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Short-video platform Chingari raises $15 mn funding led by Republic Capital

Short-video platform Chingari on Monday said it has raised $15 million (about Rs 111.4 crore) in funding led by Republic Capital.

Short-video platform Chingari on Monday said it has raised USD 15 million (about Rs 111.4 crore) in funding led by Republic Capital.

The extended Series A round also saw participation from Onmobile, JPIN Venture Catalysts, Hill Harbour, Angellist, Venture Collective, Makan Family, Cowa Ventures, MVC Friends, Protocol Labs and other HNI family offices, a statement said.

The app will invest this new round of funds to enhance and integrate new in-app features, strengthen the backend technology team, as well as boost its marketing initiatives for 2022, it added.

Chingari had raised USD 19 million in crypto tokens from venture funds and individuals, including Republic Crypto, Solana Capital and Kraken, a US-based cryptocurrency exchange in October last year.

In April last year, Chingari had raised USD 13 million in a pre-Series A round led by OnMobile Global.

Major part of the fresh investment will be utilised to enhance the technology on the app, launch new features and augment the backend tech team by appointing the finest talent across artificial intelligence and machine learning with an aim to further enrich Chingari's user experience, it said.

Another important area of focus is to increase marketing initiatives to strengthen the brand's reach further into the roots of Bharat by making it a favourite among the tier III and IV audiences too, it added.

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Walmart reveals plans to enter blockchain-based Metaverse, sell NFTs

Amid the buzz around Metaverse, retail giant Walmart has revealed plans to enter the field of highly immersive virtual reality/augmented reality (VR/AR) and Blockchain-based world

Amid the buzz around Metaverse, retail giant Walmart has revealed plans to enter the field of highly immersive virtual reality/augmented reality (VR/AR) and Blockchain-based world.

Walmart's trademark filings indicate that the company is looking to establish its own NFTs (non-fungible tokens) and cryptocurrency, reports CNBC.

One of the trademark applications details possible "physical fitness training services" and "classes in the field of health and nutrition" that could take place in VR/AR environments.

In a separate filing, the company said "it would offer users a virtual currency, as well as non-fungible tokens, or NFTs," the report said on Sunday.

"Walmart is continuously exploring how emerging technologies may shape future shopping experiences," a Walmart spokesperson was quoted as saying in media reports. "We are testing new ideas all the time. Some ideas become products or services that make it to customers. And some we test, iterate, and learn from," according to the company.

Other retailers also have plans to enter metaverse, like Nike that aims to introduce NFTs and virtual sneakers while Adidas selling out of its aInto the Metaverse' NFT collection.

Gap has also started selling NFTs of its iconic logo sweatshirts.

The market for transactions in the Metaverse is expected to reach $6.1 billion this year, as tech giants like Meta (formerly Facebook) aim big on the VR/AR-based technology to bring deeper immersive experiences to billions in the future.

The global Metaverse market is forecast to hit nearly $42 billion globally by 2026, according to research firm Strategy Analytics.

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Agritech startup DeHaat acquires Helicrofter, to empower farmers

Agritech startup DeHaat on Monday said it has acquired Maharashtra-based B2B agri-input marketplace startup called Helicrofter, for an undisclosed sum

Agritech startup DeHaat on Monday said it has acquired Maharashtra-based B2B agri-input marketplace startup called Helicrofter, for an undisclosed sum

With the integration of Helicrofter, encompassing over 2,000 agri-input retailers and 30 sellers across Maharashtra, DeHaat has expanded its operation to another major agricultural belt, said Shashank Kumar, DeHaat's Co-founder and CEO.

DeHaat currently serves over 700,000 farmers across Bihar, Uttar Pradesh, Jharkhand, West Bengal, Odisha, Madhya Pradesh and Rajasthan.

Founded in 2020 by Siddhartha Choudhary, Helicrofter is a farm input e-commerce platform designed to do away with supply chain inefficiencies in the rural ecosystem.

Despite the pandemic, Helicrofter has achieved annual revenue in excess of Rs 50 crore.

"What makes this partnership even more ideal for us is the complementing ideologies and synergy of function that will enable us to work together in materialising our vision for the farmer communities that we jointly serve," said Choudhary.

DeHaat provides farmers with access to over 3,200 agricultural inputs, combined with AI-based customised crop advisory on pest and disease management, delivered via mobile app and call centres.

The platform also aggregates more than 30 crops from farmers on their network and directly supplies it to over 600 commodity bulk buyers, including retail chains, e-commerce players, FMCG giants, and SME food processors.

"We have been consistent with 35-40 per cent growth in our network on a month-on-month basis, and this acquisition will cement our footprint into Maharashtra and thereby the western part of India, which forms a major agri-cluster for the nation," said Amrendra Singh, Co-founder, DeHaat.

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Tesla wooed by Indian states after Musk flags government problems

The pitches, tweeted over the weekend, touted everything from infrastructure, sustainability and a streamlined approval process

Politicians from at least four Indian states took to Twitter to invite Tesla Inc. to set up shop in their provinces, just days after billionaire founder Elon Musk said the U.S. electric-vehicle pioneer was still facing a lot of challenges with the national government.

The pitches, tweeted over the weekend, touted everything from infrastructure, sustainability and a streamlined approval process. They were made from different parts of India -- Telangana in the south, Maharashtra in the west, Punjab in the north, and West Bengal in the east.

Musk and the Indian government have been in talks for years, but disagreements over a local factory and import duties have led to an impasse, meaning Tesla still doesn’t sell cars in India, three years after showing definite intent. While Prime Minister Narendra Modi’s administration wants Tesla to set up a factory to sell locally and export, Musk has insisted on slashing import duties of as much as 100% so that Tesla can first establish a market.

All the states that invited Tesla to start operations are ruled by parties opposed to Modi’s Bharatiya Janata Party, which runs the federal government.

Setting up car factories in India could be difficult even for local companies without any government support, as red tape, land acquisition and labor rights remain a constant challenge. In 2008, Tata Motors Ltd., run by India’s biggest conglomerate, was forced to abandon a near-complete facility in West Bengal after violent protests by farmers against land acquisition, thwarting its attempt to build the Nano, the world’s cheapest car, in the state.

“Drop here, we in West Bengal have best infra & our leader @MamataOfficial has got the vision. Bengal means Business,” Ghulam Rabbani, West Bengal’s minister for minority affairs and Madrassah education tweeted to Musk on Saturday. As an opposition leader, the state’s chief minister Mamata Banerjee had spearheaded a campaign demanding Tata Motors return the land acquired by the provincial government to farmers unwilling to give it up.

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50 more startups with the potential to be unicorns in 2022: Report

India has 50 startups with the potential to achieve the coveted unicorn' status in 2022 and by the end of the year, the list of the new-age companies valued at over $1 billion will be at least 100

India has 50 startups with the potential to achieve the coveted unicorn' status in 2022 and by the end of the year, the list of the new-age companies valued at over USD 1 billion will be at least 100, a report by a consultancy firm said on Monday.

In 2021, which witnessed a huge spike in company valuations in the listed and unlisted space driven by ample liquidity, according to some watchers, India added 43 startups to the list and the number of unicorns shot up to 68 by the end of the year.

Over USD 10 billion was invested in the Indian startup ecosystem in the October-December quarter alone, according to the report by PwC India.

We can see that the base of the companies in the growth stage and late-stage deals have improved significantly in CY21, depicting a stronger base of companies having the potential to reach unicorn status, the firm's partner for deals and startups Amit Nawka said.

He added that market sentiments are placed favourably towards startups, and when coupled with the large base of startups, the number of unicorns will go well beyond 100 by the end of 2022.

A December 2021 report by the Hurun Research Institute had said India is the third-largest home for unicorns globally but trails the US and China by a wide margin.

The PwC report said USD 35 billion were raised by Indian startups in over 1,000 rounds of funding in 2021, which was 1.5 times higher than the previous year. Edtech, software as a service and fintech sectors witnessed the highest activity.

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From pandemic to endemic: Can 2022 succeed where 2021 failed?

Health experts, however, are preaching caution, saying there's too much uncertainty about how virus will evolve, how much immunity society has built up, potential damage if people stop being careful

After two years of contagion and death, Covid is shifting again. Omicron is spreading faster than any previous variant, but it’s also proving less malevolent. There’s growing talk that the worst pandemic of the past century may soon be known in another way — as endemic.

Spain threw out the idea this week, when Prime Minister Pedro Sanchez said it’s time to think about new ways of living with Covid long term, such as the world does with the flu. Other countries jumped in, saying they may be moving toward a new chapter of the disease.

Health experts, however, are preaching caution, saying there’s too much uncertainty about how the virus will evolve, how much immunity society has built up and potential damage if people stop being careful.

From pandemic to endemic: Can 2022 succeed where 2021 failed? It’s inevitable that governments will eventually need to regard Covid as one of many public health challenges that can be managed — rather than one requiring the urgency and focus devoted since early 2020.

The appetite for economically damaging lockdowns is long gone. Vaccines are protecting swathes of the population, and there’s even hope that omicron, with its frenetic spread and less powerful punch, may be hastening the path to the pandemic’s exit.

“We probably are starting to see a transition phase toward this becoming an endemic disease, which doesn’t mean that we have to stop being very prudent,” Spain’s deputy prime minister, Nadia Calvino, told Bloomberg Television. “But it does signal that we should take measures that are very different to the ones we had to take two years ago.”

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Maruti Suzuki hikes vehicle prices by 4.3% to offset rise in input costs

The country's largest carmaker Maruti Suzuki India said it has increased prices of its models by up to 4.3% with immediate effect to partially offset the impact of the rise in input costs

The country's largest carmaker Maruti Suzuki India (MSI) on Saturday said it has increased prices of its models by up to 4.3 per cent with immediate effect to partially offset the impact of the rise in input costs.

The company has enhanced prices across its models in the range of 0.1 per cent to 4.3 per cent owing to increase in various input costs.

"The weighted average price increase in ex-showroom Prices (Delhi) across models is 1.7 per cent. The new prices are effective from today," the auto major said in a regulatory filing.

MSI sells a range of cars from Alto to S-Cross priced between Rs 3.15 lakh and Rs 12.56 lakh, respectively.

The auto major has already hiked the vehicle prices three times last year by 1.4 per cent in January, 1.6 per cent in April and 1.9 per cent in September, taking the total quantum to 4.9 per cent.

Last month, the company had stated that it has been forced to hike prices due to the increase in cost of essential commodities like steel, aluminum, copper, plastic and precious metals over the last one year.

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First Indian study provides evidence of Omicron's community transmission

The study shows a steep increase in the daily progression of Omicron cases with its preponderance in the community, which was observed from 1.8% to 54%

Most of the Omicron variant infected patients of COVID-19 during the last week of December 2021 had no travel history, which indicates that there was eventual community transmission, according to the study conducted by the Department of Clinical Virology, Institute of Liver and Biliary Sciences, New Delhi.

"The respiratory specimen of all RT-PCR confirmed positive cases between November 25 -December 23, 2021, collected from five districts of Delhi were subjected to whole-genome sequencing. Complete demographic and clinical details were also recorded. Hence, we analysed the formation of local and familial clusters and eventual community transmission," the study noted.

The study also states that around 60.9 per cent of COVID-19 infected people showed a community spread.

"Out of the 264 cases during this study period, 68.9 per cent (n=182) were identified as Delta variant and its sub-lineages while 31.06 per cent (n=82) were Omicron variant with BA.1 as the predominant sub-lineage (73.1 per cent)," it further read.

It stated that most of the Omicron cases were asymptomatic (n=50.61 per cent) and did not require any hospitalizations.

"A total of 72 (87.8 per cent) cases were fully vaccinated. Around 39.1 per cent (n=32) had a history of travel or contacts while 60.9 per cent (n=50) showed a community transmission," it added.

The study shows a steep increase in the daily progression of Omicron cases with its preponderance in the community, which was observed from 1.8 per cent to 54 per cent.

As per the interpretation of the study, this is among the first from India to provide the evidence of community transmission of Omicron of coronavirus infection with significantly increased breakthrough infections, decreased hospitalization rates, and a lower rate of symptomatic infections among individuals with high seropositivity against SARS-CoV-2 infections.

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All iPhone 14 models to feature 120Hz displays, 6GB RAM: Report

Apple is expected to announce the iPhone 14 series in or around September and now a new report suggests that all four iPhone 14 models would sport 120 Hz screens, not just the two Pro devices.

Apple is expected to announce the iPhone 14 series in or around September and now a new report suggests that all four iPhone 14 models would sport 120 Hz screens, not just the two Pro devices.

According to a research note by analyst Jeff Pu for Haitong International Securities, all four iPhone 14 models will also have the exact same RAM amount: 6GB. This too is in contrast to the current situation, where the iPhone 13 mini and iPhone 13 have 4GB, while the Pro and Pro Max have 6GB, reports GSMArena.

Recently, Apple analyst Ming-Chi Kuo also claimed that the 2022 iPhone 14 Pro and 14 Pro Max would be shifting over to a hole-punch cutout for the camera.

Apple has reportedly advised major US carriers to prepare for the launch of eSIM-only smartphones by September this year.

It is possible that Apple might remove the physical SIM card slot starting with some iPhone 14 models, rather than some iPhone 15 models as originally rumoured.

It is also said that there will be support for two eSIM cards, ensuring dual SIM functionality. The removal of the SIM card slot could further improve water resistance.

The next flagship series, the iPhone 14 line-up, will come with up to 2 TB of storage.

Apple will adopt QLC flash storage for next year's iPhone and that, thanks to the newer storage technology, it will increase capacity to 2 TB.

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Philippines gives $374-mn contract to BrahMos Aerospace to supply missiles

Under the deal negotiated, Brahmos Aerospace Private Ltd will deliver three batteries, train operators and maintainers, and provide logistics support, Defence Secretary Delfin Lorenzana said

The Philippines has given a $374-million contract to BrahMos Aerospace to supply shore-based anti-ship missiles for the country's navy, military sources said.

BrahMos Aerospace, an India-Russian joint venture, produces the supersonic cruise missile 'BrahMos' that can be launched from submarines, ships, aircraft, or from land platforms. The company had proposed to the Philippines government for supply of shore-based anti-ship missiles for the country's navy, sources mentioned.

Its proposal worth $374 million was accepted last month by the government, they added.

India has already deployed a sizable number of the Brahmos missiles and other key assets in several strategic locations along the Line of Actual Control with China in Ladakh and Arunachal Pradesh.

The Philippines is in the late stages of a five-year, 300 billion pesos ($5.85 billion) project to modernise its military's outdated hardware that includes warships from World War Two and helicopters used by the United States in the Vietnam War.

Under the deal negotiated with the government of India, Brahmos Aerospace Private Ltd will deliver three batteries, train operators and maintainers, and provide logistics support, Defence Secretary Delfin Lorenzana said in a Facebook post late on Friday.

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What does the future of 'work' look like?

coronavirus pandemic,Pandemic has led to a seismic shift in how we work and forced businesses to adapt to new realities. So, what the future of work will be like, will it be more flexible? Let's try to find out

India’s biggest FMCG company Hindustan Unilever last month introduced a new flexible work model for its employees in a bid to challenge the traditional work structures. About 8,000 of its office-based staff are eligible to apply for this. The scheme gives employees a flexible association with the company and yet provides financial, security, retirement, and medical benefits.

The workers get a monthly retainer and in addition, they get paid for each assignment they work on. And between assignments, they are free to do other things that are important to them. The company gains by having ready access to skilled people who can hit the ground running.

Employees today are increasingly putting their families before work after having spent two years working from their homes and native places. They want to experience an improved work/life balance. And employers have come to realize that flexibility should no longer be viewed as a privilege but be made available to all workers.

In India, companies are once again re-adapting to work from home. This time with much relative ease. They wanted to get people back to offices in a hybrid model where they visit the office only a few days a week, at least for tech and other office-based roles.

But there is still some pushback to this idea.

A long-term solution for this is offering flexible work where employees can work from anywhere permanently and make office visits only on certain occasions. This also broadens the talent pool for hiring. But a common complaint that companies have is that it makes it harder for them to maintain and reinforce their company culture.

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S Korea's LG Energy Solution plans US battery JV with Honda: Report

The potential battery JV between LGES and Honda could cost as much as 4 trillion won ($3.4 billion) and have an annual production capacity of up to 40 gigawatt-hours (GWh) of batteries

South Korean battery maker LG Energy Solution (LGES) plans to build a battery joint venture (JV) with Japan's Honda Motor Co Ltd in the United States, South Korea's Maeil Business Newspaper said on Friday, citing an unnamed industry source.

The potential battery JV between LGES and Honda could cost as much as 4 trillion won ($3.4 billion) and have an annual production capacity of up to 40-gigawatt hours (GWh) of batteries, enough to power 600,000 electric vehicles (EVs), the newspaper reported. The report did not have details, such as the timeline of when the JV would be built and begin operations.

LGES, LG Chem Ltd's battery subsidiary, commands more than 20% of the global EV battery market and supplies Tesla Inc, General Motors Co, and Volkswagen AG among others. "We are discussing various ways to cooperate with automakers, including establishing joint ventures, but nothing has been decided," LGES said in a statement.

A Honda USA spokeswoman declined to comment on the story.

"This is not something that Honda has announced. We cannot comment on speculation," said a spokesperson at Honda in Tokyo.

Honda and its alliance partner GM plan to introduce two jointly developed large-sized EV models in North America, using GM's Ultrium batteries, in 2024. GM will make Ultium batteries under a JV with LG.

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Indian mobility tech startup EVage raises $28 mn from US-based VC firm

EVage on Friday said it has raised $28 million from US-based venture capital firm RedBlue Capital.

Indian all-electric commercial original equipment manufacturer (OEM) EVage on Friday said it has raised $28 million from US-based venture capital firm RedBlue Capital.

Founded in 2014, Evage in India is supplying EV trucks to major delivery fleets such as Amazon India's Delivery Service Partner.

The seed-round funding will help the mobility tech startup complete its production-ready factory outside of Delhi in FY2022-23 and scale-up production said the startup.

"When we pioneered our highly adaptive and modular multi-vehicle platform in 2014, it was a journey into the unknown. The success of new global OEMs and their impact on electrifying transport in the US and Europe is a testament to what we can do in India and other price-sensitive countries," said Inderveer Singh, Founder, and CEO, EVage.

EVage has developed a platform for industry-ready electric vehicles that exceed the quality of comparable options available in India and other emerging markets at a far lower cost basis, passing on the significant total cost of ownership (TCO) savings to its customers.

EVage said it will manufacture vehicles in 'Modular Micro Manufacturing' factories with smaller footprints and fewer capital requirements than traditional automotive OEMs.

EVage's first vehicle, the Model. X is a one-tonne truck designed for the commercial delivery vehicle market and is undergoing a seismic shift towards electrification.

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Has IPO-bound travel tech major OYO regained trust of its hotel partners?

As OYO prepares for its public listing, the continued satisfaction of its hotel partners and winning back dissatisfied partners will play a key role in determining how its business performs.

As travel tech major OYO prepares for its much-awaited public listing, the continued satisfaction of its hotel partners and winning back dissatisfied partners will play a key role in determining how its business performs and, by extension, how its stock holds up.

The company has recently been affected by some of its hotel partners publicly complaining, filing cases, and even writing to the regulator.

The moot question here is: Has IPO-bound OYO regained the trust of its hotel partners which it also addresses as Patrons?

Let's take a closer look at its patron policies through its draft red herring prospectus (DRHP) filed with SEBI.

With over 157,000 storefronts worldwide, the 40 reported cases against the company or its directors translate to less than 0.02 percent of its storefronts. OYO sources say that majorly of these originate due to shifting from minimum guarantee to revenue sharing arrangement. As per DRHP, at its peak, 14.7 percent of hotels had a minimum guarantee. This number is down to nearly zero now.

After bingeing on growth and expansion, the company seems to have refocused its priority to course correct on the hotel partner front.

Revenue growth is by far the biggest and most meaningful value proposition that OYO claims to provide its hotel partners worldwide. Its DRHP tries to prove it by showing the median revenue growth for a storefront after 12 weeks of a hotel joining the OYO platform.

The highest revenue uplift for storefronts is in the European Vacation Homes Business at 2.4 times, while India is still at a healthy 1.9 times increase in revenue.

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Amazon brand startup Thrasio to invest $500 for India e-commerce expansion

The company and its peers buy out small merchants and plan to use their retail expertise to turn the acquisitions into global brands.

Thrasio Holdings Inc., an aggregator of private brands on Amazon.com Inc., is setting aside more than $500 million for an expansion in India to target one of the world’s fastest-growing e-commerce markets.

The Walpole, Massachusetts-based startup said it acquired consumer goods company Lifelong Online to commence the push, without disclosing the value. Lifelong’s product categories include kitchen, home, lifestyle, and health care, Thrasio said in a statement Friday.

Thrasio, backed by Silver Lake, is one of a slew of startups looking to capitalize on Amazon’s e-commerce dominance by acquiring up-and-coming sellers on the company’s third-party marketplace. Thrasio and its peers buy out small merchants, sometimes mom-and-pop operations run out of garages, and plan to use their retail expertise to turn the acquisitions into global brands.

“In addition to acquiring and growing digital-first businesses, we plan to participate in the ‘make in India’ movement by transitioning the manufacturing for some of our products to the country,” Carlos Cashman, Thrasio’s chief executive officer, said in the statement.

Thrasio has acquired more than 200 brands and raised over $3.4 billion in capital and plans to continue expanding globally. The startup’s rivals include Mensa Brands, backed by Tiger Global and Accel, and SoftBank Group Corp.-backed GlobalBees Brands.

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TVS Motor Company, Swiggy join hands for food delivery on electric vehicles

TVS said in a statement that the partnership highlights its commitment to strengthening electrification across diverse mobility segments

TVS Motor Company, the flagship company of $8.5 billion TVS Group, and food delivery major Swiggy have entered into a strategic partnership to use TVS Motor’s electric vehicles for food delivery and other on-demand services, and other sustainable initiatives.

Last year, Softbank-backed Swiggy had announced that it was planning to cover deliveries spanning 800,000 kilometers every day through EVs by 2025. It had also signed a deal with Reliance BP Mobility Ltd (RBML) to build an EV ecosystem and battery-swapping stations for its delivery partners and also joined hands with e-cycle maker Hero Lectro to come up with end-to-end delivery of Swiggy orders through cargo e-cycles. Trials in this regard are currently going on in Bengaluru, New Delhi, and Hyderabad.

TVS said in a statement that the partnership highlights its commitment to strengthening electrification across diverse mobility segments and is in line with Swiggy’s many efforts to enable the adoption of EVs in its delivery fleet. As part of the MoU, TVS Motor and Swiggy will test the implementation of TVS Motor’s EV for food delivery and other on-demand services of Swiggy.

The two companies are also exploring the co-creation of sustainable and comprehensive solutions for Swiggy’s delivery partners. This will include working on customized packages like a need-specific product, flexible financing options and, connected services. Notably, the pilot will play a vital role in the adoption of EVs in food delivery and on-demand delivery services.

“TVS Motor Company has been at the forefront of delivering green and connected vehicles to our customers. Our collaboration with Swiggy is a key step towards strengthening the electrification of mobility in food delivery and last-mile delivery services, furthering the easy adoption of EVs amongst customers," said Manu Saxena, senior vice president – Future Mobility, TVS Motor Company.

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Health-tech company HCAH raises Rs 112 cr from ABC World Asia

HCAH will use this investment to build a presence in physical rehabilitation and recovery space through its service range of home ICU, in-patient rehab in transition care centers, digital and home rehab

Health-tech company HealthCare at home (HCAH) has raised Rs 112 crore from ABC World Asia (“ABC”), a Singapore-based impact-focused private equity fund. HCAH is backed by the Burman family, Quadria Capital, and Founders of Healthcare at Home UK.

HCAH will use this investment to build its presence in the physical rehabilitation and recovery through its service range of Home ICU, Inpatient rehab in transition care centers, digital and home rehab; and rehab equipment, elderly care services including long term nursing, palliative, and attendant care services and Chronic Disease Management services including screening, diagnostics, patient support, adherence programs in association with leading pharma companies. All these services are delivered through HCAH’s proprietary technology platform in homes, centers, and digitally.

Vivek Srivastava, Co-Founder, and CEO, HCAH said, “The out-of-hospital care model is witnessing rapid growth as more and more countries are leveraging the model to deliver best in class health outcomes, and quality of life. Our solution delivers better outcomes at a lower cost while increasing access by the use of data and technology."

"The investment from ABC is a significant step for the out-of-hospital care segment in India and will allow HCAH to build 1,500 beds in transition care and long-term care focused on physical rehabilitation and recovery, and long-term care for elderly," added Srivastava.

HCAH has handled nearly 1,000,000 patients with an almost 97% recovery rate during the pandemic and worked closely with the Government of Delhi, Punjab, and Karnataka to deliver services at scale, said the company in a statement.