1947 Tech 🇮🇳: 132
Once a week newsletter: Insights on Tech, markets, startups, venture capital, and foreign investments in India
1. PharmEasy is buying back Esops worth $3 million
Another week, another round of ESPOS buybacks from another startup.
Online pharmacy Pharmeasy is buying back employee stock ownership plans (Esops) worth $3 million, as it looks to instill confidence in staff amid the Covid-19 pandemic and at a time when the competition is heating up with the entry of Reliance Industries and Amazon.
2. Reliance Retail buys Urban Ladder for $24.4 million
Three waves of the Indian startup ecosystem
2010–2015: Found the product-market fit
2015–2020: Indian companies can scale
2020 onwards: Indian companies can scale globally and become profitable
The third way has just started and Corporate development would play a major role.
We will see a lot more strategic investments, M&A’s, consolidation, and the formation of corp dev funds moving forward.
Reliance Retail has acquired a majority stake in furniture and decor platform Urban Ladder, making a broader push into e-commerce as the largest retail chain in India gears up to fight Amazon and Flipkart.
In a filing to the local stock exchange, Reliance Retail said it had acquired a 96% stake in Urban Ladder for about $24.43 million.
Tatas in talks to pick up majority stake in e-pharmacy firm 1mg Link
BigBasket in talks to sell majority stake to Tata Group Link
Worth your attention:
25 years on, India tops 75 crore (750M)Internet connections; 50% of these came in last 4 years Link
Covid impact: Rural India beats urban in mobile data usage Link
Aggregators may give 1–2% of turnover or 5% of wages to social security fund Link
India dominates global downloads for gaming apps in October Link
ByteDance owned TikTok working on a comeback strategy for India Link
SoftBank leads MindTickle’s $100 million round; valuation doubles to about $500M Link
Rupeek in talks to raise $100 Mn; Lee Fixel’s fund may invest Link
SoftBank, others may pump $55-$60 million into Grofers to help fight bigger rivals Link
Invoice management app FloBiz set to raise $10 Mn led by Greenoaks Link