Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Top Stories This Week
Peyush Bansal, CEO, Lenskart
Lenskart sets sights on round at $6 billion valuation: Lenskart may well be valued 20% more than in June, if discussions for a fresh secondary share sale of
$200-300 million at a valuation of $6 billion bear fruit, people in the know told ET.
Existing investors Fidelity, Kedaara Capital and a third “significant early investor” now want to increase holding in Lenskart, they said.
ED shifts focus to Amazon and Flipkart ties with sellers: The Directorate of Enforcement (ED)
has turned to investigating whether arrangements between Amazon and Flipkart, and their vendors, violated foreign direct investment (FDI) norms, said people aware of the matter. The investigation had earlier focused on the sellers.
Exclusive: Groww’s valuation cut in domicile shift to India; Razorpay may follow: Stockbroking platform Groww, which recently completed the flip back of its parent entity to India from the US, saw its
fair market value being reduced to under $2 billion during the process, said people aware of the matter.
New-age companies seek growth areas as urban consumption slump grips: A slowdown in
urban consumption is hitting new-age companies in sectors such as beauty, wearables, logistics, ecommerce and used-car sales, which are now seeking to ramp up growth by focusing on new areas of business.
Quick commerce taps identity verification companies to curb frauds amid ramp-up: Quick commerce players are
increasingly engaging with identity verification firms such as IDfy, Bureau and Equal to conduct background checks on delivery personnel, aiming to enhance trust and curb frauds amid rapid expansion of the instant delivery ecosystem.
Supply chain group buys retail tech startup Arzooo’s assets in distress deal: Mumbai-based distribution and supply chain company Moksha Group has acquired
business-to-business (B2B) consumer electronics startup Arzooo's assets, the companies said in a joint statement on Wednesday without disclosing the size of the deal.
ET Interview
Aadit Palicha, CEO, Zepto
We’re 100% compliant with FDI regulations; aim to be majority India-owned: Zepto’s Aadit Palicha: Zepto, which has
raised another $350 million in new funding from prominent domestic investors, aims to become a company with a majority Indian ownership,
chief executive Aadit Palicha said.
Stock market set to plateau after euphoria of last four years: Zerodha’s Nithin Kamath: The stock market growth is set to plateau after the euphoria of the last four years which led to record participation of retail investors and this will have an impact on the growth prospects for the Bengaluru-based firm in the coming years,
said Nithin Kamath, chief executive officer, Zerodha.
Every AMD product goes via India team, local tech ecosystem among fastest-growing: Lisa Su: Lisa Su, chair, and chief executive officer (CEO) of Advanced Micro Devices (AMD)--credited with reversing the fortunes of the American chipmaker—is now taking the fight to industry leaders like Nvidia.
In an interview with ET Su said that the $ 22.7 billion firm whose market cap has soared to $223 billion, is also building two supercomputers in India.
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Other Top Stories By Our Reporters
European AI companies grapple with rigid rules, funds: The twin challenges of tightening regulations and a lack of growth-stage investments are
casting a long shadow over European artificial intelligence and deep tech companies, prompting many founders to relocate or shift their focus to non-EU regions with more flexible AI regulations.
Mutual help: AssetPlus and ZFunds receive venture capital support: As new generation direct
mutual fund distributors like Groww grab market share, traditional offline financial distributors are increasingly searching for their own technology stack to remain relevant and grow.
Zomato leads food delivery with 58% market share in Q1, Blinkit tops quick commerce: Motilal Oswal: Gurugram-based Zomato
leads India’s food delivery market with a share of 58%, according to a report by brokerage firm Motilal Oswal, while recently-listed rival Swiggy has a 42% share.
Wipro chairman Rishad Premji says work-life balance incredibly important: In what is turning out to be an often-talked about topic in recent times, Wipro executive chairman Rishad Premji said
work-life balance was “incredibly important” and that it remains a “controversial subject”. Yet he believes that the hybrid working model by corporates helps its workforce.
Gaming companies, groups in huddle over code of conduct for all: Gaming companies and industry bodies such as the All India Gaming Federation (AIGF) and E-Gaming Federation (EGF) are
working on a common set of policy codes for their member companies, including ways to implement stricter know-your-customer norms, steps to curb gaming and gambling addiction, and other aspects of responsible game play, said people familiar with the matter.
MeitY readying voluntary ethics code for AI firms: The government is working on a set of voluntary
codes of conduct and ethics for companies to follow for the work they do with artificial intelligence (AI) or generative AI, sources told ET.
