US-based electric vehicle (EV) maker Tesla is mulling to double the number of components it imports from India, Union Minister of Commerce and Industry, Piyush Goyal, said in a post on social media platform X.

Goyal wrote the post after paying a visit to Tesla’s state-of-the-art manufacturing facility at Fremont, California. “Proud to see the growing importance of Auto component suppliers from India in the Tesla EV supply chain. It is on its way to double its components imports from India.”

He added that he was delighted to see talented Indian engineers and finance professionals working across senior positions and contributing to the growth of the global electric vehicle giant. 

Though at the Tesla plant, Goyal could not meet the company’s Chief Executive Officer (CEO) Elon Musk, the minister is expected to see the latter sometime during this visit to the US. In the meeting, the two sides will discuss Tesla’s plans to set up an Indian factory which will manufacture a $24,000 worth car model, reported Reuters. 

In September Goyal said that Tesla plans to source components worth $1.7 Bn to $1.9 Bn this year from Indian vendors after buying $1 Bn worth of components last year.

In a bid to speed up the process of Tesla’s entry into the Indian market, the government is reportedly planning to expedite the approvals. The government is planning to provide all the necessary clearances to the company by January 2024. 

The development comes at a time when the Indian government is considering tax reduction on the import of fully assembled EVs for up to five years.  

Experts are of the view that this will attract global companies like Tesla and Vinfast, among others, to not only manufacture and assemble EVs in the country but also import fully assembled versions.

The government is reportedly working on an EV policy designed to enable global car manufacturers to import electric vehicles at reduced duty rates, provided they commit to eventually start the manufacturing process in India. However, the policy is yet to be finalised.

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The Indian government is considering the possibility of implementing tax reductions on imported fully assembled electric vehicles (EVs) for a duration of up to five years. This strategic move aims to attract companies such as Tesla to not only sell but also potentially manufacture its electric cars within the country.

The government is formulating an EV policy designed to enable global car manufacturers to import electric vehicles at reduced duty rates, provided they commit to eventually manufacture EVs in India, Bloomberg reported.

However, a final decision on the policy’s outline is yet to be made.

In 2021, Tesla sought a reduction in import duties for its EVs. Tesla was seeking to lower the rates from the existing 70%-100% range to 40%, depending on the import value of its vehicles.

Tesla CEO Elon Musk is expected to meet with Commerce and Industry Minister Piyush Goyal later this week to have discussions about the company’s plans to establish a factory in India. Goyal is currently in San Francisco for ministerial engagements related to the Indo-Pacific Economic Framework and the Asia-Pacific Economic Cooperation.

Tesla is actively pursuing entry into the Indian market, one of the most promising automotive markets globally, driven by the increasing demand for EVs among India’s expanding middle class.

On the other hand, Tesla’s potential investment holds the promise of supporting the government’s agenda to boost manufacturing’s contribution to India’s GDP and simultaneously generate employment opportunities.

Tesla plans to source components worth $1.7 Bn to $1.9 Bn this year from local vendors after buying $1 Bn worth of components last year, Goyal said earlier.

“…Tesla already last year bought $1 Bn of components from all of you sitting here. I have a list of companies who supplied to Tesla. This year their target is nearly $ 1.7 bn or $ 1.9 bn…,” said Minister Goyal.

It was reported earlier that the Indian government is working to expedite approvals for Tesla’s potential entry into the country, with a goal of providing all the necessary clearances by January 2024.

A recent meeting conducted by the Prime Minister’s Office reviewed the upcoming phase of EV manufacturing in India, which includes Tesla’s investment proposal.

India’s growing demand for EVs has garnered interest from both international and local tech firms, as well as emerging startups. Acer, the Taiwanese tech giant, has recently made its foray into the Indian EV market by licensing its brand to eBikeGo, a mobility startup.

Meanwhile, VinFast disclosed intentions to invest between $150 Mn and $200 Mn in India, aiming to establish a completely knocked-down (CKD) assembly unit in the country.

Alongside Tesla, automotive giants such as Audi and Mercedes-Benz are also eagerly positioning themselves to seize opportunities within the burgeoning Indian EV ecosystem.

Overall, total EV registrations in India across categories grew to 1.32 Lakh units in October from 1.28 Lakh units in September. As of now, a total of 12,27,195 EVs have been registered in India in 2023.

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The Income Tax (I-T) Department in India is currently conducting investigations into the Indian units of Apple, Google, and Amazon regarding potential tax non-payment. 

Authorities, as part of a probe initiated in 2021, have sought detailed clarifications from several tech giants concerning their transfer pricing (TP) practices, as per an ET report. 

The department is contemplating a tax demand of over INR 5,000 Cr, having rejected numerous justifications provided by the companies in question.

The Indian arms involved in the matter are Apple India Pvt Ltd, Amazon Seller Services India Pvt Ltd and Google India Digital Services Pvt Ltd.

The central issue in this case revolves around the methods used for transfer pricing (TP) adjustments, which the tax department believes may lead to significant tax liabilities. This investigation covers multiple assessment years and is currently under scrutiny and legal process at various levels. 

According to an ET report, both Amazon and Apple have engaged PwC for representation in this matter. 

Transfer pricing principally aims to curb price manipulation in transactions within corporate groups, thereby reducing tax evasion. By setting transfer prices at arm’s length, or market rates, countries attempt to prevent corporations from shifting profits to low-tax areas. This practice encompasses dealings with both tangible and intangible assets. Compliance with transfer pricing laws in their operational jurisdictions is crucial for companies to mitigate tax-related complications and maintain equitable business operations.

The Income Tax Department is reportedly investigating the three technology behemoths regarding transactions associated with advertisement, marketing, and promotion expenses, payments for royalty, trading and software development segments, as well as marketing support services.

Apple, headquartered in Cupertino, California, holds the title of the world’s most valuable company, boasting a market capitalisation just shy of $3 Tn. Alphabet Inc, the parent company of Google, holds the fourth position in the valuation rankings, while Amazon holds the fifth spot.

In the case of Apple, the focus of the tax investigation primarily centres on the Indian arm’s procurement of finished products from its original equipment manufacturers and subsequent sales in the domestic market.

“While the company argues this is not an international transaction and thus falls outside the purview of taxation, the department contends it to be a deemed international transaction,” a person familiar with the matter informed ET. “The department found that the taxpayer wasn’t paying any royalty on trading, as the assessee couldn’t prove exploitation of the intellectual property, resulting in the royalty amount being benched to nil.”

In the case of Apple India, on expenses related to trading segments, the Income Tax Department has rejected the company’s justifications, leading to an alleged tax liability of hundreds of crores, according to another tax official.

Despite this, the company has seen a significant surge in net profit, increasing by 76% to INR 2,229 Cr, marking the fastest growth in net profit for the company in India over the past five years. Analysts anticipate a rapid increase in the percentage of iPhones manufactured in India, currently over 7%, in the coming years.

These cases go through different resolution stages, such as the dispute resolution panel, Commissioner of Income Tax (Appeals), Income Tax Appellate Tribunal (ITAT), and potentially the high court and Supreme Court. Companies can also choose the Mutual Agreement Procedure (MAP) for an alternative tax dispute resolution under Direct Tax Avoidance Agreements (DTAA).

The post India Tax Probe: Apple, Google, And Amazon May Face INR 5,000 Cr Tax Demand appeared first on Inc42 Media.

The Department of Telecommunications (DoT) is seeking additional details from Amazon regarding its satellite communication licence application. This includes seeking clear information on key aspects like setting up satellite gateways, along with data storage and transfer protocol, ET said in a report.

The Indian government is currently reviewing the application submitted by Amazon’s Project Kuiper for a Global Mobile Personal Communication by Satellite Services (GMPCS) licence. 

This approval would allow Amazon to deliver an array of services including broadband, voice, and messaging directly from space, catering to both individual consumers and businesses. 

In October, Amazon marked its entry into the Indian satellite communication sector by beginning the approval process with the Indian National Space Promotion and Authorisation Centre (IN-SPACe). Through its satellite communication division, Project Kuiper, Amazon applied to the Department of Telecommunications (DoT) for the GMPCS licence.

Amazon intends to provide customers in India with broadband services ranging from 100 Mbps to 1 Gbps through its broadband-from-space services, set to launch by the end of the upcoming year. Project Kuiper, in collaboration with Amazon, plans to introduce satcom services in India concurrently with its global launch. 

“We have sought details from Amazon on some points like satellite gateways and data. This is part of a process as we analyse the application,” an official told ET. 

In addition to DoT, the Ministry of Home Affairs (MHA) will also conduct a thorough security review of Amazon’s application. Following the acquisition of all essential details, an inter-ministerial committee will finalise the decision regarding Amazon’s licence grant. 

The 2023 Space Policy of India permits private entities operating low-earth orbit (LEO) and medium-earth orbit (MEO) satellite constellations to introduce high-speed broadband services from space within the nation. 

Amazon has sought the necessary regulatory clearances from the Indian National Space Promotion and Authorisation Centre (IN-SPACe). Amazon joins the list of contenders seeking to provide space communication services in India, following in the footsteps of Bharti-backed OneWeb, Reliance Jio’s satellite communication arm, and Starlink. This move highlights the growing competition in India’s nascent broadband-from-space market.

According to a Financial Express report, Jio Satellite Communications and Bharti Enterprises’ OneWeb have received government clearance to offer broadband internet services via satellite. Both companies have successfully acquired pan-India Internet Service Provider (ISP) licences, essential for providing internet access through satellite or mobile networks.

Starlink, owned by Elon Musk, is anticipated to receive the GMPCS (global mobile personal communication by satellite) licence in the near future.

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Ecommerce giant Amazon has launched its last mile fleet programme in India with 100% electric vehicles (EVs), a global first for the company. The programme will assist over 300 Delivery Service Partners (DSPs) in conducting customer deliveries without emitting any tailpipe emissions.

Amazon’s global last-mile fleet programme, successful in North America and Europe, is now launching in India with custom-designed electric EVs to provide DSPs with convenient access to reliable, high-quality zero-emission vehicles for last-mile deliveries.

The India fleet launches ahead of Diwali, and more electric three and four-wheel vehicles will be added over time.

The programme in India provides DSPs with access to customised EVs suitable for last-mile deliveries, with maintenance, charging, and parking also provided. The vehicles are also equipped with advanced safety features, supporting the well-being of Amazon’s delivery partners and the communities they serve. Data generated by the vehicles allows Amazon to optimise deliveries for safety and punctuality.

“We are committed to be net-zero carbon by 2040, and decarbonising our delivery network is an important part of getting us to that goal,” said Abhinav Singh, VP of Operations, Amazon India.

Tom Chempananical, director of Global Fleet and Products, at Amazon, said, “These vehicles will raise the bar for last-mile delivery services, helping us deliver packages to our customers safely, reliably and efficiently.”

The ecommerce giant plans to incorporate a significant portion of last-mile delivery vans into the programme over the next two years, eventually including all such vans. In the initial phase, the company introduced Mahindra Zor Grand three-wheeler EVs, specially equipped for Amazon’s last-mile deliveries. 

Mahindra Zor Grand is an emission-free electric three-wheeler designed for efficient last-mile logistics. With a roomy 170 cubic feet delivery box and a strong 400kg payload capacity, it’s well-suited for handling daily shipments, especially in areas with poor air quality.

Amazon has rolled out over 6,000 electric vehicles for package delivery in over 400 Indian cities, aiming to increase this fleet to 10,000 by the close of 2025.

This development aligns with the government’s efforts to promote EV adoption in India to reduce carbon emissions.

In October, India saw over 70,000 electric two-wheeler registrations, marking a four-month milestone. Month-on-month, these registrations grew by 9.8%, reaching 70,248 units according to Vahan data as of October 31.

Global businesses are also emphasising ESG (Environmental, Social, and Governance) factors, which are driving greater focus on increasing EV adoption.

Flipkart, Zomato, and Swiggy, have also partnered with several EV manufacturers to fast-track the adoption of EVs in their logistics fleet.

For instance, Amazon’s rival Flipkart has also said that it will deploy 25,000 EVs by 2030 to electrify its fleet. 

Similarly, Swiggy has partnered with Taiwanese battery-swapping solutions provider Gogoro to promote its electric smart scooters for last-mile delivery across India. 

In recent times India has seen the launch of several cleantech startups that have come up with out-of-the-box solutions to contribute to India’s clean energy goals. Some of these startups include, 75F, Ace Green Recycling, CleanMax Enviro Energy Solutions, GPS Renewables, ION Energy, and more.

Amazon is actively exploring low-carbon fuels, embracing energy-efficient innovations, and investing in renewable energy projects to reduce emissions from electricity generation. Recently, the ecommerce giant revealed a 198-megawatt wind farm in Osmanabad, Maharashtra, India, marking its 50th renewable energy project in the country and pushing its capacity past 1.1 gigawatts.

The company aims to power its global operations with 100% renewable energy by 2025.

The post Amazon Electrifies Indian Roads, Unveils EV Fleet For Zero-Emission Deliveries appeared first on Inc42 Media.

The Indian government is working to expedite approvals for Tesla’s potential entry into the country, with a goal of providing all the necessary clearances by January 2024. 

A recent meeting conducted by the Prime Minister’s Office reviewed the upcoming phase of electric vehicle (EV) manufacturing in India, which includes Tesla’s investment proposal, an ET report said.

The world’s leading electric car manufacturer has been engaged in discussions with the Indian government around its broader expansion into the Indian market, covering multiple aspects of EV manufacturing.

Tesla has been attempting to enter the Indian electric car market for a while. However, India’s focus on local EV manufacturing has posed hurdles for Tesla. Earlier this year, Musk met with Prime Minister Narendra Modi and expressed optimism about Tesla’s prospects in India. 

From renting office space in Pune to meeting the top government officials and ministers, Tesla is gradually taking the necessary steps to launch the business in the country soon. 

In August, Tesla officials also met union minister Piyush Goyal to discuss the acceleration of its plans to establish a manufacturing plant in the country.

The company is also planning to source EV components worth $1.7 Bn to $1.9 Bn this year from local vendors. The EV giant also plans to set up a battery storage facility in India. 

In addition to Tesla, Audi and Mercedes-Benz are also in the queue to grab the opportunities in the Indian EV ecosystem. 

The increasing demand for EVs in India has attracted both global and domestic tech companies, along with emerging startups. Acer, the Taiwanese tech giant, recently entered the Indian EV market by licensing its brand to eBikeGo, a mobility startup. Additionally, VinFast unveiled plans to invest $150 Mn – $200 Mn in India to establish a CKD assembly unit.

Currently, international players like MG Motor, Renault SA, Nissan, Volkswagen, and BYD are among the leading players in the electric car market in the country.

Following a reported 300% increase in EV sales in 2022, as stated by Road Transport and Highway Minister Nitin Gadkari, companies and startups have been entering the space. Gadkari also projected that the Indian EV market could achieve a valuation of $266 Bn by 2030. With 3 Mn registered EVs, the country witnessed a significant surge in EV sales, growing by 131% from 25,100 units to 58,076 units.

India presently has approximately 3 Mn registered EVs (according to Vahan), and it’s expected that sales will reach 10 Mn EVs by 2030, creating jobs for 50 Mn people.

India hosts more than 700 EV startups, illustrating the industry’s vibrant landscape. Since 2015, Indian EV startups have raised close to $2.5 Bn in funding.

Concurrently, established ICE manufacturers have also accelerated their transition to the electric vehicle segment.

The post Tesla’s India Entry: Govt Asked To Fast-Track Approvals By Jan 24 appeared first on Inc42 Media.

Delhi NCR-based beer brand Bira 91’s revenue inched closer to the INR 1,000 Cr mark in the financial year 2022-23 (FY23). The popular beer maker reported an operating revenue of INR 824.3 Cr in the year ended March 31, 2023, an increase of 15% from INR 718.8 Cr in the previous fiscal year. 

Including other income, the startup’s total revenue rose 17% to INR 848.7 Cr in FY23 from INR 726.4 Cr in the previous fiscal year. 

Founded in 2015 by Ankur Jain, Bira 91 claims to sell its beer across 550 towns and cities, spanning over 18 countries. The startup claims to be the fourth-largest beer company in India.

Bira 91’s primarily earns income by selling beers. The startup also began selling non-alcoholic beverages in 2020. 

Despite the rise in revenue, Bira 91’s net loss increased 12% to INR 445.4 Cr in FY23 from INR 396 Cr in the previous fiscal year.

Zooming Into Bira 91’s Expenses 

The beer maker’s overall expenditure increased 14% to INR 1,282.4 Cr during the year under review from INR 1,122.5 Cr in the previous fiscal year. 

Excise Duty The Biggest Expense: Bira 91’s biggest expense was excise duty, accounting for 29% of its total expenditure. The startup paid INR 365.8 Cr as excise duty on sale of its products in FY23. However, this was a decline of 8% from INR 398 Cr in the previous fiscal year. 

Procurement Cost Jumps: Bira 91 spent INR 239.1 Cr on procurement of raw materials for manufacturing beers in FY23, an increase of 49% from INR 160.3 Cr in FY22. 

Employee Benefit Expenses: Employee costs, which mostly comprise employee wages, increased 23% to INR 115 Cr in FY23 from INR 93.5 Cr in the previous fiscal year. According to the startup’s LinkedIn page, Bira 91 currently has 897 employees, an increase of 42% from the previous year. 

Advertising Expenses Dip: In what seems like a bid to cut costs, Bira 91’s advertising expenditure dipped 14% to INR 85.5 Cr in FY23 from INR 99.5 Cr in the previous fiscal year.

The startup’s EBITDA margin improved to -25.4% in FY23 from -29.7% in FY22

Bira 91 has raised over $263 Mn across multiple funding rounds till date. The startup counts Peak XV Partners, Sofina Ventures, Japan’s Kirin’s Holdings, and MUFG Bank among its backers.

In March this year, the startup bagged $10 Mn from Japan’s largest bank MUFG Bank. Bira 91 has five manufacturing facilities and a production capacity of around 250 Mn litres (2.5 Mn hectolitres). 

Last year, Bira 91 acquired alco-beverage chain The Beer Cafe in an all-stock deal. In the same month, it also acquired brewery company Kamakhya Beer & Bottling Private Limited. Bira 91 then told Inc42 that the acquisition of The Beer Cafe would add 10 new brand stores to its existing chain.

In December 2022, Bira 91 converted into a public company, a move seen as a step towards its initial public offering (IPO).

Last month, another Indian beer startup, Proost, bagged INR 25 Cr (about $3 Mn) in its pre-Series A funding round, which was a mix of equity and debt.

Besides competing against established players like Diageo, United Breweries, and Pernod Ricard India, Bira 91 also competes with startups like White Owl Brewery and Simba. 

The post Bira 91 Incurred Loss Of INR 445 Cr From Sales Of Beers In FY23 appeared first on Inc42 Media.

During Apple’s Q4 2023 earnings conference call, CEO Tim Cook spotlighted India as a pivotal region for the tech titan, highlighting the substantial growth opportunities and numerous advantages within the country’s expansive market.

“We had an all-time revenue record in India. We grew very strong double-digits. It’s an incredibly exciting market for us and a major focus of ours. We have low share in a large market, and so it would seem there’s a lot of headroom there,” he said. 

Cook further said, “The ASPs, I haven’t looked at them most recently, but I’m sure that they’re lower than the worldwide. But that doesn’t bother us at all. It just — and in terms of the similarity, I would say, each country has its own journey. And I wouldn’t want to play the comparison game. But we see an extraordinary market, a lot of people moving into the middle class, distribution is getting better, lots of positives.”

Cook also reflected on his experience at the launch of two Apple stores in India, where he engaged with customers, developers, creators, and team members. These interactions provided him with valuable insights into the local enthusiasm and potential for Apple’s growth in the region.

“We’re constantly striving to make a positive difference in people’s lives and be a force for progress. We’re investing in education to give students the skills they need to shape the future,” he added. 

Apple’s global revenue for the March quarter was $94.8 Mn, down 3% from last year. However, the company’s chief financial officer Luca Maestri said that iPhones reached a March quarter revenue record showing great performance in the emerging markets from South Asia and India to Latin America and the Middle East.

“We set March quarter records in several developed and emerging markets with India, Indonesia, Turkey and the UAE doubling on a year-over-year basis. Our active installed base of iPhone grew to a new all-time high and was up in all our geographic segments,” he added.

Cook’s remarks followed Kuo’s disclosure that India could be the first country to start manufacturing iPhone 17, which is scheduled to launch in 2025.

Apple India’s revenue for FY23 grew by 43%, touching the milestone of INR 49.3K Cr (almost $6 Bn) from INR 33.3K Cr ($4.03 Bn) in FY22. According to RoC filings, Apple India generates 94.6% of its revenue from sales of products and 5.4% from maintenance and services.

However, the tech giant has found itself in controversy recently amid the threat alerts cautioning iPhone users about “state-sponsored attackers attempting to compromise their iPhones remotely”.

Consequently, the Parliamentary Standing Committee on Information Technology summoned the senior officials of Apple.

The post India An “Exciting Market” For Apple, Significant For Growth: CEO Tim Cook appeared first on Inc42 Media.

Reliance-owned ecommerce platform AJIO has launched a content-driven interactive ecommerce platform, AJIOGRAM. The ecommerce major will onboard 200 D2C fashion startups from India on its newly launched platform.

AJIOGRAM is available within the main AJIO app, and users can access it by switching to it from within the parent app. It would be an immersive experience for customers, with recommendations from influencers and celebrities, the company said in a release.

AJIO will also assist and offer dedicated support to the D2C brands onboarded to AJIOGRAM to scale and achieve their strategic revenue growth. The Reliance-owned company will provide a brand-centric approach wherein brands get higher visibility with an immersive discovery experience to showcase their styles on a customisable brand store within the platform.

Further, the ecommerce major will also help D2C startups with long-term brand-building support, seamless integration with AJIO’s influencer ecosystem, and access to Reliance-owned media properties and offline events. 

Commenting on the launch, Vineeth Nair, CEO of AJIO, said, “The emerging new generation of shoppers seeks more than just a product from the brand; they seek a vision and a purpose. Over the past few years, the Indian D2C revolution has produced numerous brands that have aced innovative and mindful fashion. AJIOGRAM will bring these brands under one umbrella, helping them scale and accelerate their growth while leveraging AJIO’s seamless shopping experience. With this initiative, we aim to empower the next 100 fashion startups to emerge from India.”

AJIOGRAM claims to have onboarded brands such as Urban Monkey, Supervek, Quirksmith, KRÁ Life, Creatures of Habit, Cecil, Truser, Fancypants, MIDNIGHT ANGELS BY PC, Monks of Method and Crafts and Glory, among others.

AJIO’s move comes as ecommerce players in India have shifted to include more content-led experiences on their platforms. For instance, Myntra recently launched FWD, a separate platform within the larger app to showcase more everyday, affordable and modern lifestyle brands focussed on GenZ.

The Flipkart-owned brand also launched Myntra Minis, a short video platform to enhance user engagement and further improve the shopping experience for its customers.

The post AJIO Launches AJIOGRAM To Empower D2C Fashion Startups With Interactive Ecommerce appeared first on Inc42 Media.

The Ministry of Electronics and Information Technology (MeitY) has sent a notice to tech giant Apple concerning the controversial threat notifications received by various opposition Members of Parliament (MPs) and journalists.

These notifications, sent by Apple, cautioned the recipients about potential state-sponsored cyber threats targeting their devices.

S. Krishnan, secretary of MeitY, said that the Indian Computer Emergency Response Team (CERT-IN) is actively investigating the recent case, Moneycontrol reported.

The notice comes in response to allegations made by several prominent opposition MPs and journalists, who claim to have received warnings from Apple regarding suspected state-sponsored actors attempting to compromise the security of their devices.

Earlier, it was reported that the Parliamentary Standing Committee on Information Technology (IT) is planning to summon Apple representatives to address the threat alerts sent by the company to Indian political leaders.

Apple sends threat notifications to alert users who may have become targets of state-sponsored actors. These attackers, often backed by nations with abundant resources and advanced tools, pose a significant threat to compromising the security of targeted individuals’ devices.

Indian opposition leaders, including Mahua Moitra, Shashi Tharoor, Pawan Khera, Sitaram Yechury, and Raghav Chadha, claimed that they received state-sponsored attack alerts on their iPhones on October 31, sparking political controversy and accusations of government surveillance.

“Apple believes you are being targeted by state-sponsored attackers who are trying to remotely compromise the iPhone associated with your Apple ID. These attackers are likely targeting you individually because of who you are or what you do…,” a screenshot of the notification shared on the social media platform read.

Apple’s message to recipients warned of potential remote access by malicious attackers to sensitive data, communications, as well as the camera and microphone of compromised iPhones. While acknowledging the possibility of a ‘false alarm,’ the message strongly advised recipients to treat the warning seriously.

“State-sponsored attackers are very well-funded and sophisticated, and their attacks evolve over time. Detecting such attacks relies on threat intelligence signals that are often imperfect and incomplete. It’s possible that some Apple threat notifications may be false alarms, or that some attacks are not detected. We are unable to provide information about what causes us to issue threat notifications, as that may help state-sponsored attackers adapt their behavior to evade detection in the future,” Apple said earlier.

Meanwhile, Apple’s India business is experiencing notable growth, with increasing sales and an aggressive expansion of its manufacturing operations in the country. In the second quarter of 2023, Apple overtook Samsung to become India’s leading smartphone exporter, contributing to 49% of the nation’s 12 million smartphone shipments during that period.

The post MeitY Issues Notice To Apple Regarding Threat Notifications Sent To MPs appeared first on Inc42 Media.

While Apple’s iPhone 15 series has just entered the market, analyst Ming-Chi Kuo believes that India may begin the production of the iPhone 17 by the second half of 2024. He indicates that the new product is scheduled for launch by 2025, with India poised to be the first country in the world to commence its manufacturing, ahead of all others.

The Apple vendors Foxconn, Pegatron, and now the Tata Group, are expected to begin with the production of the product, according to a report by Economic Times. 

Such possibilities are attributed to the political tensions between the US and China. According to Kuo, Apple is planning to scale down its operations with Foxconn in Zhenghzhou and Taiyuan in China by 35-45% and 75-85% respectively by 2024. 

“If all goes well, the proportion of iPhones made in India will increase to 20–25% by 2024,” Kuo said.

This is believed to be a strategic move by the smartphone maker to diversify its supply chain. 

Kuo also noted that Luxshare’s substantial increase in iPhone order allocation and enhancements in its production lines are significant factors in Apple’s decision. 

He explained that for the production of the iPhone 17 series, Apple has selected the standard iPhone model to streamline the design and mitigate potential design risks. Kuo mentioned that currently, India accounts for 12%-14% of Apple’s global iPhone shipments, with Foxconn responsible for 75-80% of this production. 

Speaking on Tata’s acquisition of Wistron’s manufacturing unit, Kuo said that this move could fortify Apple’s relationship with the Indian government, thereby accelerating the company’s expansion in India and streamlining the manufacturing processes for its other products as well.

Wistron was struggling since the employee protests at its manufacturing unit in the Karnataka plant, against low wage payment and no overtime payment. The company suffered a loss of about $7 Mn in the unit.

Following this, Tata Group was in talks to take over the plant and commence iPhone manufacturing, which finally concluded in October. With this, Tata became the first Indian manufacturing company to make iphones.  

Apple has set high goals for the company in India. The localisation of the manufacturing process has started showing signs of growth already. During the first week of the festive season sale this year, iPhone sales crossed the 1.5 Mn units mark.

Meanwhile, Apple’s India business revenues in FY23 marked an increase of 48% from INR 33.3K Cr ($4.03 Bn) in FY22

Additionally, other vendors of Apple including Foxconn and Pegatron have also ramped up production processes at their respective units in India.  

The post Apple May Produce iPhone17 In India From H2 2024 appeared first on Inc42 Media.

The Parliamentary Standing Committee on Information Technology (IT) is planning to summon Apple representatives to address the threat alerts sent by the company to Indian political leaders, saying their iPhones may be under attack from state-sponsored attackers. 

“The Committee’s secretariat has expressed ‘deep concern’ and is treating the matter with the utmost seriousness,” a Committee secretariat official was quoted as saying by the ANI.

On October 31, several Indian opposition leaders claimed to have received an alert message on their iPhones from Apple that their devices could be targeted by state-sponsored attackers.

Opposition MPs, including Mahua Moitra of All India Trinamool Congress, Congress’ Shashi Tharoor and Pawan Khera, CPIM’s Sitaram Yechury, and AAP’s Raghav Chadha, said they received such notifications from Apple.

The matter turned into a political controversy as the leaders accused the Centre of snooping on them.

Following this, Apple came out with a vague clarification over the notifications. In a statement, the company said it does not attribute the threat notifications to any specific state-sponsored attacker. 

“State-sponsored attackers are very well-funded and sophisticated, and their attacks evolve over time. Detecting such attacks relies on threat intelligence signals that are often imperfect and incomplete. It’s possible that some Apple threat notifications may be false alarms, or that some attacks are not detected. We are unable to provide information about what causes us to issue threat notifications, as that may help state-sponsored attackers adapt their behavior to evade detection in the future,” Apple said.

It must be noted that Apple, like other US-based tech giants, has been under the radar of Indian agencies due to allegations pertaining to anti-competitive practices.

However, in recent times, Apple has been witnessing a significant improvement in its India business. While the company’s sales are on the rise, it is also aggressively ramping up manufacturing in the country.

In Q2 2023, Apple surpassed Samsung as India’s largest smartphone exporter, accounting for 49% of the country’s 12 Mn smartphone shipments during the period.

The post Apple Threat Alert Row: Parliamentary Committee To Summon The Tech Giant’s Officials appeared first on Inc42 Media.

Amazon has unveiled a new 198-megawatt (MW) wind farm located in Osmanabad, Maharashtra, India. This addition marks Amazon’s 50th wind and solar project in India, pushing the company’s renewable energy capacity past 1.1 gigawatts (GW).

Between 2014 and 2022, Amazon’s wind and solar farms played a significant role in generating an estimated $349 Mn (INR 2,885 Cr) in economic investment for Indian communities. 

Additionally, these projects contributed around $87 Mn (INR 719 Cr) to the country’s total gross domestic product (GDP) and provided support for over 20,600 local full-time equivalent jobs in 2022, according to a newly developed economic model by Amazon.

The wind farm in Osmanabad is the seventh utility-scale renewable energy project announced by Amazon in India within the past year. Additionally, the company has introduced a total of 43 rooftop solar projects to supply power to local Amazon facilities. Once all 50 projects become operational, they are projected to generate enough energy to power over 1.1 Mn homes in New Delhi annually, while also providing clean energy for Amazon’s data centres, logistics facilities, physical stores, and corporate offices.

In recent years, Amazon has worked closely with policymakers, regulators, and a wide array of industry stakeholders to expand corporate renewable energy procurement opportunities in India. This collaborative effort has brought these new projects to fruition and has paved the way for others to scale up their renewable energy initiatives.

In addition to being the largest corporate buyer of renewable energy globally — a position that Amazon has held since 2020 — Amazon is also the largest corporate buyer of renewable energy in India, according to publicly available data and Bloomberg New Energy Finance.

Amid a global surge in emphasis on clean energy, India is no exception, with growing focus on electric vehicle adoption, plastic bans, carbon capture, and energy efficiency, to name a few. According to The Insight Partners, the Indian renewable energy sector is currently worth around $17 Bn and has been growing at a consistent annual rate of 15%. 

Importantly, the proportion of renewable energy in India’s overall power capacity jumped to 23% in 2018, a substantial increase from approximately 13% in 2015.

In 2020, the Ministry of New and Renewable Energy (MNRE) launched the “Industry and Investors’ Facilitation Centre” to address the issues faced by investors and boost investment in clean energy.

In the recent times India has seen launch of several cleantech startups that have come up with out-of-the-box solutions to contribute to India’s clean energy goals. Some of these startups include, 75F, Ace Green Recycling, CleanMax Enviro Energy Solutions, GPS Renewables, ION Energy, and more.

Some of the recent funding announcements in this space include — Chennai-based Proklean Technologies securing $4 Mn in a strategic funding round from the Raintree Family Office, and Newtrace raising $5.65 Mn from Sequoia Capital India and Aavishkaar Capital.

The post Amazon Expands Renewable Energy Footprint In India With 198 MW Wind Farm appeared first on Inc42 Media.

Threat alerts issued by tech giant Apple to some iPhone users, cautioning them about “state-sponsored attackers attempting to compromise their iPhones remotely”, have stirred up a political storm in the country.

Opposition leaders, including Congress’ Shashi Tharoor, Shiv Sena’s (UBT faction) Priyanka Chaturvedi, AAP’s Raghav Chadha, Sitaram Yechury of Communist Party of India (Marxist), and Trinamool Congress’ Mahua Moitra, said on X (formerly Twitter) on Tuesday that they received the alert from the US-based company and accused the Centre of snooping on them. 

“Apple believes you are being targeted by state-sponsored attackers who are trying to remotely compromise the iPhone associated with your Apple ID. These attackers are likely targeting you individually because of who you are or what you do…,” a screenshot of the notification shared on the social media platform read. 

In its message, Apple added that malicious attackers could remotely access sensitive data, communications as well as camera and microphone of the compromised iPhones. However, the message also noted that it is ‘possible’ that this could be a ‘false alarm’ but advised recipients to take the warning seriously.

Following this, the opposition took jabs at the Centre, using terms such as ‘Snoop Raj’ and ‘Peeping Toms’. Additionally, Moitra said she would write to Lok Sabha Speaker Om Birla, requesting him to summon the officials of the Ministry of Home Affairs (MHA) on this matter. She also urged the Parliament’s Committee of Privileges to address the issue.

Meanwhile, the Centre dismissed the allegations, with BJP leaders saying that the responsibility lies with Apple to provide clarification regarding the alerts. Former IT minister and BJP leader Ravi Shankar Prasad suggested that the opposition leaders should direct their concerns to Apple and file FIRs in the matter instead of making accusations against the Centre.

Apple’s Guarded Response

Following the controversy, Apple issued a vague statement which did not offer any concrete details on how it flagged the recipients. It refused to attribute the threat notifications to any specific state-sponsored attacker. 

The company also didn’t respond to Inc42’s question asking if the threat notifications were only sent to persons associated with political parties.

In its statement, the Cupertino-based giant said it relies on “threat intelligence signals that are often imperfect and incomplete” to detect such attacks. Apple further said that some of these messages could be false alarms. 

The company also refused to provide any further information on the patterns it uses to detect such attacks, saying offering such details would help attackers evade detection in the future. 

“State-sponsored attackers are very well-funded and sophisticated, and their attacks evolve over time. Detecting such attacks relies on threat intelligence signals that are often imperfect and incomplete. It’s possible that some Apple threat notifications may be false alarms, or that some attacks are not detected. We are unable to provide information about what causes us to issue threat notifications, as that may help state-sponsored attackers adapt their behaviour to evade detection in the future,” Apple said. 

Interestingly, the smartphone maker claims to have sent such threat notifications to its users in nearly 150 countries since the feature was enabled in late 2021. 

What Is Apple’s State-Sponsored Attack Alert?

In simple words, Apple issues threat notifications to inform users who may have been targeted by state-sponsored actors. Essentially, these attackers are backed by countries and have plenty of funds, other resources, and sophisticated tools to compromise the devices of targeted individuals. 

These state-sponsored attacks are distinct from the run-of-the-mill cyber attacks, and exploit publicly unknown vulnerabilities in devices or softwares. These threat notifications largely pertain to attacks that target individuals for their identity or activities. 

While Apple uses certain patterns to evaluate if a person has been impacted by such costly and sophisticated attacks, the system has also been plagued by false threat notifications. When the company detects any such activity, it forwards a message to users via email and iMessage connected to the respective Apple ID. 

Row Opens Pandora’s Box For Apple

As the opposition sharpened its attack on the Centre, Union IT Minister Ashwini Vaishnaw took to X to assuage opposition leaders and said the government will probe the matter. He also informed that the tech giant has been directed to join the investigation with ‘accurate information’ on the said state-sponsored attacks. 

“The Government of Bharat takes its role of protecting the privacy and security of all citizens very seriously and will investigate to get to the bottom of these notifications… In light of such information and widespread speculation, we have also asked Apple to join the investigation with real, accurate information on the alleged state sponsored attacks,” Vaishnaw said. 

The minister said that most of the information provided by Apple on the matter is ‘vague and non-specific in nature’. Citing Apple, he said the company claims the threat notifications may be based on ‘incomplete or imperfect’ information and that some of the messages may have been false alarms.

Chiming in, Minister of State (MoS) for IT Rajeev Chandrasekhar said the Centre is ‘committed and duty bound’ to protect privacy of its citizens, adding that the government will also investigate Apple’s claims of selling ‘secure and privacy compliant devices’.

The MoS said the Centre expects Apple to clarify if its devices are secure and why the threat notifications were sent to individuals in more than 150 countries.

Apple has largely steered clear of working with states to offer information into the inner working of its devices. On a previous occasion, it legally contested an FBI request to unlock the iPhone of one of the terrorists involved in the 2016 San Bernardino shooting. 

It is not clear if the smartphone maker will cooperate with Indian authorities and to what extent. For now, the matter has taken a political shape as both Centre and opposition parties take public potshots at each other. Caught in between seems to be Apple which will now have to participate in a probe that will aim to divulge information about what prompted its system to issue threat notifications in the case of Indian opposition leaders.

It must also be noted that Apple is already the face of an antitrust probe in the country for alleged dominance in the app marketplace space. In addition, the tech major has also invited the ire of Indian authorities, on multiple occasions, for failure to comply with takedown orders. 

The post Explained: Apple’s Threat Alert, Ensuing Controversy & Another Probe Involving The Tech Giant appeared first on Inc42 Media.

Apple’s India business has recorded a revenue of INR 49.3K Cr (almost $6 Bn) in FY23, marking an increase of 48% from INR 33.3K Cr ($4.03 Bn) in FY22.

According to RoC filings, Apple India generates 94.6% of its revenue from sales of products and 5.4% from maintenance and services.

The net profit surged 76% to INR 2,229 Cr in FY23 from INR 1,263 Cr in FY22, as per the filings.

The FY23 results came in just a few days after Tata Electronics Private Limited (TEPL) confirmed the acquisition of the iPhone manufacturing unit of the Taiwanese firm Wistron Corp for $125 Mn.

As part of this deal, Tata will acquire the Karnataka plant of Wistron, which employs about 10,000 people to assemble iPhone14. Prior to this, Tata was manufacturing the metal body of Apple smartphones at its Tamil Nadu plant.

The global smartphone brand has ambitious goals for its Indian market. According to Counterpoint Research, Apple sold 1.5 Mn units of its iPhones during the first week of the festive season sale.

The Cupertino-based smartphone maker started the pre-booking of its latest iPhone series — iPhone 15, 15 Plus, 15 Pro, and 15 Pro MaxiPhone 15, 15 Plus, 15 Pro, and 15 Pro Max —  in India on September 15. Just a few days ahead of its launch, a study stated that Apple was all set to end 2023 with a 7% market share in the country, which is largely dominated by Android smartphones.

Apple has surged ahead of Samsung in smartphone exports from India, accounting for 49% of the country’s 12 Mn smartphone shipments in the second quarter of 2023 (Q2 2023).

Apple’s Focus On ‘Make In India’

For its part, Apple has been rapidly increasing its production capabilities in India over the past few quarters via its contract manufacturers.

It is expected to commence the production of AirPods at the Hyderabad facility of Taiwanese contract manufacturer Foxconn by the end of next year. The Hyderabad plant is projected to initiate large-scale manufacturing by December 2024 with an approved investment of $400 Mn by Foxconn.

Also, Apple’s key supplier Jabil Inc has reportedly started manufacturing AirPods components in India. Earlier this year, Apple CEO Tim Cook also launched the first Apple store in Mumbai and a second one in Delhi.

The post Apple India Revenue Nears $6 Bn Milestone In FY23 appeared first on Inc42 Media.

The digital and new commerce businesses accounted for 19% of Reliance Retail’s total revenue in the second quarter (Q2) of the fiscal year 2023-24 (FY24), Reliance Industries Limited (RIL) said in its quarterly results. 

In the preceding June quarter, these businesses accounted for 18% of the revenue of the retail arm of RIL. 

Overall, Reliance Retail’s revenue from operations rose 19.5% year-on-year (YoY) to INR 68,937 Cr in Q2 FY24, while net profit grew 21% to INR 2,790 Cr. 

Reliance Retail counts brands such as JioMart, AJIO, Netmeds, and Trends under its belt. It sells products ranging from footwear to electronics at both online and offline stores. 

The digital and new commerce businesses continued to scale up across categories, reporting healthy operational metrics. Led by sales of phones and high-end televisions, the new commerce vertical saw ‘robust growth’ across the electronics category. The retail arm scaled up its base of electronics-selling merchants by 44% year-on-year (YoY).

Meanwhile, ecommerce platform AJIO saw its catalogue expand 50% YoY during the quarter even as premium Ajio Luxe expanded its portfolio by 61%. Reliance Retail said its online furniture arm Urban Ladder also forayed into the B2B business through institutional sales during the period under review.

A year after acquiring Metro Cash & Carry in November 2022, Reliance Retail is still in the process of integrating the wholesaler’s operations with its new commerce grocery vertical. 

JioMart, the crown jewel of RIL’s digital and new commerce business, claimed it continues to be on a sustained path of growth with ‘robust increase in traffic and average bill value’. RIL said JioMart also scaled up its catalogue by 3X and seller base by 2X in the last year.

“I am delighted to report that we have delivered yet another quarter of stellar performance and achieved an all-time high across financial metrics. The performance is a testament to our customer-centric approach that defines Reliance Retail and we look forward to serving our customers this festive season with renewed optimism and enthusiasm,” Isha Ambani, executive director of Reliance Retail Ventures Ltd, said.

JioCinema Leads The Way

The media arm of the conglomerate continued to see heavy traction, led partly by streaming service JioCinema. Sports continued to drive JioCinema’s growth as the company’s investments in sports programming, especially cricket, led to a ‘sharp jump’ in audience traffic on the streaming platform, it said. 

In its quarterly results, RIL also noted that the media business’ EBITDA declined on account of heavy investments in sports and digital verticals. It also said that investments are necessary in the two spaces in the near term to ensure the media arm is able to build a strong consumer proposition.

Close on the heels of JioCinema poaching the media rights of domestic and international matches of the Indian cricket team, RIL said the India-Australia broadcast after acquisition of rights reached nearly 9 Cr users on JioCinema.

While noting that live sports consumption is increasingly pivoting towards digital, RIL said its media arm also plans to leverage the wide reach of Viacom18’s content library to drive user traffic looking for ‘quality content.’

The conglomerate also said that JioCinema’s ad revenue continued to grow on the back of original digital content.

“JioCinema continued its journey of entertaining audiences with premium content like Bigg Boss OTT, Taali, Kaalkoot, and Khatron Ke Khiladi amongst others. Bigg Boss OTT became the most streamed entertainment property in India, watched by over 100 Mn viewers, generating 30 billion minutes of watch-time,” the company said. 

This comes at a time when Reliance is reportedly also in talks with Disney to acquire the latter’s India operations, including Disney+ Hotstar, to complement JioCinema’s offerings. 

Overall, RIL’s consolidated profit after tax (PAT) zoomed 29.7% YoY to INR 19,878 Cr during the quarter ended September 2023. On similar lines, digital arm Jio Platform saw its net profit rise 12% YoY to INR 5,297 Cr in Q2 FY24. 

The post New Commerce Business Contributes 19% To Reliance Retail’s Q2 Revenue, Sports Drives JioCinema’s Growth appeared first on Inc42 Media.

Samsung maintained its top position in Q3 2023 with a market share of 18% and a shipment of 7.9 Mn units, according to a research report by Canalys. Xiaomi advanced to the second position, shipping 7.6 Mn units, primarily fueled by the release of its affordable 5G models.

On the other hand, vivo dropped to the third spot, shipping 7.2 Mn units, while Realme and OPPO (excluding OnePlus) completed the top five by delivering 5.8 Mn and 4.4 Mn units, respectively.

An ET report in September this year highlighted that the Android smartphones have been facing a slump in global demand and are surpassed by iPhone. Apple has surged ahead of Samsung in smartphone exports from India, accounting for 49% of the country’s 12 Mn smartphone shipments in Q2 2023.

Also, sales of Apple’s iPhone crossed the 1.5 Mn units mark during the first week of Indian festive sales for the first time, as per the findings of Counterpoint Research.

However, according to Sanyam Chaurasia, Senior Analyst at Canalys, in Q3, smartphone brands strategically promoted their festive product lineup, emphasising budget-friendly 5G options.

Due to this strategy, the entry-level segment experienced a surge in demand as vendors introduced mass-market 5G models. For example, Xiaomi expanded its 5G portfolio by launching budget-friendly models like the Redmi 12 5G and POCO M6 Pro 5G. At the same time, Motorola, Infinix and Tecno also drove limited volume through their new affordable 5G devices.

On the other hand, the premium segment was driven by Samsung’s S23 series and older-generation Apple iPhones, such as the iPhone 14 and iPhone 13, being offered attractive deals during the festive sales. The market also witnessed the re-entry of HONOR via a strategic joint venture route with HTech and launched its HONOR 90 model.”

Amid current challenges, it is tough for vendors to preserve market share, manage inventory and maintain profitability simultaneously. For instance, OPPO has shifted focus and is launching higher-priced models to prioritise profit margins over volume, while Samsung has streamlined its portfolio across price bands.

Brands need to continuously assess their market presence amid external macro headwinds, local operational hurdles and volatile demand concerns.

“The growth in 2024 hinges on uncertain macroeconomic factors, particularly affecting the vulnerable entry-level segment. To maintain market share, vendors should prioritise reducing channel pressures and building a lean product portfolio. They should have ‘hero models’ in each price segment while maintaining balanced inventories across channels,” he added.

Samsung has one of its largest factories set up in Noida in 2018. It is capable of producing as many as 120 Mn units a year. The ‘Make in India’ initiative of the Indian government and multiple subsidies for local manufacturing has caught the attention of the global players. In 2019, the Ministry of Electronics and Information Technology (MeitY) had proposed incentives for local manufacturing in the country.

The smartphone market in India recorded 43.0 Mn shipments in Q3 2023, registering a year-on-year decline of 3% from 44.32 Mn in Q2 2022. However, in comparison to a 20% year-on-year decline in Q1 2023, the market is gradually recovering due to improved customer confidence, the introduction of new products as well as the ongoing sales with the festive season around the corner.

India currently has 931 Mn+ smartphone users, which is expected to reach 1.1 Bn+ by 2025, growing at a CAGR of 22%. According to research firm Statista, The smartphone penetration rate in India will reach close to 71% by 2023.

The post Samsung, Xiaomi Lead Indian Smartphone Market In Q3 2023 appeared first on Inc42 Media.

Chennai-based D2C foodtech startup The Divine Foods has raised an undisclosed amount of funding from actor Nayanthara and her husband and director Vignesh Shivan. 

Founded in 2019 by Kiru Maikkapillai, The Divine Foods specialises in making products from traditional superfoods such as turmeric, moringa, millet, and others. Its portfolio includes products such as turmeric oil, turmeric golden milk, masks, turmeric drinks, turmeric powder, honey, among others.

Shivan took to social media to announce the partnership. “Happy to be a part of bringing the traditional foods of Tamil Nadu to your home. Superfoods are only Super if they’re sourced holistically! Me and Nayanthara are happy to join hands with divine foods in this pure journey,” he said in a post on Instagram.

The startup plans to use the fresh funds to scale up its infrastructure and expand its product line, Maikkapillai told Inc42.

“We are happy that Nayanthara and her husband Vignesh came forward and invested in our early-stage startup that creates rural impact,” he said.

Without disclosing the funding amount, the founder said the funds would help the startup create brand awareness among the masses and encourage other celebrities to support the growth of native businesses. 

Earlier, the D2C startup received a grant from the Tamil Nadu government under its flagship seed funding scheme TANSEED 4.0. Thereafter, it has not raised any funding from investors.

The funding comes at a time when a number of actors and other celebrities have backed homegrown companies. The popularity of the celebs has helped early-stage startups reach a wider audience and grow their revenue.   

Earlier this year, actor Samantha Ruth Prabhu invested in the D2C superfoods brand Nourish You. Shilpa Shetty also invested an undisclosed amount in agritech startup KisanKonnect, in May 2023. Bollywood actor Akshay Kumar and Virender Sehwag invested in Two Brothers Organic Farm. 

As per an Inc42 analysis, the Indian D2C market is expected to grow exponentially and reach a market size of $100 Bn by 2025.

The post Actor Nayanthara, Director Vignesh Shivan Invest In D2C Superfoods Brand The Divine Foods appeared first on Inc42 Media.

Panasonic Life Solutions India and Panasonic Corporation have partnered with seed stage investor 100X.VC to launch startup accelerator programme Panasonic Ignition. The programme aims to mentor, guide, and fund early to mid-stage startups that are creating energy management solutions for commercial and residential segments.

Through this programme, Panasonic and 100X.VC aim to support young entrepreneurs and provide them with investment, masterclasses, expert mentorship, product strategy and growth plans. 

The programme will help the selected entrepreneurs build innovative technologies and products while solving real-life challenges related to energy management in spatial infrastructures.

In 2022, the tech giant launched Panasonic KURASHI Visionary Fund (PKVF) to invest in early to mid-stage startups across Japan, Europe and India. The initial corpus of the fund is $55 Mn (INR 450 Cr). 

Commenting on the idea behind the initiatives, Panasonic’s India and South Asia chairman Manish Sharma said, “Panasonic, now, wishes to also be a dominant player in the Indian startup ecosystem supporting Indian entrepreneurs and contributing to the growth of the Indian economy.” 

Panasonic Corporation’s chief transformation officer Kunio Gohara said, “Panasonic Ignition represents a strategic investment approach that delivers mutual advantages to startups and the broader market and society within which they operate.” 

The startups will be able to leverage Panasonic’s experience and expertise in the development of innovative products, thereby boosting their competitiveness and growth potential. 

“With the launch of this programme, Panasonic is committed to fostering innovation by investing in early to mid-stage stage startups, simultaneously, enabling us access to cutting-edge technologies that complement and enhance our core business by tapping into new products, markets, customers and emerging opportunities,” Gohara added. 

As per Inc42’s India’s Startup Investor Landscape Report 2023, there are more than 300 startup accelerators and incubators in India and this number is expected to cross the 450 mark by 2030.

In the past few months, several Indian and international corporates and startups have launched incubator and accelerator programmes to back startups. 

For instance, Game development major Krafton announced the launch of its incubator programme titled KRAFTON India Gaming Incubator to support early stage gaming startups with primary investment and mentorship. 

The launch of such programmes come at a time, when seed funding has gone down drastically for Indian startups. According to Inc42’s Indian Tech Startup Funding Report Q3 2023, Indian startups raised about $159 Mn in seed stage funding across 129 deals during the quarter, a year-on-year decline of 55% and 22%, respectively.

The post Panasonic Partners 100X.VC To Launch Accelerator, Back Energy Management Startups appeared first on Inc42 Media.

Ecommerce behemoth Amazon is the latest entrant to India’s satcom industry, as the company seeks approval from the Indian National Space Promotion and Authorisation Centre (IN-SPACe).

Amazon’s satcom arm – Project Kuiper – is looking to silently apply for the global mobile personal communication by satellite services (GMPCS) license with the Department of Telecommunications (DoT), ET said in a report.

According to Amazon’s website, the company plans to offer a range of services to customers with broadband speeds ranging from 100 Mbps to 1 Gbps, through its broadband-from-space services. The new service is expected to go onstream by the end of next year.

Amazon and Project Kuiper are planning to launch satcom servies in India alongside their global launch, whenever that happens.

Amazon would be taking on likes of Bharti Airtel-backed OneWeb, Elon Musk’s Starlink and Reliance’s Jio Satellite in the satcom space. While OneWeb and Jio Satellite have already secured their GMPCS licences, Starlink’s application is set to be taken up by an inter-ministerial panel later this week, the ET report added.

India’s satcom industry is still in its nascent stages, yet major global players in the space are looking at what could only be described as a mega opportunity.

India’s Space Policy 2023 allowed private low-earth orbit (LEO) and medium-earth orbit (MEO) satellite constellation operators to launch fast broadband from space services in the country.

The new policy also allows foreign entities to set up infrastructure and offer satellite services in India. These companies, however, need to seek approval from IN-SPACe. The space policy has empowered IN-SPACe to act as the sole single-window agency to authorise the gamut of space activities by both government and private satcom firms.

For its part, Amazon has been in talks with the Indian government on the satcom sector regularly. The ecommerce giant also took part in the consultation process of the Telecom Regulatory Authority of India (TRAI) on finalising the allocation methodology for satellite spectrum, which has been a touchy subject for all players involved.

The post Amazon Joins India’s Satcom Race With Project Kuiper, Seeks Regulatory Approval appeared first on Inc42 Media.

Retargeting campaigns are a golden ticket for any marketer during the festive sale season. There is a myth that re-engagement during the sale season seems irrelevant as people are already buying. 

The fact is that this is the perfect time when app marketers should invest in it. During the festive season, the shoppers are ready to purchase. Thus, organic engagement skyrockets and marketers sideline the need for paid marketing. 

But, instead, marketers should focus on dedicated seasonal campaigns to capture the interest of users who stay, engage and convert.  

Retargeted Campaigns – Alarm For The Sleeping Shoppers 

Data has backed up the fact that retargeted users are highly engaged and more likely to complete a purchase.  

According to a report, there are 70% chance of a user getting converted on the retailer’s website who is shown a display ad. 

Other stats say that there are 3 times higher chances for a retargeted customer to click on your ad than a new user. 

So, How Can You Make The Most Out Festive Seasons?    

To get the best result out of a re-engagement campaign, app marketers should divide the user base into different segments: 

• Retargeting the active users to fasten the transaction processes because they showed interest in your brand or your content. They are most likely going to convert faster. 
• Retargeting the new app users to gain their trust and retain them by offering first-time user benefits.  
• Targeting the sleeping user to regain their attention and generate curiosity using exciting discounts and festive offers. 

However, there is a catch.

Amidst all the festivities, when marketers go all gaga over their ad spends to ensure their intended audience doesn’t lose interest, there are people behind the mask waiting to take advantage of this. 

Remarketing or retargeting campaigns are one of the most profitable ways for fraudsters to steal money under the nose of advertisers. They use techniques and tools like attribution hijacking, fake clicks, and fake devices to capture organic traffic and ruin the metrics for marketers.

Fraud In Retargeting Campaigns 

Retargeting and Remarketing campaigns are beneficial to capture the attention of the “intended” set of users, but it is a tricky business. There has to be a balance in how much you’re showing your ads to your re-targeted user base. 

Overdoing it might lead to annoyance among the users and they might eventually lose interest. And on top of that, the fraudsters make it worse for the marketers. 

Setting The “Good Traffic” Trap

During the festive season, people are ready to shop and marketers try to capture their attention with multiple ad exposures to convince a dormant user to take action. While increased ad frequency annoys the real users, the bots take the opportunity. 

The bots view the ads and even click on them to create an illusion for marketers that their ad campaigns are working successfully and driving engagement. Due to this illusion created by the fraudsters, the marketers allocate more budget to these re-engagement campaigns, eventually filling the pockets of the fraudsters. 

Pretending To Be The “Real-User” 

The bot activities are not limited to just inflating the ad traffic. In some cases, the bots also deliberately visit websites by hijacking the cookie data of a genuine user and pretending to be an “interested user”.  

The marketers will invest in retargeting campaigns to engage this anonymous user, assuming it to be their genuine user.  The bots keep this cycle on and the marketer spends continuously on these campaigns assuming they are targeting their dormant users. 

Stealing The Bigger “Moolah”

If a marketer thinks that to outsmart the bots, they can change the payout from clicks or impressions to something concrete like Sales, then the bots have a catch for that too. 

The bots just have to steal the last click attribution of an organic user and steal the cost per sale for a source which was eventually going to happen. 

The marketer didn’t have to pay for this install or sale as the user was going to take the action voluntarily. However, the fraudsters claim the credit for the sale falsely and commit the fraud of “organic stealing”  

This Sale Season, Take The Vigilance Route 

The festive season is the opportunity for marketers to capture a big pool of “interested users”. However, bots can turn this opportunity into a nightmare with their discreet behaviour. 

While running remarketing or retargeting campaigns, it is essential for marketers to do a check of their ad traffic and invest in campaigns fearlessly.  

The post How Marketers Can Make The Most Of Retargeting Campaigns This Festive Season? appeared first on Inc42 Media.

The Abu Dhabi Investment Authority is investing INR 4,966.80 Cr in Reliance Retail Ventures Ltd for a 0.59% equity stake.

The capital infusion will value the retail and digital commerce subsidiary of Reliance Industries Ltd (RIL) at a pre-money valuation of INR 8.28 Lakh Cr, making it one of the top four companies in the country by equity value, Reliance Retail said in a statement.

Commenting on the announcement, Reliance Retail’s executive director Isha Ambani said, “We are pleased to further deepen our relationship with ADIA with their continued support as an investor in Reliance Retail Ventures Limited… ADIA’s investment in RRVL is a further testament to their belief in the Indian economy and our business fundamentals, strategy and execution capabilities.” 

The retail arm of the oil-to-telecom conglomerate claims to serve 267 Mn customers with an omnichannel network of more than 18,500 stores and digital commerce platforms. The company has a presence across categories such as grocery, consumer electronics, fashion and lifestyle, and pharma.

Reliance Retail has brands such as AJIO, JioMart, Netmeds, Milkbasket and Trends under its umbrella. The company also owns a minority stake in troubled quick commerce startup Dunzo.

Reliance Retail also claims that its new commerce business has digitised more than 3 Mn small and unorganised merchants across the country. 

The announcement is the latest round of fundraise undertaken by the retail giant in the past few months. In September, the company said global investment major KKR was acquiring a 0.25% stake in it for INR 2,069.5 Cr. 

Prior to that, Reliance Retail raised INR 8,278 Cr from Qatar Investment Authority. Both transactions were executed at a pre-money equity value of INR 8.3 Lakh Cr.

Reliance Retail posted a net profit of INR 2,448 Cr in the first quarter (Q1) of financial year 2023-24 (FY124) on an operating revenue of INR 62,159 Cr. During the quarter, digital and new commerce businesses accounted for 18% of its total revenue.

The post After KKR & QIA, Reliance Retail Raises INR 4,966 Cr From ADIA appeared first on Inc42 Media.

Ecommerce giant Amazon on Friday (October 6) said it has created over 1 Lakh direct and indirect seasonal jobs to cater to the surge in demand during its flagship festive season sale, the ‘Great Indian Festival’, starting on October 8.

The new hirings took place across Indian cities including Mumbai, Delhi, Pune, Bengaluru, Hyderabad, Kolkata, Lucknow, and Chennai, the company said in a statement.

Amazon’s Prime customers will have early access to the sales from October 7. The company said it has already onboarded the majority of the new hires into its existing network, where they will pick, pack, ship, and deliver customer orders safely, Amazon said in its statement.

The new hires also include customer service associates, some of them being a part of the virtual customer service model.

“We are welcoming an additional workforce of over 100K to strengthen our fulfilment, delivery, and customer service capabilities and ensure a great shopping experience for millions of customers who are looking forward to shopping with us,” said Akhil Saxena, vice president of operations, APAC/MENA/LATAM, and WW customer service head at Amazon.

“Beyond elevating customer satisfaction, seasonal hiring plays a vital role in empowering individuals with work opportunities and financial independence, and more importantly, boosting the festive economy,” Saxena added. 

As festive fever kicks in, the company claims to have fulfilment centres spread across 15 states, offering 43 Mn cubic feet of storage space for seller inventory that benefits over 1.3 Mn sellers in the country. Amazon India has sortation centres in 19 states, along with a network of close to 2,000 Amazon-operated and partner delivery stations. 

In an effort to expedite shipping across the country, Amazon India recently signed an MoU with India Post and Indian Railways.

It is pertinent to note that Amazon India’s archrival Flipkart’s ‘The Big Billion Days’ will also begin on October 8. Last week Amazon revised the starting date of its ‘Great Indian Festival’ sale to October 8 from October 10.  

Ahead of the festive rush, Walmart-owned Flipkart also announced that it would create 1 Lakh direct and indirect seasonal jobs to strengthen its supply chain to meet customer demand during its flagship season sale.

Over the years, festive season sales have emerged as an important event for Indian ecommerce companies. To make the most of the festive season sales, the ecommerce dole out attractive deals and discounts. 

On Thursday, Meesho said it received approximately 1 Cr orders from its pre-festive season sale and claimed to have added over 50 Lakh new customers. 

The gross merchandise value (GMV) of the country’s ecommerce sector is expected to grow 18-20% to INR 90,000 Cr during the festive season this year from INR 76,000 Cr last year, as per consulting firm Redseer. 

The post Amazon India Creates 100K Seasonal Jobs Ahead of Its Festive Season Sale appeared first on Inc42 Media.

Reliance Retail’s fashion ecommerce platform, AJIO, is gearing up to feature products from the renowned Swedish fast-fashion giant, H&M, on its website. This move potentially hints at a significant shift in the exclusive partnership between H&M and Myntra.

While H&M’s collaboration with Myntra will persist, AJIO will also become a platform for H&M products, Mint reported. This expansion of H&M’s online presence is a strategic move for the Swedish brand.

“While we cannot comment on market speculation, our endeavour is to tap into the high-potential market in India. Our primary goal is to be the preferred shopping brand, which is not only fashionable but accessible to all. To keep up with the ever-evolving ecommerce and digital landscape, we are leveraging our strong brand presence and customer loyalty to effectively penetrate the market,” Yanira Ramirez, country sales manager, H&M India Pvt. Ltd, said , as quoted in the report.

Ramirez said that H&M’s partnership with Myntra has not only met but exceeded their expectations. This collaboration has played a pivotal role in making the H&M brand more readily available to its Indian customer base. As H&M marks its eighth anniversary in India, Ramirez conveyed her enthusiasm for the future, and the aim of extending offline and online brand presence.

H&M made its debut in the Indian market back in 2015. In 2018, the fashion retailer took its operations online with the launch of its own store and app. A year later, a partnership was established, designating Myntra as the exclusive online marketplace for H&M’s offerings.

An email sent to Reliance remained unanswered at the time of publishing this article.

Exclusive partnerships with well-known fashion brands can significantly boost the appeal of a fashion ecommerce platform, experts told Inc42 earlier. It not only draws in a broader audience but also cultivates a perception of exclusivity and uniqueness.

Hence, this partnership is poised to be a game-changer for AJIO. Earlier this year, it was reported that fast fashion brand Shein is planning to re-enter India in partnership with Reliance Retail. Under this partnership, Reliance Retail would sell Shein products in offline stores operated by the retailer as well as through its ecommerce app AJIO.

With such strong partnerships, AJIO is emerging as a bigger threat to its rivals such as Myntra, Nykaa Fashion, among others. Meanwhile, fashion has emerged as the largest category in online retail in India due to a maturing user base, accounting for 37% of the overall online shopping ($60 Bn GMV) currently, according to RedSeer, a consulting firm.

The post Reliance’s AJIO To Add H&M To Its Cart, Ending Myntra Exclusivity appeared first on Inc42 Media.