Enterprise Tech

Enterprise Tech – Latest news, funding & startup financials, governments policies, sector landscape of Enterprise Tech in India

Indegene Omnipresence Raises $20 Mn To Expand SaaS Business
Enterprise Tech

Indegene Omnipresence Raises $20 Mn To Expand SaaS Biz

Healthcare-focused SaaS company Indegene Omnipresence has raised $20 Mn from Syneos Health, a US-based...
10th January, 2020
Mukesh Ambani-led Reliance Retail, which is one of India’s largest retailers and a recent entrant to the ecommerce club, has called for tighter regulation of ecommerce marketplaces. According to a Reuters report, the company, in a closed-door government meeting told officials that India needed special regulations to ensure “non-discriminatory” treatment of sellers on marketplace websites. While Reliance did not name any of the marketplaces, the Indian ecommerce sector is dominated by Amazon and Flipkart. They have also faced heavy criticism from Indian retailers who have accused the ecommerce giants of flouting India’s foreign direct investment (FDI) policies, giving special treatments to sellers formed in their joint partnerships, rigging search results and creating an anti-competitive condition. Amazon, Future Under The Govt Radar? In June 2021, the government made proposals to tighten the norms for ecommerce marketplaces like Amazon India and Walmart-owned Flipkart through the draft ecommerce policy. The policy plans to ban flash sales and end preferential advantage to vested or related-party vendors. It also suggested making provisions to display each product’s country of origin and displaying alternative products before customers make purchases “to ensure a fair opportunity for domestic goods.” Post these proposals, Amazon India raised concerns about the rules hurting its sellers while Flipkart maintained that it complies with the FDI aspect of the draft ecommerce rules, refraining to comment on other aspects of the bill. The 32-year-old Confederation of All India Traders (CAIT) which represents 80 Mn Indian traders and 40K+ trade associations, is one of the ecommerce marketplaces’ biggest critics. It claims to be the world’s largest non-corporate SME organisation and its main agenda is to promote the welfare of offline and small retailers. On numerous occasions, CAIT has written to the CCI, demanding immediate steps for an aggressive investigation into the business model of both Amazon and Flipkart in reference to complaints of dominance and non-competitive business practices. It has called Amazon and Flipkart, the ‘new edition of East India Company’ pointing out the need for ‘consolidation of the nationalist forces’ “as foreign ecommerce companies will adversely affect the country’s economy and retail market.” Stand Of Other Retail Players On The Draft Ecom Rules The Tata Group and Amazon India have previously warned government officials that the new draft of the ecommerce policy would negatively impact online sellers working with marketplaces as well as existing business ventures. Besides this, Reliance Retail had previously sought some clarity from the government on certain aspects of the new rules. This time, not only did a Reliance executive support the traders’ woes in the meeting held on January 18, but it also said that marketplace websites must act independently and should have no relationship with their sellers, indicating officials should incorporate such provisions into policy changes for the booming sector. This is not the first time Reliance has spoken against foreign ecommerce players. Previously, Reliance Industries has alleged that firms such as Amazon and Walmart-backed Flipkart are using capital dumping to subsidise and engage in predatory pricing, leading to massive unemployment and financial distress among the country’s small merchants and kirana stores. With over 12K physical stores and its recent venture into the ecommerce segment, Reliance is India’s go-to ‘organised’ physical retailer and is in the earshot of ecommerce marketplaces such as Amazon and Flipkart. The current backing of the new ecommerce rules also comes on the back of Amazon-Future Retail trials, where the former has been attempting to stall the deal between Future Group and Reliance Retail since October 2020. Reliance Taking The Super App Approach The news comes at a time when Reliance Retail seems to be pulling all springs to its services online via the Jio platform. Reliance Retail has also been actively investing in and acquiring startups catering to fast-growing segments. Its recent bets include: Acquired retail lingerie business under the ‘Amante’ umbrella brand from MAS Brands; Acquiring a significant control of Just Dial Limited Acquiring subscription-based daily micro-delivery service Milkbasket, epharmacy startup Netmeds, online furniture startup Urban Ladder and lingerie ecommerce marketplace Zivame among others Investing in robotics startup Adverbb Technologies, quick commerce startup Dunzo, among others. Reliance Retail also recently reported its highest-ever revenue in the Q3 FY22, a 150% YoY rise from the same quarter last year. Its revenue was INR 57,714 Cr, as opposed to INR 47,064 Cr in October-December 2020. The digital businesses arm is home to consumer businesses such as Ajio, JioMart, and other in-house brands such as Trends, Smart, Fresh, Digital among others. It is evident that the retail giant eyeing a bigger chunk of the ecommerce market poised to reach $200 Bn by 2026, and according to its recent move, does not mind thwarting its competition.
Enterprise Tech

Fynd Makes Shopping Easy With AI-Based Search Tool — Here’s How

Reliance-backed fashion ecommerce platform Fynd has launched an artificial intelligence-based fashion product…
7th January, 2020
Zoho CEO Defends Attending RSS Event Amid Twitter Outrage
Enterprise Tech

Zoho CEO Defends Attending RSS Event Amid Twitter Outrage

The founder and CEO of software development company Zoho Corp, Sridhar Vembu,…
7th January, 2020
InMobi Widens Its Losses By 54% In 2019 Amid Restructuring
Enterprise Tech

InMobi Widens Its Losses By 54% In 2019 Amid Restructuring

Bengaluru-based adtech unicorn InMobi has reported a net loss of INR 54…
6th January, 2020
2019 Has Given Us Renewed Sense of Purpose: Haptik Cofounder
Enterprise Tech

2019 Has Given Us Renewed Sense of Purpose: Haptik Cofounder

The year 2019 started with speculations of Reliance Jio acquiring chatbot startup…
3rd January, 2020
Cybersecurity In The New Decade: India And Enterprise Security In The 2020s
Resources

Cybersecurity In The New Decade: India And Enterprise Security In The ...

As the nation is on a rapid digitisation trajectory, India is reaping…
1st January, 2020
FarmERP Bags Series A Funding To Build On Climate Risk Tech
Enterprise Tech

Pune-Based FarmERP Bags Series A Funding To Build On Climate Risk Tech...

Pune-based Agritech enterprise resource planning (ERP) platform, FarmERP, has raised an undisclosed…
30th December, 2019
LeverageEdu Raises $1.5Mn To Expand In Tier 2, 3 Cities
Enterprise Tech

LeverageEdu Raises $1.5Mn To Fuel Expansion In Tier 2, 3 Cities

New Delhi-based edtech startup LeverageEdu, on Saturday (December 28), announced that it…
28th December, 2019
India's Vimobin Labs Bags Seed Funds To Take On Google Stadia, Nvidia
Enterprise Tech

Exclusive: India’s Vimobin Labs Raises Seed Funds To Take On Google St...

At a time when fantasy gaming has turned…
27th December, 2019
Zoho Sets Up Five Megawatt Solar Energy Panel To Go Completely Green
Enterprise Tech

Zoho Sets Up Solar Energy Panel To Go Completely Green

With the aim to incorporate sustainable environmental practices,…
26th December, 2019
PeopleStrong Acquires Enterprisetech Startup Qilo To Enhance Operations
Enterprise Tech

PeopleStrong Acquires Enterprisetech Startup Qilo To Enhance Operation...

Gurugram-based HRtech startup PeopleStrong, on Monday (December 23),…
23rd December, 2019
Drone Startup FlytBase Raises Seed Round For Commercial Applications
Enterprise Tech

Drone Startup FlytBase Raises Seed Round For Commercial Applications

Pune and Silicon Valley-based drone startup FlytBase, on…
20th December, 2019

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