures. This violates consumer laws and raises security concerns. Platforms like Amazon, Flipkart, and Meesho are under scrutiny. The authority is planning new guidelines for online sales of licensed wireless devices. These guidelines will ensure compliance and protect consumers.
CCPA cracks down on ecommerce giants for illegal sale of walkie-talkies amid rising security woes
The Central Consumer Protection Authority issued the notices to Amazon, Flipkart, Meesho, OLX, TradeIndia, Facebook, Indiamart, Vardaan Mart, JioMart, Krishnamart, Chimiya, TalkPro Walkie Talkie and MaskMan Toys. The walkie-talkies were being sold without mandatory and clear disclosures about the need for a wireless operating license, the specific frequency range, or adherence to relevant laws.
Fake news frenzy post Operation Sindoor; Porter’s unicorn round
Following India’s Operation Sindoor, social media platforms are battling fake content and disinformation. This and more in today’s ETtech Top 5.
Prosus has invested $8.6 billion in India, remains a key market: CEO Fabricio Bloisi
Prosus remains bullish on India, having invested $8.6 billion and seeing significant opportunities. Swiggy's successful IPO, where Prosus offloaded a 5% stake for over $500 million, highlights this potential. Further investments, like the one in Rapido, and upcoming IPOs for Bluestone and Urban Company, signal continued confidence in the Indian market.
ET Snapchat Gen Z Index: How India's Gen Z-ers live, work and spend money
The ET Snapchat Gen Z Index reveals that Gen Z in India prioritizes ethical and local shopping, favouring brands like Myntra and H&M. They are intentional shoppers who value authenticity over hype and are open to exploring new brands. While digital payments are popular, Gen Z relies more on cash and focuses on gadgets and education, while millennials prioritize travel
Flipkart, PhonePe, Oyo among $100 billion tech startups eyeing IPOs by 2027
Over three dozen Indian tech startups with a combined valuation of $100 billion are eyeing IPOs by 2027, signaling a revival in public listings. Major names include Flipkart, PhonePe, and Oyo. According to The Rainmaker Group, most IPO-bound firms are striking a balance between rapid growth and profitability, setting the stage for a strong comeback in equity markets.
New players in UPI sweepstakes; Urban Company’s IPO papers
Happy Tuesday! In the longstanding UPI battle, fresh players are giving incumbents a tough fight. This and more in today’s ETtech Morning Dispatch.
IPO-bound Meesho to change Indian parent entity’s name from Fashnear Technologies
Meesho’s board has approved renaming its Indian entity, Fashnear Technologies Pvt Ltd, to Meesho Pvt Ltd, aligning corporate and brand identity ahead of its IPO. The company has filed for approval with the Ministry of Corporate Affairs and NCLT. Meesho reported 34% order growth and 187 million annual transacting users as it prepares for a listing.
Scoop: Peak XV out to raise $1.2 billion fund, its first since Sequoia split
Peak XV’s $2.85 billion eighth fund under Sequoia Capital was announced in 2022 – for investing in venture, growth and Southeast Asia. Of the total pool, $2 billion was earmarked for India investments, while the remaining was for Southeast Asia. In 2024, the VC firm downsized this fund by 16% with the bulk of the reduction coming in its growth-stage allocation.
CX management startup Nextiva launches hub in Bengaluru; plans to hire 150 in India
The new roles in the Bengaluru office will be in the product and tech divisions. This expansion also involves the complete integration of Simplify360, the AI-powered customer experience platform that Nextiva acquired in 2023.
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