Short video app TikTok continues to be on a downward spiral in India. The number of downloads for the app fell 34% to nearly 24 million in April and 28% to 17 million as of May 23, The Economic Times reported, citing data from app intelligence firm Sensor Tower. The fall comes amid reduced marketing and advertising budgets due to the Covid-19 pandemic, a persistent anti-China sentiment among users and calls for it to be banned on popular app stores due to objectionable content, the report said. Last week, user ratings for the platform fell to 2 stars on the Google Play Store.
Reliance rolls out online grocery delivery platform JioMart
Mumbai headquartered conglomerate Reliance Industries has forayed into the online grocery space with the launch of JioMart, Entrackr reported. Customers can buy groceries as well as fresh produce on the platform, which is operational in cities including Mumbai, Chennai, Kolkata, Hyderabad, Delhi, Bengaluru, Jaipur and Thiruvananthapuram, it said. JioMart competes with companies such as BigBasket and Grofers.
Alibaba-backed BigBasket looks to raise $200 mn fresh capital
Online grocery firm BigBasket is scouting for $150-200 million in fresh funding, according to a report on Mint. The Alibaba-backed firm has appointed Goldman Sachs and Morgan Stanley to help with the fundraise, the report said, citing people in the know. The company is eyeing a valuation of $2 billion for its latest round, it said. Last month, returning investors Goldman Sachs and Morgan Stanley infused $49.4 million debt capital in the company.
Just Dial reports 21.6% increase in Q4 profits to Rs 76.1 cr
Online classifieds platform Just Dial reported a profit of Rs 76.1 crore for the quarter ended March 31, 2020, up 21.6% compared to the same period last year. For the financial year 2019-2020, the Mumbai headquartered company’s net profit increased 31.7% from the year ago to Rs 272,3 crore, it said. The firm said it witnessed a 1.2% year-on-year revenue growth, adding that its business was impacted due to nation-wide Covid-19 lockdown.
Satya Mahapatra joins mobile gaming startup E-War as advisor
Gaming startup E-War has on-boarded the former chief marketing officer of Junglee Games, Satya Mahapatra, as an advisor to help expand its operations across the country. He has over 15 years of experience launching and anchoring the growth of several gaming startups in India, the US and the UK. His areas of expertise include product management, innovation and strategy making, as well as online and social media marketing and branding.
Airtel Payments Bank, Mastercard to develop solutions for farmers, SMEs
Airtel Payments Bank has partnered with New York-based global payments technology company Mastercard to develop products that cater to farmers, and small and medium enterprises (SMEs). The firms look to build a digital platform to educate farmers on advanced farming techniques, set up connections to marketplaces and allow them to receive payments on an Airtel Payments Bank account. The companies will also help SMEs make assisted payments, manage their financial and transactional processes, and avail working capital.
Amandeep Singh Bhan joins B2B marketplace Moglix
Online business-to-business (B2B) industrial goods marketplace Moglix has appointed Amandeep Singh Bhan as its senior vice president for strategic partnerships. Bhan will drive institutional sales, enable business development and manage key accounts across all verticals in the enterprise segment, according to the statement. He has over 18 years of experience in driving business development and enterprise sales, and has worked with companies such as Ezetap and SAP India.