India to launch open e-comm network🛒, Flipkart launches Flipkart Labs🌐, Meesho's 100Mn+ users🛍️
India to launch open e-comm network🛒, Flipkart launches Flipkart Labs🌐, Meesho's 100Mn+ users🛍️
India to launch open e-commerce network, Flipkart to foray into Web3, Meesho records 100M+ users, Funding Deals & more.
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India to launch open e-commerce network to take on Amazon, Walmart🛒
India will on Friday launch an open network for digital commerce (ONDC) as the government tries to end the dominance of U.S. companies Amazon.com and Walmart in the fast-growing e-commerce market, a government document showed.
The launch of the platform comes after India's antitrust body on Thursday raided domestic sellers of Amazon and some of Walmart's Flipkart following accusations of competition law violations.
The government document said that two large multinational players controlled more than half of the country's e-commerce trade, limiting access to the market, giving preferential treatment to some sellers and squeezing supplier margins.
The document said India's ONDC plan aimed to onboard 30 million sellers and 10 million merchants online. The plan is to cover at least 100 cities and towns by August.
Flipkart launches ‘Flipkart Labs’ to foray into Web3 and Metaverse🌐
Flipkart has launched ‘Flipkart Labs’ to build and create technology-based solutions and plans to foray into Web3 and Metaverse.
This new arm will leverage emerging technologies, incubate cutting-edge ideas, and deliver breakthrough solutions to the ecosystem. The Innovation Lab will test Web3 and Metaverse use-cases with real-world applications, including NFT-related use-cases, Virtual Immersive Storefronts, Play to Earn, and other Blockchain-related use-cases.
Flipkart Labs will be housed in the Product Strategy & Deployment (PSD) arm of the Flipkart Group and will work with talent-building technology solutions in this space. It will also look at potential collaborations beyond the organization with brands, merchants, startups, and technologists.
Hot Shorts⚡
Geniemode, a B2B cross-border tech platform for lifestyle goods, has bagged $28 million in a Series B funding round led by Tiger Global.
Ayu Health Hospitals, a healthcare startup has received $27 million in a Series B funding round led by The Fundamentum Partnership.
Drone manufacturer ideaForge has raised $20 million in its Series B funding round led by Florintree.
Rural vehicle marketplace Tractor Junction has bagged $5.7 million in a seed funding round co-led by Info Edge Ventures and Omnivore.
Fintech startup Finbots AI has raised $3 million in a Series A round from Accel.
Property tech startup Terra Economics & Analytics Lab (TEAL) has closed its Pre-Series A round of Rs 14.8 crore ($2 million) led by Omidyar Network India.
Meesho records 100M+ transacting users last year🛍️
Social commerce unicorn Meesho has acquired over 100 million transacting users on its platform in the last year.
The company said that the transacting user base on the platform has grown by about 5.4 times and gross merchandise value (GMV) has risen around 3 times since March 2021, without disclosing the actual numbers.
Meesho said that it has recorded 85% increase in seller registrations since April 2021, along with a 3 times growth in average seller revenue. Nearly 70% of all Meesho sellers hail from tier 2 plus cities.
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