Flipkart Health+ 💚, Paytm will be profitable: VSS 📊, Quick-comm scores in IPL 🏏
Flipkart taps the healthcare sector, Paytm will be operationally profitable in 6 quarters: CEO, Quick commerce scores big during IPL, Funding Deals & more.
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Flipkart taps the healthcare sector with brand new 'Flipkart Health+' app👩🏻⚕️
Flipkart has launched a separate app for its healthcare business, Flipkart Health+. It will operate with the marketplace model, in which third-party sellers will offer medicines and healthcare products on the platform.
With an aim to serve customers across 20,000 pin codes in India, Flipkart Health+ will enable easy and convenient access to quality and affordable medicines and healthcare products, from independent sellers, through the Flipkart Health+ app.
In the future, the company plans to bring on third-party healthcare service providers that will offer other value-added services such as teleconsultation and e-diagnostics. This is one of the reasons Flipkart decided to establish a separate app for its healthcare business.
Flipkart’s foray into the online healthcare segment puts it in direct competition with established local players including Reliance-owned NetMeds, 1mg, PharmEasy and Amazon Pharmacy.
Paytm will be operationally profitable in six quarters: Vijay Shekhar Sharma📊
Paytm, whose shares have plunged 70% from its initial share sale price, said it expects to become operationally profitable in six quarters even as its founder, Vijay Shekhar Sharma, linked the vesting of the stock awards to him to the payments company’s market value exceeding the IPO level.
The letter to shareholders was notified to the country’s stock exchanges, along with Paytm’s quarterly update on operating performance, in which Sharma said he expects Paytm to be operationally profitable in the next six quarters.
Paytm sold shares to the public in November at ₹2,150 each. It had a market capitalization of nearly ₹1.4 trillion ($18.6 billion) at the IPO price, which has since reduced to ₹41,443 crore ($5.52 billion).
Public shareholders have raised concerns about the company’s path to profitability as the payments market in India remains crowded with competition from deep-pocketed rivals such as Google Pay and Walmart’s PhonePe.
Doceree, the digital marketing platform targeting healthcare professionals (HCPs) has raised $11 million in Series A funding round led by Eight Roads Ventures.
CynLr, a visual robotic platform has raised $4.5 million in a funding round led by Speciale Invest and growX Ventures.
PlayVerse, a tech-enabled entertainment company, has raised $1.5 million in seed funding from Japanese gaming company Akatsuki Inc.
CultYvate, an IoT-enabled agritech platform, has raised Rs. 4.5 crore in a pre-Series A round led by Sirius One Capital Fund.
Seed stage investment firm Speciale Invest has raised Rs 286 crore towards the final close of its second fund.
Quick commerce players Swiggy Instamart, Zepto, Dunzo score big during IPL🏏
As the Indian Premier League grips the nation this year, quick commerce startups are looking to capitalise on the cricketing fever with the likes of Zepto and Swiggy Instamart recording an almost 40% spike in orders, during match hours.
Dunzo said orders have doubled on Dunzo Daily, its 19-minute ultra-fast grocery delivery service, since the beginning of IPL.
To cash on the IPL craze, brands have also ramped up their advertising spends this cricketing season. Reliance-backed Dunzo has allocated Rs 40 crore for IPL spends on campaigns, marketing channels, and discounts, while Swiggy is estimated to spend Rs 100 crore on marketing during the current season, according to sources.
India’s quick-commerce market is set to reach a size of close to $5.5 billion by 2025, growing 15 times its current size and leading other markets including China in terms of customer adoption, according to a recent report by RedSeer.
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