The perfect of ETtech Unwrapped in 2021

The best of ETtech Unwrapped in 2021

Completely happy 2022! Seize that cuppa and settle in as we glance again at one of the best explainers, investigations and analyses that Unwrapped delivered weekly to your inbox within the crypto-crazy, IPO-crammed, Musk-tastic yr that was 2021.


Crypto scams and Ok-pop followers


Members of South Korean Ok-pop band BTS.

In February, we investigated a bizarre scam involving followers of Ok-pop band BTS, who name themselves ARMY. “What TF is going on with ARMY Twitter…”, a BTS fan had tweeted a number of weeks earlier. That tweet was a part of a thread which, in screenshot after screenshot, revealed what she believed was a plot to infiltrate the web area of her fellow BTS followers—after which rip-off them mindless with phishing assaults.

NFTs are all the craze. This is why.

We first wrote about non-fungible tokens (NFT) in late February, days earlier than Beeple’s now-famous NFT-backed jpeg offered for $69 million at a Christie’s public sale, sparking a worldwide craze. Fungible merely means interchangeable. NFTs are thus a kind of crypto asset wherein every token is exclusive. This makes them ineffective as a forex, however extraordinarily helpful as incorruptible certificates of authenticity for, nicely, something.

Zomato’s IPO playbook


Zomato’s cofounder and CEO Deepinder Goyal

After a massively profitable IPO, Zomato made a bumper debut on Dalal Avenue on July 23. After the inventory closed at Rs 125.85 on the Bombay Inventory Alternate, 65.59% larger than the problem worth, we took an in depth have a look at Zomato’s IPO playbook and what helped make the meals supply agency’s itemizing a roaring success.

Ecommerce vendor beware

In mid-August, the Supreme Court docket mentioned an investigation by India’s competitors regulator into Amazon’s and Flipkart’s enterprise practices might go forward. A couple of hours later, Amazon introduced it might discontinue its three way partnership with Catamaran Ventures subsequent Could. We delved deep into the issue to know why Amazon determined to drag the plug on the partnership.

Crypto ETFs defined

There was a variety of buzz round cryptocurrency trade traded funds (ETFs) in October, amid experiences and rumours that the US Securities and Alternate Fee (SEC) was set to approve the launch of a number of bitcoin ETFs. We delved into EFTs—and specifically crypto ETFs—to clarify why this was termed a “watershed second” for the crypto trade.

A Diwali bonus for bourses, courtesy startup IPOs

On the finish of October, we gave you the lowdown on three big startup IPOs that adopted Zomato’s—these of Nykaa, Policybazaar and Paytm. Whereas the primary two carried out past expectations, Paytm’s IPO—the biggest in Indian company historical past—turned out to be a dud.

NFTs and their makes use of past artwork


In November, the NFT craze hit new heights as a number of celebrities—from Eminen and Paris Hilton to Amitabh Bachchan and Salman Khan—launched their very own NFT-backed digital collectibles. But NFTs can be used for much more than simply certifying digital artwork items and collectibles, we wrote. Actually, utilizing NFTs just for these is the equal of utilizing the web solely to ship electronic mail.

India at crypto crossroads

In early December, when rumours abounded that the federal government would introduce the crypto invoice within the winter session of Parliament, we reported that it was additionally seeking to amend income tax and disclosure norms to incorporate phrases akin to cryptocurrency.

“There’s a advice so as to add the phrases cryptocurrency, crypto belongings or digital forex in some components of the Earnings Tax Act,” one of many individuals mentioned. “This could imply that these submitting tax returns should particularly disclose their earnings from cryptocurrency funding or buying and selling,” an individual conscious of the event advised us.

Twelve instances Elon Musk moved markets in 2021

Elon Musk

Tesla CEO Elon Musk

On December 10, Elon Musk tweeted that he was contemplating quitting his “jobs” and changing into an influencer full-time. He was joking, in fact, and thank god for that. As a result of at the same time as a part-time influencer, the world’s richest individual managed to move markets at least once every month last year.


Reliance Retail invests $200 million in Dunzo for 25.8% stake

Kabeer Biswas and Mukesh Ambani

Dunzo CEO Kabeer Biswas and RIL Chairman Mukesh Ambani

Reliance Retail Ventures Ltd. is investing $200 million in Dunzo for 25.8% stake, making the billionaire Mukesh Ambani-led agency the only largest shareholder within the fast commerce startup.

Additionally learn: Unpacking the Reliance-Dunzo deal; Livspace is turning unicorn

  • That is important because it marks the entry of India’s greatest offline retailer into the so-called ‘fast commerce’ area, which is busier than ever.

Dunzo was in stake sale talks with a number of suitors, together with the Tata Group, which is aggressively increasing its ecommerce footprint. The talks fell through because the hyperlocal startup was unwilling to cede management to the conglomerate.

Now, RIL has stepped in.

“The concept was to have the ability to work with a long-term companion on the enterprise. We need to keep as an impartial entity and be capable of discover a solution to go public,” Dunzo’s founder Kabeer Biswas advised ET, including that the Reliance workforce was very “supportive” of those concepts.

In keeping with Biswas, Dunzo is planning an preliminary public providing within the subsequent three years. Each new and current traders are aligned with the thought course of.

The Large Interview: Flipkart CEO Kalyan Krishnamurthy

Flipkart CEO

Flipkart CEO Kalyan Krishnamurthy

Flipkart will scale verticals akin to grocery, hyperlocal deliveries and its value-focused platform Shopsy, having invested in these areas over the previous yr or so, CEO Kalyan Krishnamurthy told us in an exclusive interview.

  • The Walmart-owned firm will double down on these bets and in addition transfer ahead on healthcare and journey, wherein it made strategic investments final yr, as a substitute of diversifying additional this yr.

On the corporate’s IPO plan, which ET has reported is planned for this year, Krishnamurthy mentioned, “We’ve not had a dialogue with the corporate board on the IPO up to now and aren’t able to share a selected timeline.”

From the Crypto World


IndiaTech asks FM for readability on crypto taxes: IndiaTech, an trade affiliation representing tech startups, has written to Finance Minister Nirmala Sitharaman, asking her to put down particular guidelines for taxing crypto belongings in her upcoming Finances speech.

In its letter, components of which ETtech has reviewed, IndiaTech requested the federal government to tweak current legal guidelines additional and instructed that crypto-assets be named formally in tax legal guidelines. It additionally sought readability on the strategy of taxation and the disclosures required.

“The Finances ought to ideally supply coherent guidelines on direct taxation and the GST council ought to element the applicability of taxation else there will likely be confusion. Mainly, the road of pondering is that we should not be ready for a invoice alone and the Finances ought to start the method,” Rameesh Kailasam, president and CEO of IndiaTech, advised ETtech.

GST probe could set precedent for crypto taxation: Even because the oblique tax division initiates probe in opposition to a number of crypto exchanges for escaping GST legal responsibility, it may have also set a precedent across the categorisation of crypto belongings for taxation.

What awaits India on the crypto entrance in 2022? A surge in curiosity from traders—each danger and retail—made 2021 the yr of cryptocurrency in India, very similar to the remainder of the world. It additionally pushed regulators to take be aware.

The federal government listed the cryptocurrency invoice for consideration in each the price range and winter periods of Parliament final yr, however determined to not desk it each instances. Now with the price range session approaching, India’s nascent crypto industry is watching developments closely.

Web3 instruments to take centre stage in 2022: Web3, which guarantees to empower creators and cut back dependence on giant social media platforms, may start to become a reality in 2022. That’s as a result of Indian content material creators are set to embrace blockchain-based instruments as they race to develop their very own manufacturers and discover alternative routes of creating wealth, consultants advised us.

Ecommerce Picks

Flipkart Amazon

What Indian ecommerce will appear like in 2022: Youthful, extra nimble gamers are difficult dominant incumbents Walmart-owned Flipkart and Amazon India within the Indian ecommerce universe. The brand new children on the block are increasing deeper into the nation to internet customers and push them to transact on-line, opening up new frontiers for the industry.

Amazon’s market unit clocks 49% progress in FY21: Amazon Vendor Companies, which runs the Amazon India market, reported revenue from operations of Rs 16,200 crore in FY21, up 49% from Rs 10,847.6 crore in FY20. Losses stood at Rs 4,748 crore, down from Rs 5,849 crore in FY20. The numbers have been sourced by means of enterprise intelligence platform Tofler.

Flipkart India models submit sturdy income progress: Two key models of Flipkart’s India enterprise—Flipkart India and Flipkart Web—reported growth of 25% and 32% in revenue from operations in FY21, respectively, in response to regulatory filings sourced from enterprise intelligence platform Tofler. The primary is the wholesale unit and the second is {the marketplace} arm.

Flurry of orders rings out 2021 for Swiggy, Zomato

Deepinder Goyal and Sriharsha Majety

Zomato CEO Deepinder Goyal and Swiggy CEO Sriharsha Majety

On-line meals supply platforms Swiggy and Zomato hit an all-time high in sales volumes on New Yr’s Eve 2021, as folks stayed indoors owing to a surge in Covid-19 circumstances.

Zomato mentioned it clocked over Rs 100 crore in gross merchandise worth (GMV) in comparison with Rs 75 crore it had snagged final yr on December 31. Arch-rival Swiggy mentioned orders delivered grew 62%, whereas GMV went up 61% on Friday, in opposition to final yr.

Ola Electrical’s beginning troubles land at FADA’s doorways

Ola Electric

The purported mismatch within the gross sales figures of Ola Electrical scooters has the president of a national automobile dealers’ lobby concerned. And a bunch of buyer complaints which have landed at his doorstep are merely including to the EV startup’s teething troubles.

In keeping with the Ministry of Highway Transport and Highways’ VAHAN dashboard, which maintains real-time automobile registration information, a complete of 439 Ola Electrical scooters have been registered as of Thursday morning. That compares with the 4,000 dispatches the corporate claimed it had made in December.

KKR & Co. set to make Livspace a unicorn


KKR & Co. is in advanced talks to steer a $200 million funding spherical in Livspace in what could be the most important fundraise by the home-interior options agency since inception.

  • Whereas $175-$180 million is more likely to come from the New York-based personal fairness main, current traders are additionally seeking to pitch in. After the funding, KKR and TPG Development would be the two largest traders within the firm.

As soon as the deal is authorised, the corporate’s valuation would double over what it’s at the moment to $1.3 billion—making the Bengaluru-based startup the newest entrant into India’ coveted unicorn membership. A proper announcement is probably going within the coming days.

Ex-Myntra CEO’s enterprise might quickly be price $100 million

Former Myntra CEO Amar Nagaram

Former Myntra CEO Amar Nagaram

A model new startup is in talks with traders akin to Falcon Edge and Accel Companions to raise $25-$30 million in its first round of funding at a valuation of $100 million, a number of sources advised us.

The corporate, based by former Myntra CEO Amar Nagaram, doesn’t also have a identify but. If the deal goes by means of at a $100-million valuation, will probably be among the many most respected idea-stage startups ever.

Startups roll out new HR methods to rent the younger

Staff at Meesho can now take a few days of ‘celebration go away’ to take a brand new automotive for a spin, shifting into a brand new home, or some other milestone. InMobi has rolled out an auto-approved, no-questions-asked go away coverage that staff can use at any time.

These startups, and others akin to Innovaccer, Licious, and Instamojo, are dropping one-size-fits-all HR policies for customised, new-age insurance policies as they search methods to raised interact with their younger staff in a work-from-home world.

That is all from us this week. Keep protected and get that jab.

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