Digbijay Mishra
@digbijaymishra1
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Now: 0→1 at ET Foundry | Venture Scout, Partnerships| Former scoop machine @EconomicTimes | ex-TOI, BS, Handelsblatt | 📧[email protected]
Joined January 2013
IPO-bound Urban Company has entered quick commerce offering 15-minutes maid booking services. Elevation and Nexus-funded Snabbit, started by former Zepto executive, offers the same services in Mumbai. Quick Commerce for at-home services
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Wow. A really stern message from Ola founder @bhash to staff on work from office and poor attendance data, which he has been tracking. Don't fleece the company by not showing up,per internal note. Apparently staff have said facial recognition data is wrong on attendance.
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SoftBank is learnt to have pulled out from investing in GoMechanic after a due diligence (DD) brought to light glaring loopholes in the company's accounts. DD was by EY. Showed fictitious garages, selective payments to certain garage units and overall inflated rev metrics.
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Reliance Retail acquires 89% equity stake in Clovia with an investment of Rs 950 crore which includes a combination of secondary stake purchase and primary investment. The Founding team and management will own the balance stake in the Company.
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Toit, the neighbourhood brewery, back in green 🍻--post pandemic. Proxy for others? FY24 yet to be filed. Nearly Rs 100 cr revenue and Rs 20 cr profit.
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Distributors on the ground are unable to recover dues from kirana stores due to the negative impact on kiranas by digital platforms: Elara Securties on impact of Quick Commerce on kiranas
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I filed an RTI on the state of payments bank deposits in India. @RBI has sent me 👇 in response to the RTI. *TOTAL* deposit with *four* functional payments banks is just Rs 540 crore. This is as of May 2018, the most updated data available with RBI. #paymentsbank #RBI
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According to NYT, images of people clinging to the hulking aircraft in Kabul Airport is a symbol of America's military 'might'
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My father would have also turned 75 today, like India. But destiny had other cruel plans. Happy birthday to an independent India and my late father, wherever he is.
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Quick commerce share of total ecommerce sales for top FMCG firms. Nestlé – 50% .HUL – 33% (10% of HUL ice creams sold on QC). Dabur – 30% .Mamaearth (Honasa) – 10%. Quick commerce to hit $100B in a decade: Bernstein
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"I have seen this problem in some of the prominent founders in India. It’s called the God Syndrome. ,” . @Ta_rush and I explore : The New Rage in Startup Town .
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So, a Rs 20,000 crore Seed Startup Fund has been promised in @BJP4India manifesto this time. Here's what has happened with the Rs 10,000 crore @startupindia fund till 2018.
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Getting an e-commerce delivery? . When the delivery executive calls before arriving, try and go down, if you can. I realised that it makes a hell of a difference to them, especially the older executives.
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The unravelling of GoMechanic after SoftBank-Khazanah funding collapsed
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Mukesh Bansal, president at Tata group's ecommerce arm Tata Digital which runs Neu, has stepped away from all key day-to-day ops, according to people directly aware of the matter. He joined Tata Digital in June 2021 when Tatas also invested in Cultfit, his current startup.
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🛒🛒 Flipkart marketplace arm FY24 numbers are in and first on @ETtech . Revenue up 21%.Loss down 41%. Key takeaway: Flipkart ad income is more than marketplace fee. Advertising Income: Nearly ₹5,000 crore. Marketplace Fees: ₹3,734.2 crore. Collection Services: ₹1,225.8 cro
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🚨🚨We are breaking the most imp story on ONDC so far!. Flipkart, Reliance, Amazon may join India’s open ecommerce network, ONDC. 🛻🏍️Ekart, Dunzo have already plugged in while PhonePe is in final stages of integration on the network. W/@prnvbal.
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A daily fixture for the last eight years in Bangalore for me. Times is moving from its MG Road office but the memories will remain.
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🚨URGENT: We need white blood cell donors for a dear friend in Bangalore- ANY blood group but MALE & under 40 yrs. If you're willing+ available to go for a blood test screening *tomorrow onwards*, pls DM me, will share details (some in tweet below). Pls RT.
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Most journalist friends will agree, I think. The anticipation: Ah, finally! Tomorrow is day off. Day off :
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Whoa. WhatsApp gets approval to launch on UPI, finally!.
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Spoke to Signal co-founder Brian Acton -who'd founded WhatsApp, sold it to Facebook & then quit over differences including over privacy --about the raging debate over impact of WhatsApp's policy changes on privacy and unprecedented growth of @signalapp !.
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🚨🇮🇳🇮🇳.Flipkart–India’s largest consumer internet company—is planning to move its domicile to India, from Singapore. Why this matters and how a company of this scale is approaching this multi-layered process--all the details here: .
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Often taken for granted, but feeling grateful to the delivery execs & platforms helping me get food, medicine and everything in between to my folks, far away in another city, who are down with Covid-19. It makes a big difference.
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To think @imVkohli is a West Delhi boy. The silence is deafening. If not anything, at least acknowledge the crisis in the city you grew up in.
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Myntra vs Reliance Ajio in online fashion
Myntra has gained market share over the past 12-18 months, CEO Nandita Sinha told @_soumyajit37 and I even as it faces more competition from Reliance Ajio and Nykaa. 3rd party estimates & industry exec say Myntra gross sale around $3.9B CY23 - Ajio $2B.
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TIL-->Suhel Seth has joined the board of Reliance Brands as a director in July, as per public records @twstofler. Interestingly, Seth of late has been writing and commenting frequently on e-commerce sector and the ongoing battles between foreign etailers and Indian etailers.🛒.
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Breaking: Amazon India head Manish Tiwary has resigned. No new replacement yet, existing team to work with @AmitAgarwal @ETtech.
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Amazon, finally, launches 10-minute delivery Amazon Now in certain pincodes in Bangalore. Amazon Now—live in Bangalore. Out of staff only testing mode.
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BIG changes at Zepto.◾️Ranjan Pai, Juneja brothers Mankind, Cipla family in talks to invest.◾️Moves NCLT Mumbai to shift domicile from 🇸🇬 to🇮🇳.◾️$150M round from family offices start of Zepto looking to become Indian majority firm in 18 months as sector under spotlight re FDI.
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Meagre tips, abuses from security guards, consumers who insist they come all the way to their door-- on Labour Day, our story on what delivery executives, who go out so that you can stay home, have to go through.
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🚨🚨 Flipkart in talks to close $1 B in new funding . The round to value Flipkart at about 10% premium to the last adjusted valuation of $33 billion , after PhonePe separation. WMT has already committed $600M as part of the funding . New investors in talks too. @ETtech.
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Big Change at Third Wave Coffee amid rising deals in the space:. Founder and CEO Sushant Goel to transition into board role. Former KFC India head Rajat Luthra as new CEO.
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Confirmed: Premji Invest, Ranjan Pai's Claypond Capital invest in Indian airline Akasa Air. @ari_maj
Ranjan Pai, Premji Invest look to board Akasa Air with an up to $125M investment in what would be a very different bet from tech-focused consumer and financial sector investors. W/ @ari_maj .
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A clear shift is taking place in @vijayshekhar strategy. A quick take on it, as Paytm eyes 10 mn new merchants and life in a ZERO-MDR era.
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Quick commerce is having its moment in 2024 and there's lot more in store. Zepto–the only independent Q Comm platform–has held early-stage talks for $300 million, at least, at a significantly higher valuation in a slow funding environment. More here.
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From borrowing money to register domain name of @IndiaMART to 9/11 killing 50% biz overnight, @DineshAgarwal 's journey is a rare startup story that survived the internet boom and bust. The pic is from just before he started @IndiaMART , at the age of 26.
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BIG quick commerce news!. Tata-owned BigBasket—the largest e-grocer known for slotted deliveries— set to fully play in Quick Premier League. Over 50% sales coming from BB Now already and projected $1B in sales from QC vertical. W / @pranavmukul
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Here's a snapshot of what delivery execs say they have to endure :.
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Newsbreak: Swiggy has begun a new round of layoffs at a time it is preparing to file draft IPO papers. It will cut 350-400 roles--about 6% across tech, call centre and some corporate roles. Breaking w/ @_soumyajit37 at @ETtech.
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Former Myntra CEO Amar Nagaram’s new venture in talks to raise funds at $100 million valuation in its first round of funding. Falcon Edge, Accel and Mukesh Bansal are likely to invest in Nagaram's new fashion-tech venture. Details here: . With @prnvbal .
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Built it. Sold it. Started again. What drives founders to start from scratch once more? What changes in the new gig? 10x the pressure, higher investor expectations and a lot more, say @kunalb11 @ashishkashyap @aprameya @BKartRed @vinodmur @TOIStartups 👇.
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UPI hits 2 bn transactions in October. First billion in 3 years, second billion in 1 year.
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. @amrishrau & @guptajiten sold @CitrusPay in 2016 to PayU . The duo have now backed over 20 startups, putting back 30-35% of their personal wealth in early-stage startups. Initially, they did not think they would put more than 5%. With @madhavchanchani.
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Learn coding for free, pay when you get job. How income-sharing agreement (ISA) startups are slowly starting to gain prominence in India. While the US has popular @LambdaSchool, @pestotech @interview_bit and others are now trying to build it here.
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From Zomato IPO conference 🧵. Only 8-9% of food consumption in India is through restaurants says cofounder Gaurav Gupta. Currently, more than 75% of business comes from food delivery. @ETtech.
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Thanks Samidha!! Excited to come on board and looking forward to working with you and the awesome ETtech team!.
🚨Some good news in these trying times—I’m super excited to announce that @digbijaymishra1, my former colleague at @timesofindia is joining @ETtech. Digbijay is among the finest reporters covering the ever changing & fast paced technology and startup world. Pls welcome him!.
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Whose 'Pe' is it anyway? . Two leading payments companies PhonePe, endorsed by Aamir Khan and BharatPe (by Salman Khan) are slugging it out in Delhi HC over exclusive rights to the term. Next hearing Court Pe @ 9th October.
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Big Pe Day for PhonePe founders: Sameer Nigam and Rahul Chari liquidate all stock options in Flipkart leading to an individual cash payout of around $20-25 M each, at least. One of the biggest gains from Esop sale stemming from separation from Flipkart group.
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Ranjan Pai, Premji Invest look to board Akasa Air with an up to $125M investment in what would be a very different bet from tech-focused consumer and financial sector investors. W/ @ari_maj .
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That time of the year to look at the high-loss making nature of e-commerce. Two largest players have accounted for losses of ₹11,144 cr. Last year, Including @PaytmMall , it was ₹11,300 cr. More on @Flipkart and @amazon units👇.
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Heartbreaking!.
Nothing is more painful than watching tears in Rohit Sharma eyes again after 2019 CWC!. #INDvsAUS #RohitSharma .#INDvsAUSFinal
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🚨Big Billion Flipkart IPO loading. Walmart-owned Flipkart, the $36-billion valued ecommerce firm, has set the ball rolling for an India IPO with a definite timeline to list shares here. Internal approvals in place to move domicile to 🇮🇳 from 🇸🇬. Details only here
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Since Shopclues has now been officially sold to Qoo10, here's a video from July when the company fired half of its workforce. This depicts the extreme situation the company had ran into and there was argument with the staff being fired,who demanded a 2-months severance pay.
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This is a scene from Swades. Basic translation--"Only my heart knows the saltiness of my tears." It's when the guy can't pay rent and offers roti and salt. This India exists outside Twitter, the bulk of our country. Please think twice before your hot takes on Vax pricing.
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A sobering read.🥲. A bottle of spirit - which means whisky, rum, vodka and gin - that costs Rs 100 in Goa can cost Rs 134 in Delhi and as much as Rs 513 in Karnataka.
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. @deepkalra, chairman and group CEO of @makemytrip, tells me in a candid chat "If a level playing field is not created, we’ll have few Indian companies in 5-10 years.".More here 👇 #startup #CEOs #capital #ola #uber #Amazon.#Flipkart #SoftBank .
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Massive! Prosus-PayU is terminating $4.7 billion BillDesk deal, after securing CCI nod. It was pegged to the second largest M&A in India after Walmart-Flipkart deal.
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Murdoch Partner Helps Asia’s Richest Man Build a Media Empire. A man from a small town in rural Bihar is helping Asia's richest--based in Mumbai--navigate his media empire.
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Five-year-old @swiggy_in could emerge as the largest blue-collar job enabler in India, putting it in the league of employers like TCS (employs 4.5 lakh) . In 18 months, it plans to have half a million delivery partners, as the gig economy expands.
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🚨🚨BREAKING. ---SoftBank is looking to invest $600-700 mn in Flipkart, three years after exit! @samidhas and I report.
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💰Zepto to set to raise $300M—double than the formal mandate of $150M—to boost domestic shareholding amid intensifying quick commerce battle. New investors, celebs, founders get 1% additional stake based on performance-based goals and lot more breaking here.
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Having access to Cubbon Park, in the middle of the city, is such a boon.
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ONDC has been termed the ‘UPI of ecommerce’ as it could do for online commerce what UPI has done for digital payments. Now, the National Payments Corporation of India (NPCI), which operates UPI, is set to acquire a 9-10% stake in ONDC. Break w/@prnvbal.
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Amazon's bet to go ahead with Prime Day in India, while it is delayed globally, seems to have paid off. Amazon India clocked over $600 mn in gross sale during Prime Day surpassing Diwali daily sales of last year.
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Every World Cup, Calcutta used to get divided in two--one half supporting Brazil and the other Argentina. Was always part of the former group. Today, there will be no such divide. Rest in peace, legend. #diegomaradona.
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Non-RIL AGM news: . Amazon India now makes it mandatory to add ‘country of origin’ from next week for new and existing listings for Indian sellers. Deadline for now--Aug 10, failure to do so may attract enforcement action ,including listings to be suppressed.
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All of us r facing unprecedented changes #CoronavirusOutbreak. But imp to highlight the grim situation for lakhs of #gigeconomy workers during a pandemic.They face a wrenching choice:income or isolation? . Especially 4 readers in Bbay-who dint get print edition. Link soon
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Significant changes at Unacademy! @gauravmunjal and management to take pay cut, shut global test prep biz.
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Reliance Retail's JioMart has given up on quick commerce in less than a year of starting 'Express' and deactivated its app, website. Essentially, it has now shut the vertical and doesn't want to be in a burn-heavy business, multiple people briefed on the matter said.
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Stepped out after a while for 💉 related work. Great to see MG Road after so long! 👇. Ended up bumping into a startup founder also - felt like pre-pandemic Bangalore. Can't wait for things to go back to some form of normalcy!
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Lenskart to set up a new mfg facility with $50 million of investment to reduce dependence on China for 🕶️frames. In a rare move, it plans to open *200 new* stores when most retailers are shutting/vacating offline outlets. With @madhavchanchani .
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Amazon Air launched in India. @KTRTRS (seen in pic) while starting his speech, asks if @AmitAgarwal is still with India? Amit has been spending more time in the US and has expanded role of APAC market as well.
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In his first interview after taking over as global head of @WhatsApp, Will Cathcart spoke to @madhavchanchani & I on encryption, privacy, payments, startups and how India is at the centre of what it does globally. Read our exclusive interview with Cathcart.
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NEW: statement from GoMechanic majority investors. "We are deeply distressed by the fact that the founders knowingly misstated facts, including but not limited to the inflation of revenue, which the founders have acknowledged. All of this was kept from the investors. ”
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PhonePe has had commerce ambitions for sometime and it's coming to the fore now riding on the ONDC wave. PhonePe, which is breaking away from its Flipkart roots, plans to launch new shopping app later this month--starting from Bengaluru. W/@Ta_rush .
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