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Former Cleartrip CEO taps VCs to roll out quick commerce venture

Economic Times

Economic Times · 11m ago

Former Cleartrip CEO taps VCs to roll out quick commerce venture

Former CEO of Flipkart-owned Cleartrip, Ayyappan R, is planning to launch a quick-commerce retail venture that aims to deliver premium products within 20-30 minutes. Talks for seed funding with venture capital firms Accel and RTP Global are underway. The venture, dubbed "Costco for India," will cover various retail categories, including FMCG, health and fitness, and fashion, and will operate on a subscription model. India's quick-commerce market is expected to reach around $22 billion in gross merchandise value (GMV) by 2027.

Related News

Koo cofounder Mayank Bidawatka announces new venture Billion Hearts Software

Economic Times

Economic Times · 11m ago

Koo cofounder Mayank Bidawatka announces new venture Billion Hearts Software

Mayank Bidawatka, the co-founder of Koo, a microblogging platform that recently shut down, has announced his new venture called Billion Hearts Software Technologies. The startup aims to build consumer products for global users and has already secured angel funding from notable consumer tech startup founders in India. While Koo faced challenges in finding a potential sale or merger, Bidawatka is optimistic about his new venture and plans to launch it in the coming months. In a similar vein, Ayyappan R, former CEO of Cleartrip, is reportedly in talks with Accel and RTP Global for seed funding for his quick-commerce retail venture.

Swiggy taps fresh talent for Instamart as it gears up for public listing

YourStory

YourStory · 1y ago

Swiggy taps fresh talent for Instamart as it gears up for public listing

IPO-bound food delivery giant Swiggy has made key executive appointments ahead of its public listing. Himavant Srikrishna Kurnala, previously CPO for JioMart, has been appointed as SVP and Product Head for Instamart, Swiggy's quick commerce offering. Mayank Rajvaidya, formerly with Amazon, has been appointed as VP of Fruits and Vegetables, and Manu Sasidharan, with experience in Flipkart and Cleartrip, has been appointed as Associate VP of the FMCG category. Swiggy is also focusing on profitability, with recent increases in platform fees in certain markets.

Flipkart Rolls Out INR 3 Platform Fee

Inc42 · 1y ago

Flipkart Rolls Out INR 3 Platform Fee

Flipkart has implemented a platform fee of INR 5 for its quick commerce service, Flipkart Minutes. This fee brings Flipkart in line with other similar quick commerce players like Swiggy's Instamart and Zomato's Blinkit. However, the fee does not apply to Flipkart Grocery or Cleartrip, the company's travel vertical.

Phenomenal AI in talks with VCs for capital ahead of product rollout

VCCircle

VCCircle · 1y ago

Phenomenal AI in talks with VCs for capital ahead of product rollout

Phenomenal AI, a startup specializing in artificial intelligence (AI), is in talks with venture capital firms to secure funding for its video content creation platform. The company is aiming to raise $20 million for its first round of funding. Phenomenal AI uses generative AI technology to develop its platform. The successful funding will enable the company to further develop and roll out its product.

From Acquisition Talks to Talent Shift: Flipkart Taps Dunzo's Kabeer Biswas for Quick Commerce Boost

OutlookIndia

OutlookIndia · 7m ago

From Acquisition Talks to Talent Shift: Flipkart Taps Dunzo's Kabeer Biswas for Quick Commerce Boost

Flipkart recently sought to enhance its quick commerce division, Flipkart Minutes, by potentially recruiting Kabeer Biswas, CEO and last-remaining co-founder of Dunzo. Previously, Flipkart was unsuccessful in acquiring Dunzo due to complexities in its ownership structure and opposition from its major shareholder, Reliance Retail. Dunzo faces financial challenges and talent departures, including Biswas, potentially benefitting Flipkart in its competitive quick commerce market against major rivals like Blinkit and Zepto.

VCs crowd deal street on quick commerce, D2C success

Economic Times

Economic Times · 1y ago

VCs crowd deal street on quick commerce, D2C success

The rise of quick commerce and the surge in demand for direct-to-consumer (D2C) brands are driving investment activity in the early-to-mid-stage D2C sector. Quick-commerce platforms like Blinkit, Zepto, and Instamart have helped these brands scale faster than anticipated, attracting investor interest. Various D2C brands, including Tuco Intelligent, The Health Factory, Gourmet Garden, The Whole Truth, and Master Chow, are in talks for capital infusion. Quick-commerce platforms have also given a boost to smaller brands in sectors such as personal intimate care. Quick-commerce is expected to remain a key channel for D2C brands, driving growth in various categories.

Flipkart closes Rs. 7890 Cr ($950 million) round with Google's $350 million at a valuation of $36 billion

Money Control

Money Control · 1y ago

Flipkart closes Rs. 7890 Cr ($950 million) round with Google's $350 million at a valuation of $36 billion

Flipkart closed a $950 million funding round with a $350 million investment from Google, valuing the company at $36 billion. Initiated in December, the round also included $600 million from Walmart, Flipkart's parent company. The funds will be used to enhance quick commerce and invest in verticals like travel (Cleartrip) and Shopsy, pending regulatory approvals.

Cleartrip appoints Anuj Rathi as chief business and growth officer

Economic Times

Economic Times · 1y ago

Cleartrip appoints Anuj Rathi as chief business and growth officer

Anuj Rathi has been appointed as the Chief Business and Growth Officer of Flipkart's travel booking unit, Cleartrip. Rathi, a former Flipkart executive, was most recently the Chief Product and Marketing Officer at fintech firm Jupiter. He replaces Ayyappan R, who left earlier this year. Cleartrip had been without a CEO since Ayyappan's departure. Rathi expressed eagerness to immerse himself in the travel industry and work closely with the Cleartrip team. This appointment is part of a series of top-level changes at Flipkart as the company focuses on profitability and prepares for a possible public listing.

Dunzo founder Kabeer Biswas may exit embattled delivery startup

Economic Times

Economic Times · 7m ago

Dunzo founder Kabeer Biswas may exit embattled delivery startup

Kabeer Biswas, cofounder and CEO of Dunzo, backed by Reliance Retail, is considering leaving the company amid challenging times and talks with investors. The quick commerce sector is attracting high investor interest. Some investors are open to Biswas's departure, considering Dunzo's situation. Discussions include his remaining stake, but Reliance hasn't approved any proposal yet. Former Dunzo executives are reportedly venturing into the thriving quick commerce industry. No response was received from Reliance or Biswas.

Quick commerce is taking demand from neighbourhood stores: Nykaa's Falguni Nayar

Economic Times

Economic Times · 10m ago

Quick commerce is taking demand from neighbourhood stores: Nykaa's Falguni Nayar

Nykaa CEO, Falguni Nayar, discusses the impact of quick commerce on offline channels in the personal care category. She states that quick commerce is taking demand away from traditional neighborhood stores, but Nykaa's focus remains on enhancing speed nationwide through their own network. While beauty is one of the fastest-growing segments in quick commerce, Nayar emphasizes that Nykaa will not venture into additional categories just for the sake of ultra-fast delivery. She also highlights the importance of faster delivery across the country and Nykaa's continuous efforts to improve their network.

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