Mukesh Ambani and India's $700 billion 'new commerce' opportunity (and other top stories of the week)
According to Mukesh Ambani, “new commerce” is a massive new business opportunity worth $700 billion. And to tap into this market, Reliance has launched JioMart with the tag line “Desh Ki Nayi Dukaan” (the country's new shop).
Not only is Reliance eyeing India’s O2O opportunity, but several startups are also bullish about this space. Despite competition from the likes of RIL, Amazon, So much so that experts are saying that it is the time for ‘Bharat’ commerce.and others, a breed of startups have also found their niche in this space.
This week, YourStory was in Las Vegas to cover CES 2020, the annual tech bonanza. At the event, serial entrepreneur and Shark Tank investor Mark Cuban voiced his passion for all things AI-related, adding that he is betting big on AI and investing in startups and businesses that leverage AI to innovate and create meaningful, world-changing impact.
Variety co-editor-in-chief Andrew Wallenstein and Shark Tank investor Mark Cuban at the CES 2020 consumer technology summit at Las Vegas, Nevada
At this year's CES, India had a pavilion of its own in the five-decade-long history of CES – all thanks to Motwani Jadeja Foundation Founder Asha Jadeja Motwani, an investor and keen supporter of the Indian startup ecosystem for more than a decade now. Six Indian startups offered a glimpse into the range of impactful innovations emerging out of the country.
Asha Jadeja Motwani with the Motwani Jadeja Foundation team of organisers of the first-ever India Tech Park at CES 2020
From rising fuel prices and lending crisis to increase in third-party cover and new safety norms, 2019 was probably the worst year for the auto industry in the last two decades. One can trace the origins of this slowdown to rising fuel prices in October 2018.
Year of Caution
‘Cautiously bullish’ seems to be the buzzword for the Indian startup ecosystem in the new decade. Call it the WeWork effect or the deployment of excessive capital, investors are being cautious about 2020, given a slowing economy and challenges with credit availability.
In 2019, Indian startups showed they have what it takes to face economic and political events that have a bearing on their ability to grow and raise money. Innovative and disruptive ideas emerged the winner, with funding not slowing down last year, despite several challenges.
Interacting with the locals
Sifiya Haneef got married at 15 when most girls of her age were making career choices, and indulging in fun and games. Just when she was getting accustomed to the responsibilities of managing a household and her new life, she lost her husband in a mishap.
RV Enterprises founders Vickram Singh (left) and Ramesh Rao (right)
RV Enterprises was started in Bengaluru in 2016 by Vickram Singh and Ramesh Rao. The business has made Rs 7.9 crore turnover from selling granite. In 2020, the company plans to venture into a multi-category model and onboard handicrafts, artwork, and dry fruits sellers.
After a nine-year stint in the US with companies like Microsoft, Jyotsna Uttamchandani returned to India to join Syska Group, the family business. She currently handles the Syska Mobile Accessories business (offline channel) and a team of 1,800.
The Bengaluru Innovation Report 2019 reveals that India's Silicon Valley is the undisputed hub when it comes to nurturing high-growth soonicorns, with more potential unicorns 'than Delhi and Mumbai combined'.