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Reliance launches Tira💄, Dunzo secures funding💸, Tim Cook to visit India🏬
Omnichannel beauty retail platform Tira, Dunzo also lays off 30% staff, Apple's first company-owned store, Funding Deals and more.
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Today, we are covering:
Reliance Retail launches omnichannel beauty retail platform Tira
Dunzo secures funding via convertible notes, lays off 30% staff
Apple CEO Tim Cook expected to visit India for launch of first store
Naval on Happiness
Reliance Retail launches omnichannel beauty retail platform Tira💄
India’s largest retailer Reliance Retail Limited on Wednesday announced the launch of Tira, an omnichannel platform for beauty products.
The flagship Tira store spread across 4,300 square feet was launched at Jio World Drive in Bandra Kurla Complex in Mumbai, along with the launch of Tira app and website.
According to the company, Tira is the go-to place for everything beauty-related thanks to its carefully curated selection of the best international and domestic brands, which it offers through its omnichannel retail concept, driven by technology and personalized experiences.
Dunzo secures funding via convertible notes, lays off 30% staff💸
Reliance Retail –the single largest investor in Dunzo with nearly 26% stake–and Google have wired about $50 million of capital in the Bengaluru firm as part of a $75 million financing through convertible notes.
What is a convertible note?🤔
A convertible note is a form of short-term debt that converts into equity, typically during a future financing round, or an IPO. It requires no valuation to be ascribed to a company immediately, and has been used widely by Indian startups over the last few years.
Despite the new funds coming in, Dunzo has fired about 30% of its team– that’s about 300 people and one-third of the company.
Apple CEO Tim Cook expected to visit India for launch of first store🏬
Apple chief executive Tim Cook is likely to visit India this month for the launch of the iPhone maker’s first company-owned store in the country.
Cook will also discuss strategic issues such as manufacturing expansion and exports from India with key ministers, sources said, adding that if the visit does take place, it could possibly include a meeting with Prime Minister Narendra Modi.
The Mumbai store launch will be followed by a retail store in Delhi-NCR. India has been one of the consistent growth markets for Apple.
Apple sold about 6.7 million units of iPhones in India in 2022, up from 4.8 million units in 2021 and 2.7 million units in 2020.
Electric mobility solutions provider Magenta Mobility has raised $22 million (around Rs 180 crore) as part of a Series A1 funding from Morgan Stanley’s India-focussed infrastructure fund and oil & gas major bp's venture capital arm.
LightMetrics, a video telematics startup serving commercial vehicle fleets globally, has raised $8.5 million in its Series A round from Sequoia Capital India.
Zero Cow Factory raises $4 million in a Seed funding round from Green Frontier Capital, GVFL, and Pi Ventures.
Apptile, a SaaS startup specializing in no-code mobile app development, has raised $2.5 million in its seed round led by Mankekar Family Office and Ramakant Sharma, founder at Livspace.com.
Green energy startup Ossus Biorenewables has secured $2.4 million in a pre-Series A round co-led by Gruhas and Rainmatter Climate.
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