News Updates & Analysis of Indian Startup Ecosystem : 25th September – 30th September, 2017

News Updates & Analysis of Indian Startup Ecosystem

We could see some names from the last week’s startup news repeating this week also as they are being more active in their ventures these days. Starting from the Flipkart, its Myntra online fashion store claimed the rights to sell the internationally reputed brand Espirit’s products exclusively in its online marketplace. It also owned the rights to handle around 15 offline stores for Espirit across the country for the upcoming five years. This would tremendously boost up the growth of Espirit in our country. The product will also be sold on Myntra’s Jabong online store.

News Updates & Analysis of Indian Startup Ecosystem

Last month has been a hugely anticipated one due to the clash of the e-commerce giants. Since the festive season sales ended up last week, Flipkart claims to have beaten its potential rival Amazon in the sales stating that this year’s Big Billion Days has been a most profitable one in the history of Flipkart. The tremendous sales of brands like Xiaomi and Apple added up the numbers in its sales record. Flipkart has garnered around 5000 crores from the sales. It is a proof of the huge expansion of e-commerce market in India.

Amazon India has decided to increase the subscription fee of its prime services from 499 INR to 999 INR soon. Since the prime service is a huge success, they are sure that the new price will also be hugely accepted.

The YourStory Media Pvt. Ltd is gleaming in the news since it has raised around six million dollars in the funding from Kalaari capital, Qualcomm ventures and 3one4 Capital following its recent launch in Germany. Following the mass funding program, YourStory is moving with confidence toward its target revenue of the year.

The Zomato Media Pvt. Ltd announced its decision to stop charging commissions for table reservation from the restaurants that have collaborated with Zomato for online reservation. This plan is executed following its recent hike in net worth when the company announced them as profitable. By waiving off commissions, Zomato expects more restaurants to join them for online table reservations.

The digital payment system has widely spread across the country resulting from the heavy competition. Many payment gateways have been emerged recently with an enhanced interface easing up the online transactions. Joining the crowd, MobiKwik has re-launched the Zaakpay as MobiKwik Payment Gateway. The new venture will be led by Rukaiya Rangwala who has more than a decade of experience in the e-commerce Industry.

Potential news in the digital payment realm is that the RBI has announced the interoperability among the PPIs (Prepaid Payment Instruments). This would enable users to make transactions among wallets that belong to different companies. For example, we could transfer money from the Paytm wallet to the Freecharge wallet. This will be implemented within a six month time.

The sportobuddy venture that was founded by the duo Sandeep Mahadevan and Sunil Kukadia back in 2015 has recently raised a huge sum of 1.5 million dollars from the former IPL team owner Mehul Shah. This fund will be utilized for the development and marketing of this online platform that provides sports services.