ONDC hits 10 million in June🛒
OfBusiness revenue up 26%, Accenture acquires Excelmax, Wow Skin Science forays into cosmetic category with ‘Color Cupid’, Funding Deals and more.
Good morning and welcome to Tuesday’s edition of Rise & Shine!
“Hustle beats talent when talent doesn’t hustle.”
- Ross Simmonds
Today’s quote reminds us that hard work and perseverance can outshine natural talent.
It's a powerful lesson in the importance of dedication and effort in achieving our goals.
Tech Updates
ONDC monthly transactions hit 10 million in June
The government-backed Open Network for Digital Commerce (ONDC) recorded 10 million transactions in June, with 6.1 million non-mobility transactions and 3.9 million mobility transactions, said an Equirus Securities India Equity Research report on banking, financial services and insurance.
OfBusiness FY24 operating revenue up 26% on year to Rs 19,296 crore
Business-to-business ecommerce platform OfBusiness reported a 25.7% increase in operating revenue to Rs 19,296.27 crore for the financial year ending March 31, 2024. Consolidated net profit also grew 30% on year to Rs 602.97 crore. Total expenses for FY24 increased to Rs 18,695.75 crore, driven by substantial investments in stock-in-trade amounting to Rs 13,339.64 crore.
Accenture acquires Bengaluru-based chip design startup Excelmax
Accenture has acquired Excelmax Technologies, a semiconductor design services provider based in Bangalore, India. The acquisition will enhance Accenture's growing silicon design and engineering capabilities. Although the terms of the transaction were not disclosed, the strategic move is set to expand Accenture’s offerings in a rapidly evolving market.
Wow Skin Science forays into cosmetic category with ‘Color Cupid’
Body Cupid, the parent company of the personal care brand Wow Skin Science, has ventured into the cosmetics category with the launch of a new brand, Color Cupid. Designed and curated for younger demographics, Color Cupid features nearly 40 stock-keeping units (SKUs) including kajal, eyeliners, lipsticks, foundation, BB cream, primer, makeup remover, and more.
Funding Deals
Wealthtech platform Dezerv has raised Rs 265 crore or $32 million in a Series B round led by Premji Invest.
Roll-up brands firm Goat Brand Labs has raised $21 million in a funding round of a mix of debt and equity from investors like BlackRock, Mayfield, NB Ventures, and others.
Healthcare-focused fintech startup Care.fi has raised $2 million (Rs 16 crore) in debt capital from Trifecta Capital as well as an additional $0.6 million (Rs 5 crore) from UC Inclusive Credit.
Centriti, a B2B e-procurement platform for the hotel, restaurant, and catering (HoReCa) industry has raised Rs 6 crore in a funding round led by Emergent India Ventures. The round also saw participation from Atrium Angels, Alluvium Capital, Venture Garage, CoralBay Ventures, HOF, and Brigade Group.
🏃🏻♂️ Short Story: The Relentless Runner
Jake and Liam both joined the high school track team. Jake was naturally fast, while Liam had to work hard to keep up.
Despite his lack of natural speed, Liam practiced relentlessly, arriving early and staying late every day.
When the big race came, Jake, relying on his talent, started strong but soon tired. Liam, with his consistent training, maintained his pace and surged ahead in the final stretch, winning the race.
His victory was a testament to the power of hard work and perseverance over mere talent.
Tweet of the day🐥
As you go through your day, remember Ross Simmonds’ wisdom: dedication and effort can outdo natural talent.
Stay committed to your goals and keep hustling.
Reading Rise & Shine daily helps you start your day with inspiration and motivation, setting a positive tone for everything you do.
Have a determined Tuesday, and let your hustle drive you to success!
Thanks for reading till the end!