Author: Business Matters Editor

Fashion Giant Myntra’s Festive Season Sale Attracts 460 Mn Customer Visits Introduction Myntra, India’s leading online fashion retailer, recently concluded its festive season sale, the Big Fashion Festival (BFF), with a record-breaking 460 million customer visits. The sale, which ran from October 7 to 18, 2023, offered customers a wide range of products from over 6,000 brands, including legacy, D2C, and international brands. Key Highlights 460 million customer visits22 lakh styles available50% increase in selection from the previous year42% of demand from non-metro regionsSome of the most popular categories were ethnic wear, footwear, and accessories Factors Driving the Success of…

BharatAgri, an advisory-led ecommerce platform for farmers, has raised $4.3 million (Rs 35 crore) in its Series A funding round led by Arkam Ventures. The round also saw participation from Capria Ventures and existing investors India Quotient, 021 Capital, and Omnivore. The funds will be used to scale BharatAgri’s ecommerce platform into new geographies and strengthen its last-mile delivery. The company plans to expand its reach to over 10 million farmers in the next two years and make it easier for them to access high-quality agricultural inputs at affordable prices. BharatAgri was founded in 2019 by Vishakha Singh and Richa…

iD Fresh Food Earned INR 479 Cr By Selling Idli & Dosa Batter In FY23 iD Fresh Food, a Bengaluru-based startup known for its idli and dosa batter, earned INR 479 Cr in revenue by selling its batter in the financial year 2022-23 (FY23). This represents a 26% increase in revenue from the previous year. The startup’s revenue from batter sales accounts for 40% of its total revenue. iD Fresh Food also sells other ready-to-cook food products, such as parotta dough, chutney, and sambar. iD Fresh Food’s growth in FY23 comes amid the ongoing funding winter, which has forced Indian…

Bank of Baroda’s Digital Banking App Controversy: A Troublesome Situation Bank of Baroda (BoB), one of India’s largest public sector banks, has been embroiled in a controversy over its digital banking app, bob World. In July 2023, an investigation by The Reporters’ Collective (TRC) and Al Jazeera revealed that BoB agents had been linking unauthorized mobile numbers to customer accounts without their consent, in order to boost the number of users on the app. This practice put customers at risk of fraud, as anyone with access to their registered mobile number could potentially gain control of their bank account. The…

PhonePe’s Revenue Inches Closer To INR 3,000 Cr Mark In FY23 Fintech startup PhonePe recorded a revenue of INR 2,914 Cr in the financial year ended March 31, 2023, an increase of almost 77% from INR 1,646 Cr in FY22. The Walmart-owned company attributed the increase in revenue to growth in money transfers, mobile recharges and bill payments. The startup also said that the revenue growth was driven by the launch and scale-up of new products and businesses such as smart speakers, rent payments, and insurance distribution. PhonePe’s revenue growth in FY23 comes at a time when the Indian fintech…

Zomato Denies Role In Viral Indore Video Featuring Female Delivery Partner Indore, October 18, 2023: Online food delivery platform Zomato has denied any role in a viral video that shows a female delivery partner being harassed by a group of men in Indore. The video, which has been widely shared on social media, shows the delivery partner being surrounded by the men and asked for her phone number. When she refuses, they start to abuse her verbally and physically. In a statement, Zomato said that the incident happened on October 16 and that the delivery partner is safe. The company…

Honasa Consumer Sets The Stage To Intensify Mamaearth’s Overseas Growth Honasa Consumer, the parent company of popular D2C beauty brand Mamaearth, has set the stage to intensify Mamaearth’s overseas growth. The company has designated specific key regions where it intends to intensify its expansion of Mamaearth by partnering with local channels. Among these priority markets are Bangladesh, Malaysia, Vietnam, and Thailand. Honasa Consumer’s overseas expansion plans are driven by the growing demand for its products in these markets. Mamaearth’s products are known for being made with natural ingredients and being free of harmful chemicals. This makes them a popular choice…

Jio Financial Services (JFS), the demerged entity of Reliance Industries (RIL), reported a consolidated net profit of INR 668.18 crore in the September quarter of the current fiscal (Q2 FY24), up 101.3% from INR 331.92 crore in the June quarter of FY24. Total revenue from operations of the Mukesh Ambani-backed firm jumped 48% on a sequential basis to INR 608 crore, aided by dividend income of INR 217 crore. The strong financial performance comes in the backdrop of JFS’ demerger from RIL in June 2023 and its subsequent listing on stock exchanges in July 2023. JFS is now a pure-play…

Government Ramps Up Actions Against Illegal Offshore Betting Services The Indian government has ramped up its actions against illegal offshore betting services in recent months. This comes as the country has seen a rise in online gambling and betting, particularly among the youth. The government has taken a number of steps to crack down on these illegal services, including blocking websites, arresting operators, and seizing assets. In July 2023, the Ministry of Home Affairs (MHA) issued a directive to all state governments to take steps to block illegal offshore betting websites. The MHA also advised the states to take action…