Shopsy brings in new customers🛍️, Lenskart @ $4.5 Bn💸, TDS affects crypto trading📉
Shopsy brings in new customers🛍️, Lenskart @ $4.5 Bn💸, TDS affects crypto trading📉
Shopsy brings in Flipkart’s new customers, Lenskart valued at $4.5 billion, Crypto trading volumes crash as 1% TDS kicks in, Funding Deals and more.
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Shopsy brings in about 25% of Flipkart’s new customers🛍️
About a quarter of new customers for the entire Flipkart group have come from its one-year-old social commerce app Shopsy.
The group has several apps, including the Flipkart app, Myntra, payments app PhonePe and travel service app Cleartrip.
Shopsy, which is involved in a heated competition with Meesho on a zero-commission model and is targeted at value-conscious customers, started off by having all of Flipkart’s sellers on it last year.
Shopsy’s rise had not resulted in the cannibalisation of Flipkart’s business in any manner, as 70% of Shopsy’s sales came from its unique sellers.
Lenskart valued at $4.5 billion after new financing💸
Omnichannel eyewear brand Lenskart has been valued at $ 4.5 billion in a new $200 million investment led by Alpha Wave Global (previously Falcon Edge).
This is an 80% expansion in value for the company, which was last valued at $ 2.5 billion following the close of a $315 million round in July 2021 that was led by Singapore’s Temasek.
With this, the eyewear platform, which was started in 2010, has raised a total of around $1 billion, including secondary share sales.
On June 30, Lenskart closed the $400 million acquisition of Japan's Owndays to create one of the largest eyewear businesses in Asia.
Hot Shorts⚡
Fintech company Lendingkart has raised debt funding of Rs 75 crore from GMO LLC and Triodos Investment.
Online food-delivery giant Swiggy to buy back shares worth $23 million issued under its employee stock option program (ESOP) from about 900 employees.
NOTO, a packaged food brand, has bagged an undisclosed investment in its Pre-Series A round led by Venture Catalysts.
➡️ Check out our LinkedIn space for more on the funding deals.
Crypto trading volumes crash again as 1% TDS kicks in📉
Spot trading volumes on crypto exchanges CoinDCX, WazirX and Zebpay fell by at least 70% from June 30 to July 3 as the 1% tax-deductible at source (TDS) on all crypto transactions kicked in on July 1.
Volumes on WazirX were down the most at 82%, according to data sourced from crypto research and consulting firm Crebaco. The decline was almost 70% on CoinDCX and 76% on ZebPay.
While crypto exchanges say it is too early to know the actual impact of tax deducted at source (TDS) as trading volumes are typically lower on the weekend, some experts said trading would likely remain under pressure.
The 1% TDS will push day traders away from Indian exchanges and cause them to rework their playbooks, senior crypto industry executives told. Some day traders told the grey market would continue to flourish in this scenario and they would try different models to see if staying on Indian exchanges was profitable.
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"Not all storms come to disrupt your life, some come to clear your path."
- Paulo Coelho
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