Startup news and updates: Daily roundup (September 22, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Friday, September 22, 2023.
Myntra to strengthen SCM network by scaling up share of women
Myntra will scale up hiring women in its supply chain and contact centre operations this year. This will be during the run-up to the festive season when Myntra hosts its annual marquee event, the Big Fashion Festival.
The ecommerce company said it will hire 21% more women than last year’s festive season. These women will be from economically disadvantaged backgrounds and will be trained by in-house experts and external professional trainers in picking, packing, sorting, and unpacking.
"Our preparations for Big Fashion Festival are in full swing to cater to the high demand from our customers. We are committed to advancing the entire fashion ecosystem, and a key part of this commitment is our dedication to diversity and inclusion. We are particularly excited about onboarding the on-ground staff, where women will play a pivotal role in offering optimal experience to customers and adding to their joy in the festive season,” said Nupur Nagpal, CHRO, Myntra.
Microsoft launches Copilot AI companion
Microsoft has launched Microsoft Copilot, an AI companion aimed at enhancing productivity and revolutionising the way people interact with technology.
"We are entering a new era of AI, one that is fundamentally changing how we relate to, and benefit from technology. With the convergence of chat interfaces and large-language models, one can now ask for what one wants in natural language, and the technology is smart enough to answer, create it or take action, said a statement from the company. At Microsoft, we think about this as having a copilot to help navigate any task,” said Yusuf Mehdi, Corporate Vice President and Consumer Chief Marketing Officer, Microsoft.
Copilot will incorporate the context and intelligence of the web and work data to provide better assistance – with privacy and security at the forefront. The experience will be available in Windows 11, in Microsoft 365, and in the web browser with Edge and Bing, and as an app. It will begin to roll out in its early form in the next release of Windows 11 starting September 26.
Soch reports 60% revenue growth, exceeds Rs 400 crore in FY23
Ethnic wear brand Soch achieved a significant milestone during the fiscal year 2022-2023 by crossing the Rs 400 crore mark in topline revenue.
Soch launched 18 new stores in the previous year, with plans to double the number of new stores in the current year. The brand crossed 150 stores in August 2022 and has a presence across 60+ cities. Its ecommerce site services over 30,000 pin codes.
Soch has also experienced significant growth in its online business, recording a 125% increase in revenue from Rs 19 crore to Rs 44 crore. The brand's recent omnichannel approach has introduced digital tabs in stores.
"Our success is a testament to the dedication and hard work of the entire Soch team. With a well-defined vision, we aim to achieve the Rs 1,000 crore mark within the next 3-4 years,” said Vinay Chatlani, CEO of Soch.
Upstox’s Sami Alam joins CARS24 as Senior Director, Engineering
Auto-tech company CARS24 has appointed Sami Alam as its Senior Director of Engineering. In his capacity, Sami will spearhead the engineering team at the company, propelling innovation and enhancing ’s technological prowess. His leadership extends to overseeing engineering for CARS24's financial arm, CFSPL, and involves close collaboration with the business, growth, and product teams and aligning technology with the company's strategic objectives.
Sami's appointment is aimed at advancing CARS24’s mission of making the process of buying, selling, and financing used cars a seamless experience for its customers.
Sami Alam brings with him experience of over two decades in digital transformation, technology architecture, ecommerce, fintech, consumer-facing products, supply chain technologies and data analytics. He has managed high-performing engineering teams and created cutting-edge technology solutions for global enterprises.
Flipkart sets the stone for Regional Distribution Center in Haryana
Ecommerce marketplaceheld a ceremony for its upcoming Regional Distribution Center (RDC) in Manesar. Further cementing its supply chain infrastructure in Haryana, a new grocery fulfilment centre (FC) in Sonipat was also inaugurated through a virtual ceremony.
The occasion was commenced by Haryana Chief Minister Manohar Lal and Deputy Chief Minister Dushyant Chautala, Rajneesh Kumar. These investments by the Flipkart Group mark an important step towards enhancing supply chain efficiency and creating large-scale employment opportunities in the state.
Spread over 140 acres, the RDC aims to create over 10,000 direct and indirect jobs, contributing to local employment. The centre is expected to cater to a wide range of products, including parcel goods, white goods, and furniture. The facility at Manesar will have the latest technology in storage and conveyors, such as automated conveyors, automatic storage and retrieval and automatic sortation systems to make operations efficient.
"Similarly, Flipkart's new grocery supply center in Sonipat will create approximately 2,000 direct and indirect job opportunities. This will also enable thousands of local sellers, MSMEs, and farmers to reach markets across the country. With the collaboration of companies like Flipkart, we are developing our national capital region as a warehousing and logistics hub," said Haryana Chief Minister Manohar Lal Khattar.
Wardwizard Group appoints new leadership
Wardwizard Group has appointed new leaders for its flagship electric vehicle brand ‘Joy e-bike’, to spearhead the organisation's growth and innovation in the dynamic electric vehicle (EV) industry.
Tejas A Mehta, a seasoned chartered accountant with over two decades of financial leadership, has taken on the position of the Chief Financial Officer (CFO) at Wardwizard Group. Previously, he made significant contributions at BSE Limited and Trackpoint GPS Pvt Ltd.
Sanjay Sablok, the newly appointed President of Operations at Wardwizard Innovations and Mobility Ltd, comes with a three-decade-long career in operational excellence. An alumnus of Warwick University, UK, he has held pivotal roles at Hero Motocorp, Tata Motors, and NEI Limited.
“We firmly believe in the power of leadership and innovation, and with this dynamic team, we are energised to achieve our ambitious goals, making sustainable mobility a reality," said Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations and Mobility Ltd.
ISB students win Accenture B-School Strategy Challenge 2023
At the Accenture B-School Challenge 2023, teams from the Indian Institute of Management (IIM) Calcutta and the Faculty of Management Studies emerged as the first and second runners-up, respectively. A team from the Indian Institute of Management Lucknow was recognised with a special jury award.
The recently held seventh edition of the annual Accenture B-School Strategy Challenge 2023 focused on the theme of 'Total Enterprise Reinvention.' The annual challenge aims to discover, nurture, and empower the next generation of consultants who will help reinvent businesses and drive growth.
A record number of 9,800+ students from 16 top business schools in India participated in the two-month-long competition. The participating schools included IIM Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Lucknow, IIM Kozhikode, IIM Indore, IIM Udaipur, Indian School of Business, Faculty of Management Studies, Jamnalal Bajaj Institute of Management Studies, S.P. Jain Institute of Management and Research, Xavier School of Management (XLRI), Indian Institute of Foreign Trade, Management Development Institute, National Institute of Industrial Engineering and Tata Institute of Social Sciences.
The finalists were evaluated by a jury comprising senior leaders from both the industry and Accenture.
(This article will be updated with the latest news throughout the day.)