Jio's AI Home Services🏠, Groww's Profit Boom💸

Changing Dynamics of E-commerce Payments, Amazon's Ad Revolution, OTT's Inclusive Content Drive, Funding Deals and more.

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Oct 26, 2023

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Tech Updates

Reliance Jio Collaborates with Plume to Provide AI-Enhanced In-Home Services🏠

Reliance Jio Infocomm, India's leading telecom operator, has partnered with California-based Plume to offer smart home and small business services to its extensive user base of nearly 200 million subscribers across India. This collaboration will leverage Plume's cloud platform to enhance in-home services using artificial intelligence. 🌐

Groww Achieves Profitability with 266% Revenue Surge in FY23✨

Fintech unicorn Groww has achieved profitability, reporting a remarkable growth trajectory. In the fiscal year 2023, the company generated Rs 1,277 crore in revenue, marking a staggering 266% increase. Groww's success is further underscored by a net profit of Rs 448.7 crore, a significant turnaround from the Rs 239 crore net loss reported in the previous fiscal year. 💰

Debit Cards Face Decline in E-commerce Payments as UPI Gains Ground💳

Recent data from the Reserve Bank of India (RBI) reveals a significant decline in debit card usage for online e-commerce payments. Over the past two years, debit card swipes at e-commerce outlets have more than halved. Meanwhile, the adoption of both credit cards and UPI has been on the rise, indicating a shift in consumer payment preferences. 🛒

Amazon Empowers Advertisers with AI-Powered Image Generation🌟

Amazon is enhancing its advertising capabilities by introducing AI-powered image generation. This technology aims to provide advertisers with the tools to create visually engaging and relevant ads for customers. Initially launched to select advertisers, Amazon Ads plans to expand the availability of this feature gradually.🖼️

OTT Platforms Focus on Making Content Inclusive for People with Disabilities🎥

Over-the-top (OTT) platforms like Netflix and Amazon have affirmed their commitment to ensuring inclusivity and accessibility for people with disabilities. They have emphasized taking significant measures to make their entertainment content accessible to everyone, reflecting a broader effort in the industry to provide an inclusive viewing experience. 🧏🏻‍♂️

TMRW, a house of brands venture from the Aditya Birla Group, has invested Rs 155 crore (around $18.5 million) in The Indian Garage Co (TIGC), a D2C fashion brand.
Quick service restaurant chain Wow! Momo has raised Rs 75 crore or $9 million as a part of Series D round from ValueQuest Capital.
Blubirch, a SaaS and AI-based automation-driven reverse supply chain management platform, has raised $6.37 million in a Series A round led by Cornerstone Ventures and Capital2B Fund.
Drone startup Garuda Aerospace has raised Rs 25 crore (approximately $3 million) in a bridge round led by Venture Catalysts and WeFounderCircle. The funding round witnessed participation from Hems Angels, San Angels, Peaceful Progress Funds, and several angel investors.
Delhi-based Proost Beer has closed its pre-Series A funding round after raising Rs 25 crore ($3 million) through a mix of equity and debt. The investment is backed by existing and new investors including Chimes Group, Dev Punj, The Chennai Angels, Finvolve, India Accelerator, Hyderabad Angels, Mumbai Angels, Angel List India and Agiliti Venture.
Dubai-based climate-tech startup, Olive Gaea, has secured a $1 million in funding from Cornerstone Ventures.
Rapid, a platform where startups can hire and manage their Indian talents 24x7 using scalable infrastructure, has raised $265,000 in its ongoing pre-seed funding round led by early-stage investors and serial entrepreneurs like Aswin Choudhury, Deepak Panda, Ashok Padhy, Hemanth Kavuluru, and other angels.