1947 Tech 🇮🇳 : 54
Once a week newsletter: Insights on Tech, markets, startups, venture capital, and foreign investments in India
1. India’s consumer spending to grow to $6 trillion by 2030: WEF-Bain report
It seems to be a good time for the consumer goods industry in India. The country is set to become a truly middle class-led economy, fuelled by growth in income, according to a joint report by World Economic Forum and Bain & Company.
Consumer spending in India will grow from $1.5 trillion at present to $6 trillion by 2030, making the country the third largest consumer market in the world after the U.S. and China, said the report, released on Wednesday.
According to the report titled ‘Future of Consumption in Fast-Growth Consumer Markets’, the upper-middle and high-income segments are expected to grow from being one-in-four, to one-in-two households by 2030.
2. IBM receives 9,100 patents in 2018; India second highest contributor
IBM on Tuesday announced its inventors received a record 9,100 patents in 2018 in the US, to which India was the second highest contributor with over 800 patents. This marks the company’s “26th consecutive year of US patent leadership” and crossing of the 1,10,000-patent milestone, IBM revealed. The patents were granted to over 8,500 IBM inventors in around 48 countries.
3. Product chief says Uber’s future tech is made in India
The San Francisco-headquartered company is using India as the base to build and experiment with new products, according to Gupta, exporting them to markets such as Latin America and Africa. The charge, led by Gupta, mirrors similar moves by global technology giants Google and Amazon which have built large development capabilities in the country.
Last year, the company rolled out Uber Lite, a product built from scratch in India for the domestic market, which has now been taken to 16 other countries across the world. Uber now wants to build more products that are tailored to the India market, as it believes they could hold the key to making inroads into emerging markets.
4. WeWork may buy back stake in India business for up to $1 billion
New York-headquartered shared workspace provider WeWork is holding talks to own at least 51% stake in its Indian operations, which is currently managed by billionaire property developer Jitu Virwani of Embassy Group through a licensing deal.
WeWork wants to take back control well before the licensing deal ends in 2021 after India emerged as one of the fastest developing markets.
The country’s leading office space developer Embassy has built about 35,000 desks across 17 locations (in Bengaluru, Mumbai and NCR) for WeWork India and plans to expand the franchise to 90,000 desks by December this year. Embassy wants to hit that target — originally scheduled for 2021 — full two years ahead. WeWork has sought ownership of the business before valuations run too high.
Globally, WeWork — started by Neumann and Miguel McKelvey in 2010 — is present in 96 cities spread across 539 office locations with 400,000 members