The Securities and Exchange Board of India (SEBI) has approved the initial public offerings of omnichannel retailer FirstCry and SaaS startup Unciommerce.

As per the latest update on the regulator’s website, SEBI issued its observation letter to Brainbees Solutions Ltd, the parent of FirstCry, on June 25. Meanwhile, Unicommerce was issued the observation letter on June 28.

In SEBI’s parlance, issuing an offer letter is a greenlight to proceed with the offer.

As per the DRHP, SoftBank-backed FirstCry is looking to raise INR 1,816 Cr via a fresh issue of shares. Its IPO will also comprise an offer-for-sale (OFS) component of up to 5.4 Cr equity shares. 

Shareholders, including SoftBank, Premji Invest, TPG Growth and Mahindra & Mahindra, will offload shares under the OFS.

It is pertinent to note that Firstcry first filed its DRHP in December last year. However, it withdrew the IPO papers after SEBI flagged that some of the key indicators were missing. Following this, the kids-focussed retailer refiled its DRHP in April this year.

As per the updated draft papers, FirstCry posted INR 4,814 Cr sales in the first nine months of FY24. Its net loss stood at INR 278.2 Cr during the period.

The startup’s net loss stood at INR 486 Cr in FY23 on an operating revenue of INR 5,632.5 Cr. 

On the other hand, Unicommerce’s IPO will not have any issue of fresh shares. It will include only an OFS component of up to 2.98 Cr shares. 

SoftBank affiliate SB Investment Holdings (UK) Limited plans to offload up to 1.6 Cr shares, while AceVector (formerly Snapdeal) will offload up to 1.14 Cr shares. 

Unicommerce filed its DRHP with SEBI in January this year. 

Last month, the startup filed an addendum to the DRHP to classify SoftBank-owned Starfish I Pte Ltd and Snapdeal’s cofounders Kunal Bahl and Rohit Kumar Bansal as its promoters. 

On the financials front, Unicommerce posted a profit of INR 6.3 Cr in the first half of FY24 on an operating revenue of INR 51 Cr. In FY23, it reported a net profit of INR 6.4 Cr, up 8% from INR 6 Cr in the previous fiscal year. For the same period, operating revenue rose 52% to INR 90 Cr from INR 59 Cr in FY22.

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A month after injecting 1,660 Cr in its ecommerce marketplace in India, US-based ecommerce giant Amazon has infused an additional INR 600 Cr (about $72 Mn) in its Indian fintech arm Amazon Pay India.

As per regulatory filings accessed by Inc42, Amazon Pay allotted 59.99 Cr shares to Amazon Corporate Holdings and 59,952 Cr shares to Amazon.com for INR 10 apiece.

With this, Amazon’s investment in Amazon Pay this year now stands at INR 950 Cr. The company infused INR 350 Cr in the fintech arm in February this year, Economic Times reported.

Earlier, Amazon infused INR 1,000 Cr in Amazon Pay in 2021. 

It is pertinent to note that Amazon Pay India received payment aggregator licence from the Reserve Bank of India (RBI) in February. Additionally, it holds a prepaid payment instrument (PPI) licence since 2017. 

Amazon Pay offers services like UPI payments, bill payments, ticket bookings, and buying car and bike insurance.

The fintech entity is also looking to further diversify its offerings. For instance, in April it started working with the National Payments Corporation of India (NPCI) to roll out credit services to customers through UPI. Amazon already offers instant credit through its BNPL product called Amazon Pay Later option. 

As per reports, more than 100 Mn customers use Amazon Pay UPI for various transactions. The ecommerce major also claims that Amazon Pay has so far partnered with 8.5 Mn brick-and-mortar sellers and more than 10,000 online sellers.

However in terms of monthly UPI transactions, Amazon Pay is behind its rivals like PhonePe, Paytm, Google Pay.

As per NPCI data, Amazon Pay processed 6.8 Cr UPI transactions worth INR 7,419 Cr in May out of the total 1,403.58 Cr UPI transactions worth INR 20.44 Lakh Cr during the month.

The development comes at a time when Amazon’s ecommerce rival Flipkart is also looking to make a mark in the fintech space. On Wednesday, Inc42 reported that Flipkart has launched its fintech app super.money app in beta mode. While super.money currently offers UPI payments, the ecommerce giant plans to  soon introduce a number of other financial services.

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Reliance Retail’s digital commerce arm JioMart has reportedly rolled out a pilot for instant delivery of groceries and fast-moving consumer goods (FMCG) products in some parts of Mumbai and Navi Mumbai.

The service is now live on the JioMart app under the ‘hyperlocal delivery’ section. While JioMart will deliver orders within an hour in the initial stages, it plans to reduce the delivery time to 30-45 minutes at a later stage, the Economic Times reported.

JioMart also intends to gradually expand its quick commerce delivery service to include apparel and electronic items.

Inc42 has reached out to Reliance Retail for a comment on the development. The story will be updated on receiving a response.

Unlike Zomato-owned Blinkit, Swiggy Instamart and Zepto, which have embraced a dark store model for their quick commerce operations, JioMart will bank on Reliance Retail’s network of over 18,000 stores across the country for fulfilling these orders.

The company is reportedly leveraging technology platforms Fynd and Locus for order fulfilment and optimisation of delivery routes.

Reliance Retail’s chief executive for grocery business, Damodar Mall, and JioMart’s chief executive Sandeep Varaganti are part of an interdepartmental team tasked with overseeing the quick commerce operations.

The company plans to scale up its team as the service gradually expands to other cities and more categories get added.

The development comes nearly a month after reports surfaced about Reliance Industries planning a foray into the quick commerce segment.

At the time, reports suggested that JioMart would roll out grocery delivery service in 7-8 cities in the initial stages, with plans to take it to around 1,000 cities in future.

It is pertinent to note that this is not JioMart’s first attempt to enter the quick commerce space. It previously offered 90-minute grocery delivery services through JioMart Express, which was shuttered last year.

Its re-entry into quick commerce comes at a time when the other players in the space are sprucing up their product catalogue amid a surge in demand for instant delivery services.

Earlier this year, Zomato-owned Blinkit launched a new category to deliver sports and fitness essentials from top brands like Adidas, Boldfit and boAt among others. Blinkit’s rivals – Zepto and Swiggy Instamart – have also been expanding their product portfolio. 

The competition in the space is expected to heat up further as Walmart-owned Flipkart is set to launch quick commerce offerings across Delhi, Bengaluru, and Mumbai.

According to a report, the Indian quick commerce industry’s gross merchandise value shot up 77% year-on-year to $2.8 Bn in 2023. 

The post JioMart Rolls Out Pilot In Mumbai, Navi Mumbai For Grocery Delivery In An Hour appeared first on Inc42 Media.

SaaS startup Unicommerce Esolutions has added Starfish I Pte Ltd and Snapdeal cofounders Kunal Bahl and Rohit Kumar Bansal as its promoters in its IPO documents filed with the Securities and Exchange Board of India (SEBI).

In an addendum filed with the markets regulator earlier this month, the startup said that the three will be tagged as promoters with effect from May 29.

Starfish is an investment holding company and is 100% owned by SoftBank. It did not hold any shares in Unicommerce as of May 29. SoftBank holds a stake in Unicommerce via SB Investments Holdings (UK) Ltd.

It is pertinent to note that Unicommerce, in its draft red herring prospectus (DRHP), filed in January this year, classified only AceVector Ltd (formerly Snapdeal) as a promoter.

Ahead of the new additions to the promoter list, SoftBank-owned Starfish also signed an indemnity agreement with AceVector, Bahl, and Bansal on May 17 to protect itself and its employees from any claims arising out of it being tagged a promoter of the startup, as per the addendum.

“In the event a Loss has arisen out of or on account of a Claim… against Starfish, its affiliates, its directors, agents, officers, representatives and employees (“Starfish Indemnified Persons”), in accordance with the terms of the Indemnity Agreement, among others, in connection with any Claims against the Starfish Indemnified Persons on account of Starfish being classified and named as a Promoter of our Company, the Responsible Promoters will be required to indemnify, defend and hold harmless Starfish Indemnified Persons… ” the addendum read.

The development was first reported by Moneycontrol.

Meanwhile, a Unicommerce spokesperson told Inc42, “AceVector, along with Bahl and Bansal, have been the operators of Unicommerce, whereas SoftBank has been a financial investor. Pursuant to all entities being classified as promoters of Unicommerce, the operating entities have agreed to indemnify the financial investor. The same has been recorded in the company’s filings with SEBI as well.” 

Unicommerce was founded by three classmates at IIT Delhi – Ankit Pruthi, Karun Singla and Vibhu Garg. It was later acquired by Snapdeal in 2015. Unicommerce provides a suite of SaaS products that it claims enables enterprises and small and medium businesses (SMBs) to efficiently manage their entire journey of post-purchase ecommerce operations. 

Its suite also includes a warehouse and inventory management system (WMS), a multi-channel order management system (OMS), an omnichannel retail management system (Omni-RMS), a seller management panel for marketplaces (Uniware), post-order services for logistics tracking and courier allocation (UniShip), and payment reconciliation (UniReco).

As per the startup’s DRHP, its IPO will comprise only of offer for sale (OFS) and there would be no fresh issue. of shares.

While SB Investment Holdings (UK) is looking to sell up to 1.6 Cr shares in the IPO, AceVector is looking to offload up to 1.14 Cr shares. B2 Partners intends to sell up to 22 Lakh shares via the OFS route. 

Unicommerce reported a net profit of INR 6.3 Cr in H1 FY24. In FY23, the startup’s net profit increased by 8% to INR 6.4 Cr from INR 6 Cr in the previous fiscal year. 

Operating revenue stood at INR 51 Cr in H1 FY24. In FY23, the operating revenue grew 52% to INR 90 Cr from INR 59 Cr in FY22.

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Amazon’s grocery delivery arm Amazon Fresh has expanded its services to 130 cities, including Ambala, Aurangabad, Hoshiarpur, Dharwad, Una, Suri, among others. This more than doubles the vertical’s presence from about 50 Indian cities last year. 

Amazon Fresh delivers groceries, including fruits, vegetables, chilled products, beauty, baby, personal care, and pet products. It claims to source these items from over 11,000 farmers and undertake a ‘4-step quality check’ to ensure quality of the produce.

“Our expansion and focus on quality products demonstrate our commitment to serve customers and offer them the best online shopping experience for fresh produce and daily essentials. Further, customers can avail benefits from cashback, offers, and bank discounts, adding value to their every purchase,” Amazon Fresh director Srikant Sree Ram said in a statement. 

The company claimed that its recent in-app launch of multiple thematic stores and events like mango store, summer store, IPL store etc., along with features like personalised widgets, buy again option, saved preferences, have helped it gain traction with consumers.

Last year, Ram said that over half of Amazon Fresh’s userbase comes from Tier-II and III cities. 

In the grocery delivery vertical, Amazon Fresh primarily competes with Flipkart, BigBasket and JioMart. Flipkart recently claimed that it clocked 1.6X year-on-year (YoY) growth in its grocery business in FY24.

Flipkart also said that it is eyeing Tier-II cities, including Aurangabad, Bokaro, Chhattarpur, Guwahati and Vizag, to deepen its presence. It also claimed that it is the only ecommerce company offering next-day grocery deliveries in more than 200 cities.

Meanwhile, Amazon Fresh claims to deliver groceries in 2 hours. However, quick commerce players like Zepto, Zomato-owned Blinkit, and Swiggy Instamart are competing with these ecommerce giants, delivering products in about 10 minutes.

Consequently, JioMart and Flipkart are also looking to enter the quick commerce segment. 

JioMart is likely to begin delivering groceries in select cities in under 30 minutes soon. The digital commerce arm of Reliance Retail is expected to roll out the quick commerce service in 7-8 cities in June, and has plans to increase these to 1,000 cities in the near future. 

On the other hand, BigBasket’s quick commerce arm, BBNow, has been operating for almost two years now. It claims to deliver groceries in 10 minutes to over 10 Mn customers. 

Meanwhile, Zepto, Blinkit, and Swiggy Instamart are also gearing up to expand their services. While Swiggy is looking to go for an IPO, Zomato is infusing $36 Mn in Blinkit. Zepto is said to be looking to raise a funding round to the tune of $650 Mn. 

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Delhi NCR-based beer brand Bira 91 has raised $25 Mn (about INR 208 Cr) via external commercial borrowing (ECB) from its existing backer Kirin Holdings.

Earlier this year, the company’s board passed a special resolution to secure $25 Mn via ECB from Kirin Holdings in two tranches of $12.5 Mn each, regulatory filings showed.

It further said that Kirin Holdings may opt to convert the ECB into Series D Compulsory Convertible Preference Shares (CCPS).

Entrackr reported the development first.

Founded in 2015 by Ankur Jain, Bira 91 sells craft, lager and strong beers under names such as Bira 91 Rise, White, Gold, Blonde Summer Lager and Boom among others. In 2020, it started selling non-alcoholic beverages.

Over the years, it has established a presence across 550 towns and cities, spanning over 18 countries. 

The startup claims to be the fourth-largest beer company in India, sitting at a market share of 5% across key markets. 

The latest investment comes three months after Tiger Pacific Capital reportedly acquired nearly 4% stake in Bira 91’s B9 Beverages for $25 Mn in March. 

It is pertinent to note that Bira 91 is eyeing a public listing after converting into a public company in 2022.  

As per data compiled by Inc42 DataLabs, Bira 91 raised more than $252 Mn in total funding till February 2024. The startup counts Peak XV Partners, Sofina Ventures, Japan’s Kirin’s Holdings and MUFG Bank among its backers.

The company has also been on an aggressive buying spree for quite some time. In October 2022, Bira 91 acquired alco-beverage chain The Beer Cafe in an all-stock deal. 

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Reliance Retail-owned omnichannel beauty retail platform Tira has rolled out new private label brand Akind, marking its foray into the skincare space.

The move is a part of Reliance Retail’s strategy to expand its portfolio of proprietary brands. In the last two months, Tira has unveiled two private-label brands, Nails Our Way and Tira Tools.

Under Akind, cofounded by angel investor Mira Rajput Kapoor, the company has rolled out nine products to begin with. The price of these products range between INR 500-900. The brand will be sold across Tira stores and also on the official Tira website.

“The Akind range was meticulously formulated with care, trial and error, and extensive research into high efficacy ingredients that act as targeted solutions for specific problems, and what better way  to bring this vision to life than powered by Tira, the ultimate destination for curated beauty  brands,” said Kapoor.

“This launch represents a significant milestone in Tira’s journey. As we continue to expand and evolve, we remain committed to innovation and excellence, ensuring that every offering enhances our customer’s beauty experience,” said Reliance Retail Ventures’s executive director Isha Ambani.

In April last year, Reliance launched Tira to take on major players in the segment like Nykaa, Tata Cliq Palette and Sephora. The beauty retail platform’s product offerings across verticals include makeup, haircare, fragrance, men’s beauty products and baby care among others.

Erlier, Reliance also launched ‘Tira Tools’ to make its entry into the beauty accessories space.

This development comes at the backdrop of growing investor interest in the beauty and personal care segment. 

Few weeks ago, Skincare solution startup CHOSEN by Dermatology has secured a seed funding of $1.2 Mn from friends and family. 

Last year, Gurugram-based D2C beauty and personal care startup Clensta bagged INR 75 Cr in a funding round led by TradeCred. 

Not to mention, the beauty and personal care segment presents a huge business opportunity with market is expected to grow from $5 Bn in 2023 to $28 Bn in 2030, at a CAGR of 28%.

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The initial public offerings (IPOs) of the Flipkart marketplace and PhonePe digital payments platform could take a couple of years, a Walmart executive said.

Speaking on the sidelines of Walmart’s shareholder meeting near its Bentonville, Arkansas, headquarters late Thursday, executive vice president for corporate affairs, Dan Bartlett said, “This is something we’re looking at over the next couple of years.”

Walmart might prioritise an IPO for PhonePe ahead of Flipkart, despite Flipkart being the more mature business, he said, as reported by news agency Reuters.

PhonePe is “one of the largest payment platforms” in India, Bartlett noted. He highlighted PhonePe’s integration with the country’s Unified Payments Interface (UPI), which enables users to transfer money across multiple banks without disclosing account details.

“There’s a lot of processes that have to be put in place before we go public,” Bartlett said, referring to PhonePe. He added that the choice between listing on the Indian exchange versus others is “under consideration” for the future IPO.

In May, the Unified Payments Interface (UPI) ecosystem continued to be dominated by PhonePe and Google Pay, with the two apps collectively commanding over 85% of total transactions.

According to data from the National Payments Corporation of India (NPCI), PhonePe accounted for 48.6% of the total UPI transactions, with 683.19 Cr transactions valued at INR 10.33 Lakh Cr.

Earlier it was reported that, Flipkart initiated talks to redomicile its parent entity to India from Singapore, while Walmart-owned PhonePe already moved its HQ back to India.

In PhonePe’s case, the company was valued at close to $10 Bn in 2022 when it redomiciled to India and is said to have shelled out close to $900 Mn+ to register its parent entity in India. The reverse flipping tax in Flipkart’s case is also likely to be significant.

Meanwhile, PhonePe’s net loss crossed the INR 2,500 Cr mark in the financial year ended March 31, 2023. The Bengaluru-based decacorn’s consolidated net loss rose 39% to INR 2,795.3 Cr in the financial year 2022-23 (FY23) from INR 2,013.7 Cr in the previous fiscal year due to a sharp increase in its ESOP expenses.

PhonePe’s operating revenue surged an impressive 77% to INR 2,913.7 Cr during the year under review from INR 1,646.2 Cr in FY22.

On the other hand, Flipkart Internet Private Limited, the B2C arm of Walmart-owned Flipkart, saw its operating revenue near the INR 15,000 Cr mark in the year ended March 31, 2023. The marketplace arm’s operating revenue zoomed 42% to INR 14,845.8 Cr in the financial year 2022-23 (FY23) from INR 10,477.4 Cr in FY22.

The company also managed to reduce its cash burn, which helped it reduce its net loss by 9% to INR 4,026.5 Cr during the year under review from INR 4,419.5 Cr in FY22.

The post Walmart Exec Says IPOs For Flipkart And PhonePe Could Take Couple Of Years appeared first on Inc42 Media.

Reliance Industries Ltd’s retail unit Reliance Retail has reportedly rolled out a pilot programme on the government-backed Open Network for Digital Commerce (ONDC) via Fynd, an omnichannel retail platform in which Reliance holds an investment.

As per ET’s report, one Reliance Retail store called Shri Kannan Departmental Store in Tamil Nadu’s Madurai is live on the seller side of ONDC through Fynd.

“This is being done as a pilot. A few more stores in Tamil Nadu are in the pipeline. They are testing it out. If it works, then Reliance Retail will scale it up to five stores and then to 100 stores on ONDC. Gradually all brands owned by Reliance Retail will go live on ONDC,” a source told ET.

In December 2021, Reliance Retail acquired Shri Kannan Departmental Store for INR 152.5 Cr.

Reliance Retail-backed quick-commerce company Dunzo went live on ONDC during its beta launch in Bengaluru in September 2022. However, since April this year, Dunzo has not been active as a logistics service provider on the network, the report added.

Founded in 2012 by Farooq Adam, Harsh Shah, and Sreeraman MG, Fynd is an omnichannel fashion platform which sells products across various categories – including clothing, footwear, jewellery, and accessories, from prominent brands in the country. 

It enables small and medium-sized businesses to go online by helping them list their inventory on multiple ecommerce platforms such as Amazon, Nykaa among others. The startup also helps these small businesses with last mile logistics delivery.  The Mumbai-based startup optimises delivery time by sourcing products from the outlets nearest to the customer.

In 2019, Reliance Industries Limited acquired an 87.6% stake in Fynd for INR 295 Cr (about $42.33 Mn).

Meanwhile, Reliance Retail’s operating revenue rose 9.8% YoY to INR 67,610 Cr in the quarter ended March 2024 as against INR 61,559 Cr in the year-ago period. Sequentially, revenue declined more than 9% from INR 74,373 Cr. 

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Adding another feather to its cap, IPL’s official streaming partner JioCinema has wrapped up the 17th season of the tournament with a record 2,600 Cr views, a 53% growth compared to IPL 2023.

The Mukesh Ambani-led OTT platform logged a watch time of more than 35,000 Cr minutes during the IPL 2024, which concluded on May 26.

The season also saw JioCinema’s audience reach growing by more than 38%, reaching a total of 62 Cr viewers.

The connected TV audience expanded substantially as the 12 language feeds, 4K viewing, multi-cam views, and stadium-like experience through AR/VR and 360-degree viewing led to an average time spent touching 75 minutes from over 60 minutes last season.

Notably, the streaming platform achieved a record-breaking viewership on Day 1 of the IPL, with over 11.3 Cr people tuning in to watch the T20 match.

Further, JioCinema registered 59 Cr video views on the opening day of IPL 2024, garnering 660 Cr minutes of watch time.

The OTT platform opened the tournament on a strong note, with top brands such as Dream11, Charged By Thums Up, Parle Products, Britannia, Dalmia Cements and HDFC Bank kicking off their IPL campaigns within the first six overs of the inaugural game under the newly-launched JioCinema Brand Spotlight.

JioCinema claimed it was able to attract 28 sponsors and more than 1400 advertisers by the end of the IPL 2024 tournament.

“We conclude the TATA IPL 2024 with a promise to continue to redefine the way sports is consumed in India. The growth we are seeing year-on-year assures us that our viewer-centric presentation is engaged with and appreciated. We remain on course to make JioCinema the most sought-after platform,” a spokesperson for Viacom18 said.

This comes close on the heels of reports that Reliance and Disney+Hotstar have inked a deal to merge the businesses of Viacom18 and Star India.

The joint venture, reportedly valued at $8.5 Bn, is potentially the biggest media network in India.

Following the merger announcement, JioCinema has bagged the streaming rights for various sports tournaments, including the Paris Olympic Games 2024.

It has also beaten off competition and signed agreements with HBO and NBCUniversal to stream premium English content on its platform.

As per media reports, India’s booming OTT industry is expected to zoom more than 2X to reach a valuation of $7 Bn by 2027 from $3 Bn in 2022.

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Amid the rise in the adoption of quick commerce services in the country, Mukesh Ambani-led Reliance Industries Ltd (RIL) is planning a foray into the segment to take on the likes of Blinkit, BigBasket, Swiggy Instamart and Zepto.

JioMart, the digital commerce arm of RIL’s retail subsidiary Reliance Retail, is likely to begin delivering groceries in select cities in under 30 minutes from next month, The Times of India reported, citing multiple sources.

JioMart will roll out the service in 7-8 cities in the initial stages, with plans to take it to around 1,000 cities in future.

Unlike Blinkit, Zepto and Swiggy Instamart, which have embraced a dark store model for their quick commerce operations, JioMart will tap into Reliance Retail’s network of over 18,000 stores across the country, the report said.

JioMart also intends to gradually expand its quick commerce delivery service to include non-grocery items.

Inc42 has reached out to RIL for comments. The story will be updated on receiving a response.

It is pertinent to note that this is not JioMart’s first attempt to enter the quick commerce space. It previously offered 90-minute grocery delivery services through JioMart Express, which was shuttered last year.

The renewed push into the quick commerce segment comes at a time when other players in the space are expanding their product catalogue amid a surge in demand for instant delivery services.

Last week, Zomato-owned Blinkit launched a new category to deliver sports and fitness essentials from top brands like Adidas, Boldfit and boAt among others.

Blinkit’s competitors – Zepto and Swiggy Instamart – are also strengthening their quick commerce play by delivering packaged food and beverages.

The competition in the space is expected to heat up further with Walmart-owned Flipkart set to launch quick commerce offerings across Delhi, Bengaluru, and Mumbai. Earlier, the ecommerce giant also held talks to acquire a majority stake in Zepto, but the talks fell through. 

Meanwhile, Tata Digital-owned BBnow is also mulling a major investment in the quick commerce space.

According to a report, the Indian quick commerce industry’s gross merchandise value zoomed 77% year-on-year to $2.8 Bn in 2023. 

The post Now, JioMart Plans Quick Commerce Foray To Take On Blinkit, Swiggy Instamart, Zepto appeared first on Inc42 Media.

The Delhi High Court has asked Gurugram-based Tesla Power India to file an affidavit detailing the stocks and sales of their electric vehicle scooters, which includes providing the names of dealers, dates of launch and current stock availability.

As per an ET report, this order, issued by Justice Anish Dayal, is part of a trademark case filed by Elon Musk’s automotive giant Tesla Inc. 

This development follows the court’s decision on May 22 to defer the hearing of the trademark infringement lawsuit to May 28.

The court’s directive came after Tesla Inc. argued that, despite an undertaking by Tesla Power India, the firm was selling electric vehicle scooters through dealers under various sub-brands. The High Court will now hear the case on Thursday.

Earlier this year, the Elon Musk-led company filed a case alleging infringement of trademark and unfair trade competition. 

Earlier this month, the HC barred Tesla Power from publishing advertisements, featuring its EV products. It also directed Tesla Power to furnish a reply in connection with the allegations. 

Tesla Inc. reported that an independent investigation revealed images of electric vehicle scooters available for sale, and photographs and brochures of these scooters have been submitted as evidence.

Earlier, Inc42 reported that the EV major contended that Tesla Power’s use of the trademark in India was confusing consumers and potentially damaging its business interests in the country.

Tesla Power argued it wasn’t in the business of manufacturing EV batteries but sold lead-acid batteries. Before the HC, Tesla Power’s chairman, Kavinder Khurana, stated the company had no intentions to enter the EV segment.

At the time, Khurana also informed the HC that Tesla Power USA Inc. did not exist anymore, adding that the company was not involved in manufacturing any EVs of any nature whatsoever.

The EV giant alleged it discovered Tesla Power India Private Limited’s use of the disputed marks in April 2022, citing online promotional articles from 2021 about the battery maker’s entry into the EV space. It sent a cease-and-desist notice in mid-April 2022 after becoming aware of the matter.

Tesla’s legal action against Tesla Power India comes at a time when many  Indian startups and tech companies are facing copyright and trademark infringement allegations. For instance, Killer Jeans pursued a case against Netflix India for using the term “KILLER” in its show ‘Killer Soup’.

In March, the Supreme Court (SC) refused to grant relief to travel tech major MakeMyTrip in connection with a trademark infringement case involving the Google Ads programme. 

Last year, Bengaluru-based startup Blinkhit filed a petition in a city civil court, seeking to restrain Zomato’s quick commerce major Blinkit from using the trademark. Later, the Zomato-owned company received a reprieve from the Supreme Court in the matter on a plea filed by Blinkhit.

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Private labels have become a powerful vertical for retail giants looking to maximise profits and capture more users. From Future Group to Shoppers Stop and Aditya Birla Group to new-age companies such as Amazon, Flipkart, Myntra, and Nykaa — most scaled up players have jumped on the bandwagon. And now Reliance Retail-owned Tira is going for the same playbook.

By creating their own popular brands, these online retailers have tapped into a lucrative market, transforming private labels into a cornerstone of their business strategies.

Tira, a direct rival to Nykaa, has announced the launch of two private labels in the past month. This move signals that the beauty and personal care marketplace is now focussing on scaling up, one year after its launch.

Last year, Reliance Retail entered the beauty and personal care (BPC) market with Tira, an omnichannel platform. Alongside launching the Tira app, the company also opened its flagship store in Mumbai. Since then, Reliance has expanded Tira’s offline presence to Delhi, Bengaluru, Hyderabad, Chennai, and Pune, bringing the total number of stores to ten across the country.

Reliance Retail’s digital and ecommerce initiatives have continued to grow significantly, contributing about 18% of revenue during FY24, according to the company’s Q4 earnings call. However, Tira was not specifically mentioned in the results, likely because it is still in its early stages.

A Quick Look At Tira’s Private Labels Strategy

Given that Tira has achieved significant brand recall and acquired a substantial customer base, analysts believe this is a timely and practical move to aim for higher margins.

Last month, Tira launched its first private label Tira Tools, a line of beauty accessories including Pro Makeup Brushes, Facial Rollers, and Beauty Sponges. The company said the Pro Artistry Kits from Tira Tools collection are designed for professional makeup artists and beauty lovers.

Earlier this month, Tira Beauty rolled out its new private label brand, Nails Our Way, marking its expansion into beauty offerings. The new line features premium nail colour and care products. On top of single products, the line also offers a complete manicure solution and convenient kits, including ‘French ‘Em Up’ and ‘Nailed It’.

Interestingly, Tira has not expanded into typical beauty products, a market already saturated by numerous FMCG brands, D2C startups, private labels from offline retailers, and online marketplaces.

The primary reason any platform, marketplace, or multi-brand outlet launches a private label is to attain better margins, according to Ashish Dhir, EVP (consumer and retail), 1Lattice said. By introducing a company-owned brand, businesses can secure improved profit margins since they don’t have to part with the revenue as is typically the case with third-party brands.

Experts believe that marketplaces can harvest data from sales volumes, customer demographics, preferences, and buying behaviour from third-party brands and channel them into private label plays.

“Essentially, once you discern what customers desire in terms of product features and attributes, you can source those products from any manufacturer. Thus, what remains critical is the supply chain and sourcing capabilities, alongside offering competitive pricing,” Dhir added.

Fuelled by a surge in personal grooming awareness propelled by fashion trends, the pervasive influence of social media, urbanisation, and rising disposable incomes, nailcare and beauty accessories markets are also growing alongside typical beauty products.

Why Tira Needs Private Labels

The benefits of private labels extend beyond just higher margins. Tira can leverage years data to fill demand-supply gaps in their product portfolios, which will help them to tap into opportunities early in terms of product variety and price points.

According to Karan Taurani, SVP Research at Elara Capital, introducing a private label is a strategic move aimed at driving profitability, enhancing uptake, and improving efficiency. Especially when Tira has yet to capture a significant market share.

Therefore, it’s a pragmatic step for the Reliance Retail platform to carve out its niche and secure a larger market share. Furthermore, this approach can drive volume growth.

Moreover, Tira is trying to catch the consumer pulse as well. Both Tira Tools, Nails Our Way are marketed as having cruelty-free and vegan products.

“There is an increasing demand for organic and vegan products, as well as high demand for personalised items. Tira has recognised this trend and is aware of the need for versatile products. If Tira can cater to these trends by offering products that are organic, vegan, and technologically advanced, they will be well-positioned to ace the market,” 1Lattice’s Dhir said.

For private labels, Tira can also work with multiple vendors across various locations, which will eventually help the marketplace penetrate deeper into different market segments. Dhir and others believe that the approach will also benefit Tira’s offline strategy in the long run.

This move comes at a time when competitiveness in the beauty and personal care (BPC) segment has increased. Ecommerce majors such as Amazon and fashion marketplace Myntra are becoming increasingly bullish on their beauty portfolios. Offline retailers are also aggressively capitalising on direct-to-consumer (D2C) initiatives, Taurani mentioned.

How Is Tira Placed Overall?

Moreover, beauty is becoming a big category on quick commerce platforms. For instance, many well-known new-age and FMCG- beauty products are now available on Swiggy Instamart, Zepto and Blinkit, as these platforms diversify beyond groceries. Private labels could help Tira differentiate itself from the popular options on these platforms and target the consumer who is more willing to experiment with new brands.

While quick-commerce platforms can offer convenience, beauty marketplaces like Tira and Nykaa cannot. As a result, they are resorting to offering discounts. Tira has started deep-discounting too, similar to its peer Nykaa.

For many products, Tira is offering even higher discounts than Nykaa, as per Inc42’s analysis.

However, discounts are more effective for the low average order value (AoV) segment rather than the premium segment. Therefore, higher discounts may help attract some customers from Nykaa.

Interestingly, on the private label front, Nykaa announced a healthy uptick in its owned brands business, which have collectively grown 39% in FY24. Specifically, Dot & Key is claimed to have hit INR 600 Cr GMV run rate as of Q4 FY2024 on an annualised basis, scaling 10x since its acquisition.

To make this strategy work, Tira needs to instil confidence in customers about product genuineness and provide excellent customer service, as Nykaa has already well established its place among consumers.

“The usual strategy of Reliance companies involves leveraging their financial strength to offer deep discounts and gain market share. By providing these discounts, they gradually diminish the competitive advantage of their rivals. This approach is sustainable for Reliance, as they can endure losses for an extended period,” an ecommerce analyst said.

The Indian BPC market is set to grow rapidly, reaching a total GMV of $30 Bn by 2027, which will make up about 5% of the global BPC market. With an annual growth rate of approximately 10%, it’s the fastest-growing BPC market among large economies.

Tira’s entry into private labels is a strategic move to capitalise on India’s fast-growing beauty and personal care market. By launching brands focused on cruelty-free and vegan products, Tira aligns with consumer trends, aiming for higher margins and market differentiation.

Backed by Reliance Retail’s financial strength, Tira can offer competitive pricing and deep discounts to attract customers. As competition intensifies, Tira’s ability to offer unique value propositions through its private labels will be crucial in capturing the loyalty of India’s beauty-conscious consumers.

[Edited by Nikhil Subramaniam]

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Giving further shape to their $8.5 Bn merger plans, Reliance Industries-backed Viacom18 and Walt Disney India are now reportedly looking to allay the antitrust concerns of the competition watchdog. 

Sources told Reuters that the two media giants, in a confidential filing, have sought the nod for the merger from the Competition Commission of India (CCI). They argued before the watchdog that the combined might of the two players, especially in the cricket broadcasting space, would not “hit” advertisers. 

The companies also reportedly informed the commission that there would be no impact on advertisers as cricket-watching consumers could be targeted on multiple other digital platforms, including YouTube and Meta. 

Arguing that Indians consumed content across TV channels, social media and streaming apps, RIL and Disney said that advertisers would not be disadvantaged by the merger. 

It is pertinent to note that if the merger goes through, the consolidated entity would own the cricketing rights to almost all major cricket tournaments broadcast in India.

Additionally, the deal is expected to create India’s biggest entertainment giant with over 120 TV channels and two streaming platforms under its kitty, directly raising competition concerns.

As per the report, both RIL and Disney told the commission that the licences of various cricket tournaments were won separately by each of them in a “bidding process” that was competitive. 

Rubbishing any apprehensions of market harm on account of the deal, they also claimed that competitors were free to acquire the rights of key cricketing events after the expiration of RIL and Disney’s rights tenure in 2027 and 2028.

As per Jefferies, the consolidated entity is expected to command a 40% share of the Indian advertising market in both TV and streaming segments.

The ball is now in CCI’s court, which is reportedly expected to take longer than the usual “several weeks” timeline to vet the deal. 

This comes three months after Viacom 18 Media and the Walt Disney Company signed binding agreements to set up a joint venture (JV) that will combine the businesses of Viacom18 and Star India.

Pegged at $8.5 Bn, the JV will be controlled by RIL, owning 16.34%, while Viacom18 and Disney will hold 46.82% and 36.84% of the company, respectively. Not just this, Reliance is also expected to pump in additional investment to the tune of INR 11,500 Cr in the JV. 

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The Delhi High Court (HC) on Wednesday (May  22) deferred the hearing of the trademark infringement lawsuit filed by EV auto major Tesla against Delhi NCR-based battery company Tesla Power to May 28. 

As per Livemint, the matter was initially slated to be heard by Justice Anish Dayal on May 22, but the case was deferred on account of time constraints.

Earlier this year, the Elon Musk-led company filed a case alleging infringement of trademark and unfair trade competition. On May 2, the HC barred Tesla Power from publishing advertisements, featuring its EV products. It also directed Tesla Power to furnish a reply in connection with the allegations. 

The EV major also argued that Tesla Power’s use of the trademark in India was causing confusion among consumers and potentially harming its business interests in the country. 

Tesla Power argued that it was not involved in the business of manufacturing EV batteries but rather sold lead-acid batteries. Pleading personally before the HC, Tesla Power’s chairman Kavinder Khurana claimed that the company had no plans to enter the EV segment. 

At the time, Khurana also informed the HC that Tesla Power USA Inc. did not exist anymore, adding that the company was not involved in manufacturing any EVs of any nature whatsoever. 

In its petition, the EV giant claimed that it first became aware of Tesla Power India Private Limited and its US-registered entity using the “impugned marks” in April 2022. It also contended that Tesla Power had announced its foray into the EV space in 2021 via online promotional articles.

It cited a screenshot of the article published in an Indian daily that read, “Tesla announces bringing EV Scooters, charging stations to shops by 2025”. Eventually, the Elon Musk-led company sent a cease-and-desist notice to the battery maker in mid-April of 2022. 

The legal tangle comes at a time when the EV juggernaut is aggressively looking to foray into the Indian market and roll out its offerings.  

This comes at a time when a number of Indian startups and tech companies have been in the dock over copyright and trademark infringement cases. Earlier this year, jeans brand Killer filed a case against Netflix India for alleged trademark infringement by using the word “KILLER” in its new show ‘Killer Soup’.

In March, the Supreme Court (SC) refused to grant relief to travel tech major MakeMyTrip in connection with a trademark infringement case involving the Google Ads programme. Last year, a Bengaluru-based company Blinkhit filed a petition in a city civil court and sought to restrain Zomato’s quick commerce major Blinkit from using the trademark.

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Amid intensifying competition from Ola Electric, automaker Hero MotoCorp plans to expand its presence in the electric vehicle (EV) space with new “mid and mass” offerings.

Speaking during an analyst call, the head of Hero MotoCorp’s emerging mobility business unit Swadesh Srivastava said that the company plans to introduce new electric offerings under its brand VIDA in the first half of the current year. 

He added that the new launches would be aimed at expanding the company’s presence in the electric two-wheeler segment. It is pertinent to note that Hero currently sells electric two-wheelers, under the VIDA brand, in the range of INR 1 Lakh to INR 1.5 Lakh. 

Srivastava said that VIDA (both independently as well as in partnership/ interoperability with Hero-backed Ather) has been setting up charging infrastructure, which now spans 2,500 points across 200 cities. 

“… We are expanding our portfolio in the first half of this year into the mid and the mass segments as well… This year with these product additions, we are going to really be able to play in each of the three segments of premium, mid and mass. With this, we are looking at significant growth within this year… As I mentioned earlier, we will also be improving our cost structures,” Srivastava said. 

Without specifying any projections, the senior company executive said that the EV brand was looking at “huge” years in terms of growth in 2024 and 2025. “I am not setting any expectation, but I can tell you that we are looking at steep growth this year and next year, based on the portfolio and the geographical expansion,” Srivastava added. 

The renewed push for EVs within Hero comes at a time when Ola Electric continues to dominate all other players in the electric two-wheeler market. The Bhavish Aggarwal-led company has been rapidly diversifying its product mix while announcing launches across all three segments — premium, mid and mass.

Not just this, Ola Electric’s in-house R&D capabilities, manufacturing plant and branding push offer it multiple advantages. As a result, Ola Electric has been consistently topping charts in terms of EV sales for the past many months. For instance, the EV major sold 33,062 units last month while TVS Motor (the second spot holder) could sell only 7,653 units in April. 

On the other hand, Hero-backed Ather Energy sold just 4,052 units in April while Hero Electric sold a mere 278 vehicles during the same period. 

The company’s plans to expand its product offerings also come at a time when the Centre is reportedly working on new initiatives to increase EV sales in the country. Notably, the Ministry of Heavy Industries (MHI) is working to set up a task force to create a roadmap for the EV industry to boost vehicle electrification.

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Amid Tesla’s much-anticipated entry into India and the delays in that regard, India’s G20 Sherpa Amitabh Kant said that the government’s EV policies are not tailored for one company alone. 

“You can’t have policies for individual companies”, Kant was quoted as saying, when asked about the delays with regards to Tesla entering the Indian market. 

Tesla founder and CEO Elon Musk was slated to visit India in April this year, amid plenty of hype around the company’s foray into India. However, Musk cancelled the visit, leading to speculation that Tesla may back out of its plans for India

According to an ANI report, Kant added that India drafted its EV policy keeping all the companies in mind and the companies must abide by the policies. 

India recently introduced a policy to promote EV manufacturing in India by incentivising international manufacturers to establish a manufacturing base in India. 

The policy was said to be brought in to address a long-standing demand by Tesla to be able to enter India.

As per the policy, the tariff on imports of EV would be reduced to just 15% from 75%-100%, provided OEMs invest a minimum of $500 Mn to set up manufacturing plants in India.

Reports before Musk’s cancelled visit said the EV giant has started production of right-hand drive cars at its plant in Germany. Tesla was reported to be mulling a manufacturing plant in Telangana, Gujarat or Tamil Nadu, with a potential investment of $2 Bn.

Besides Tesla, Vietnamese OEM VinFast said it would invest $2 Bn in India and started building an EV factory in Tamil Nadu. Further, a host of ride-hailing players are looking to increase the share of EVs in their fleet and are signing deals with OEMs and fleet operators for the transition.

Interestingly, Ola Electric also has plans for an electric car by 2025 or 2026, and the entry of global players such as Tesla or other large OEMS is likely to accelerate those plans for the Bhavish Aggarwal-led company. 

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Bengaluru-based DrinkPrime has raised $3 Mn in a fresh funding round led by SIDBI Venture Capital Ltd (SVCL), along with a few existing investors.

DrinkPrime’s cofounder and COO, Manas Ranjan Hota, said that the investment will empower the startup to accelerate expansion plans, develop its product portfolio and strengthen its industry-disrupting IoT feature.

“From 2021 to 2023, we have witnessed a remarkable 3X growth. The strategic investment is to set context for business expansion,” said Vijender Reddy Muthyala, cofounder and CEO, DrinkPrime.

SVCL’s investment in DrinkPrime aligns with its mission to support entrepreneurship and sustainable development in India. This collaboration highlights the fund’s commitment to backing innovative startups addressing societal challenges and contributing to economic growth, the startup said in a statement.

“We want to ensure DrinkPrime gets to expand and take its mission of providing clean, safe and healthy drinking water to all. Now, we look forward to DrinkPrime’s accelerated growth,” said Debraj Banerjee, Senior Fund Manager, SIDBI Venture Capital Ltd.

“I have seen DrinkPrime create change in an industry that was stagnant for decades. This is why I decided to double down my investment in DrinkPrime,” said Bharath Jaisinghani, executive director, Polycab India Ltd.

Founded in 2016, DrinkPrime provides subscription-based water purification services to Indian households at costs as low as INR 333 a month, installation and maintenance included. The startup’s RO machines come loaded with IoT tech and are customised to cater to the water purification needs of families living in different localities. 

Since its inception, the startup has raised more than INR 77 Cr ($9 Mn) from the likes of Venture Catalysts++, PeakXV and Omidyar Network which reflects investors’ trust in the founders’ business model.  

In 2022, the startup raised INR 60 Cr in a mix of debt and equity as part of its Series A funding round led by marquee investors such as Omidyar Network India, Sequoia Surge and 9Unicorns.

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Automobile giant Hero MotoCorp has joined the Open Network for Digital Commerce (ONDC) in a bid to further bolster its reach and enhance customer convenience.

The company announced the tie-up with the state-backed network in a statement on Monday (May 13). With this, the two-wheeler manufacturer claims to have become the country’s first auto company to join the platform. 

At the outset, Hero Motocorp will offer two-wheeler parts, accessories and merchandise on the open network. The products will be available for purchase via buyer-side apps such as Paytm, Mystore, among others.

The company said that joining ONDC will enable it to offer “easily accessible digital mode” to customers. It added that the integration will speed up order processing by enabling hyperlocal deliveries and leveraging the company’s physical distribution network.

“… Now with ONDC Network, we have pioneered the automotive taxonomy for the auto industry, making it easier for customers to find vehicle parts and accessories to begin with. With this initiative, Hero MotoCorp is furthering the government’s Digital India mission and we will continue to bring in more innovation in this space,” said Hero MotoCorp CEO Niranjan Gupta.

Commenting on the partnership, ONDC CEO and managing director T Koshy said, “Hero MotoCorp joining the ONDC network is a significant step forward for the two-wheeler industry. When brands like Hero MotoCorp embrace the Open Network, it reaffirms our vision of driving digital transformation in the country by creating a fair and efficient ecosystem for all kinds of businesses to thrive. We are confident that this will pave the way for others to follow”.

The development comes at a time when ONDC is aggressively expanding its offerings and onboarding new players onto the network. Last month, it was reported that the Centre directed ecommerce giants Flipkart and Amazon to set up storefronts on ONDC to help the state-backed platform scale up operations and facilitate deliveries.

Digital payments app Bharat Interface for Money (BHIM) is also said to be all set to join the ONDC bandwagon with an eye on increasing its shares in the Unified Payment Interface (UPI) transactions. Not just this, it was also recently reported that ONDC was in talks with news media platforms to join the platform.

Launched in 2021 under the aegis of the Department for Promotion of Industry and Internal Trade (DPIIT), ONDC is a network based on open protocol that will enable local commerce across multiple segments including grocery, mobility, among others. 

The platform had more than 2.3 Lakh sellers and service providers at the end of 2023.

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Elon Musk’s automotive giant Tesla has filed a legal suit against Delhi NCR and the US-based battery company Tesla Power in the Delhi High Court over infringement of trademark and unfair trade competition.

As per the case documents available on the Delhi HC website, EV major Tesla first found in April 2022 that Tesla Power India Private Limited and its US-registered entity were using “impugned marks” which encompassed the Musk-led company’s trademark ‘TESLA’ in its entirety, in addition to the descriptive phrase ‘POWER USA’.

Besides, Tesla Inc. also highlighted that Tesla Power announced in 2021 that it entered into the electronic vehicles market, which is the core market of the former, via online promotional articles.

A screenshot of the article in an Indian publication that the HC recorded read, “Tesla announces bringing EV Scooters, charging stations to shops by 2025”.

However, an excerpt from a screenshot of Tesla Power’s website taken in the record by the court read: “Tesla Power USA LLC headquartered in Delaware USA has been acknowledged for being a pioneer and leader in introducing affordable batteries.”

A cease-and-desist notice was sent to the battery maker, Tesla Power, on April 18, 2022. During the hearing of the case this week, the HC noted that the present suit was filed as the company continued to advertise and market their goods.

However, Kavinder Khurana, the CEO of Tesla Power India Private Limited, informed the HC that Tesla Power USA Inc. does not exist anymore. Besides, he stated that Tesla Power is predominantly engaged in the business of lead acid batteries, which are supplied for automobiles, inverters, and UPS. The company does not manufacture any EVs of any nature whatsoever. 

Tesla Power further emphasised that the company has “no intention” to manufacture EVs and will not market other entities’ EVs as well under their trademark and tradename ‘TESLA POWER USA’ or any other brand deceptively similar or use the word ‘TESLA’.

Reuters was the first to report the development. The next hearing in the trademark case is scheduled for May 22.

The development comes at a time when Musk’s Tesla is aggressively looking to enter the Indian market with its EV products and has been in discussions with the central government on import tax and other related matters for a long time.

It is also pertinent to note that a number of startups and tech companies have been involved in similar trademark infringement cases in recent years. In 2022, the Delhi HC permanently restrained a Bengaluru-based cakery from using the name ‘Facebake’ or ‘Facecake’, or any other Facebook-related trademark for its products and services.

Last year, Bengaluru-based startup Blinkhit filed a petition in a city civil court, seeking to restrain Zomato’s quick commerce major Blinkit from using the trademark. Later, the Zomato-owned company received a reprieve from the Supreme Court in the matter on a plea filed by Blinkhit. 

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Reliance Retail-owned Tira Beauty has rolled out its new private label brand, Nails Our Way, marking its expansion into beauty offerings.

The new line features premium nail colour and care products that are designed to encourage shoppers to express their style and embrace personal creativity, the company said in a statement.

Nails Our Way has a range of chic products in its portfolio such as ‘Gel Well’, ‘Swift Dry’, ‘Breathe Away’ and ‘Treat Coat’ nail enamel collections. These collections are available in several different colour shades to suit every mood and occasion.

In addition to these enamels, the line offers essential nail care products like ‘No Bump Case’, ‘Cuti Care’, and ‘Toughen Up’, designed to nourish, strengthen and protect nails.

The product line also comprises nail enamel removers such as ‘2 Toned Vanisher’ and ‘Squeaky Clean’. 

On top of single products, the line also offers a complete manicure solution and convenient kits, including ‘French ‘Em Up’ and ‘Nailed It’.

Launched in April 2023, Tira is an omnichannel beauty retail platform featuring a selection of products across categories like makeup, haircare, fragrance, men’s beauty products and baby care among others.

It directly competes against cosmetics e-tailer Nykaa, and other players such as Tata Cliq Palette and Sephora.

The brand launch comes at a time when Tira is expanding its beauty offerings. Last month, the Reliance-owned brand made its entry into the beauty accessories space with the launch of ‘Tira Tools’.

India’s beauty and personal care space has been gaining a lot of traction from investors for quite some time now.

In July last year, Gurugram-based D2C beauty and personal care startup Clensta bagged INR 75 Cr in a funding round led by TradeCred. Prior to that in April, RAS raised $1.5 Mn funding from Green Frontier Capital.

As per an IMARC Group report, the Indian BPC industry was valued at $26.3 Bn in 2022 and is projected to grow at a CAGR of 6.25% to reach $38 Bn by 2028.

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Apple achieved record revenue in India during the quarter ending in March 2024, although it saw an overall 4% decline in revenue attributed to a 10% decrease in iPhone sales compared to the same period last year.

“We did grow strong double-digit. And so we were very pleased about it. It was a new March quarter revenue record for us. As you know, as I’ve said before, I see it as an incredibly exciting market and it’s a major focus for us,” Apple CEO Tim Cook said during its earnings call.

Apple posted $90.75 Bn revenue in the March quarter, up from $81.8 Bn in the year-ago period.

“In terms of the operational side or supply chain side, we are producing there, from a pragmatic point of view, you need to produce there (India) to be competitive,” he added further.

Cook also spoke about their expansion activities in India, which include both operational endeavours and go-to-market strategies. Recent store openings in the region signify the considerable opportunities the company perceives in the market, he said.

Moreover, Apple is actively expanding channels and cultivating the developer ecosystem, with a growing base of developers proving promising.

Apple saw huge growth in emerging markets as it set first-half revenue records across various countries and regions including Latin America, the Middle East, India, Indonesia, the Philippines, and Turkey.

“China is by far the largest emerging market that we have. But when we started looking at places like India, like Saudi, like Mexico, Turkey, of course, Brazil and Mexico and Indonesia, the numbers are getting large, and we’re very happy because these are markets where our market share is low, the populations are large and growing. And our products are really making a lot of progress with the — in those markets,” Cook said.

It was reported earlier that Apple’s two India-based company-owned outlets each reported revenue of INR 190-210 Cr in the fiscal year ended March 31, 2024 (FY24), emerging as the top-performing retail outlets of the iPhone maker globally.

Apple’s India business recorded a revenue of INR 49.3K Cr (almost $6 Bn) in FY23, marking an increase of 48% from INR 33.3K Cr ($4.03 Bn) in FY22.

According to RoC filings, Apple India generates 94.6% of its revenue from sales of products and 5.4% from maintenance and services.

Apple manufactured iPhones worth INR 1 Lakh Cr in India in 2023. The freight on board (FOB) value of the Apple devices stood at INR 1 Lakh Cr while the market value of the production stood between INR 1.5 Lakh Cr to INR 1.7 Lakh Cr.

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Tesla’s plan for entry into India anytime soon remains in limbo. The Elon Musk-led electric vehicle company is planning to use its existing factories to build new and more affordable vehicles as early as the end of this year, rather than investing in new factories in India and Mexico in the near future.

As per Reuter’s report, the company aims to increase production by 50% from 2023, aiming to reach its current capacity of nearly 3 Mn vehicles before considering investments in new manufacturing lines.

“This update may result in achieving less cost reduction than previously expected but enables us to prudently grow our vehicle volumes in a more capex efficient manner during uncertain times,” the company told Reuters.

Investors welcomed the decision to refrain from the risks associated with constructing new models in new factories, leading to a 12% surge in Tesla shares during after-hours trading, despite the company’s quarterly results falling short of financial targets.

“I think it’s a positive that he’s not just barreling ahead with an expansion plan, ignoring the challenges in the market and the fact that he’s doing a cheaper vehicle from the existing product line,” Elliot Johnson, chief investment officer at Evolve ETFs said in the report.

On April 5, Tesla abandoned its plans to introduce its affordable vehicle, referred to as the Model 2, which it intended to manufacture in Texas, Mexico, and a third undisclosed location. The Model 2 was anticipated to be priced at $25,000 and play a pivotal role in Tesla’s expansion into the mass-market automotive segment.

Musk responded to the Reuters report by dismissing it as false, stating “Reuters is lying” on X, although he did not provide specific details. Subsequently, on Tuesday, he did not directly acknowledge the Reuters report. Instead, Tesla focused on discussing new models, which seemed to be distinct products but were not identified.

Meanwhile, Musk postponed his trip to India where he was scheduled to meet Prime Minister Narendra Modi and announce plans to enter the South Asian market.

Musk was scheduled to visit India on April 21 and 22.

In addition, Tesla is reportedly in discussions with Reliance Industries regarding a potential joint venture aimed at establishing a manufacturing facility in India. Moreover, the company has initiated the production of right-hand drive electric vehicles at its manufacturing plant in Germany, emphasising its commitment to entering the Indian market.

Musk emphasised the importance of electric cars for India, stating that it’s a natural evolution for his company to enter the Indian EV market.

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Even as its profit and revenue declined sequentially, Reliance Retail, the retail vertical of Reliance Industries Ltd (RIL), said its digital commerce arm JioMart saw healthy growth in seller additions in the quarter ended March 2024. 

In its quarterly financial results, RIL said that JioMart saw its merchant base jump 94% year-on-year (YoY). However, it didn’t disclose the merchant base numbers. 

On similar lines, the conglomerate also said that the number of merchants selling consumer electronics via its new commerce platform witnessed a 20% YoY growth but did not specify any numbers.

In the statement, the company also didn’t mention the contribution of digital and new commerce businesses to Reliance Retail’s top line. In the third quarter (Q3) of the financial year 2023-24 (FY24), the company had noted that these verticals accounted for 19% of the total revenue for the retail giant.

Overall, Reliance Retail’s operating revenue rose 9.8% YoY to INR 67,610 Cr in the quarter ended March 2024 as against INR 61,559 Cr in the year-ago period. Sequentially, revenue declined more than 9% from INR 74,373 Cr. 

Meanwhile, Reliance Retail’s net profit stood at INR 2,698 Cr in Q4 FY24, up 11.7% YoY and down 14.7% quarter-on-quarter (QoQ).

“… We continue to invest and innovate across formats and products to improve our customer value proposition and serve evolving consumer needs. Robust expansion and growth of our retail business signifies our commitment to customer centricity and confidence in India’s consumption story,” said Reliance Retail Ventures Limited’s (RRVL’s) executive director Isha Ambani.

Meanwhile, the conglomerate also said that it ramped up its investments in digital news and entertainment verticals during the quarter, which, in turn, drove strong growth for OTT streaming platform JioCinema.

It claimed that the 2024 edition of Women Premier League (WPL) streamed on JioCinema saw a 3X growth in watch-time and 70% “higher reach” compared to the previous season. 

“JioCinema also delivered record reach and engagement for TV network shows. Bigg Boss Hindi saw 2.7X viewers, 1.3X watch-time and 1.6X views and Bigg Boss Kannada had 5.6X viewers, 3.5X watch-time and 4.2X views compared to the last season,” it said. 

Meanwhile, RIL’s digital arm Jio Platforms reported a 12% rise in its consolidated net profit to INR 5,583 Cr in the March quarter from INR 4,984 Cr in the year-ago period. On similar lines, operating revenue jumped 13.4% YoY to INR 28,871 Cr during the quarter under review.

Overall, RIL’s net profit remained flat at INR 21,243 Cr in Q4 FY24 as against INR 21,227 in Q4 FY23. 

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