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Unnamed firm could be worth $100M; crypto predictions for 2022


Glad New 12 months! ETtech Prime 5 returns to your inbox at this time after a well-earned break.

When Indian startups raised a record $36 billion in 2021 and 39 of them turned unicorns, you might have thought, like we did, “Now I’ve seen all of it.” Nicely, an organization that is nonetheless on the concept stage—and doesn’t but have a reputation—may quickly be valued at $100 million. Is 2022 going to be even crazier than final yr?

Credit score: Giphy

Additionally on this letter:

  • What does 2022 hodl for crypto in india?
  • Future Retail strikes court docket to junk Amazon arbitration
  • Flipkart’s web site, app again on-line after transient outage

Unique: Ex-Myntra CEO’s enterprise may quickly be price $100 million

Amar Nagaram

Former Myntra CEO Amar Nagaram

A model new startup is in talks with buyers reminiscent of 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 kicker: The corporate, based by former Myntra CEO Amar Nagaram, doesn’t actually have a identify but. If the deal goes via at a $100-million valuation, it is going to be among the many most dear idea-stage startups ever.

China mannequin: The unnamed enterprise will concentrate on creating customised trend merchandise primarily based on client wants and can depend on the consumer-to-manufacturing mannequin.

  • Chinese language firm Shein is among the many first ones to execute this mannequin, which helps cut back the price of storing stock whereas catering to particular wants of consumers.

“They’ll look to resolve client wants in trend via expertise and deploy the Chinese language mannequin of producing items primarily based on the orders being obtained,” a supply mentioned.

Membership Myntra: Myntra cofounder Mukesh Bansal, who now runs Curetfit and is a president at Tata Digital, may even put money into a private capability within the startup, sources mentioned.

Nagaram labored at Flipkart for nearly seven years earlier than transferring to Myntra as its CEO in 2019. Its earlier chief govt Ananth Narayanan had quit shortly after Walmart acquired the Flipkart Group in August 2018.

In Could 2021, Narayanan based the ecommerce rollup agency Mensa Manufacturers, which went on to become a unicorn in just six months when it raised $135 million in a spherical led by Alpha Wave Ventures in November.

Nandita Sinha has been Myntra’s CEO since November, a month after Nagaram stop to pursue his personal enterprise.

Completed Deal: In the meantime, Groyyo, a business-to-business manufacturing and automation firm, has raised $4.6 million in a seed funding round led by Alpha Wave Incubation. The corporate mentioned it’s going to use the funds to construct its groups throughout key manufacturing clusters in South Asia, and to increase into the US and the Center East.


What does 2022 hodl for crypto in india?

Crypto wallet

Hello, it’s Apoorva. Nothing describes the mania that cryptocurrency—and allied sectors— witnessed in 2021 higher than this Ernest Hemingway quote from his ebook ‘The Solar Additionally Rises’: “Regularly, then abruptly.”

One of many first crypto exchanges in India launched virtually a decade in the past. As soon as the only purview of techies and seasoned merchants, cryptocurrencies rose from obscurity to seize the creativeness of the mainstream.

Crypto went mainstream in 2021: Barely bruised by the regulatory uncertainty, crypto buying and selling and investing skyrocketed, as did the protection of this nascent business by the mainstream Indian media. As buying and selling volumes soared, this crypto craze didn’t escape the discover of regulators and the federal government, which for the primary time formally met with crypto exchanges and business stakeholders.

Additionally Learn: 2021 Year in Review | Defining moments in India’s crypto saga

As a reporter overlaying this house, the graph for me went from the joy that comes with studying one thing new and discovering solutions, to “omg, I can’t sustain with this tsunami of knowledge”. Buying and selling and investing is only a small a part of the crypto universe, which encompasses blockchain startups, crypto-native and conventional VCs, non-fungible tokens, the ‘metaverse’ and Web3.

In an business that actually by no means sleeps—no borders, no circuit breakers—I encountered numerous younger individuals bought on the way forward for this expertise. It was enthralling to speak to 12- and 13-year-olds throughout the Dogecoin mania, and later see them graduate from memecoins to different altcoins (from their earnings) in mere months.

“I’m into Solana now,” mentioned a 15-year-old lady from a small city in Maharashtra who has been explaining crypto to her mother and father, family and associates. Inevitably, she discovered herself answering her grandfather’s questions on crypto cash and stuck deposits throughout the T20 World Cup, which was peppered with crypto advertisements.

In fact, the potential of the Indian market is just not misplaced on anybody. A handful of VCs entered the market this yr and blockchain firms employed individuals to speed up the adoption of the expertise in India.

What’s in retailer this yr? In case you, like me, thought it was exhausting to maintain up with the developments within the business in 2021, it’s going to solely get tougher subsequent yr. With that in thoughts, listed here are some predictions for 2022, assuming the regulatory uncertainty continues.

Metaverse for all the things: Sure, all the things. From creator-specific metaverses to retail manufacturers advertising in digital estates and edtech initiatives, 2022 will see firms throughout clothes, equipment and sweetness formulate a metaverse technique.

NFT overload: In case you thought NFT mania in 2021 was extreme, assume once more. The adoption of NFTs and social tokens will solely enhance this yr. A number of NFT marketplaces are focusing on creators and social media influencers are considering of how to affiliate themselves with NFT tasks.

Additionally Learn: 2021, the year of the NFT

Web3 and VCs: Regardless of the regulatory uncertainty, a number of Indian funds laid the foundations for his or her Web3 theses in 2021. Sequoia India made about 20 investments on this house. Sources advised us different funds in India have been additionally making allocations for Web3 investments, and {that a} backer of unicorns has accomplished the authorized formalities to put money into these blockchain startups via token gross sales.

Additionally Learn: What is Web3 and why is Jack Dorsey not a believer?

Gaming and play to earn: Blockchain-based video games that reward customers with cryptocurrency or NFTs for enjoying will develop into larger subsequent yr in India. New and current video games could undertake crypto tokens and enterprise into the play-to-earn house.

Tweet of the day


Future Retail asks Delhi Excessive Court docket to terminate Amazon arbitration

Future Group CEO Kishore Biyani

Future Group CEO Kishore Biyani

In December, the Competitors Fee of India (CCI) suspended Amazon’s 2019 deal with Future Retail, saying the US firm didn’t notify sure business preparations as a part of the deal.

Now, Future Retail has moved the Delhi High Court, hoping to make use of this ruling to terminate Amazon’s case at a Singapore arbitration tribunal. The transfer, if profitable, may enable the cash-strapped retailer to promote a few of its property to Reliance.

Persevering with the arbitration can be unlawful, Future Retail mentioned in its petition to the excessive court docket, Bloomberg reported, citing individuals aware of the submitting.

Request denied: The corporate had earlier approached the Singapore tribunal itself to have the arbitration terminated however on December 30 the tribunal refused to contemplate its request. The ultimate listening to begins later this week, which prompted Future to maneuver the Delhi court docket.

If profitable, the most recent try by Future Retail can finish the arbitration case that had blocked the sale of a few of its bodily property like shops and warehouses to Reliance Industries Ltd.

Below strain: Future Retail is coming below rising strain from buyers. On Monday its greenback bonds dropped probably the most since November 16, after it missed funds to lenders and its credit standing was downgraded.

A halt or termination of the arbitration case can be a setback for Amazon, which is in a race with Reliance to dominate India’s billion-plus client market.


Flipkart’s web site, app restored after transient outage

Flipkart Down

Flipkart’s web site and cell app went down on Monday however were back online within hours.

In line with downdetector.com, the outage was principally reported by web site customers (58%), adopted by app customers (24%). The ecommerce web site was reportedly down in Delhi, Lucknow, Chandigarh, Jaipur, Patna, Kolkata, Cuttack, Hyderabad, Indore, Ahmedabad, Vijayawada, Chennai, Bengaluru, Chennai, Coimbatore, Madurai, Mumbai, Nashik, Ahmedabad and Surat. The corporate declined to touch upon the matter.


IT corporations will proceed to achieve for the cloud in 2022

IT Sector

Digital transformation and cloud supply options will continue to drive growth for IT and technology services this yr, in accordance with a brand new examine.

In line with Gartner, world cloud income is estimated at $474 billion in 2022, up from $408 billion in 2021. Cloud income will surpass non-cloud income for related enterprise IT markets, estimates present.

Indian IT corporations might be on the forefront of this transformation.

  • Tata Consultancy Providers is specializing in development and transformation options for brand spanking new and current purchasers, along with legacy IT engagements. Over 70% of its staff are actually educated in digital choices.
  • Wipro has focused digital transformation-focused offers whereas coaching over 35% of its worker base on cloud options.
  • HCL Applied sciences has constructed out a toolbox of automation property packaged within the agency’s DRYiCE suite of merchandise to spice up purchasers’ enterprise.
  • India-focused Cognizant is taking a look at instruments and mental property-focused on hybrid, multi-cloud, containerization, and microservices.

By 2025, Gartner estimates that greater than 95% of recent digital workloads might be deployed on cloud-native platforms, up from 30% in 2021.

At present’s ETtech Prime 5 e-newsletter was curated by Zaheer Service provider in Mumbai. Graphics and illustrations by Rahul Awasthi.

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