Sep 21, 2024

Want this newsletter delivered to your inbox? SUBSCRIBE Thank you for subscribing to Unwrapped We'll soon meet in your inbox. Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories from this week. Let’s take a look. Ecomm, Qcomm Updates Government to quick commerce: throw more light on dark store ownership structures | Government officials have in recent weeks made enquiries with several senior ecommerce executives to understand the ownership structures of quick commerce firms and their dark stores, the mini-warehouses that are crucial for the foreign-funded platforms to deliver in 15-30 minutes, people aware of the matter said. Qcomm data may turn key input for new GDP maths: The government is considering tapping into purchases made through quick commerce platforms such as Zepto, Blinkit, Instamart and BigBasket to understand changes in consumption patterns and pace of economic activity as part of an exercise to revise the base year for national accounts and various other official statistics. Online festive season sales set to touch $12 billion this year: report | Ecommerce companies and online sellers are expected to ship merchandise worth $12 billion to consumers in India this festive season, up 23% compared with about $9.7 billion last year, according to data from market research firm Datum Intelligence. Former Cleartrip CEO taps VCs to roll out quick commerce venture: Ayyappan R, former chief executive of Flipkart-owned Cleartrip, is set to launch a new quick commerce retail venture and is in talks with venture capital firms Accel and RTP Global for a sizable seed funding, multiple people aware of the discussions told ET. Other Top Stories This Week ET Startup Awards 2024: Union minister Piyush Goyal to grace tenth edition of awards | Union commerce and industry minister Piyush Goyal will be the guest of honour at a star-studded ceremony to celebrate the winners of the tenth edition of The Economic Times Startup Awards on Saturday, October 5, the country's most coveted recognition in entrepreneurial excellence. PhysicsWallah closes $210 million funding round led by Hornbill Capital valuing it at $2.8 billion: Online coaching platform PhysicsWallah has closed a $210 million financing round led by Hornbill Capital, in what’s the largest fundraise for a firm in the troubled edtech sector hit by myriad issues post the highs of Covid-19. Livspace to file for domicile flip from Singapore for IPO in 2025-26: Ikea-backed home decor startup Livspace is set to file for shifting its domicile to India from Singapore and has secured in-principle approval from the board for this, founder Ramakant Sharma said. Lightspeed may lead $50-60 million round in healthcare company Qure.ai: Venture fund Lightspeed, through its growth fund, is set to lead a $50-60 million deal with Qure.ai, which provides artificial intelligence (AI)-based decision support tools for diagnostic images, sources told us. ET Soonicorns Summit ETtech's Digbijay Mishra with BigBasket cofounder Hari Menon Kiranas are here to stay despite growing quick commerce adoption: BigBasket’s Hari Menon | Speaking at the ET Soonicorns Summit in Bengaluru on Friday, BigBasket cofounder Hari Menon said, “Kiranas are here to stay. They give you convenience and credit. Kirana stores will start becoming more efficient and will start delivering to homes. They won’t have an app but for now, they’ll deliver efficiently.” Boat likely to go public next year: cofounder Aman Gupta | Wearables brand Boat is likely to list on the public markets next year , cofounder Aman Gupta said at the ET Soonicorns Summit. “We are working at making some things better, working a little harder at our company. But if all goes well, the IPO will likely come next year,” Gupta said. India’s ‘moment to shine’ as VC funding grows, say investors | This is “India’s moment to shine” as venture capital (VC) funding in the country picks up pace, with the likes of Rapido, Ather Energy joining the unicorn club recently, investors at the ET Soonicorns Summit said on Friday. ‘Don’t register startup outside India unless you have a strong reason’: Livspace cofounder Ramakant Sharma urged startups to register their domiciles in India unless there is a strong reason against it. He emphasised the benefits of doing business in India, including attracting talent and capital. This comes as Livspace prepares to shift its domicile from Singapore to India. Fintech Corner Banks step up vigil on fraudulent account opening via digital banking channels: Banks are working on introducing stringent background checks on customers looking to open accounts via digital banking channels. This is a practice usually followed by lenders while opening credit accounts, but is now being replicated for deposit accounts too, according to three people in the know. M2P Fintech inches closer to unicorn status with $80 million funding from Helios, Bank Muscat, others: M2P Fintech, a software services provider for banks, is in the process of closing a new funding round of around $80 million in a mix of primary and secondary transactions. Tech News India’s AI strides run into privacy law headwinds: A host of companies including information technology firms, banks and cloud storage providers are seeking legal advice amid apprehensions about their use of generative artificial intelligence (GenAI) running afoul of the provisions of the data law, said industry executives. Japanese tech major Sharp looks for Indian partners to open display fab: Foxconn-backed Japanese company Sharp is actively scouting for an Indian partner to set up a display fab under the India Semiconductor Mission’s (ISM) scheme for display fabrication facilities, people aware of the developments said.