With plans to double its sales over the next three to four years, Reliance Retail, the retail arm of Reliance Industries Ltd (RIL), continues to be a key driver of the group’s growth. 

Led by Isha Ambani, Reliance Retail operates both online and offline and across diverse verticals, including grocery, electronics, fashion apparel, beauty, footwear, food, jewellery, and lifestyle.

In Q1 FY25, Reliance Retail’s revenue rose 6.6% year-on-year (YoY) to INR 66,260 Cr, even as the numbers reveal a slight sequential dip from INR 67,610 Cr in the previous quarter. 

The company’s digital commerce and new commerce businesses contributed 18% of the total Q1 FY25 revenues, reflecting its efforts to integrate online and offline channels. Despite a 7% sequential decline in profit, Reliance Retail posted a 4.6% increase in net profit year-on-year to INR 2,549 Cr in Q1 FY25.

While grocery and consumer electronics have been key drivers of growth, Reliance Retail seems to have its sharp focus on fashion and lifestyle, too. With an expanding portfolio of brands, including Yousta, Azorte, and Gap, the company is actively scaling its presence in this segment. 

Earlier this year, Reliance Retail signed a licencing agreement with UK-based fast fashion retailer ASOS to bring the brand to India, challenging the dominance Myntra and the ilk in the GenZ space and the emergence of D2C fast fashion brands. 

Notably, the strategy to increase its folio of brands has helped Ajio, the company’s B2C online fashion platform, add nearly 2 Mn new customers in Q1 FY25. In addition, Jio Luxe, its premium luxury segment, now hosts over 700 global brands, making it a leading destination for luxury fashion in India. Not just this, its catalogue for the overall online fashion business has grown more than 20% year-on-year.

However, not all is going as planned. The company is facing headwinds due to a fall in discretionary spending of users in the fashion and lifestyle segments.

Despite this, the president & CEO of Reliance Retail Fashion & Lifestyle, Akhilesh Prasad, told Inc42 that the company will remain focussed on expanding its store count and digital presence to cash in on growth opportunities in India’s evolving retail space.

So, what’s the CEO’s plan when it comes to making a significant leap in the fashion and lifestyle space? More so, what made him recite the theory of “survival of the fittest” in a tête-à-tête with Inc42?

Here are the edited excerpts…

Inc42: The fashion and lifestyle segment has seen noteworthy growth over the past few quarters on the back of the company’s omnichannel strategy and multiple partnerships. What have been the key growth drivers so far, and how do you plan to sustain this momentum?

Akhilesh Prasad: We are part of the Reliance group, therefore we aren’t resource-constrained in any way. However, we may be formula-constrained in the sense that it could take some time to decode what works in the market and what people are looking for. 

What we’ve understood is that consumers are very aware of fashion. They want to consume it if it’s offered at a price point they can afford. Now, we’ve reached some maturity in the range we offer. While we’ve already started adding footwear, we now plan to add categories like beauty and personal care, etc. to provide a complete range of youth offerings. 

Inc42: Ajio has expanded its customer base and catalogue. How do you ensure it continues to stand out in the competitive fashion industry?

Akhilesh Prasad: Competition is crucial for market growth. If there’s no competition, the market will stop growing. So, we welcome competition. Competition is a good metric and does not mean that the industry has saturated in the absence of innovation.

For example, a Fiat car used to be sold in India, and people might say it became competitive when more brands entered the market. Now, we have 25 different brands, but we sell 150 times the number of cars we used to sell back then. 

It’s about survival of the fittest. The market is never a limitation, but what matters is if you’re fit to survive in it. For those who are fit, competition is the best thing. It all boiled down to the mindset — are you a winner, a survivor, or a complainer?

Inc42: Mono-brand websites like Tumi and Pottery Barn are becoming popular. How does this align with Reliance’s overall strategy?

Akhilesh Prasad: Mono-brand websites will be big because they offer digital access to customers who can’t reach physical stores. Direct-to-consumer (D2C) is an individual way of offering products, and specialists will enter the market as D2C brands. It’s going to be a significant play.

Inc42: Reliance has also acquired stakes in brands like Ed-a-Mamma. How do these acquisitions align with your long-term strategy?

Akhilesh Prasad: We play in all segments of the market — mass, economy, mid-premium, and bridge-to-luxury. We acquire brands that add to our offerings in any of these segments. Ed-a-Mamma, for instance, is in the premium and bridge-to-luxury segment and thus serves our cause.

Inc42:  How is Reliance leveraging AI and data analytics to enhance the customer experience in the fashion and lifestyle segment?

Akhilesh Prasad: We are moving towards full automation in fashion. We will use AI for predictive models in designing, speeding up production, and improving logistics. However, human intelligence will still play a crucial role at every stage. 

Inc42: What are your plans for the fashion and lifestyle segment, particularly digital sales platforms, in the next year?

Akhilesh Prasad: Digitally, we cover all PIN codes in the country, so our reach extends to even the remotest of the villages. As for physical stores, no one in India offers a network as extensive as ours. We’ve covered towns, districts, state capitals, A-class cities, mini metro citiess, and metros. We aim to be present in every segment.

For example, we opened our first store in a small town, Guntur, when nobody else had. In 10 years, we now have six stores there. That’s how markets grow.

Inc42: How are new formats like Azorte and Yousta performing, and what are their prospects for future growth?

Akhilesh Prasad: All the formats we’re in will see growth. We have a population of 1.4 Bn people, and the demand within India alone makes us one of the largest markets in the world. 

We’ve segmented the market and are catering to it through both online and offline channels. Our goal is to reach every customer, whether it’s a clerk’s son in a small town or someone in South Bombay. Every customer is important to us.

Inc42: Has the lifestyle and fashion segment seen a turnaround ahead of the festive season, especially the slowdown earlier this year?

Akhilesh Prasad: The festive season has been great. We’ve seen huge growth in Kolkata during Durga Puja. So, how can there be a decline in demand when the festive season is thriving?

It’s not that demand has decreased; it’s more about whether you’re catering to the customer’s changing needs. The market evolves. For example, if you only make luxury jeans, but the market shifts to cargo pants, you’ll think the market is shrinking. But it’s not, it’s just moved on to something else.

[Edited By Shishir Parasher]

The post Only The Fittest Will Survive In The Indian Fashion Industry: Reliance Retail’s Akhilesh Prasad appeared first on Inc42 Media.

Buoyed by affordable monthly plans, Reliance’s streaming platform JioCinema crossed the 1.6 Cr paid subscriber mark at the end of September 2024. 

In its quarterly update for the second quarter (Q2) of the fiscal year 2024-25 (FY25), Network18 said that the over-the-top (OTT) platform reported a 2X quarter-on-quarter (QoQ) growth during the period under review.

The company attributed the surge in paid users to affordable monthly subscription plans starting at INR 29 and an “expanding” content catalogue.

“JioCinema continued to be the fastest growing subscription-based OTT platform, crossing 16 Mn paid subscribers with a 2X QoQ growth. Affordable monthly subscription plans of INR 29/month and INR 89/month (family plan) and an expanding content catalogue have helped the growth in subscribers,” Network18 said in a BSE filing.

The company added that digital-first reality shows and international content catalogue were one of the top drivers of subscriber acquisition during the quarter under review. 

“A combination of comprehensive coverage (of Paris Olympics 2024) and a growing interest in non-cricket sports led to high engagement of over 50 mins per day on JioCinema,” added Network18. JioCinema also claims to have become the fastest-growing subscription-based OTT platform in the country in Q2 FY25.

In April this year, the Reliance-owned OTT platform unveiled its INR 29 per month subscription plans, at a steep discount from the industry average of INR 103 per month (Zee5, SonyLiv, Disney+Hotstar premium plan) and INR 358 for Netflix premium plan and Amazon Prime Video.

The healthy growth comes at a time when Reliance Industries Limited (RIL), Viacom 18 and The Walt Disney Company are in the process of merging their operations. To be operated under a joint venture (JV) pegged at $8.5 Bn, the merger will create a media juggernaut that will span 117 TV channels and a combined viewership of 75 Cr viewers. 

The merged entity will also include two leading OTT platforms – JioCinema and Disney+ Hotstar. 

To bolster its presence, JioCinema has aggressively scaled up operations in the past two years by bagging the rights of the Indian Premier League (IPL) and signing partnerships to air shows of American studios such as HBO and NBCUniversal.

The post JioCinema Crosses 1.6 Cr Paid Subscriber Milestone In Q2 FY25 appeared first on Inc42 Media.

Samsung India has signed a Memorandum of Agreement (MoA) with a group of workers to resolve the ongoing strike at the company’s plant in Sriperumbudur, near Chennai.

Samsung India has agreed to several demands aimed at addressing the challenges faced by the workforce. 

Last month, the union government urged the Tamil Nadu government to expedite a resolution to the strike. Samsung Electronics employees have been protesting outside the plant since September 9, demanding recognition of the Samsung India Workers Union, which the company has yet to acknowledge, despite long standing requests for its formation.

According to an ET report, the company said it will prioritise implementing various measures to improve the working environment for the welfare of its workers. 

Samsung will also engage in continuous consultations with a workers’ committee to enhance wage competitiveness. Additionally, the company will offer an interim special incentive, termed the productivity stabilisation incentive, amounting to INR 5,000 per month from October 2024 to March 2025. The specifics of this payment will be finalised in discussions with the workers’ committee.

“This special incentive shall be considered with the annual increment in wages for the year 2025-26, that will be finalised in consultation with workmen committee during the wage negotiations,” the company said in the MoA, reviewed by ET.

The company has also agreed to expand the operation of air-conditioned buses from the current five routes to all 108 routes by next year. Additionally, it will increase the number of workmen family invitation events from four to six times annually and provide a gift worth INR 2,000 to each family attending an event.

“In the unfortunate event of the death of an employee while in service, the company shall provide an additional immediate assistance of INR 1 Lakh to the family to take care of their immediate needs,” Samsung added.

Additionally, the company will open a new medical room, diversify the cafeteria menu, increase meal allowances, and upgrade break rooms, restrooms, and lockers. It will also install canopies between buildings, offer more vacation days, and provide a INR 2,000 gift card to workers on the birth of a child.

However, according to another report, the Centre of Indian Trade Unions (CITU) stated that the 29-day strike will continue, as no resolution was reached during the talks held by the Tamil Nadu government with representatives of Samsung management and the striking employees of its Sunguvarchatiram plant.

The development comes at a time when union labour minister Mansukh Mandaviya has directed aggregator platforms to onboard all eligible gig workers onto the e-Shram Portal within three months. The minister issued this directive during a meeting with representatives from Urban Company, Swiggy, Zomato, Porter, Even Cargo, Amazon, Uber, and Ola on September 18. 

Launched in 2021, the e-Shram portal serves as a national database for unorganised workers, including migrant workers, construction workers, and gig and platform workers.

The post Samsung India Reaches Agreement With Workers To Resolve Strike At Chennai Plant appeared first on Inc42 Media.

In a bid to further strengthen its presence in the Indian market, tech giant Apple has reportedly unveiled plans to open four more retail stores in the country. 

According to a report by Moneycontrol, the iPhone maker is planning to set up the new stores in Bengaluru, Pune, Delhi NCR, and Mumbai. 

The timeline for this expansion is yet to be discerned. As of now, Apple operates two retail stores in India – one in Delhi’s Saket and the other in Mumbai’s BKC. 

“We’re thrilled to build our teams as we plan to open more stores in India because we’re inspired by the creativity and passion of our customers across this country. We can’t wait for them to have even more opportunities to discover and shop for our amazing products and services and connect with our extraordinary, knowledgeable team members,” the publication quoted Apple’s senior VP of retail Deirdre O’Brien as saying. 

Further, the company has also reportedly started the production of the complete range of its latest iPhone16 in India. The tech major launched iPhone 16 last month. 

The company also plans to increase its workforce in the country from its current 3,000 employees. Earlier in August, reports said that Apple’s India ecosystem could potentially employ 6 Lakh workers by the end of the current fiscal year (FY25) directly. 

The development came about a month after it was reported that Tata Electronics is set to launch its second iPhone assembly unit in India. The factory, which will see Tata Electronics commit an INR 6,000 Cr, is expected to be set up in Hosur district in Tamil Nadu. 

The company’s shift of operations to India have seen it establish a significant supply chain in the country. As of now, 1 in 7 iPhones are manufactured in India and Apple is also domestically sourcing components for the phones. Apple aims to manufacture 25% of all its iPhones in India over the next 3-4 years, up from the current 14%.

Apple’s India focus seems to be paying off as the company has realised tremendous gains from its investment in the country. For the June quarter, Apple CEO Tim Cook said that the company set a revenue record in the country. According to reports, Apple’s annual sales from the country stood at nearly $8 Bn for the 12 months ended March 2024, up 33% from the $6 Bn sales reported in the previous year.

The post Amid Rising Sales, Apple To Open 4 New Retail Stores In India appeared first on Inc42 Media.

A few days after a major fire broke out at Tata Electronics’ iPhone plant in Tamil Nadu’s Hosur prompting the officials to suspend its production for an indefinite period, Apple has reportedly sent a supplier responsibility (SR) team to the facility to review the situation and “counsel and advise” the contract manufacturer.

As per ET, the SR team comprises three Apple officials which are expected to provide support to its sole Indian vendor which produces enclosures for the iPhones.

“Apple generally sends its SR team whenever there is a safety issue or labour-related incident,” the report quoted a source as saying.

“The company has around six units, of which one got completely burned out,” another source added.

On Saturday (September 28), a major fire broke out at Tata Electronics’ iPhone plant in Hosur during wee hours, temporarily disrupting the operations. Although no casualty was reported, it remains uncertain of the scale of operations impacted at the facility during the incident.

“There has been an unfortunate incident of fire at our plant in Hosur, Tamil Nadu. Our emergency protocols at the plant ensured that all our employees are safe,” a Tata Electronics spokesperson then said.

One of the sources confirmed that a government-related probe is also underway and the director of the Directorate of Industrial Safety and Health (DISH) would inspect the unit that was affected by fire, based on the report.

DISH is expected to inspect the unit and evaluate if it’s safe for workers to begin working again “in the next two days”, the person said. The company can resume production only after it gets a green sign after the inspection.

The source added, “The company would have made alternate arrangements so that the production is not impacted as much because the site has to be preserved for the enquiry. They will also probably look into factors like air quality, presence of alternate arrangements.”

This also comes at a time when telecom major Reliance Jio also faced a fire incident in the morning at the Jio IDC Data Centre leading to a severe outage across its network in Mumbai, on September 17. 

Meanwhile, multinational conglomerate Tata Group is all set for its second iPhone assembly unit in India, to be built in Hosur and is expected to go operational in November.

On the hiring roadmap, Tata Sons’ chairman N Chandrasekaran then said that Tata Electronics is set to hire over 20,000 people at its new iPhone assembly plant in Hosur soon, bringing the total headcount of employees at the facility to 40,000.

The post Apple Sends Team To Tata’s iPhone Facility For ‘Counsel & Advise’ After Blaze appeared first on Inc42 Media.

It’s hardly a secret that India’s D2C story began online, but omnichannel is the way forward as brands and startups look to get closer to the consumer. 

But as more and more Indian D2C players try to hop the omnichannel train, they hit a wall. Not only are startups unable to find the right retail space, but there is a clear lack of a bridge which connects the online brand-building to the offline retail channel. 

A plethora of D2C brands, such as Firstcry, Bombay Shirt Company, Lenskart, Rage Coffee, Mamaearth and Giva, are bullish on the omnichannel route but when they get there, they realise that malls, modern retail stores and general trade outlets lack the infrastructure that new-age D2C startups crave. 

And when it comes to exclusive brand outlets, not many startups have the scale and the presence to make full use of the capital expenditure involved. Even fighting against legacy retail and FMCG players is an uphill task as these have well-established networks with retail channels. 

So even as brands love the retail and omnichannel modes for the hands-on experience that they enable, there is a gap in the market. And this is the niche that Broadway wants to occupy. 

Founded in March 2023 and with its first store now launched in Delhi NCR, Broadway claims to have cracked the modern retail formula for new-age D2C brands. 

Conceptualised and launched by venture studio Think9, actor Rana Daggubati, real estate giant Anarock chairman Anuj Kejriwal and Salarpuria Group executive director Apurva Salarpuria, Broadway calls itself  “A Theatre for Brands” allowing consumers to look, feel and interact with D2C brands in ways thus far unexplored.

In fact, Think9, being a venture studio, has co-created several brands, which are among the launch partners for Broadway in Delhi’s Ambience Mall, with two more outlets planned in Mumbai and Hyderabad.  

Speaking to Inc42, Salarpuria said that while Broadway is the brainchild of Think9 cofounder Vivek Biyani, all four entities bring a unique edge to the table. Salarpuria’s experience in investing in the ecommerce and D2C space for the past decade, Daggubati’s star power and his brush with investments and creating retail spaces as well as Anarock’s real estate experience all play a key role for Broadway. 

So what exactly is the Broadway play? 

The Inception Story

Having backed brands such as Paper Boat, Bira, Epigamia and others in the past decade, Salarpuria has seen the growth of the D2C segment up close. And naturally, he is well aware of the problems many of these brands faced when going offline. 

“There was a realisation that while brands can scale up to INR 50 Cr top line by just online, the cost of doing business becomes fairly flat post that. There is no economies of scale on the selling side and for brands to operate in a meaningfully profitable way, these brands needed to bring in a mix of online and offline streams,” he told Inc42. 

Online-first brands have a steep learning curve when it comes to offline retail. With the D2C enabler thesis at its core, Broadway is looking to create an environment that could potentially offer brands the right ingredients for offline success. 

As Salarpuria pointed out, department stores and large malls haven’t evolved meaningfully in tandem with the changing times. With a plethora of online offerings coming into play in recent times, consumers now often step out of their houses to gain meaningful experiences and not just buy products. And that’s something D2C brands are well aware of, given this is exactly how they build their online presence. 

But bringing this to the retail space is not possible without reinventing the concept of a department store. “For the new age consumers, the experience of going to a department store is not as exciting as it was pre-ecommerce boom in India. The experience hasn’t picked up as it could, and that’s where we felt that Broadway could fill in a gap. With this, we are bidding to create a new era of experiential shopping in India,” he added. 

Broadway Reimagines Omnichannel

Having visited the Broadway outlet in Delhi NCR on opening day, one could immediately see why Salarpuria claims to have reimagined the space, creating a mall within a mall. Salarpuria explained that Broadway at its core wants to introduce a social element to retail, which is why all brand aisles feature screens where brands can emphasise their key features and USPs. 

Besides this, there is an experiential element such as a mini food court and a bar at the Delhi outlet where F&B brands get showcased unlike any other mall or retail outlet in the past. New products can be launched on a stage right inside the store, and D2C brands can have dedicated zones within Broadway to set up mini stores within this space. 

“We are looking at live shows and gigs which can feature stand up comedians, live music, among others where brands can intersect with entertainment acts unlike ever before,” Salarpuria added. 

To start with, Broadway is launching with 115 brands, but new brands will be added on a daily basis and the founders claim to have made it much easier for new brands to come onboard. 

Besides entertainment, shoppers have an opportunity to interact with people behind the brands housed in the stores, from founders of D2C brands to investors, which is again a first when it comes to the omnichannel mode.  

“There are multiple layers adding on to the experiential shopping experience that we are looking to create. Besides in-house live events, food and drinks, we are creating an influencer program within the store in a setting called “Broadway Studio”, where influencers can come in and promote merchandise within the store and interact with consumers. This can allow brands to churn out fresh content every week with good quality influencers at a very low cost,” he explained. 

While the first store in Delhi is set up inside a mall, Broadway is building a bigger, standalone outlet in Hyderabad at the moment which will span 45,000 sq ft. This particular outlet can accommodate 250 brands, and is envisioned as an arena for showcasing India’s D2C startups. 

The Broadway Advantage For D2C Brands

So what kind of brands is Broadway looking to collaborate with and will Think9’s brands be given a preference over others? Salarpuria said that the responsibility to curate the list of brands is with Think9’s Vivek Biyani, the nephew of Future Group founder Kishore Biyani. 

“Of course, there are a lot of better-known brands we specifically wanted to have to give people familiarity with them. Nonetheless, we’ve had a ton of brands applying to us, and we’ve been trying to curate to make sure we have a healthy mix of different kinds of products,” Salarpuria claims. 

Given the background of the Biyani family, Broadway can rely on their expertise of running a retail giant in India. This critical know-how along with the fact that Think9 has built brands in a hands-on manner, will be a key competitive advantage for Broadway. 

As Kishore Biyani told Inc42 on the launch day, “One can never stop innovating and this is going to be a game changer for modern retail in India. Nowhere else can consumers directly speak to some of the founders running these brands, so this creates a different kind of impact on the shopper.” 

So how easy is it for brands to come on-board? Broadway claims any brand can set up their presence within a day, and they can experiment with Broadway for a few months and even opt out if the model is not for them. Salarpuria claims this will allow Broadway to constantly have a fresh set of brands and catalogue, which is again key for the kind of consumer these brands want to attract.

Modern consumers are willing to pay more, which explains the premiumisation wave in the Indian D2C space, and they also have a propensity to experiment with new brands. Which is why Broadway’s easy-come-easy-go approach might be great for brands testing the omnichannel waters.  

The question of course is whether brands will continue to rely on Broadway when they scale up. Often brands want to establish a strong brand offline and go for exclusive stores to achieve that. With Broadway, they get a relatively cost-efficient go-to-market strategy for omnichannel, but sticking with Broadway in the long run requires a lot more proof about whether this will work for scaled up brands. 

Salarpuria is clear that these are early days. “We are very cognizant of the fact that as more and more consumers come in, we will get a lot of data about what kind of brands are seeing higher traction and what areas we need to improve on. There will be lots of things which we will have to change and the challenge for us is adapting quickly.” 

Soon after our interaction, Salarpuria jumped into another call with the key people at Broadway to pick out learnings from the opening weekend. “We want to be adaptive to whatever feedback we are getting from the D2C ecosystem.”

In many ways, Broadway is the new social commerce for D2C brands in the omnichannel space. 

[Edited By Nikhil Subramaniam]

The post Behind Broadway’s Bid To Rewire The Omnichannel Route For D2C Brands appeared first on Inc42 Media.

Enterprise tech startup Unicommerce has strengthened its leadership team with two new appointments as it looks to drive growth in the ecommerce enablement space.

The company has roped in Pranay Kale as Senior Director-Head of India Sales (Business Acquisition) and Vaibhav Mehrotra as Senior Director-Marketing (Corporate).

Kale’s experience in SaaS sales and Mehrotra’s expertise in digital marketing are expected to boost Unicommerce’s market presence and customer acquisition strategies, the startup said in a statement.

Both Kale and Mehrotra have been designated as senior management personnel, effective September 23, 2024, Unicommerce said in a filing with stock exchanges.

Kale brings over 18 years of experience in the SaaS industry, having worked across BFSI, technology and manufacturing verticals globally. Most recently, he served as VP & Business Head of Enterprise Business at LeadSquared since April 2023, where he was responsible for solution selling and business development. 

Mehrotra has more than 15 years of experience across brand, product, digital and performance marketing. He joins Unicommerce from his role as Senior Director of Marketing at Cashfree Payments, a position he held since April 2021. In this role, he led the company’s marketing strategy and execution. 

The appointments come as Unicommerce continues to show strong financial performance. For the quarter ended June 2024, the company reported a 9.18% year-over-year increase in revenue from operations to INR 27.47 Cr, while net profit rose 30.97% to INR 3.51 Cr.

Unicommerce, which went public in August 2024, serves over 3,600 clients and manages more than 8,300 warehouses. The company aims to expand its presence in international markets, including Thailand, Egypt, Kenya, Bahrain, and Qatar.

The post Unicommerce Bolsters Sales & Marketing Verticals With Two New Senior Directors appeared first on Inc42 Media.

Chinese smartphone maker Xiaomi has called on India’s antitrust watchdog to withdraw its report that accused the company of colluding with ecommerce giant Flipkart to breach the country’s competition laws.

In a letter to the Competition Commission of India (CCI), Xiaomi expressed concerns about some sensitive company data in the regulator’s report on Flipkart, including model-wise sales, Business Standard reported, citing sources.

The Chinese smartphone maker has suggested that CCI ask the parties privy to the report to return the document and destroy any copies, and then issue a new one after redacting sensitive information, as it has previously done in the case of tech giant Apple, the report added.

The development comes on the heels of reports saying that a CCI investigation found that Xiaomi, Samsung and other smartphone makers colluded with Flipkart and Amazon to favour select sellers and launch their products exclusively on the ecommerce firms’ shopping websites in breach of India’s antitrust laws.

While Xiaomi has asked CCI to recall its report on Flipkart, it has not expressed concern about the regulator’s report on Amazon, which also accused the Chinese smartphone maker of flouting the country’s competition laws.

Notably, Xiaomi continued to dominate the Indian smartphone market with a 21% market share as of July 2024, with Samsung grabbing the third position, data from Counterpoint showed.

Ecommerce giants Flipkart and Amazon are facing a fresh antitrust headache: the CCI has reportedly sought financial statements of the two companies to determine the penalty on the duo was found guilty of giving preferential treatment to certain sellers on their shopping website, and thereby, violating local competition laws.

The regulatory action against Flipkart and Amazon is part of the government’s broader crackdown on the big tech firms facing scrutiny for alleged anti-competitive business practices. 

While Google has had to pay hefty fines and undertake sweeping changes to its India operations in response to CCI’s crackdown, Apple too has been pulled up by authorities for abusing its dominance in the app marketplace segment.

The post Xiaomi India Calls For CCI To Withdraw Flipkart Antitrust Report Over ‘Sensitive Data’ appeared first on Inc42 Media.

Days after Manish Tiwary stepped down from his role to explore an opportunity, ecommerce major Amazon has now named its veteran Samir Kumar as the new country manager for India.

Kumar will take over operational responsibilities for India from October 1, working closely with Tiwary during the transition, Reuters reported.

With over two decades of experience in Amazon, Kumar has been a part of the original team that planned and launched Amazon India in 2013. In addition to his new role in India, he will continue to lead Amazon’s consumer businesses across the Middle East, South Africa and Turkey.

As part of this leadership change, Kumar will oversee the current India leadership team,Saurabh Srivastava (Categories), Harsh Goyal (Everyday Essentials), Amit Nanda (Marketplace), and Aastha Jain (Growth Initiatives) will now report to Samir. Additionally, Kishore Thota (Emerging Markets Shopping Experience) will report directly to Amit Nanda.

Kumar’s extensive experience at Amazon positions him well to drive the company’s growth in one of its key markets in India.

This development comes a day after Amazon India  launched three new fulfillment centres in Delhi NCR, Guwahati and Patna to support over 2.5 Lakh sellers in the region.

Ahead of the festive season the ecommerce has also been coming up with a few announcements. For instance, Amazon India recently said it has created more than 1.1 Lakh seasonal “job opportunities” in the country across its operations network to meet the growing customer demand during the upcoming festive season. 

The company is also exploring the possibility of launching a standalone app for its payments service in India.

Meanwhile, Amazon is now looking to launch its quick commerce services in India in the first quarter of next year. Its rival Flipkart launched Flipkart Minutes in select cities recently.  

Last year, Amazon India said over 38,000 sellers achieved their highest-ever single day sales during its Great Indian Festival sale. The ecommerce platforms together clocked a gross merchandise value (GMV) of about INR 47,000 Cr, which grew 19% year-on-year (YoY), just in the first week of the 2023 festive season sale.

The post Expansion Push: Amazon Names Veteran Samir Kumar As India Head After Manish Tiwary’s Exit appeared first on Inc42 Media.

Amazon’s cloud computing arm Amazon Web Services (AWS) has picked up seven Indian startups, operating in the GenAI space, for its AWS Global Generative AI Accelerator programme.

Announced in June, the 10-week programme has selected 80 startups across the globe. 

As part of the programme, these startups will get up to $1 Mn in AWS credits that will help them build, train, test and build their GenAI solutions. By tapping these credits, they can also gain access to Amazon SageMaker, a fully-managed service that facilitates companies to develop and upskill their own foundation models.

Additionally, the selected startups will also have access to a host of AWS services, including AWS compute, storage and database technologies, along with AI chips like AWS Trainium and AWS Inferentia2, designed for higher performance and energy efficient delivery at a lower cost.

For the uninitiated, Amazon Web Services’ Indian cohort forms the largest group of startups to be selected in the Asia Pacific region.

Let’s take a look at the list of the seven Indian GenAI startups that made into the cohort of AWS Global Generative AI Accelerator programme: 

Convrse

Founded In: 2021

Headquarters: Gurugram

Founded in 2021 by Anshul Padyal, Vishesh Khatri and Vikrant Singh, Convrse is an AI-based tool to optimize complex 3D objects or scenes and make them web or real-time ready.

The startup, which serves in industries like gaming, architecture, manufacturing, healthcare and simulations, claims to be the world’s first intelligent 3D mesh optimiser.

House of Models

Headquarters: Bengaluru

House of Models leverages large language models (LLM) and diffuser models to generate digital content for brands and businesses, including images, videos, and product descriptions.

Neural Garage 

Founded In: 2021

Headquarters: Bengaluru

Founded in 2021 by Anjan Banerjee, Mandar Natekar, Subhabrata Debnath and Subhashish Saha, Neural Garage uses GenAI to sync actors and lips with dubbed audio in film, streaming, advertising and broadcasting, offering seamless viewing without compromising the cinematic feel.

Orbo.ai

Founded In: 2019

Headquarters: Mumbai

Orbo.ai uses GenAI to provide hyper-personalisation and contextual search solutions for beauty and personal care industries.

Founded by Manoj Shinde, Danish Jamil, Abhit Sinha in 2019, the startup gives data insights on facial attributes, skin tone and abnormalities to give customised results. 

Notably, in May, the startup sold its AI platform SuperScan to listed fintech company Niyogin Fintech Ltd.

Phot.ai 

Founded In: 2022

Headquarters: Gurugram

Founded in 2022 by Akshit Raja and Venus Dhuria, Phot.ai is a comprehensive AI-powered platform that simplifies photo editing and graphic design through a wide range of tools designed to help e-commerce sellers optimize their workflows.

Unscript AI

Founded In: 2021

Headquarters: Bengaluru/San Francisco

Unscript AI is a SaaS marketing tool that uses generative AI to create studio-quality videos with real or virtual actors, without the cost or time involved with physical shooting.

It was founded by Ritwika Chowdhury in 2021 with an aim to empower companies to create more personalized and impactful customer experiences.

Zocket 

Founded In: 2021

Headquarters: Chennai

Founded by Karthik Venkateswaran, Mukund Srivathsan, Nandha Kumar Ravi and Sundar Natesan in 2021, Zocket simplifies digital advertising using generative AI for ad creation, targeting, and analytics, making it easy for businesses of all sizes to manage and optimize campaigns.

In 2022, the adtech startup raised $3 Mn in a seed round of funding led by Kalaari Capital with participation from Kettleborough VC. 

The post Meet The 7 Indian Startups Picked Up For Amazon’s GenAI Accelerator appeared first on Inc42 Media.

Amid plans of expanding its India operations, smartphone maker Xiaomi India has roped in former Motorola Mobility India managing director Sudhin Mathur as its new chief operating officer (COO). 

An alumni  of Delhi College of Engineering (now Delhi Technological University) and IMT Ghaziabad, Mathur is a veteran in the consumer tech space and helmed the India operations of giants such as Sony Ericsson, LG Electronics, Lenovo India, among others, in the past. 

With over three decades of experience under his belt, Xiaomi India will be looking to leverage his industry expertise and deep networks in the ecosystem to fuel its next phase of growth and shore up sales.

In a statement, Xiaomi said that Mathur’s “strategic vision and operational expertise” aligns with the company’s multi-year strategy to make a dent in the Indian smartphone segment. 

“…  Sudhin’s extensive experience delivering results across diverse businesses, coupled with his proven ability to build high-functional teams, will be instrumental in driving our growth agenda,” Xiaomi India president Muralikrishnan B said on the appointment. 

Mathur’s appointment comes at a time when Xiaomi is planning to increase the exports of its made-in-India devices. In July, Muralikrishnan B said that Xiaomi India plans to ship 70 Cr devices, including smartphones, televisions, tablets, and connected devices, out of India over the next decade.

The development also comes at a time when Xiaomi’s position in the smartphone market in India,one of its biggest markets outside China, has been challenged by other players. The Chinese smartphone maker lost the top spot, by number of shipments, among smartphone brands in India for as many as 18 months. 

It finally made a comeback in Q2 2024 when it reclaimed the first spot, with an 18% market share and 6.7 Mn units shipped during the quarter, as per Canalys. 

Additionally, the company’s profit continues to be in free fall. As per a report, Xiaomi India’s net profit declined 77% to INR 238.63 Cr in the fiscal year 2022-23 (FY23) as against a profit of INR 1,057.7 Cr in FY22. 

Meanwhile, revenue from operations tanked 32% to INR 26,697 Cr in FY23 from the INR 39,100 Cr in the year-ago period. 

The post Xiaomi India Ropes In Former Motorola Executive Sudhin Mathur As COO appeared first on Inc42 Media.

In a big boost to India’s fast-growing semiconductor industry, tech giant Apple is reportedly mulling using made-in-India chips for the iPhones produced in the country.

Apple is in talks with Micron, the Tata Group, and other chip manufacturers setting up plants in India to source supplies worth $12 Bn for the India-produced iPhones, Financial Express reported citing sources.

If Micron and Tata Group’s units manufacture the grades needed by Apple, the bulk of the chip needed for iPhones would be sourced from these firms, creating a huge business opportunity, a source was quoted as saying by the publication.

The source also noted that no single company would be able to rival Apple’s spend on microchips made in India despite demand from buyers for these chips from the defence, aviation and auto sectors.

Following the launch of the production-linked incentive scheme to boost semiconductor production in the country, US-based chip manufacturer Micron received approval from the cabinet ministry in June 2023 to set up a semiconductor unit in Gujarat. This year, Tata Electronics also received the Centre’s approval to set up a semiconductor fab in Dholera, Gujarat in partnership with Powerchip Semiconductor Manufacturing Corp (PSMC), Taiwan.

Tata is also setting up a second semiconductor unit in Morigaon, Assam.

Meanwhile, Apple is one of the top buyers of semiconductor chips in the world. Leading chip manufacturer Taiwanese Semiconductor Manufacturing Company’s (TSMC) got 26% of its total revenue from Apple alone in 2021. As per reports, Apple was also responsible for 23% of TSMC’s revenue in 2022.

Meanwhile, Apple is gradually increasing the production of iPhones in India. As per the Economic Survey 2023-24, India contributed about 14% to Apple’s overall production in FY24. Contract manufacturers Foxconn, Wistron (now owned by Tata Group) and Pegatron cumulatively produced iPhones worth INR 1.2 Lakh Cr in the country in FY24. Of this, INR 85,000 Cr worth of devices were exported.

Apple will also manufacture the latest iPhone 16 series in India and the made-in-India phones would be available across the world within the first few days of the launch of the smartphones.

Earlier this year, Apple was also said to be in discussions with Murugappa Group and Tata Group’s Titan to assemble and possibly manufacture sub-components for iPhone camera modules.

As per Inc42’s analysis, India’s semiconductor market is expected to clock a 24% CAGR and reach a size of $150 Bn by 2030 from $33 Bn in 2023. 

The post Apple To Source Tata, Micron’s Made-In-India Chips For Its iPhones appeared first on Inc42 Media.

Apple supplier Jabil is reportedly planning to invest INR 2,000 Cr to build an electronics manufacturing facility in Tamil Nadu’s Trichy.

Tamil Nadu CM MK Stalin announced this development on Tuesday (September 10) on X, highlighting it as one of three major announcements secured by the state government.

“A significant investment of INR 2,000 Cr at Tiruchirapalli by Jabil, a global leader in EMS. This will create 5,000 jobs and create a new cluster for electronics manufacturing,” he said in a post on X (formerly Twitter).

The Memorandum of Understanding (MoU) was signed between Jabil officials and the Tamil Nadu state delegation. With Jabil’s entry into the state, Tamil Nadu now hosts several major Apple suppliers, including Foxconn, Pegatron, Tata Electronics, and Corning.

Jabil, a supplier to Cisco and HP, will establish a major new facility in Trichy, marking one of the first significant investments in the area. This move is expected to create a new electronics cluster similar to the ones in Sriperumbudur and Hosur with Tata Electronics.

The minister said that, besides Jabil, two other investments were secured for the state– Rockwell Automation will expand its manufacturing in Kanchipuram with a INR 666 Cr investment, creating 365 jobs, and an MoU with Autodesk aims to skill youth and boost MSMEs and startups, strengthening the overall industrial ecosystem.

In recent times, many electronics companies have significantly expanded their footprint in India, with Foxconn, Wistron, Tata Electronics, and Kaynes Technology leading this trend.

This development follows reports that Apple supplier Foxconn plans to invest an additional INR 13,911 Cr ($1.67 Bn) in Karnataka. 

The post TN’s Electronic Manufacturing Push: Apple Supplier Jabil Mulls INR 2,000 Cr Plant In Trichy appeared first on Inc42 Media.

Big tech major Apple unveiled the latest iPhone 16 range of smartphones at its flagship “Glowtime” event in Cupertino on Monday (September 9).

The event saw the launch of two different models – iPhone 16 and iPhone 16 Plus. The new iPhone 16 will be available in India starting at INR 79,900, while iPhone 16 Plus (512 GB) will cost INR 1.2 Lakh. 

The latest smartphones will hit the shelves in India starting September 20. 

Additionally, the company also launched its latest range of Apple Watch and AirPods. While the newly unveiled Apple Watch Series 10 has been priced starting at INR 46,900, AirPods 4 and AirPods 2 Pro will be priced at INR 12,900 and INR 24,900, respectively. 

“With new ways to discover the world around you and capture memories using Camera Control; a 48MP Fusion camera that gives you two optical-quality cameras in one; a big boost in battery life; and powerful, efficient performance thanks to the A18 chip, this is the perfect time for customers to upgrade or make the switch to iPhone,” said Apple’s vice president of iPhone product marketing Kaiann Drance.

Powered by its in-house A18 series chipsets, the new iPhone 16 features a 6.1-inch screen and will include a 48 MP “Fusion Camera”. Available in five different colours, the new iPhones will also come built in with multiple artificial intelligence (AI) features.

It is pertinent to note that the big tech major unveiled its GenAI offering called “Apple Intelligence” at its developer conference in June this year, which can generate text, images and other content on command.

What is however interesting is that many of these new iPhone 16 smartphones will be manufactured in India. As per a report by Economic Times, “Made-in-India” iPhone 16 will be available across the world within the first few days of the launch of sales.

Typically, Apple commences worldwide sales within 10-12 days of the launch at the flagship event.

This is a much faster timeline than 2022, when it took nearly two weeks for made-in-India iPhone 14 to hit the global shelves. In 2021, the lag was a few months for iPhone 13 models, meaning these smartphones hit global outlets months after initial launch. 

However, iPhone 15 smartphones were shipped to overseas markets within days of the launch last year. 

Sources told Economic Times that original equipment manufacturer (OEM) Foxconn has already kicked off production of the new series of smartphones in India, which will be exported to multiple countries “within the first few days of the start of sales”.

The new launches come at a time when Apple has actively diversified its production outside of China amid geopolitical tensions between Beijing and Washington DC. This pivot to India also comes on the back of hefty production linked incentives (PLIs) and other sops offered by the Centre. 

As per Economic Survey 2023-24, India contributed about 14% to Apple’s overall production in FY24 and emerged as a key hub for its global exports. Contract manufacturers Foxconn, Wistron (now owned by Tata Group) and Pegatron cumulatively produced iPhones worth INR 1.2 Lakh Cr in India in FY24, of which INR 85,000 Cr worth of devices were exported.

A report by JPMorgan projected that Apple plans to shift 25% of its iPhone production to India by 2025 with an eye on cutting down its over dependence on China and diversifying its manufacturing bases.

The post Apple Unveils iPhone 16 Series, To Start At INR 79,900 In India appeared first on Inc42 Media.

Continuing its export push in India, ecommerce giant Amazon is looking to enable exports worth $5 Bn from Indian sellers in 2024.

With this, the cumulative exports from Indian businesses via Amazon would surpass $13 Bn by the end of 2024, the ecommerce giant said in a statement.

The target is part of the Amazon Global Selling initiative, which was launched in India in 2015. The ecommerce company aims to enable $20 Bn of cumulative exports from India by 2025, said Amazon’s director of global trade Bhupen Wakankar. 

Giving an account of the Global Selling Programme 2015, Wakankar said that Amazon enabled about 1.5 Lakh small Indian exporters to sell roughly $8 Bn worth of products directly to overseas consumers by 2023. 

“We’re investing significantly in tools and technologies to help sellers optimise their reach, enhance product discovery, and increase sales. The program’s success is reflected in the growing number of exporters building thriving businesses on Amazon’s global marketplaces. We will continue to support the growth of small businesses and startups by leveraging technology and strong linkages with different stakeholders,” Wakankar added. 

Amazon Global Selling is intended towards making exports easier and accessible for MSMEs and entrepreneurs across India and has exporters from over 200 cities across the country. 

While states like Maharashtra, Delhi, Gujarat, Rajasthan, and Karnataka lead in terms of number of exporters enrolled under the Amazon Global Selling programme, beauty, apparel, health and personal care, toys and home are among the popular categories. 

Amazon said it enables sellers to sell their products on over 18 Amazon global marketplaces in countries such as the US, the UK, the UAE, Saudi Arabia, Canada, Italy, France, Spain, Australia, Singapore, among others.

Commenting on the announcement, MoS for Skill Development and Entrepreneurship Jayant Chaudhary said, “Boosting MSME exports is crucial for our nation’s economic growth, and ecommerce is proving to be a powerful catalyst in this regard. Ecommerce exports, supported by programs like Amazon Global Selling, are instrumental in providing MSMEs with opportunities to showcase their products to a global audience.” 

The developments come at a time when companies are trying to diversify their sourcing beyond China amid geopolitical tensions. India has emerged as a significant beneficiary of this shift. Flipkart’s parent Walmart is also increasing exports from India in a bid to reduce its reliance on China.

Meanwhile, Amazon continues to bet big on India. With increasing internet connectivity, improving access to smartphones, and a fast-growing economy, the country has emerged as a big market for India.

Last year, Amazon CEO Andy Jassy committed to invest $26 Bn in India by 2030. 

Earlier today, it was reported that Amazon Web Services (AWS) is in discussion to invest an additional $2 Bn in Telangana to expand its data centre capabilities in the state.

However, Amazon also continues to face criticism as regulatory troubles from time to time in India. Last month, union minister Piyush Goyal flagged Amazon’s “predatory pricing policies” and said that the ecommerce major plans to invest billions of dollars in India only to offset its losses.

The post Amazon Targets $5 Bn Exports From Indian Sellers In 2024 appeared first on Inc42 Media.

Amazon’s cloud unit Amazon Web Services (AWS) is reportedly in discussions to infuse an additional $2 Bn into Telangana to expand its data centre capabilities in the state.

“Amazon has shown interest in investing $2 billion in data centres across Telangana, not limited to just Hyderabad,” ET reported, citing Telangana industries and IT minister Duddilla Sridhar Babu.

“In our discussions, they (AWS) have conveyed their plans to channel this investment over the next 4-5 years, focusing specifically on data centre development,” Babu added.

As per the report, the state is willing to go all out to gain the likes of MNCs and big labels across sectors such as hospitality, defence and aerospace to either set up their facilities or expand operations in Telangana.

In late August, hospitality major Marriott Group began working to set up its first global capability centre (GCC) in the country in Hyderabad, Babu was quoted as saying in the report.

Babu also revealed that strategy is to go beyond attracting core technology companies and to persuade large multinationals from diverse sectors to make Telangana their tech hub.

This move comes at a time when competition for investments from multinational brands across sectors is on peak from states such as Karnataka and Tamil Nadu among others.

As of June, Karnataka’s information technology and biotechnology (IT/BT) and rural development and panchayati raj (RDPR) minister Priyank Kharge said he expects the state to attract investment of $6.2 Bn in technology sectors such as biotechnology, AI, semiconductors, AVGC (animation, visual effects, gaming, and comics), and healthtech from the US and Europe. 

Meanwhile, Tamil Nadu chief minister M K Stalin on his recent visit to the United States has met with various MNC headquarters such as Microsoft, Apple and Google to shake hands with the business leaders for their business expansion in the state and new investments.

Few days ago, tech giant Google inked a pact with the Tamil Nadu government to explore manufacturing of its ‘Made in India’ Pixel 8 smartphones, skill development and build an industrial ecosystem, enabling MSMEs to create scalable AI solutions.

So far, the cloud arm of ecommerce giant Amazon AWS has opened two data centre infrastructures, with one in Mumbai region and the other in Hyderabad region.

The second infrastructure Cloud region in Hyderabad was established by mid-2022 with three availability zones. The AWS investment came at a cost of INR 20,761 Cr ($2.77 Bn).

The post AWS Looking To Inject Additional $2 Bn Into Telangana To Fuel Its Data Operations appeared first on Inc42 Media.

The Ministry of Heavy Industries (MHI) has selected Reliance Industries Limited (RIL) as the successful bidder for the global tender for production linked incentive (PLI) scheme for 10 GWh advanced chemistry cell (ACC) manufacturing.

With this, the company will be eligible for the maximum budgetary outlay off INR 3,620 Cr. For the uninitiated, ACCs are used in electric vehicles (EVs). They can store electric energy either as electrochemical or as chemical energy, 

“This initiative is another step towards enhancing domestic manufacturing capacity, reducing import dependence, and positioning India as a global leader in ACC battery manufacturing,” the ministry said in a statement. 

To win the bid, the company was competing against six other bidders – ACME Cleantech Solutions Pvt Ltd, Amara Raja Advanced Cell Technologies Pvt Ltd, Anvi Power Industries Pvt Ltd, JSW Neo Energy Ltd, Lucas TVS Ltd, and Waaree Energies.

While RIL won the bid, five other entities, ACME, Amara Raja, Waaree Energies, JSW Neo Energy and Lucas have been put in the waitlist in the aforementioned order.

The union cabinet approved the PLI scheme for manufacturing ACC batteries in May 2021 to boost India’s electric mobility and battery storage capabilities. The scheme has an outlay of INR 18,100 Cr to achieve manufacturing capacity of 50 GWh of ACC and 5 GWh of “niche” ACC.

It is envisaged to enhance India’s manufacturing capabilities of ACC by setting up giga scale ACC and battery manufacturing facilities in India with emphasis on maximum domestic value addition. 

Its first round of bidding saw three companies – Reliance New Energy Limited, Ola Electric Mobility Private Limited and Rajesh Exports Limited – win grants for a total capacity of 30 GWh, that is 10 GWh apiece. The round was concluded in March 2022.

Bid winner Ola Electric has already completed the Phase 1(a) of setting up its gigafactory, “Futurefactory”, in Tamil Nadu’s Krishnagiri. The company claims that the initial production capacity of the gigafactory is expandable to 20 GWh.

The post PLI Scheme: Reliance Selected For Setting Up 10 GWh ACC Battery Storage appeared first on Inc42 Media.

After Competition Commission of India (CCI), the National Company Law Tribunal (NCLT) also greenlit the merger deal between Reliance-owned Viacom18 and Disney India on Friday (August 30).

“From the material on record, the scheme appears to be fair and reasonable and is not violative of any provisions of law and is not contrary to public policy… Since all the requisite statutory compliances have been fulfilled, the said company scheme petition is made absolute in terms of the prayer clauses 28 (a) to (g) thereof…,” read the order of the Mumbai bench of the NCLT. 

The bench, comprising member (technical) Anu Jagmohan Singh and member (judicial) Kishore Vemulapalli, directed the petitioners – Viacom 18 Media, Digital18 Media and Star India – to file a copy of the NCLT order as well as a copy of the merger scheme with the Registrar of Companies (RoC) within 30 days. 

The development came just two days after the competition watchdog accorded its approval to the mega $8.5 Bn merger of Reliance’s media operations and Disney India.

With this, the company appears to be well on track to complete the transaction by the end of financial year 2024-25 (FY25).

In February this year, Reliance Industries Ltd (RIL), Viacom 18 and The Walt Disney Company signed binding agreements to set up a joint venture (JV) that will combine the media operations of the entities. 

The deal valued the consolidated entity at a whopping $8.5 Bn on a post-money basis. Once the transaction goes through, RIL will control the joint venture and will own 56% of the JV through its multiple entities. Disney will have a 37% stake in the joint venture, while Bodhi Tree will own the remaining 7%. 

The transaction will create India’s biggest media empire spanning TV channels as well two of India’s biggest streaming platforms – JioCinema and Disney+ Hotstar. The combined entity will house more than 120 television channels and will reportedly garner a user base of more than 750 Mn.

RIL chairman Mukesh Ambani’s wife and Reliance Foundation chairperson Nita Ambani will helm the joint venture, while Uday Shankar will be the merged entity’s vice-chairperson.

In a bid to get the necessary approvals for the merger, RIL and Walt Disney have reportedly been offering a slew of rebates, including proposals to offload some news channels. Earlier this month, the two parties reportedly also proposed a two-year freeze on advertising rate cards to secure the CCI’s approval for their merger. 

With NCLT’s approval in its kitty, both Reliance and Star India will now approach other regulatory bodies to approve the merger deal.

The post After CCI, NCLT Greenlights $8.5 Bn Reliance-Disney India Merger appeared first on Inc42 Media.

Recently listed SaaS startup Unicommerce’s profit after tax (PAT) zoomed 31% year-on-year to INR 3.51 Cr in the first quarter of the ongoing financial year 2024-25 (Q1 FY25) from INR 2.68 Cr in the year-ago quarter on improvement in operating margin. 

On a quarter-on-quarter (QoQ) basis, profit rose 22% from INR 2.87 Cr.

Revenue from contract with customers rose 9.2% to INR 27.46 Cr during the quarter under review from INR 25.15 Cr in Q1 FY24. On a sequential basis, it increased 3.5% from INR 26.53 Cr. 

Meanwhile, total expenses rose 7% to INR 24.28 Cr from INR 22.67 Cr in Q1 FY24. It also rose 1.4% from INR 23.93 Cr in the preceding March quarter. 

EBITDA zoomed 61% to INR 4.2 Cr from INR 2.6 Cr in Q1 FY24. EBITDA margin expanded 487 basis points to 15.3% in Q1 FY25 from 10.4% in the year-ago quarter. 

In a statement, the company said its annual recurring revenue (ARR) for the quarter grew 9% year-on-year (YoY) to INR 109.9 Cr. Its top 10 clients accounted for 21.3% of its revenue. 

Founded in 2012, Unicommerce is an ecommerce SaaS startup that helps businesses manage inventory across all online marketplaces. Its shares listed on the bourses earlier this month at a 118% premium to their issue price. 

Unicommerce claims to be the largest ecommerce enablement SaaS platform in India with 855 enterprise clients and 2,770 SMB clients. It counts the likes of Lenskart, Sugar, Mamaearth, mCaffeine, PharmEasy, among others, as its clients. 

It said it acquired over 85 enterprise clients during the quarter under review and  processed 212.8 Mn order items with an annual transaction run rate of over 850 Mn.

The startup said that it had plug and play integrations with 136 marketplaces and webstores, 107 logistics partners and 11 ERPs and POS systems at the end of Q1 FY25. It also forayed into quick commerce integrations with 4 partnerships. Besides, it also added five new marketplaces integrations. 

“Efficiency in operations and good user experience are vital for ecommerce, and various innovations in logistics, payments, and customer engagement are taking this forward across the eCommerce sector. Aligned with these trends, at Unicommerce, we, too, continue to expand our suite of products to simplify ecommerce for a growing client base of retailers and brands,” Unicommerce managing director and CEO Kapil Makhija said. 

During the quarter, Unicommerce also launched two new products – UniReco and UniShip. While UniReco simplifies payment and returns reconciliations for D2C brands, UniShip simplifies order tracking, returns and exchanges. 

“The company’s revenues are linked to the volume of transactions and the growth in transaction numbers is expected to drive further business growth. In addition, the expansion of our client base, the launch of new products and entry into new markets will contribute to revenue growth for this fiscal year,” CFO Anurag Mittal said. 

Ahead of the earnings announcement, shares of Unicommerce ended today’s trading session 5.99% higher at INR 219.25 on the BSE. 

The post Unicommerce Q1: Profit Jumps 31% YoY To INR 3.51 Cr, Revenue Up 9% appeared first on Inc42 Media.

Shares of Unicommerce rallied more than 12% to INR 232 apiece on the BSE in Friday’s intraday deals. This comes ahead of the enterprise tech startup’s first quarter earnings for the financial year 2024-25 (Q1 FY25), which are scheduled to be released today (August 30).

The stock opened at INR 208.05 per share on the BSE today, up 0.6% from the previous close.

After jumping over 12% in early trading hours, the stock shed some of the gains and by 12:28 PM, it was trading 8.2% higher at INR 223.8 apiece on the BSE.

More than 80 Lakh shares of Unicommerce had changed hands on the NSE and the BSE by the time of publishing this article.

It is pertinent to note that shares of Unicommerce listed on Indian bourses earlier this month. The stock made a strong debut on the BSE, listing at a premium of almost 113% over the IPO issue price. 

The stock debuted at INR 230 per share on the BSE against the issue price of INR 108 apiece. 

Unicommerce’s public issue received an overwhelming response from investors, having been oversubscribed 168.3X on the final day of the bidding.

Founded in 2012, Unicommerce is an ecommerce SaaS startup that helps businesses manage inventory across all online marketplaces. It claims to be the largest ecommerce enablement SaaS platform in transaction processing in terms of revenues (in FY23). 

Unicommerce posted a more than 2X jump in its net profit at INR 13.1 Cr in the financial year 2023-24 (FY24) from INR 6.5 Cr reported in the previous year.

The startup, backed by AceVector (formerly Snapdeal), saw its revenue from contracts with customers or operating revenue rise 15% to INR 103.58 Cr in the reported fiscal as against INR 90.06 Cr in FY23.

In that, revenue from contracts with customers outside India increased over 54% year-on-year (YoY) to INR 3.8 Cr.

Total income stood at INR 109.4 Cr in FY24 as against around INR 93 Cr in the previous fiscal.

The post Unicommerce Shares Rally 12% Ahead Of Q1 Results appeared first on Inc42 Media.

Amid growing adoption of artificial intelligence (AI) in India, Reliance Industries Ltd (RIL) chairman and managing director (CMD) Mukesh Ambani announced the launch of the Jio AI-Cloud Welcome Offer. 

Under the offer, Jio users will get up to 100 GB of free cloud storage space to securely store and access photos, videos, documents, and other digital content and data. The offer is slated to go live around Diwali this year, Ambani said at the 47th annual general meeting of RIL.

“Today, to support our AI Everywhere For Everyone vision using connected intelligence, I am thrilled to announce the Jio AI-Cloud Welcome Offer,” Ambani said. 

With user data safely stored on the cloud, AI will be able to deliver intelligent, personalised services over the network, he added.

The CMD also made a number of other announcements related to AI. Highlighting the role of AI, he said that the technology has opened up opportunities to address multiple challenges faced by mankind.

Ambani said that Jio is building an AI service platform, Jio Brain. It is a comprehensive suite of AI tools currently being tested within the group companies. Post the trial phase, Jio will be rolling out the tech suite to other enterprises.

Commenting on the use of AI within RIL, Ambani said, “We have rapidly augmented our talent and capabilities, embracing the latest in generative AI. We are embedding AI into all our processes and offerings, creating end-to-end workflows with real-time, data driven insights and automation,” he said. 

The company also plans to establish “GW scale AI ready data centres” in Jamnagar, powered by green energy. Further, he also announced that the company is looking to partner with leading global tech companies and innovators to bring more advanced AI tools to India. 

“Our goal is to create the world’s lowest AI inferencing cost in India, making AI accessible to all,” he said. 

The post Jio To Offer 100 GB Free Cloud Storage To Users Through ‘Jio AI-Cloud Welcome Offer’ appeared first on Inc42 Media.

The Competition Commission of India (CCI) has granted its approval to the $8.5 Bn merger of Reliance’s media operations and Disney India. 

In a statement, the CCI said, “Commission approves the proposed combination involving Reliance Industries Limited, Viacom18 Media Private Limited, Digital18 Media Limited, Star India Private Limited, and Star Television Productions Limited, subject to the compliance of voluntary modifications.”

It remains to be seen what the voluntary modifications are for the merger deal. It would become clear after the antitrust watchdog releases a detailed order.

The proposed combination aims to merge the entertainment businesses of Viacom18, a part of the Reliance Industries Ltd (RIL) group, and Star India Private Limited (SIPL), which is wholly owned by The Walt Disney Company (TWDC). 

Following the transaction, SIPL will become a joint venture (JV) jointly held by RIL, Viacom18, and TWDC’s existing subsidiaries.

RIL and The Walt Disney Company inked a deal earlier this year to set up a joint venture (JV).

Earlier this month, RIL and Walt Disney reportedly proposed a two-year freeze on advertising rate cards to secure the Competition Commission of India’s approval for their Star India and Viacom18 merger. This was discussed internally to offer price stability to advertisers and agencies during the period.

The merged entity would operate over 100 TV channels and streaming platforms Disney+ Hotstar and JioCinema. The entity would also have exclusive rights to distribute Disney’s content in India, as well as sports content owned by Viacom18. Additionally, RIL announced plans to invest INR 11,500 Cr in the joint venture to support its growth.

On the financial side, Walt Disney previously disclosed that it had incurred over $2 Bn in charges for the second quarter of 2024 due to goodwill impairments related to Star India, stemming from the merger with Reliance Industries.

The merger would also create an OTT behemoth. Earlier this month, a report said that RIL is mulling having only one OTT platform, JioCinema, after the merger.

JioCinema and Disney+ Hotstar compete with the likes of Netflix, Amazon’s Prime Video, SonyLIV, among others, in the crowded OTT market of India.

The post CCI Greenlights $8.5 Bn Disney India-Reliance Merger Deal appeared first on Inc42 Media.

In the latest addition to the list of Indian-origin top executives at US big tech firms, Kevan Parekh will become the new chief financial officer (CFO) of Apple. 

Parekh, Apple’s current vice president of financial planning and analysis, will take over “financial” reins of the company from incumbent Luca Maestri, who will transition from his current role on January 1, 2025. 

Following a planned succession, Parekh will become the CFO and join the big tech giant’s executive team.

“For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out. His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO,” said Apple CEO Tim Cook.

Parekh joined Apple in 2013 and rose through the ranks. He currently helms financial planning and analysis, general and administrative (G&A) and benefits finance, investor relations and market research. 

An MBA from Booth School of Business, Parekh has a bachelor’s degree in science from the University of Michigan. Prior to joining Apple, he also held various senior roles at Thomson Reuters and General Motors.

The announcement came ahead of Apple’s upcoming September event, which will likely see the launch of the new iPhone 16 series smartphones. 

With this, Parekh has become the latest Indian-origin top executive at a US-based big tech company. Currently, Sundar Pichai heads Google parent Alphabet, while Satya Nadella is the CEO of Microsoft. 

Additionally, Vaibhav Taneja is the CFO of EV major Tesla, while Aparna Bawa was appointed as the chief operating officer of Zoom in May 2020. There is also Dixit Joshi, who overtook as the CFO of Credit Suisse in 2022, while Shantanu Narayen has been leading Adobe since 2007. 

The post Everything You Need To Know About Apple’s Indian-Origin CFO Designate Kevan Parekh appeared first on Inc42 Media.

Tech giant Apple is likely to create 6 Lakh jobs in India by the end of this fiscal year (FY25) as the iPhone maker scales up production in the country in its bid to diversify beyond China.

In India, the company is expected to employ 2 Lakh workers by the end of the current fiscal year (FY25) directly, with women making up 70% of the workforce, ET reported.

As per government’s estimates, every direct job in the electronics sector spawns three indirect jobs, which means Apple’s local ecosystem could create anywhere from 5-6 Lakh jobs by FY25, the report added.

Citing government officials, the report further said that iPhone assemblers and suppliers, including Foxconn, Tata, Pegatron, Foxlink, Salcomp and Motherson among others, have cumulatively generated 1.65 Lakh direct jobs in India since the launch of the smartphone production-linked incentive (PLI) scheme in 2020.

The development comes at a time when Apple is making an aggressive play to expand operations in India as it shifts its existing supply chain away from China. 

Now, 1 in 7 iPhones are manufactured in India with Apple also domestically sourcing components that go inside. Apple aims to manufacture 25% of all its iPhones in India over the next 3-4 years, up from the current 14%.

Recently, it was reported that Apple has begun training workers at its Tamil Nadu plant to manufacture iPhone 16 Pro and Pro Max models. Apple’s manufacturing partner Foxconn is reportedly likely to begin assembling these premium devices “within weeks” of the global launch. 

Further, Apple is said to be in advanced talks with Murugappa Group and Tata Group’s Titan to make iPhone camera modules in the country. Apart from iPhones, Apple is also considering manufacturing other flagship devices, iPads and AirPods in the country.

With Tata Electronics setting up its second iPhone manufacturing plant in India, which is being built in Tamil Nadu and expected to start operations in November, Apple’s ambition to increase manufacturing in the country is expected to get a major boost.

And Apple’s India push is not without reason. India is increasingly becoming an important market for  the iPhone maker, with its annual sales in the country reaching nearly $8 Bn in the 12 months through March 2024.

During Apple’s Q3 FY24 earnings call, senior executives said that the tech giant set a new June quarter revenue record in India, driven by robust sales of Macbooks.

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