Startup news and updates: Daily roundup (June 7, 2022)

YourStory presents daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, June 7, 2022.

Meesho says it handles 35 percent of India's third-party logistics shipments

Ecommerce giant Meesho said on Tuesday it accounts for nearly 35 percent of the national third-party logistics shipments, with daily orders rising nearly five-fold between Jan-March 2022, on a year-on-year basis.

The startup, which counts Shadowfax, Ecom Express, Delhivery, and Xpressbees as its third-party logistics (3PL) partners, said its rapid growth and traction has been a "key driver behind the expansion of the 3PL sector."

In the January to March quarter, its shipments rose 16 percent, higher than the October to December quarter, which mostly sees a lot of increased holiday shopping and shipping.

"In the current quarter, approximately 60 percent of our drop ship ecommerce volume is being contributed by Meesho," said Abhishek Bansal, CEO and Co-founder of Shadowfax.

Slay coffee launches its first physical outlet in Bengaluru

Largely a D2C brand that has been backed by investors including Rebel Foods, Fireside Ventures, and Alteria Capital, SLAY Coffee said it has opened its first physical outlet in Bengaluru.

The brand also introduced a loyalty programme and a subscription model, SLAY bottomless coffee club.

Lakshmi Dasaka (left), co-founder of DropKaffe Food and Beverages Pvt. Ltd, with her husband, Chaitanya Chitta (right). Also the co-founder and CEO of the firm

E-sports fantasy platform FanClash partners with Velocity Gaming, aka VLT

FanClash and Velocity Gaming (VLT) have struck a partnership wherein the former will create exciting fan engagement opportunities for the latter, as well as esports fans at large, on its platform.

Esports enthusiasts will get access to curated content and gameplays for 10+ titles, including PUBG PC, PUBG Mobile, COD, League of Legends, DOTA (Defence of the Ancients), and others.

India sees 9 percent YOY growth in hiring in May: report

The job market in India continued to show improvement for a second consecutive month in May with hiring rising 9 percent on a year-on-year basis, recruitment company's Employment Index report showed.

However, when compared to the previous month, the Index fell by 4 percent, which reflected "cautious recruiter sentiments this month".

The telecom, BFSI, import/export industries continued to contribute to the overall annual growth in job posting activity, the report said.

"The beginning of FY23 has shown positive hiring scales given the anticipated 5G rollout and the recovery of several business segments across the country. So far, the Indian job market is faring well despite the current sentiment on sobered hiring," said Sekhar Garisa, CEO of Monster.

"In terms of the job outlook, businesses will continue to grow, and we see this demand reflected in segments such as import/export, telecom, travel and hospitality and BFSI, which continue to grow on the back of growing digitization efforts," he added.

Coimbatore showed the biggest growth in job opportunities, up 27 percent, which surpassed the growth seen in top Indian metro cities, including Mumbai, Delhi-NCR, and Hyderabad.

Demand for freshers or entry-level job seekers was on par with that for top management, the report said.

"The demand for fresh talent continues to reign high across industries and is only estimated to grow further," the report added.

InMobi expands partnership with Microsoft Advertising to target Southeast Asia, the Middle East, and Africa

Content, marketing, and monetisation tech unicorn InMobi said it has expanded its partnership with Microsoft Advertising to support enterprise and strategic advertisers in three new regions: Southeast Asia, the Middle East, and Africa.

InMobi CEO Naveen Tewari

InMobi will manage the partners' enterprise and strategic sales teams, account management, marketing, finance, collection, and billing in the 73 countries across SEA and MEA.

The two companies first inked a partnership in 2018 to help Indian enterprises scale and accelerate their digital transformation. The partnership was expanded in 2019 after InMobi added MS Advertising products and solutions to its offerings in India.

Agritech co Krishi Network adds new Indic languages to its platform

Gurugram-based Krishi Network said it has added Gujarati, Tamil, Telugu, Marathi, Punjabi, and Kannada to its platform in a bid to make it more accessible to farmers.

Founded in 2019, Krishi Network provides offline and online support to farmers, including consultations, tech innovations, knowledge upskilling opportunities, etc.

"This language addition will further ensure that millions of vernacular speaking farmers can get easy access to information and have a frictionless experience," said Ashish Mishra, Founder and CEO of Krishi Network.

Infibeam Avenues expands into Australia

Listed fintech company Infibeam said it is expanding into Australia to capitalise on the growing digital payments industry there.

The company added it hopes to capture 5 percent of Australia's digital payment market in the next three years.

Mitsubishi Electric to invest Rs 220 Cr for a new factory in India

Mitsubishi Electric said it will invest $2.2 billion in a new factory automation control system products in India, with operations expected to commence in December 2023.

The two-floor factory will be located near Pune, and will help the company expand its production capabilities to meet local demand for products.

Digital lender CASHe crosses Rs 4,000 Cr in loan disbursals

CASHe said it has, to date, disbursed Rs 4,000 crore in loans across 1.2 million loans, and expects to disburse Rs 3,600 crore worth loans in FY23.

On a year-on-year basis, CASHe's loan disbursals grew 237 percent, and the value of those loans rose to Rs 1,550 crore in FY 22, compared with Rs 579 crore in FY21.

The demand for loans came mostly from Bengaluru, Delhi, Hyderabad, Ahmedabad, and Ghaziabad, for reasons such as medical, home renovation, weddings, and education.

Edited by Megha Reddy


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