Jio bags Rs 350 Cr deal🤝🏻, VCs fund new fashion ecomm👚, Apple in Bengaluru🏢
Jio bags Rs 350 Cr deal🤝🏻, VCs fund new fashion ecomm👚, Apple in Bengaluru🏢
Jio to run NIC’s cloud services, VCs fund new fashion ecomm startups, Apple leases space in Bengaluru for 10 years, Funding Deals and more.
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Today, we are covering:
Jio Platforms bags Rs 350 crore deal to run NIC’s cloud services
VCs fund new fashion ecommerce startups building an Indian Shein
Apple leases 1.16 lakh sq ft in Bengaluru for 10 years, to pay ₹2.43 cr per month
Funding Deals
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Jio Platforms bags Rs 350 crore deal to run National Informatics Centre’s cloud services🌐
Jio Platforms has bagged a Rs 350-crore contract to manage and enhance the cloud services of the government’s National Informatics Centre (NIC).
The Reliance Industries Group firm has been selected to enhance NIC national cloud services and will be deployed at the National Data Centre in Delhi, Pune and Bhubaneswar. NIC is the government's technology backbone. Jio’s contract includes five years of onsite maintenance.
The data centres are designed to provide a full stream of hosting services, which extend from physical to shared hosting, dedicated servers with managed hosting solutions to infrastructure services like collocation and bandwidth, and disaster recovery.
VCs fund new fashion ecommerce startups building an Indian Shein👚
The pandemic gave ecommerce a boost but put fashion etailers in a tough position - sales plunged and funding began to wither as consumers preferred leisure wear. But that’s begun to change with an easing in the Covid-19 situation.
A clutch of online fashion retailers targeting young shoppers has emerged backed by venture investors.
Newme, a fashion startup that caters to Gen-Z women, is reportedly in the final stages of securing funding from investors led by Fireside Ventures. Another fashion startup, Virgio, founded by Amar Nagaram, raised $35 million at a valuation of nearly $160 million, shortly after launching its business.
Stumbl, a Gen-Z fashion discovery platform, secured $1.6 million in funding from Saama Capital and other investors in July 2022, while Zouk, a bags and wallet manufacturer, raised $3 million from investors led by Stellaris Venture Partners in the previous month.
The big action is taking place in the online fast-fashion space, with companies looking to build an ecosystem in India from scratch.
Apple leases 1.16 lakh sq ft in Bengaluru for 10 years, to pay ₹2.43 cr per month🏢
Apple has leased several floors of a commercial building in Bengaluru with a starting monthly rent of ₹2.43 crore. The premises of the commercial building on Cubbon Road - built by Prestige Estates Projects - will reportedly be used as a global capability center.
Under the terms of the lease agreement, Apple is bound by a lock-in period of five years and will face a 15% increase in rent every three years.
The development comes mere days after the company revealed the look of its first retail store in India. Apple has signed a 133-month lease for a store in Mumbai's Jio World Drive Mall with an option to extend it by 60 months.
Funding Deals💰
KFin Technologies Limited (KFintech), a provider of global investor and issuer solutions, has acquired 100% stake in WebileApps, a Hyderabad-based enterprise product development and design firm for an undisclosed amount.
FMCG major Godrej Consumer Products Ltd will invest Rs 100 crore in Early Spring, a new early consumer fund set up by Spring Marketing Capital (Spring).
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