#flipkart chief executive

[secretstalks]

Flipkart Executive Appointment joins Swiggy Instamart as CEO

As Swiggy gears up for its public market debut, the company has appointed Amitesh Jha, formerly a senior vice president at Flipkart, as the new CEO of its quick-commerce division, Instamart. This announcement came via an email from co-founder and group CEO Sriharsha Majety to employees.

Phani Kishan Addepalli, who previously led Instamart, will now head Swiggy’s central growth team, focusing on initiatives such as the subscription service, Swiggy One. Additionally, Addepalli will serve as Chief of Staff to Majety. Majety highlighted that under Addepalli's leadership, Instamart has made significant strides in enhancing consumer experience and profitability.

In the same communication, Majety also announced the departure of Swiggy’s Chief Growth and Marketing Officer, Ashwath Swaminathan. Swaminathan, who joined from Hindustan Unilever earlier this year, managed the brands and consumer insights team, which will now report directly to Majety.

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[shadowfaxnews]

Festive Rush Sparks Speed War: Quick Commerce & E-commerce Battle For Fastest Deliveries

SUMMARY

Same-day and next-day deliveries have grown 4–5X during peak periods, now accounting for 12–15% of total ecommerce deliveries, which is a big leap from almost zero just 18 months ago

While fast delivery services are in high demand, they come with operational challenges. One of the biggest hurdles is optimising inventory placement

As the industry stands at the precipice of super-fast deliveries, building an efficient supply chain will be the most critical element for the long-term sustainability of India’s quick delivery realm

This festive season will be all about the need for speed, as ecommerce majors have now entered the paradigm of swift deliveries (same day or next day), pivoting from their earlier timeline of 4–5 days.

Making the game of deliveries insanely difficult to play will be quick-commerce players that are expected to capture the majority of the customer base seeking instant gratification. All in all, ecommerce platforms will be seen upping the ante in staying ahead of the delivery curve and ensuring that no shopper is left craving amid the festive rush.

However, this shift in ecommerce behavior has been in the making for some time, and the trigger has been the maturity of the Indian quick delivery ecosystem, which currently drives 40% of online grocery sales.

Over the past year, ecommerce marketplaces have made significant strides in enhancing delivery speed, introducing same-day and next-day services to cater to customer demands. A vibrant example is Flipkart, which, at the start of the year, announced that it would offer same-day delivery across multiple product categories at no additional cost.

With the market at stake, Amazon followed suit, while beauty platform Nykaa and fashion site Myntra began testing same-day delivery options. Witnessing this, many D2C brands are also adapting to remain competitive.

While they may not match online marketplaces in order volume, they’re eager to offer quicker delivery options to stay competitive. A case in point is GenZ-focused fashion startup NEWME, which recently launched 90-minute delivery for its products in select Delhi NCR areas.

“Speaking with Inc42, logistics experts said that the demand for fast delivery has surged dramatically compared to last year’s festive sales. Same-day and next-day deliveries have grown 4–5X during peak periods of festive sales, now accounting for 12–15% of total ecommerce deliveries, which is a big leap from almost zero just 18 months ago.”

This surge comes as ecommerce firms like Amazon, Flipkart, and Meesho are expected to register a 20% year-on-year rise in gross merchandise value, generating sales in the range of INR 1 Lakh Cr to 1.2 Lakh Cr this festive season, according to Redseer Strategy Consultants. Quick commerce is anticipated to contribute around 8% to this overall growth.

Festive Rush Paves The Way For 5X Surge In Same-Day Delivery

Speaking with Inc42, COO of Ecom Express, Vishwachetan Nadamani, said that during the festive season, the speed of deliveries naturally improves due to increased demand, with line-haul trucks operating more frequently. However, the surge in fast delivery requests is more pronounced this year.

Therefore, the executive added that the company has rolled out same-day delivery and next-day deliveries in India’s top 10 metro cities, with the infrastructure fully established to support these services.

Meanwhile, Shadowfax’s cofounder and chief business officer, Praharsh Chandra, said that the company is well prepared to tackle the same or next-day delivery rush.

“We started focussing on fast delivery with both brands and marketplaces about a year and a half ago. Back then, the industry had 0% same-day delivery, but now 10–14% of all intra-city orders are delivered the same day,” Chandra said.”

Chandra noted that this trend is gaining momentum as we are nearing the peak sales season. “In fact, our same-day delivery channel saw five times growth in just one day, on the second day of the sales. We experienced some very high peaks,” he said.

Chandra sees a clear shift in consumer behaviour here, with more and more customers now wanting instant gratification. “Even for nearby zones, like orders from Bangalore to Mysore, which used to take two days, people now expect next-day deliveries,” he said.

The sentiment is being echoed across the industry. For instance, Zippee’s founder & CEO, Madhav Kasturia, sees registering 6–8X growth as all its partner brands continue to scale during the festive season.

Fast Delivery Fever Grips All Categories

Fast delivery demand has risen across categories this festive season. Electronics, beauty and personal care, fashion, and home goods have seen strong interest, with mobile phones being the most popular choice. Interestingly, on the first day of sales, Shadowfax delivered 15,000 iPhones.

However, the demand landscape is not solely dominated by electronics. Categories such as beauty and personal care, fashion, and home goods are also seeing high demand, with brands like Decathlon experiencing increased sales of sports goods, showing that consumers are diversifying their purchases.

“There’s demand in various categories. However, it’s crucial to focus on where the concentration of that demand is and whether brands have optimised their supply chains with warehouses in these top metros,” the Ecom Express COO said.”

So far, demand for fast delivery is highest in metro cities like Bangalore, Mumbai, and Delhi. However, this trend is not limited to urban areas. Brands are now stocking inventory in Tier II and Tier III cities like Patna, Jaipur, and Guwahati to offer faster delivery options in these regions as well.

Navigating The Complexities Of Fast Delivery

While fast delivery services are in high demand, they come with operational challenges. One of the biggest hurdles is optimising inventory placement. Quick deliveries not only require faster transportation but also strategic positioning of inventory closer to customers.

This requires maintaining fewer pin codes per dark store, which complicates logistics, Zippee’s Kasturia said, adding that the logistics startup was addressing it by establishing localised inventory hubs, enabling quicker access and more streamlined delivery routes.

Additionally, the rising demand for same-day deliveries translates to an increased need for delivery riders, resulting in escalating costs month after month. During peak seasons, the volume can increase by 4–5X, necessitating supplementary capacity through hyperlocal delivery fleets.

“Historically, logistics have a rigid model where shipments from multiple clients are picked up, sent to a central sortation centre, and then dispatched to last-mile hubs. That entire process used to take around 16 hours. But for same-day delivery, we can’t afford that kind of delay. So, we have restructured the supply chain to bypass certain nodes when possible. This is both a technology and operational shift,” Shadowfax’s Chandra said.

While same and next-day deliveries typically carry a premium — around 25% higher than express delivery — logistics startups are actively working to optimise operational costs. By increasing order volumes and refining their processes, many have reduced the cost difference to approximately 5–10% compared to regular delivery.

Now, as the industry stands at the precipice of super-fast deliveries, building an efficient supply chain will be the most critical element for the long-term sustainability of India’s quick delivery realm. Visit Website For More Details: https://www.shadowfax.in/

[urbanutopia]

Flipkart's Leadership Shakeup: CEO Resigns Amid Misconduct Allegations

In a startling turn of events, the chief executive officer of Flipkart Group, the Indian e-commerce giant under Walmart Inc, has resigned. Walmart confirmed on Tuesday that Binny Bansal’s departure follows an internal investigation into allegations of “serious personal misconduct.”

While specifics were not detailed, two individuals familiar with the matter indicated that these allegations stemmed from a claim of sexual assault. Bansal, a prominent figure as one of the co-founders of Flipkart, took over as CEO in 2016 and had recently assumed the role of chairman and group CEO earlier this year.

Walmart’s acquisition of a majority stake (approximately 77%) in Flipkart for $16 billion was a strategic move aimed at expanding its presence in India’s expansive consumer market and competing against the likes of Amazon.

Bansal, in a note to Flipkart employees seen by Reuters, mentioned stepping down due to recent events related to a misconduct claim against him. He denied the Sexual Allegations, stating they left him stunned, and emphasized that an independent law firm’s thorough investigation had found the claims uncorroborated.

However, while the investigation didn’t substantiate the specific allegations, it did uncover judgment lapses and a lack of transparency in Bansal’s handling of the situation, as acknowledged by Walmart. Neither Bansal nor his representatives provided further comment, and Flipkart remained silent in response to requests for clarification.

The nature of the accusation, brought to Walmart’s attention in late July, dated back a few years and was made by a former Flipkart associate not employed at the time of the alleged incident. Walmart, conducting its own investigation, noted a lack of transparency in Bansal’s responses to the matter but found no evidence to support the claims.

Amidst these developments, Bansal, a well-known entrepreneur in India’s business landscape, remains a shareholder in Flipkart. Walmart, in conjunction with Flipkart, had been contemplating a succession plan, now hastened due to recent events.

Kalyan Krishnamurthy, overseeing Flipkart’s main e-commerce operations, assumes a broader leadership role encompassing Myntra and Jabong. Ananth Narayanan, CEO of Myntra and Jabong, will continue in his position, now reporting to Krishnamurthy.

The exit of Binny Bansal, along with the broader context of #MeToo movement discussions gaining momentum in India, underlines the significance of corporate responses to allegations of misconduct. This transition in leadership signals a pivotal moment for Flipkart, Walmart, and the e-commerce landscape in India.

The fallout from these events led Walmart’s shares to dip slightly in the stock market. As the repercussions unfold, attention remains focused on Flipkart’s future trajectory and how this leadership shift may impact its operations and market strategies.

[hauntedfuryz]

Sexual Assault Probe on Flipkart's Binny Bansal Reveals 'Consensual Affair

Flipkart co-founder Binny Bansal’s sudden exit from the online retailer on grounds of “serious personal misconduct” is a result of a two-year-old complaint of Sexual Assault made by a former female employee of Flipkart, sources told News18.

The complainant had left the company in 2012. It was only in 2016, when she started a firm of her own that she came in contact with Bansal again when the alleged sexual assault incident took place.

It was the time when Binny Bansal had just taken over as group CEO from co-founder Sachin Bansal, who had become executive chairman.

After finding no appropriate action being taken, the former employee approached Walmart Global in July this year. She wrote to Walmart CEO Doug McMillon explaining the incident.

Walmart and Flipkart then roped in an international law firm to investigate the matter, even as Walmart closed the Flipkart deal by mid-August. The global retailer initiated investigations post July 2018.

The investigation conducted by the global law firm could not corroborate the allegation. It did, however, surface a lack of transparency and inadequate disclosures on Bansal’’s part, said a statement by Walmart.

The investigators concluded Binny Bansal and the woman had a consensual affair, Bloomberg reported.

Bansal, on the other hand, strongly denied the allegation of “serious personal misconduct” but did not disclose the details. He said the developments had accelerated his decision to step down from the company he set up 11 years ago.

The Flipkart co-founder said he was ‘stunned’ by the charges. “For some time, I have been mulling over the right time to step away from an operating role at Flipkart Group. My plan was to continue in my current role for a few more quarters to continue the transition after closing the deal with Walmart. However, my decision to step down has been accelerated by certain personal events that have taken place in the recent past,” he wrote in an email to employees.

Since the resignation, the entire Flipkart staff has been on chats and calls to see if they could get any additional information than what was officially disclosed about the allegations of personal misconduct. “Generally even the slightest of news reaches the office floor. But regarding this, we had no clue. None of us,” a current employee said.

Several employees told News18 that Flipkart has instructed staff not to talk to the media on the matter.

However, Bansal’s departure is not expected to change things much. A former executive noted that he was due to transition out of the company anyway. “It was planned, it might have happened next year,” he said. Binny Bansal too had pointed out in his email to employees that his plan was to continue in his group CEO role for only a few more quarters.

Flipkart CEO Kalyan Krishnamurthy also sought to reassure employees. “I wanted to personally let you know that there will be no changes in our operating processes, or to the mission of the company as a result of this news,” he said in an email to staff.

He said the board remains committed to investing for the long-term and is supportive of the leadership team’s desire to evolve into a publicly-traded company in the future.

Flipkart Chief Executive Kalyan Krishnamurthy, credited as the man behind the Flipkart buyout, will remain CEO of the company, which includes Myntra and Jabong continuing to operate as separate platforms within the Flipkart business, said Walmart.

“As we look ahead, we have full confidence in the strength and depth of leadership across the company. We remain committed to investing for the long-term and are supportive of the leadership team’s desire to evolve into a publicly-traded company in the future,” Walmart added.

Krishnamurthy had first joined the online retailer in 2013 as its interim chief financial officer, following which he joined Tiger Global as its finance director in 2014. He was earlier with eBay’s Asia finance operations. He became the CEO of Flipkart in January last year and was given the mandate to turn around the company’s fate against rival Amazon.

Ananth Narayanan as CEO of Myntra and Jabong will report into Kalyan. Ananth was earlier with consulting firm McKinsey & Company and came to Myntra as CEO in October of 2015.Sameer Nigam will continue leading PhonePe as CEO, Walmart said. Sameer served as Senior Vice President of Engineering at Flipkart until August 2015. He co-founded PhonePe in December of 2015, which was subsequently acquired by Flipkart in April 2016. Both Kalyan and Sameer will report directly into the board, Walmart said.

[trending2daynews]

Flipkart, PhonePe Could Be $100 Billion Businesses in India, Claims Walmart CFO

Walmart’s Flipkart marketplace and PhonePe payments business in India could be $100 billion (Rs. 8,19,750 crore) businesses buoyed by strong growth, the retailer’s chief financial officer said on Wednesday at an investor conference. Walmart does not break out sales of Flipkart and PhonePe but over the past few months, executives have singled out the two businesses as key drivers in meeting its…

[madscientist008]

Snapchat boosts hiring as it crosses the 200 million monthly active users mark

Snapchat, the popular social media app that lets users send disappearing messages and create fun filters, has achieved a major milestone in India. The company announced that it now has over 200 million monthly active users in the country, making it one of the leading global growth markets for Snap Inc.

India is a key market for Snapchat, as it has a large and young population that is eager to express themselves online. The company has been investing heavily in localizing its platform and catering to the preferences of Indian users. Some of the initiatives that have helped Snapchat grow in India include:

Launching culturally relevant content, such as Snap Originals, Shows, Games, and Bitmoji TV, that feature local celebrities and creators.

Developing a vibrant and creative local creator community, with over 120 million Indian Snapchatters watching content across Stories and Spotlight. Spotlight, Snapchat’s user-generated entertainment platform, has seen significant growth in India, with time spent on the feature more than tripling. This has empowered a new generation of creators to build audiences and monetize their content.

Introducing innovative products and features, such as My AI, a fun chatbot that can give recommendations for birthday gifts, plan trips, or find recipes for dinner. Snapchatters in India also have access to My AI.

Leveraging its core strength in augmented reality (AR), with over 85% of Snapchatters using Lenses to visually express themselves during festive months in India. Snapchat has also partnered with various brands and organizations to create immersive AR experiences, such as Flipkart, Sugar Cosmetics, MyGlamm, Sony TV, Zee TV, and Android smartphone vendors.

Snapchat’s success in India reflects its vision of being a camera company that reinvents the way people communicate and experience the world. The company has also revealed that it is expanding its team and operations across a variety of roles to better serve Indian Snapchatters.

Snapchat’s co-founder and chief executive Evan Spiegel said at a virtual event on Wednesday: “We have made significant investments to localize the Snapchat experience for the Indian community. We have added culturally relevant content, developed highly active and creative local creator communities and invested in local products, marketing initiatives and language support. Following these efforts to bring a localized experience to Indian Snapchatters, we now reach 100 million Snapchatters monthly in India. We will continue to anchor our efforts around celebrating local culture and talent, while empowering, growing and providing resources for our community of Indian creators.”

Snapchat’s growth in India is part of its global momentum, as the company recently reported that it has over 750 million monthly active users worldwide. Snapchat is also one of the most downloaded apps in the world, ranking among the top 10 apps on both iOS and Android platforms

[omcqin]

Current affairs of 14th Jan 2023

Practice daily Current affairs and give quiz for assess your knowledge. Today you can study current affairs of 14th Jan 2023 and this is suitable for almost all type of government competitive exams. Quiz of Jan 2023 Current Affairs

Daily Current affairs for 14th Jan 2023

Q1: Ashleigh Gardner has won the ICC Women’s Player of the Month award for December 2022. From which of the following countries does he belong? A. England B. New Zealand C. Australia D. South Africa Answer(c) Australia Q2: The Union Cabinet approved a ______________incentive scheme to promote Rupay debit card and low-value BHIM-UPI transactions (person-to-merchant) in FY23. A. Rs. 1,600-crore B. Rs. 2,600-crore C. Rs. 3,600-crore D. Rs. 4,600-crore Answer(b) Rs. 2,600-crore Q3: Union Minister Shri Sarbananda Sonowal inaugurated the School of Logistics, Waterways and Communication in which city of India? A. Chennai B. Panaji C. Guwahati D. Agartala Answer(d) Agartala Q4: Who received the ICC Men’s Player of the Month award for December? A. Harry Brook B. Sikandar Raza C. Mohammad Rizwan D. Virat Kohli Answer(a) Harry Brook Q5: Who has officially launched the book titled “Braving A Viral Storm: India’s Covid-19 Vaccine Story” in New Delhi? A. Bhupender Yadav B. Mansukh Mandaviya C. Mahendra Nath Pandey D. Parshottam Rupala Answer(b) Mansukh Mandaviya Q6: Former India cricket team captain _______ and drone market Garuda Aerospace have launched a a surveillance drone named ‘Droni.’ A. Rahul Dravid B. VVS Laxman C. Sachin Tendular D. Mahendra Singh Dhoni Answer(d) Mahendra Singh Dhoni Q7: Home Minister Amit Shah has released a book titled “Revolutionaries- The Other Story of How India Won Its Freedom” at a function in New Delhi. Who author the book? A. Saurabh Sharma B. Sanjeev Sanyal C. Prashant Singh D. Aman Gupta Answer(b) Sanjeev Sanyal Q8: Which bank has launched e-Bank Guarantee (e-BG) facility in association with National e-Governance Services Limited (NeSL)? A. SBI B. ICICI Bank C. Canara Bank D. Bank of Baroda Answer(a) SBI Q9: IT giant Cognizant has announced ________ as its new Chief Executive Officer, replacing the outgoing Brian Humphries, effective immediately. A. Sanjeev Kumar B. Sumit Kumar C. Ravi Kumar D. Piyush Kumar Answer(c) Ravi Kumar Q10: India’s retail inflation eased to ________ per cent in December on an annual basis as against 5.88 per cent in November, 2022. A. 5.72 B. 6.72 C. 7.72 D. 8.72 Answer(a) 5.72 Q11: Which state tourism board signs MoUs with chapters of eight countries of Global Organization of People of Indian Origin (GOPIO)? A. Punjab B. Rajasthan C. Gujarat D. Madhya Pradesh Answer(d) Madhya Pradesh Q12: Who takes charge as first woman Chief Secretary of Telangana? A. Vaishali Panday B. Shilky Mittal C. Maitree Sharma D. Santhi Kumari Answer(d) Santhi Kumari Q13: Grand cultural program ‘Sur Sarita-Symphony of Ganga’ organised in _______. A. Delhi B. Varanasi C. Surat D. Mumbai Answer(b) Varanasi Q14: Alibaba sells which company stake worth $125 million via block deal recently? A. Amazon B. Flipkart C. Paytm D. Paypal Answer(c) Paytm Q15: Which of the following country creates new ministry for indigenous peoples? A. Keniya B. South Africa C. South Sudan D. Brazil Answer(d) Brazil Q16: What is the name of the short-range ballistic missile which was recently test-launched by India? A. Prithvi II B. Agni V C. Vikas II D. Bhim I Answer Prithvi II Q17: Which song from an Indian film won Golden Globe award 2023 for Best Original Song? A. Kalakatha B. Srivalli C. Naatu Naatu D. Marenge Toh Wahin Jaakar Answer Naatu Naatu Q18: What is the name of the international agreement signed in 1987 to ban Chlorofluorocarbons (CFCs)? A. Paris Agreement B. Montreal Protocol C. Chicago Agreement D. Kyoto Protocol Answer Montreal Protocol Q19: As per the World Bank’s Global Economic Prospects Report, what is the expected economic growth of India in 2023-24? A. 5.5% B. 6.6% C. 7.0% D. 7.7% Answer 6.6% Q20: ‘Year of Enterprises’ Project is a flagship scheme of which Indian state? A. Haryana B. Odisha C. West Bengal D. Kerala Answer Kerala Q21: In January 2023, which state entered the Guinness Book of World Records by taking 4,500 penalty kicks in 12 hours? A. Kerala B. Gujarat C. Punjab D. Karnataka Answer Kerala Q22: Which of the following has notified comprehensive regulatory standards for Basmati Rice for the first time in January 2023? A. FCI B. BIS C. NABARD D. FSSAI Answer FSSAI Q23: Central Mine Planning and Design Institute Limited (CMPDIL) invented a “System and Method for Controlling Generation and Movement of Fugitive Dust” in January 2023. Where is CMPDIL located? A. Ranchi B. Kolkata C. Jaipur D. Agra Answer Ranchi Q24: Sharad Yadav passed away at the age of 75 on 12 January 2023. He was related to which of the following fields? A. Acting B. Politics C. Law D. Cricket Answer Politics Q25: Constantinr passed away in January 2023. He was the former King of which country? A. France B. Greece C. Austria D. Cyprus Answer Greece

Also practice other's day current affairs of Jan 23

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[znewstech]

25,000 Flipkart Employees To Benefit From $700 Million Cash Payout: Report

25,000 Flipkart Employees To Benefit From $700 Million Cash Payout: Report

Flipkart and PhonePe announced last week that they have completed their separation. (File) New Delhi: E-commerce giant Flipkart has planned to award a one-time payout of $700 million to its employees. The move is likely to benefit up to 25,000 of Flipkart’s current and past workers, reported Moneycontrol quoting sources.  Kalyan Krishnamurthy, the Flipkart CEO (chief executive officer),…

[mubashirnews]

Flipkart Says Seller ‘Blacklisted’ after DCW Notice on Acid Availability

Flipkart Says Seller ‘Blacklisted’ after DCW Notice on Acid Availability

The Delhi Commission for Women (DCW) wrote to the chief executive officers of Amazon and Flipkart in connection with the acid attack on a 17-year-old girl in Dwarka Earlier, Flipkart had introduced a Rs 29 secure packaging fee for smartphone orders. New Delhi: Hours after Delhi Commission for Women issued notice to Flipkart in connection with the sale of acid, Flipkart on Thursday said that it…

[aidiv]

Myntra, online fashion arm of Flipkart, said small towns could account for more than half its sales in the next 3-4 years driven by high demand for discretionary products including premium and international brands, a sharp contradiction to the rural slowdown even in basic staples and groceries segment. At present, tier-2 markets contribute 40% to its sales especially during mega sale events. If you look at the next three-four years, it will definitely be closer to 55%. It will be a journey that we will make and it has nothing to do with a low value or budget. That's the myth that we all are discovering that is to be busted," said Nandita Sinha, chief executive officer at Myntra that sells over 6,000 brands. Maybe the contradiction is in the headroom that we have as ecommerce, because fashion and branded fashion is so under penetrated in this country. #deals #nykaa #lifestyle #ecommerce #flipkartindia #kurti #mumbai #delhi #online #offers #fashionista #traditional #sarees #flipkartfashion #ethnicwear #mensfashion #myntrastudio #blogger #women #photoshoot #cashback #mymyntralook #bollywood #designer #clothing #ethnic #shoppingonline #influencer #sareeblouse #likeforlikes (at India) https://www.instagram.com/p/ClxWOBlKUJ6/?igshid=NGJjMDIxMWI=

[secretstalks]

Amitesh Jha Named CEO of Swiggy Instamart, Founder Phani Kishan Becomes Chief of Staff

As Swiggy gears up for its public market debut, significant leadership changes have been announced. The company has appointed Amitesh Jha, formerly a senior vice president at Flipkart, as the new CEO of its quick-commerce segment, Instamart. Jha, who had a 14-year tenure at Flipkart, held roles across various teams including Ekart and Shopsy. His appointment was confirmed by Swiggy in a news release on Thursday.

Phani Kishan Addepalli, who previously led Instamart, will now head Swiggy’s central growth team, overseeing initiatives such as the subscription service Swiggy One. In addition, Addepalli will serve as Chief of Staff to co-founder and group CEO Sriharsha Majety. Majety praised Addepalli for significantly improving Instamart’s consumer experience and profitability during his tenure.

The email from Majety also revealed that Swiggy’s Chief Growth and Marketing Officer, Ashwath Swaminathan, has departed the company. Swaminathan, who joined in February from Hindustan Unilever, managed the brands and consumer insights team, which will now report directly to Majety.

Jha’s appointment comes amid a broader executive reshuffle as Swiggy prepares for a potential initial public offering (IPO). Recent additions to the team include former Amazon executive Sairam Krishnamurthy as Chief Operating Officer and Senior Vice President of Instamart, and Himavant Srikrishna Kurnala, formerly of Reliance Retail, as Head of Product for Instamart.

The reshuffle follows other notable departures: former CTO Dale Vaz left to start a trading platform, Aaritya Tech, while former Senior Vice President Karthik Gurumurthy, who built and led Instamart, left at the end of last year to start his own venture. Anuj Rathi, the former Head of Revenue and Growth, also left in September to lead Flipkart’s travel booking unit, Cleartrip.

Swiggy is preparing for an IPO later this year and has confidentially submitted draft documents to the market's regulator for a ₹10,414 crore ($1.25 billion) offering, aiming for a valuation of approximately $15 billion. The company was last valued at $10.7 billion in early 2022. Recent reports indicate that 360 One WAM valued Swiggy at $11.5 billion as of June, and notable investors such as the family office of actor Amitabh Bachchan and Raamdeo Agrawal of Motilal Oswal Financial Services have acquired stakes in the company.

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[shadowfaxnews]

Shadowfax raises $100 million in latest funding led by TPG New Quest

Hyperlocal logistics startup Shadowfax has raised $100 million in a mix of primary and secondary investments as part of its latest funding round led by growth investor TPG NewQuest.

Existing investors including Mirae Asset Management, Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital also participated in the fundraise. The round also includes an element of venture debt.

Shadowfax’s latest round comprises a primary raise of $50 million, with the secondary portion and venture debt standing at $30 million and $20 million respectively, cofounder and chief executive Abhishek Bansal told ET.

Early backer Eight Roads Ventures, which first invested in the company in 2015, has made a partial exit as part of the transaction.

The company said it will utilise the proceeds to extend its last-mile delivery services to cover 20,000 pincodes across India.

Part of the raised funds will be used to develop value-added services for direct-to-consumer (D2C) brands and further enhance Shadowfax’s express deliver network, the company said in a statement on Tuesday.

ET had first reported on September 5, 2022 that the startup was in talks to raise $75-$100 million in a mix of primary and secondary capital, with Eight Roads expected to see a partial exit.

“We have been running profitably and will look to build newer solutions with the capital. Customers are looking at speed-oriented solutions today and 4–5 day commerce will not survive. As we look to build next-generation speed solutions for brands, we may look at inorganic ways of growth,” said Bansal.

Founded in 2015 by IIT Delhi alumni Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax has transitioned to serving e-commerce clientele such as Meesho, from initially being an on-demand logistics provider for food-delivery platforms.

The platform claims to be delivering 2 million packages daily, through its network of 125,000 monthly active delivery partners.

“We have been impressed with the tech stack they (Shadowfax) have built. This helps with the delivery of superior service metrics and allows them to quickly adapt their services to client’s changing needs at the lowest price,” said Amit Gupta, partner and head of India and Southeast Asia, TPG NewQuest.

Shadowfax’s claims to have clocked three consecutive quarters of EBITDA (earnings before interest, taxes, depreciation, and amortization) profitability in the current financial year from April to December 2023.

The company is looking to close FY24 as its first full financial year of positive EBITDA (after accounting for ESOP costs).

[prwizard]

Master Industries establishes the standards as the biggest online car accessories brand.

As the number of industries associated with online platforms continues to rise at a rapid rate, setting up their foundation as a supplier in online selling platforms is a huge challenge for companies. Only the best gets all the recognition. Master Industries, also known as Car Accessories by Master is one of those companies that has been quite successful in upscaling business in both online and offline modes. With a flourishing rate of success backed by a loyal consumer fanbase, the company has made it big over time.

A renowned car accessories brand in the Indian market, Master Industries serves as a comprehensive supplier of high-quality equipment. The company started with a wholesale outlet in Kashmere Gate, New Delhi and has continuously developed since then to 5 wholesale outlets for fulfilling orders. Equipped with the best research and development team, technical support, sales executives, and exceptional customer support services, Master Industries has established the standards for other companies by providing highly accomplished services in terms of quality, customer support, and a wide range of high-caliber goods. Behind the huge success of the company, some very special people like Mr. Pavneet Singh, Mr. Harkishan Singh the chief Managing Directors, and other skilled staff and team members have worked tirelessly for where the company stands today.

The aim is to provide exceptional quality goods in an affordable price range, a wide sphere of diverse products for the mass, and healthy connections with the customers. With a vow to consistently provide every customer, staff, and business partner value and good experience, the company is appreciated for being the most comprehensive and dependable. Offering the most distinguishing and forefront automotive products. The products are created and produced with the most exceptional technological solutions, considering that a wide range of goods is developed for use in industrial locations. Developed using premium raw materials, the products are known to be very reliable and durable.

Master Industries manufactures automotive connectors and relays, bike safety locks, dashboard figurines, car jump start cables, car emergency kits, car android players, safety cameras, LED and HID headlight kits, decoration accessories, and many more. The company’s capabilities to provide total customer satisfaction, standard quality manufactured products, on-time delivery services, professional services, a wide range of products, and capability to meet huge orders have made it the most appreciated and go-to company for potential customers.

The products are available on E-commerce platforms such as Amazon, Flipkart, Meesho, and others. The company receives over 50,000 orders from E-commerce platforms alone.

For any kind of information and inquiries, contact Master Industries through

Website: www.masterwiring.in

Instagram profile: https://instagram.com/@caraccessoriesbymaster_

[darnellclayton]

Winter is coming & it will be rough!

“This is going to be tough next year. My estimate is that a lot of startup founders will hit the market between April to June next year, and that’s the moment of truth for the ecosystem,” he said at a gathering over the weekend organized by Indian newspaper Economic Times.

Typically a reserved and soft-spoken executive, Krishnamurthy told hundreds of attendees that startup founders should embrace a down-round and restructure their firms. Many startup founders are not wiling to take a haircut on their previous valuations in new funding deliberations, investors say.

Yeah, this will break a lot of businesses. But hopefully, many will figure out a way to survive this pending ecopocolypse.

[sareideas]

Flipkart chief warns startups of turmoil and funding crunch for another 12 to 18 months • TechCrunch

Flipkart chief warns startups of turmoil and funding crunch for another 12 to 18 months • TechCrunch

The funding winter for the startup ecosystem may continue for another 12 to 18 months and the industry might have to grapple with a “lot of turmoil and volatility,” e-commerce giant Flipkart chief executive Kalyan Krishnamurthy has warned executives. “This is going to be tough next year. My estimate is that a lot of startup founders will hit the market between April to June next year, and that’s…

[reportwire]

Flipkart chief warns startups of turmoil and funding crunch for another 12 to 18 months

Flipkart chief warns startups of turmoil and funding crunch for another 12 to 18 months

The funding winter for the startup ecosystem may continue for another 12 to 18 months and the industry might have to grapple with a “lot of turmoil and volatility,” e-commerce giant Flipkart chief executive Kalyan Krishnamurthy has warned executives. “This is going to be tough next year. My estimate is that a lot of startup founders will hit the market between April to June next year, and that’s…