Flipkart launches Flipverse🥽; Byju’s raise $250 Mn💰; Meta India ad revenues📈
Flipkart launches metaverse shopping experience, Byju’s raises another $250 Mn, Meta India clocks ad revenues of Rs 16,189 Cr, Funding Deals and more.
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Flipkart launches metaverse shopping experience with Flipverse🥽
Flipkart launched a metaverse experience on Monday called Flipverse, for which it has partnered with Web3 companies such as eDAO, Polygon and Guardian Link.
In Flipverse, users can experience and buy products in three-dimensional virtual reality (VR) that can be accessed through any smartphone, without the need for a VR headset.
More than 15 brands have so far signed up with the company to launch and display around 100 products on Flipverse. This is the first such instance of a traditional ecommerce company launching a Web3 service.
Flipverse will be accessible to all Android users through the Flipkart app for a week and will feature brands such as Puma, Noise, Nivea, Lavie, Tokyo Talkies, Campus, VIP, Ajmal Perfumes, Himalaya and Butterfly India in the first phase.
Byju’s raises another $250 million from existing investors💰
Byju’s said on Monday it has raised $250 million from its existing investors, including Qatar Investment Authority, in a fresh funding round as it eyes better unit economics and profitability amid layoffs and restructuring.
Founder Byju Raveendran said regardless of the adverse macroeconomic conditions, 2022-23 would be Byju’s best year in terms of revenue, growth and profitability.
He also said the company “was now at that sweet spot of its growth story where both the unit economics and the economies of scale are in its favour”.
Hot Shorts⚡
Fintech startup Snapmint has raised USD 21 million, about Rs 160 crore, in an equal mix of equity and debt from existing investors as well as institutional investors led by Prudent Investment Managers CEO and CIO Prashasta Seth.
Workruit, a career and recruitment platform that caters to B2B and B2C segments, has raised over $500,000 in its pre-Series A round led by the family office of Kantamaneni from the US.
Fashion retailer V-Mart Retail would acquire Tiger Global-backed ecommerce startup LimeRoad in an all-cash deal of INR 31.12 Cr to strengthen its online presence.
Meta India clocks gross ad revenues of Rs 16,189 crore in FY 2021-22📈
Facebook India online services, the flagship registered entity for Meta in India, clocked gross ad revenues of Rs 16,189 crore in the fiscal year 2021-22, a 74% year-on-year growth per the latest regulatory filings by the company.
The company’s net profit grew by 132% year on year to Rs 297 crore during the same period.
Meta India’s total income in the fiscal year 2021-22 was Rs 2,324 crore and that includes the net advertiser reseller revenue (Rs 889 crore), IT-ITES services (Rs 1,420 crore) and other income (Rs 15 crore), as per the filings.
Globally, Meta Platforms Inc reported revenue of $28.82 billion in Q2 2022, down from $ 29.07 billion a year ago. It reported a profit of $ 6.69 billion, down 36% from the previous year.
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