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India: Largest creator base🤳🏻; RattanIndia acquires Revolt Motors🏍️; Layoffs🙆🏻♂️
India to have largest content creator base, RattanIndia acquires EV maker Revolt Motors, Layoffs, Funding Deals and more.
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India to have largest content creator base🤳🏻
India is set to have the largest base of social media content creators globally with the figure crossing 100 million this year, according to influencer marketing firm Zefmo.
This follows venture capital firm Kalaari Capital stating in October that the country had at least 80 million creators in 2022.
Zefmo said, in a report on Sunday, that the organized influencer marketing sector is set to reach ₹3,000 crore in FY24, while the revenue share of micro-influencers will rise from 9% this fiscal to 14% in FY24.
While YouTube accounted for 38% of the market, Instagram made up 11%, followed by Twitter and Facebook at 6% and 9%, respectively.
RattanIndia Enterprises acquires EV maker Revolt Motors🏍️
RattanIndia Enterprises Ltd has completed the acquisition of Revolt Motors. The company is into manufacturing of electric vehicles.
In October, last year, RattanIndia announced its plans to acquire Revolt Motors. The company had earlier acquired 33.84% of the shares with an option to further increase the shareholding.
Revolt Motors is the highest-selling electric bike in the country with its manufacturing facility in Manesar, Haryana. The EV maker has expanded its footprint pan-India with 30 dealerships spread across the country.
Its flagship model RV400 has been witnessing a robust demand and is by far the most technologically advanced bike in the world.
Logistics and supply chain management integrator Locad has raised $11 million in a Series-A funding round led by Reefknot Investments, a fund anchored by Singapore’s Temasek Holdings and Switzerland-based transport and logistics company Kuehne & Nagel.
Mumbai Oncocare Centre (MOC) raised $10 million from Tata Capital Healthcare Fund (TCHF) to expand across India in the next 18 months.
Dunzo, ShareChat, Rebel Foods to conduct layoffs amid funding winter🙆🏻♂️
Large consumer internet firms are moving fast to rein in costs and are planning additional layoffs as 2023 begins on a cautious note, multiple sources and investors briefed.
Dunzo: Reliance Retail-backed Dunzo is understood to have conducted layoffs last week even as it simultaneously is cutting costs to optimise operations.
ShareChat: Its parent MohallaTech is also finalising another round of layoffs in the coming weeks, which is likely to be larger than its previous round in December, in which it laid off around 100 people.
Rebel Foods: The cloud kitchen, which houses brands like Behrouz Biryani, Oven Story, has also cut its workforce.
Others: Just two weeks into the New Year, startups like Cashfree, Moglix and others have fired employees. Amazon India has also notified its staff about the retrenchment of around 1,000 employees here.
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