Meesho’s in-house logistics boost; FirstCry eyes global expansion

Hello,

The king is dead, long live the king.

Sajjan Jindal-led JSW Steel has become the world’s highest-valued steelmaker, with its market capitalisation exceeding $30 billion. India’s largest steel manufacturer by capacity surged ahead of US-based Nucor Corp. 

This comes as the global steel market faces uncertainty with US President Donald Trump imposing sweeping 25% tariffs on steel, and the EU planning to tighten steel import quotas, affecting Indian exports.

However, the AI tsunami has swept over the steel industry too, with Tata Steel recently revealing that it built over 550 AI models to enhance yield, energy, throughput, quality, productivity, safety, and sustainability in production. 

ICYMI: Inside BoomiAI, SaaSBoomi's bold new venture for AI founders.

Meanwhile, Jindal Stainless has acquired a 9.62% stake in M1Xchange, which facilitates invoice discounting and supply chain financing. India’s largest stainless steel manufacturer sees this investment as a strategic move to enhance its digital supply chain financing capabilities.

Speaking of stainless steel, the government aims to make vehicles cheaper with the Vehicle Scrapping Policy. Union Minister Nitin Gadkari said the policy, which recently expanded its scope, can reduce the prices of auto components by 30%.

Let the rubber hit the road!

In today’s newsletter, we will talk about 

• Meesho’s in-house logistics boost
• FirstCry eyes global expansion
• How to tackle workplace bias

Here’s your trivia for today: The Portuguese introduced mosambi (sweet lime) to India in the 16th century. Which country did it originate from?

Ecommerce

Meesho’s in-house logistics boost

Ecommerce marketplace Meesho noted in a report that its in-house logistics channel, Valmo, enhanced the platform’s efficiency and handled 50% of its daily orders in April-December 2024. 

The company, in its inaugural annual report, stated that the logistics platform created 85,000 jobs by partnering with 6,000 logistics partners.

Driving efficiency:

• Meesho saw 187 million annual transacting users placing 1.3 billion orders in the nine months ended December 2024. The Vidit Aatrey-led company generated a free cash flow of Rs 197 crore with a contribution profit of Rs 1,393 crore during the period.
• The company claimed its adjusted losses have narrowed by 97% to Rs 1,569 crore to Rs 53 crore, excluding employee share-based compensation expenses. Its selling, general, and administrative expenses as a percentage of revenue dropped significantly, driven by strong consumer awareness and organic growth.
• The company said it has seen substantial results from its AI initiatives, including its GenAI-driven customer support, which resolves over 90% of queries at one-fifth of the cost. Meanwhile, its fraud detection and AI-powered search have also seen significant improvements.

Funding Alert

Startup: Findi

Amount: Rs 243 Cr

Round: Institutional placement

Startup: GreenFortune

Amount: $4.5M

Round: Pre-Series A

Startup: Antithesis

Amount: Rs 5 Cr

Round: Pre-Seed

News

FirstCry eyes global expansion

Supam Maheshwari-led FirstCry has approved the infusion of Rs 146 crore into its international arm, GlobalBees Brands. The investment is expected to occur in tranches over the period of 12 months, the company stated in an exchange filing.

It also announced the incorporation of FC Management, a wholly-owned subsidiary in the United Arab Emirates, to provide management services.

Branching out:

• Out of total consideration in FC Management, about SAR 9 million (Rs 20.5 crore) will be invested in Firstcry Trading Company, KSA, to establish stores and warehouses, with any remaining amount to be invested in Firstcry Retail DWC LLC for general corporate purposes.
• In a separate filing, the company's Board also approved allotting 8.69 lakh equity shares and transferring 8.03 lakh shares from Brainbees ESOP Trust (Trust) to eligible employees.
• GlobalBees clocked consolidated turnover of Rs 1,209.35 crore in FY23-24, a 35% improvement from Rs 897.1 crore it clocked in the previous year. It currently has a net worth of Rs 1,095.89 crore.

SheSparks

How to tackle workplace bias

To date, countless women still battle against biases and judgement in workplaces. But in order to break these barriers, companies need to be ready to have uncomfortable conversations and understand the impact of said biases in key decisions, believe industry leaders at SheSparks 2025.

In a panel discussion at SheSparks 2025 held in Shangri-La, Bengaluru, women leaders discussed the measures that need to be in place to counter such views in the workplace.

Workplace challenges:

• One such measure to combat biases, according to Ramya Parashar, Chief Operating Officer, MiQ Digital India, is the ready availability of good sponsors for women, especially when they are not present in the room to advocate for themselves. 
• Parashar also called on women to be curious and go beyond projects under their remit, to understand if an organisation is the right fit, but also for valuable insights on how decisions are taken at the top brass level, so they can be sponsors for other women in turn.
• Unconscious bias is a key barrier in increasing representation, especially in leadership positions, according to Schneider Electric’s Anjana Chiramel. Thus, having difficult conversations and consciously taking note of biases and understanding their impact in key decisions is crucial, especially for hiring and recruiting. 

News & updates

• Cutting costs: Dell Technologies’s headcount fell by 10% in fiscal 2025, and it reaffirmed its commitment to diversity and inclusion, the AI server maker said. The company said it continues to take measures to reduce costs, including limiting external hiring and employee reorganisations.
• Alternative assets: BlackRock Inc, fresh off a $28 billion deal spree to transform into a major player in alternative assets, is integrating complex private investments into its ready-made portfolios for individuals. BlackRock set up the model portfolios with publicly traded stocks and bonds alongside more complex private equity and credit funds
• Copyright infringement: A major win for AI and the tech industry as Claude-AI maker Anthropic wins the early round of a copyright legal lawsuit. The California federal court rejected the preliminary bid by Universal Music Group Tab and other publishers to restrict Anthropic from using their music properties to train their AI chatbot Claude. 

The Portuguese introduced mosambi (sweet lime) to India in the 16th century. Which country did it originate from?

Answer: Mozambique.

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