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At least 100 digital brands around Rs 100 cr revenue; they will benefit from going offline: Accel’s Prakash

Economic TimesEconomic Times · 1y ago
At least 100 digital brands around Rs 100 cr revenue; they will benefit from going offline: Accel’s Prakash
Medial

Direct-to-consumer (D2C) brands, primarily operating online, have an opportunity to expand into offline stores despite the growth of the Indian retail market. A joint report by venture fund Accel, Fireside Ventures, and market research firm Redseer revealed that 90% of the Indian retail market will remain offline, making offline expansion an attractive prospect for D2C brands. While being online-first allows for quicker product-market fit and brand building, reaching a certain scale and brand recognition can lead to offline expansion to boost sales. Venture firms are investing in technology that enables efficient and aggressive offline expansion for online-first brands.

Razorpay POS gets RBI approval for offline payment aggregator licence

EntrackrEntrackr · 16d ago
Razorpay POS gets RBI approval for offline payment aggregator licence
Medial

Razorpay POS gets RBI approval for offline payment aggregator licence Razorpay POS, the offline payments arm of Razorpay, has received the Payment Aggregator Physical (PA-P) licence from the Reserve Bank of India (RBI). With this approval, Razorpay now holds all three key RBI payment licences: online payment aggregator, offline (physical) payment aggregator, and cross-border payment aggregator, placing it among a small group of fintech companies authorised to operate end-to-end across India’s payments ecosystem. In recent months, RBI approved online, offline and cross border payment aggregation for around half a dozen companies. These include Paytm, Razorpay, Easebuzz, PayU, Pine Labs and Airpay. With these clearances, the firms are authorised to offer a full stack of payment aggregator services across ecommerce transactions, in-store merchant payments and cross-border payment flows. The PA-P licence allows Razorpay POS to onboard merchants and process in-store digital payments at scale, covering large retailers, enterprises, and small and medium businesses. The company already operates across India’s offline commerce ecosystem through devices such as mPOS terminals, smart POS machines, soundboxes, and pin-on-mobile solutions. Razorpay entered the offline payments segment in 2022 through the acquisition of Ezetap, which was later rebranded as Razorpay POS. Since then, the company has expanded its physical payments footprint alongside its core online payments business. With the offline licence in place, Razorpay can now offer a fully compliant payment infrastructure across digital, in-store, and cross-border transactions.

Blitz raises Rs 51 Cr in Series A round led by IvyCap Ventures

EntrackrEntrackr · 1y ago
Blitz raises Rs 51 Cr in Series A round led by IvyCap Ventures
Medial

Blitz (previously Grow Simplee), a same-day delivery platform for omnichannel sellers, has raised Rs 51 crore in its Series A round led by IvyCap Ventures. Existing investors India Quotient and Alteria capital along with notable angels, including Ramesh Bafna of Zepto, Siddharth from Snitch, and Bestseller CEO Vinit Gautam, Amitabh Suri CEO Arvind Fashion have also participated in the round along with existing angel investors. Earlier in July last year, Blitz had raised $3 million in its seed round from India Quotient, Better Capital, First Cheque, and Titan Capital. The proceeds will be used to enhance its 60-minute delivery infrastructure and expand its dark store network across India’s major 20 cities. Founded in 2020 by Gaurav Piyush, Mayank Varshney, and Yash Sharma, Blitz connects brands and consumers with 60-minute deliveries from local stores and same-day shipments from urban warehouses. Its dark store model is set to become a key logistics asset for e-commerce players aiming to offer fast, reliable deliveries. Sellers can predict and store inventory near their customers in Blitz’s dark stores, offer 4-hour delivery to buyers, and fulfill all orders on the same day. The startup claims to have helped its clients with a 29% increase in business growth while reducing Return-to-Origin (RTO) rates by 40%. Blitz is operational in 10 cities including Bengaluru, Delhi, NCR, Mumbai, Hyderabad, Jaipur, Chandigarh, and Pune.

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