Startup news and updates: daily roundup (June 17, 2022)

Myntra StyleCast sees 2X growth in demand since launch

Myntra announced that StyleCast, its dedicated platform Gen Z shoppers, has seen a 2X jump in demand just six months after its launch. The platform has scaled its number of styles from 7,000—since its launch in December 2021—to 35,000. 

This 400 percent increase coincided with Myntra's ongoing 7-day End of Reason Sale, which is being held from June 11-17.

According to Myntra, the highest demand for StyleCast came from Maharashtra, Uttar Pradesh, Karnataka, Delhi, and Haryana regions, while 35 percent of customers come from Tier-II and III cities across the country.

“We are very excited by the growth in demand for our offerings on StyleCast. This is a clear indication of Myntra connecting deeper with the taste and aesthetics of young shoppers. We will continue to innovate and add more features to the vertical in order to be the destination of choice to the fashion-forward Gen Z cohort of the country,” said Padmakumar Pal, Vice President and Business Head-Apparel, Myntra.

StyleCast drops monthly trends on the Myntra app, and has recently added new brands including bebe, Trendyol, and Bo-Street.

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BYJU’S, Andhra Pradesh govt sign MOU to offer education in public schools

Edtech unicorn BYJU'S has signed an MOU (Memorandum of Understanding) with the Government of Andhra Pradesh to provide education to students in government schools located across the state. 

Through this partnership, the unicorn will provide tech-enabled maths and science resources to students in classes 4 to 10. The government will also invest Rs 500 crore to provide these students with tablets by September this year.

“We are happy to partner with BYJU’S to offer quality learning content to students from financially weaker sections of this society. Through this initiative, our aim is to empower students in classes 4 to 10 in government schools with the right guidance and education that will help achieve better learning outcomes,” said Chief Minister YS Jagan Reddy. 

BYJU’S launched its social impact initiative Education for All in 2020. Within a year, the edtech giant said that the initiative has reached 3.4 million children across 26 states and 340 districts. By 2025, the initiative aims to impact 10 million children, BYJU'S said. 

Payoneer strengthens India GTM team to drive cross-border commerce from India

Fintech company Payoneer has elevated two senior Indian executives to accelerate the company's growth in the country and MENA (Middle East and North Africa) region.

Gaurav Shisodia, a banking and fintech professional, has been promoted to the role of Country Manager, India. In this role, he will lead efforts to empower professionals and businesses through Payoneer's cross-border payments platform. Previously, he led the mandate for business development for Payoneer in South Asia, the Middle East, and North Africa regions.

Rohit Kulkarni has been elevated as Senior Vice-President to grow and accelerate cross-border commerce for new growth markets in the regions.

“In our five years in India, we have already supported over four lakh SMBs and individual freelancers to expand globally, and realise their true potential. We are truly committed to enabling Indian digital businesses that are making in India, for the world,” said Gaurav.

Payoneer serves over 4fourlakh Indian digital cross-border businesses to reach over 200 countries and conduct their business in over 150 currencies across the globe. Payoneer has grown at a compounded annual growth rate (CAGR) of 85 percent since launching in India, the company said. 

INTEX to adopt 5ire blockchain to enter Web3

Indian multinational electronics manufacturing services company INTEX is adopting 5ire blockchain to enter Web 3.0. 

With the integration of blockchain and business, INTEX aims to drive sustainability and profitability in the retail industry and incorporate Web3 technologies. 

"INTEX's adoption of blockchain technology to enter Web 3.0 is pivotal for building a community around 5ire's mission of bringing a for-benefit paradigm shift," said Pratik Gauri, Co-founder and CEO, 5ire.

5ire is a sustainability-focused Layer 1 blockchain project with an ecosystem featuring an exchange, a wallet, an NFT (Non-Fungible Token) marketplace, and a VC fund to help grow other sustainable blockchain projects.

(This is an ongoing story and will be updated with the latest updates throughout the day.)