Flipkart launches grocery store, invests in PhonePe; Metro Bikes and Quizizz raise funds
The online grocery market is a tough business to be in. So far, only Big Basket has managed to hold fort with Amazon making some significant strides in the recent past. A major player like Flipkart has been waiting in the wings thus far. But now it has decided to step in, launching its grocery store - the Flipkart Supermart. Flipkart will have to get its act together on this quickly, as both Big Basket and Amazon are operating with great efficiency. It has put together a dedicated supply chain, including a 150,000 sq.ft centre in the city and a separate delivery fleet. This could turn out to be a great three-way battle, which will be great news for the consumer. In other key developments, Paytm acquired savings management startup Balance and PhonePe raised Rs 452 crore from its parent firm Flipkart. Read on.
Post its acquisition by the US retailer Walmart, India’s online commerce leader Flipkart has launched its grocery store - Flipkart Supermart. Currently covering Bengaluru, it aims to expand to five to six cities by the end of 2018. In November 2017, it launched the grocery segment in Bengaluru with the service available only to its employees, under the same tag (Supermart).
Bengaluru-based payments firm PhonePe has raised around Rs 452 crore from parent company Flipkart. According to reports, Flipkart invested in PhonePe in July this year. This is the first investment from Flipkart in PhonePe, after the former's acquisition by US-based retail giant Walmart in May this year.
One97 Communications Limited that owns Paytm on Thursday announced the acquisition of Bengaluru-based smart-savings management startup ‘Balance.Tech’ for an undisclosed amount. Started by serial entrepreneurs Ankit Kumar and Abhishek Malik, Balance is a savings app that nudges individuals to save through understanding their spending pattern.
Bengaluru-based dockless sharing company Metro Bikes raised $12.2 million Series A funding led by Sequoia India and Accel Partners on Thursday. Raghunandan G, Founder of TaxiForSure, and a consortium of other investors also participated in this round.
Quizizz, a learning platform that helps teachers turn homework and tests into self-paced games, has raised $3 million from Nexus Venture Partners and existing investor Prime Venture Partners. Bengaluru- based Quizizz combines game-design elements with self-paced questions and instant feedback to help students learn.