1947 Tech: #47
Once a week newsletter: Insights on Tech, markets, startups, venture capital, and foreign investments in India
1. Big Funding round: SoftBank set to dispatch $450 million to Delhivery
SoftBank Group Corp, the world’s largest technology investor, is in the final stages of sealing a $450 million investment in Delhivery, India’s largest ecommerce-centric logistics company by revenue. The transaction is likely to value the Gurgaon-based company at over $1 billion, catapulting it into the unicorn club.
Softbank is betting big in India. It plans to invest $10 billion in 10 years in India. In the last four years, it has already invested about $7 billion in Indian firms including Flipkart, Ola, Paytm, Snapdeal, Policybazaar, Oyo Rooms, and Grofers.
2. Guinness record: Xiaomi India Sets Guinness Record Opening Over 500 Retail Stores in a Day
Smartphones and cheap data are transforming India. In a big way. Xiaomi is leading the way in Smartphones. They have the largest market share of smartphones in India.
Xiaomi on Tuesday, last week, announced it opened over 500 retail stores in a single day in the rural parts of India, setting a Guinness World Record.
“The company created a Guinness World Record for opening the maximum number of stores in one single day. Xiaomi plans to open 5,000 Mi Stores by the end of 2019 that will create nearly 15,000 jobs,” Manu Kumar Jain, Vice President, Xiaomi Global and Managing Director, Xiaomi India, told reporters here.
“This new business will forever change rural retail in India,” he added.
3. Give Smartphones get votes: In ‘Digital India,’ Government Hands Out Free Phones to Win Votes
Forget the old American campaign slogan of a chicken in every pot, or the Indian politician’s common pledge to put rice in every bowl.
Here in the state of Chhattisgarh, the chief minister, Raman Singh, has promised a smartphone in every home — and he is using the government-issued devices to reach voters as he campaigns in legislative elections that conclude on Tuesday.
A new kind of digital campaigning in India.
Spend $71m in state funds to give people free smartphones
Pre-load propaganda apps which also mine user contacts and data
Use that data + call center manpower to get people to vote for you
4. Big Opportunity: India is opportunity for Australia for next 20 yrs: Scott Morrison
Australian Prime Minister Scott Morrison on Thursday said that India was the world’s “fastest-growing major economy” and offers “more opportunity for Australian business for over next 20” years.
“India and Australia are both committed to strengthening regional institutions and ensure markets remain open and facilitate the free flow of trade, capital, and ideas,” Marise Payne, Minister for Foreign Affairs, was quoted saying.
“India is set to become the world’s third largest economy by 2030 and reaching this goal will see India as a key driver of continued global economic growth,” Payne added.