1947 Tech 🇮🇳 : 55
Once a week newsletter: Insights on Tech, markets, startups, venture capital, and foreign investments in India
1. India can be $5 trillion economy in 7–8 years: Prabhu — Times of India
Commerce Minister Suresh Prabhu said India has the potential to be a $5 trillion economy in 7–8 years. The ministry had prepared a road map to achieve this by focusing on manufacturing, service and agriculture sectors, he added.
Prabhu further said 100 new airports will come up in the country with an investment of $65 billion to boost air connectivity.
2. India app downloads grew by 165%; tops in spends on video streaming: App Annie report
India witnessed a 165% growth in app downloads across iOS and Android devices in the last two years, revealed research firm App Annie in its yearly “State of Mobile” report. Globally, it grew at 35%.
China, which grew 65% which accounted for half of all the app downloads in the world
3. Global retailers flock to India’s tech capital Bengaluru for talent
As the world’s largest retail companies look to tank up on technology skills to stay ahead, they are flocking to Bengaluru. Out of 25 Fortune 500 retailers, about 10 have set up technology shops in India and smaller retailers are following their larger rivals, show data from IT industry lobby Nasscom. When they are not setting up their own captive units, these retailers are working with Indian IT companies to outsource services.
“We have four chief technology officers in Walmart and we meet every week and we’re constantly talking about growth plans and how many seats in Bangalore we get. Bangalore is the one place we all are. It’s serving as the seed for the new models,” Jeremy King, executive vice president and chief technology officer at Walmart.
4. SoftBank may pick up 42% stake in FirstCry for $400M
SoftBank is set to invest $400 million for an over 40% stake in BrainBees Solutions, which owns and operates omni-channel baby and mother care product retailer FirstCry.
Founded in 2010, FirstCry has emerged as the leader in the sunrise baby and mother care sector segment, prompting multiple global investors to take a closer look at the company.