FutureTech

Tata Group-owned etailer BigBasket has started testing a group buying model for delivering groceries in Tier IV towns in the face of increasing competition in the category according to people briefed on the matter. BigBasket’s decision to experiment with community buying, also known as social commerce, comes at a time when companies are experimenting with new ways to expand their grocery and essentials verticals in response to an increase in demand for these categories online. With this, the Bengaluru-based online grocer will join a growing list of ecommerce firms, including…

CoutLoot, India’s largest offline-to-online social commerce platform, has launched a video commerce feature that allows small sellers to engage with potential buyers via short online videos. According to the company, which was built along the lines of Taobao, creator economy-led revenue streams could see a massive increase and improve the social experience of both sellers and buyers. Over 6.5 lakh sellers can use the app’s new video commerce plugin format to post a video describing their products and store. The video storey will be entirely made up of user-generated content…

SoftBank is investing $146 million in Qraft Technologies Inc., a South Korean artificial intelligence (AI) company, to help it expand into the United States. According to The Wall Street Journal (WSJ), Qraft manages $1.7 billion for Asian banks and insurance providers through its line-up of funds traded in the United States, and has developed a software platform that analyses market data in search of promising stocks. According to the WSJ, the companies declined to reveal Qraft’s valuation. SoftBank, headquartered in Tokyo, is one of the world’s largest technology investors, with…

Udaan, a B2B e-commerce platform, continues to be the market leader in the wholesale procurement space among startups, having recently raised another $250 million to fuel its growth storey. ravel constraints and disruptions to traditional supply chains caused by Covid 19 appear to have created a whole new world of opportunities for the Lightspeed-backed company during the fiscal, with Udaan’s revenues increasing 6X to Rs 5,919 crore in FY21 from Rs 978 crore in FY20. Udaan’s sale of traded goods on the online platform was the company’s leading revenue generator,…

B2B industrial goods marketplace Moglix is in talks with new and existing investors to raise $150-200 million, which will more than double its valuation, according to sources familiar with the deal The Noida-based firm had previously raised $120 million in a Series E round led by Falcon Edge Capital and Harvard Management Co., claiming a unicorn valuation of $1 billion. “Moglix is eyeing a $150 million plus round from new and existing backers such as Falcon Edge, Tiger Global and Sequoia,” said one of the sources on the condition of…

Avataar, a San Francisco and Bengaluru-based artificial intelligence (AI) and computer vision platform, announced today that it has raised $45 million (Rs 334 crore) in a Series B funding round led by Tiger Global and Sequoia Capital India. Sequoia Capital is an existing investor in the company. According to the statement, the funding is one of the largest in the Applied 3D/AR space. Prashanth Aluru, Sravanth Aluru, Gaurav Baid, and Mayank Tiwari founded the company in 2014 with the goal of creating a virtual life-size embodiment of our physical world…

IppoPay, a fintech startup, announced $2.1 million in seed funding on Tuesday from Coinbase Ventures, Better Capital, Blume Founders Fund, and other angel investors. The startup intends to use the new funds to fortify its technology stack, including its payments engine, and to propel its expansion into new regions and market segments, such as small-to-medium-sized businesses. In addition, IppoPay is launching BNPL, a (technology/platform/feature) that will enable offline retailers to provide their customers with easy access to credit at the point of sale. “Our goal is to help offline merchants…

New Delhi-based direct-to-consumer (D2C) brand Power Gummies today announced it has raised $6 million or Rs 44 crore in a Series A funding round led by 9Unicorns, Vcats, DSG Consumer Partners, WIPRO Consumers, Sharpp Ventures (Marico Family office), and NB Ventures. Power Gummies had first raised seed funding from venture capital company Alfa Ventures in 2019. In 2020, the startup had closed two funding rounds: the first was a seed round headed by Venture Catalysts and DSG Consumer Partners, while the second was a bridge round led by Agility Venture Partners, with DSG Consumer Partners…

The Department for Promotion of Industry and Internal Trade (DPIIT) will host the inaugural Startup India Innovation Week from January 10 to 16. Anurag Jain, DPIIT Secretary, told the media via virtual press conference that Prime Minister Narendra Modi is expected to interact with startups and address Startup India Innovation Week on January 15 at 10.30 a.m. via video conferencing. This virtual week-long innovation celebration aims to commemorate the 75th year of India’s independence, dubbed ‘Azadi Ka Amrit Mahotsav,’ and is intended to highlight the breadth and depth of entrepreneurship…