Reliance readies Ajio Street🛍️, Bike taxis to comeback🏍️, L'oreal buys Aesop💅🏻

Reliance readies Meesho-like app, Bike taxis set to make a comeback, L'oreal buys Australian brand Aesop, Funding Deals, and more.

Apr 04, 2023

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Today, we are covering:

Reliance readies Meesho-like zero-commission ecommerce marketplace
Bike taxis set to make a comeback on Delhi roads
L'oreal buys Australian brand Aesop from Natura in $2.5-billion deal
Funding Deals
10 powerful lessons on how to be a great entrepreneur

Reliance readies Meesho-like zero-commission ecommerce marketplace🛍️

Ajio Street, the online platform is asking merchants to join the platform and sell products online without paying any marketplace fee or commission.

Ecommerce upstart Meesho has been building itself on this model. Reliance Ajio is the second biggest online fashion retailer with gross sales of around $2 billion, according to industry executives.

In a zero-commission model, sellers do not have to pay any commission to a platform for their sales. The idea is that more independent sellers will join if they don’t have to share a cut with the platform on products valued at Rs 300-350.

Bike taxis set to make a comeback on Delhi roads🏍️

Bike taxis are expected to make a comeback on Delhi’s roads soon as the Arvind Kejriwal-led AAP government is all set to pass an aggregator policy in a couple of months.

Ola, Uber and Rapido ply petrol and electric motorcycles in the National Capital Region.

In February, the transport department stopped bike-taxi services in Delhi and violations attracted penal action against the drivers. The law department had cleared the aggregator policy, which would have provisions for bike taxis as well.

The authorities imposed a fine of Rs 5,000 for the first offence by invoking the provisions of the Motor Vehicles Act.

L'oreal buys Australian brand Aesop from Natura in $2.5-billion deal💅🏻

L'Oreal announced Tuesday the signing of an agreement with Brazil's Natura & Co to acquire its Australian luxury cosmetics brand Aesop in a deal valued at $2.53 billion.

The Aesop brand posted sales of $537 million in 2022, according to a statement.

"Aesop taps into all of today's ascending currents and L'Oreal will contribute to unleash its massive growth potential, notably in China and travel retail," L'Oreal CEO Nicolas Hieronimus said in the statement.

User engagement platform CometChat has secured Rs 40 crore in a Venture Debt round led by Zions Venture Fund.
Moneyboxx Finance Limited, a BSE-listed Non-Banking Finance Company (NBFC) has raised equity capital of over Rs 24 crore by way of private placement from non-promoter investors.
Bengaluru-based battery recycling startup, Metastable Materials, has raised a seed funding round led by Sequoia Capital India’s scale-up programme, Surge, along with the participation of Speciale Invest and Theia Ventures.
Vigyos Centre, a fintech and adtech startup, secured seed funds to the tune of Rs 1 crore from Japanese investors, including employees from Softbank.