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Q-comm deliveries grow faster🔥, Good Glamm to acquire Raymond Consumer Care🤠, LIC IPO subscribed 67%📊
Quick commerce deliveries grow faster, Good Glamm Group to acquire Raymond Consumer Care, LIC IPO on Day 1, Funding Deals & more.
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Quick commerce deliveries grow 25% faster than other modes🔥
Quick commerce platforms which facilitate 10-20-minute deliveries are growing 20-25% faster in volumes than the ones which make deliveries in four-hour or longer, executives at consumer goods companies said.
Blinkit, Swiggy Instamart, Reliance-backed Dunzo and Zepto are among the platforms leading the 10-20-minute delivery category, with micro warehouses and dark neighborhood stores, and despite steep cash burn, the trend is accelerating among consumers.
Late last month, Tata Group-owned BigBasket announced the scale-up of BBnow to offer 10-20-minute deliveries for over 3,000 products.
Executives said while overall ticket (or bill) sizes are small on shorter-duration deliveries, volumes are growing faster month-on-month than those on larger, overnight delivery platforms.
Good Glamm Group to acquire Raymond Consumer Care🎩
The Good Glamm Group is in advanced talks to acquire the Raymond Group’s consumer care business, which houses the Park Avenue and KamaSutra brands.
The cash-and-stock deal, pegged at around Rs 2,500-Rs 2,800 crore, is expected to be one of the largest acquisitions in the beauty and personal care segment.
This will be Good Glamm Group’s second acquisition in the offline beauty space following its acquisition of Organic Harvest in January this year. This acquisition will also provide the Good Glamm Group with a huge offline presence as the Raymond Group has around 6 lakh points of sale.
Healthcare startup GenWorks has secured Rs 135 crore in a fresh funding round from Somerset Indus Capital Partners, Morgan Stanley, Evolvence and Wipro GE.
Internet services provider Excitel has raised $11.5 million in equity from existing and new investors based out of Europe.
AI-backed talent retention platform HuddleUp has secured $550,000 in its seed funding round led by Anicut Capital.
Lifechart, a digital alternative healthcare platform has raised $200,000 in pre-seed funding round led by Expert Dojo and Nitish Mittersain, founder of Nazara Technologies.
Thermal management solutions provider Tan90 has raised Rs 5 crore in its pre-Series A round led by Blue Ashva Capital.
Policy holders, retail investors make a dash for LIC IPO on Day 1💰
India’s biggest initial public offering received a robust response, with retail investors placing bids for nearly two-thirds of the life insurer’s shares on offer on the first day of the share sale despite a stock selloff. The Indian government is offloading a 3.5% stake in LIC for ₹21,000 crores.
The portion of the share sale reserved for policyholders saw the strongest demand on the first day, with the segment getting subscribed 1.99 times. The retail investor portion was subscribed 60%, while the portion reserved for institutional investors and high net-worth individuals was subscribed 33% and 27%, respectively.
Strong demand for the shares came on a day the benchmark indices Sensex, and Nifty fell 2.29% each after a surprise interest rate hike by the Reserve Bank of India.
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