Four biggies own 80% of Indian ecommerce 🛒, RIL - Ola Electric win incentives 🔌, Amazon acquires MGM 🦁
Four biggies own 80% of Indian ecommerce 🛒, RIL - Ola Electric win incentives 🔌, Amazon acquires MGM 🦁
Reliance - Tata to join Amazon - Flipkart in dominating e-commerce, Reliance, Ola Electric win incentives, Amazon closes $8.5 billion deal, Funding Deals & more.
Morning folks🙋🏻♂️, Happy Holi!
Start your day, the smart way!
Top tech news of the day, along with a daily dose of motivation, delivered to your inbox.
1 Mail | 2 Minutes | 3 Stories | Funding Deals
Let’s get started
Reliance, Tata to join Amazon, Flipkart in dominating Indian e-commerce🛒
India’s Amazon-Flipkart ecommerce duopoly is quickly becoming a four-way competition with Tata and Reliance joining the fray, and the four companies own a combined 80% of India’s online retail market, according to a report shared by US-based research and advisory firm Forrester.
While Tata has acquired platforms such as BigBasket and 1mg, Reliance has picked up Dunzo and Netmeds.
The report said India’s overall retail growth slowed for the first time after several years of double-digit growth given that the gross domestic product (GDP) shrunk 7.3% in FY21. But online retail grew 5%, adding $1.6 billion in sales. India’s online market will grow around 20% year-on-year to hit $85.5 billion by 2025.
The number of online buyers in India jumped from 71.5 million in 2016 to 179.5 million in 2020, and Forrester said it expects this number to hit 291.5 million by 2025. This growth will be largely driven by smaller towns and rural areas, it said.
Reliance, Ola Electric win incentives in India's $2.4B battery scheme🔌
Reliance Industries and Softbank Group-backed Ola Electric will receive incentives under India's $2.4 billion program to boost local battery cell production after winning a tender, Reuters reported.
The winning bidders also include Hyundai Global Motors Company and Indian jewelry maker Rajesh Exports.
The Indian government last year finalised a program to encourage companies to make battery cells locally as it seeks to establish a domestic supply chain for clean transport and renewable energy storage to meet its decarbonization goals.
Ola Electric and Hyundai will get incentives for 20-gigawatt hours (Gwh) capacity while Reliance and Rajesh Exports have won incentives for 5 Gwh.
Sales of electric four-wheelers jumped 296% from 593 in February 2021 to 2,352 units in February 2022, while those of electric two-wheelers rose 433% from 6,083 to 32,443 units over the same period, according to data from the Federation of Automobiles Dealers Association.
Hot Shorts⚡
Gifting platform Ferns N Petals has raised Rs 200 crore (USD 27 million) in a funding round led by Lighthouse India.
Logically, a tech startup that tackles harmful misinformation online, has raised $24 million in a funding round led by Vitruvian Partners.
TOONSUTRA, a mobile webtoon startup that has been incubating in stealth mode, announced the close of an oversubscribed pre-seed round for $1.1 million.
Amazon closes $8.5 billion deal to acquire Hollywood studio MGM🦁
Amazon has closed its $8.5 billion acquisition of MGM, the company announced on Thursday. The completion of the transaction will see more than 4,000 films and 17,000 TV shows become a part of Prime Video, the online retailer’s streaming service.
The list includes the “James Bond” and “Rocky” series and classics ranging from “Fargo” to “Robocop” to “Silence of the Lambs.”
The retail giant had announced the $8.5 billion deal in May, making it the company’s second-largest acquisition following its $13.7 billion deal with Whole Foods in 2017. The latest acquisition was aimed at boosting Amazon's streaming services to compete against Netflix and Disney.
Amazon plans to draw on the vast MGM library, with famous characters such as Rocky, RoboCop and Pink Panther, to create new movies and shows.
Tweet of the day🐥
🚀 Join our Telegram channel.
Other Top Stories
⛵ Boat sets up M&A arm for acquisitions; to build a house of brands
🏢 IBM Consulting opens new Client Innovation Centres in Kochi, Coimbatore
“Learn to relax. Your body is precious, as it houses your mind and spirit. Inner peace begins with a relaxed body.”
- Norman Vincent Peale
Thanks for reading😊
Follow us on Instagram, Twitter, Youtube, LinkedIn.
Hit 💜, if you enjoyed the article. Don’t forget to share it with your friends 🤗