Flipkart Restructuring 🛠, Lakshadweep Searches 🔍, Slurrp Farm Funding 💰

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Welcome to today's edition of the NextBigWhat Daily IndiaTech News! Today's top stories include Flipkart's restructuring plans, Lakshadweep searches surge post PM Modi visit, and Anushka Sharma-backed Slurrp Farm secures new funding. 📰 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( Flipkart plans major restructuring, may cut up to 1,500 jobs 🇮🇳 IndiaTech - Flipkart is planning a major restructuring, potentially leading to the loss of up to 1,500 jobs in the next few months. - Despite the layoffs, the company still plans to launch its initial public offering (IPO) in 2024. - The restructuring comes as part of a wider trend of job cuts in Indian IT firms and startups due to the global economic slowdown. Lakshadweep sees 3400% surge in MakeMyTrip searches following PM Modi’s visit 🇮🇳 IndiaTech - MakeMyTrip reported a 3400% increase in searches for Lakshadweep following PM Modi’s visit, leading to the launch of a ‘Beaches of India’ campaign. - The campaign aims to encourage Indian travellers to explore the country’s beaches, offering various deals and discounts. - Meanwhile, EaseMyTrip suspended all Maldives flight bookings following derogatory comments made by Maldivian leaders about PM Modi’s visit to Lakshadweep. Transform your 2024 : Build winning habits ! [NBW Newsletter Ad]( 50% Launch Discount ! Win your 2024 🚀 "We are what we repeatedly do." Reset and Build Better Habits for 2024​! 21-days email based course, No app to download 😎 [Enroll 👊]( India’s broadband connections increase to 888.27 million in October 2023: TRAI 🇮🇳 IndiaTech - Broadband connections in India increased by 0.37% from 885 million in September to 888.27 million in October 2023, despite a slowdown in the growth rate. - Bharti Airtel and Reliance Jio added significant numbers of wired and wireless connections, while Vodafone Idea saw a decline in wireless connections but an increase in wired ones. - Urban teledensity continued to decrease, and Airtel experienced a drop in its active wireless subscription base. Mercedes-Benz India achieves record sales in 2023 🇮🇳 IndiaTech - Mercedes-Benz India reported its highest-ever annual sales in 2023, selling 17,408 units, a 10% increase from 2022. - SUVs made up 55% of the sales volume, with significant demand for the newly launched GLC and GLE models. - The company’s EV sales tripled during the year, contributing to 4% of the total volume, and the luxury car market in India is expected to double by 2030. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( Nearly 293,000 passenger vehicles sold in December 2023; Maruti Suzuki and Tata Motors lead sales 🇮🇳 IndiaTech - A total of 293,005 passenger vehicles were sold in December 2023, with Maruti Suzuki India and Tata Motors among the top sellers. - Maruti Suzuki sold 118,295 vehicles, capturing 40.37% of the market share, while Tata Motors sold 43,859 vehicles, holding 14.97% of the market share. - FADA President Manish Raj Singhania noted a surge in SUV sales, driven by year-end promotions and new model introductions. Anushka Sharma-supported Slurrp Farm secures $7.2M in latest funding round 🇮🇳 IndiaTech - Children-focused meal brand Slurrp Farm has raised $7.2 million in a new investment round from both new and existing investors. - The funds will be used to increase the company’s long-term financial resources, with Fireside Ventures holding 20.72% of the company post-investment. - The company, which reported over 2X growth in its revenue, aims to reach Rs 500 crore in revenue and have a presence in 40,000 stores in the coming years. Indian tech startups maintain growth and profitability focus despite challenging 2023 🇮🇳 IndiaTech - Despite global challenges in 2023, Indian tech startups remained committed to improving their business fundamentals and profitability, with 60% reporting increased revenue. - Startups are increasingly using DeepTech to enhance efficiency, reduce costs, and automate operations, with a significant portion of unfunded startups expecting higher revenues in 2024. - Despite layoffs in 2023, over 65% of startup founders reported moderate hiring, and the trend of diversification into Tier II and Tier III locations continued, with 40% of startups established in emerging hubs. FirstCry CEO Supam Maheshwari offloads shares worth Rs 300 cr ahead of company’s IPO 🇮🇳 IndiaTech - Supam Maheshwari, CEO of FirstCry, sold 6.2 million shares worth Rs 300 crore 10 days before the company’s IPO filing, reducing his stake from 7.46% to 5.95%. - FirstCry, backed by investors such as SoftBank, is expected to price its IPO between $3.5 and $3.75 billion, with the aim to raise Rs 1,816 crore through new equity shares. - Despite a 135% increase in revenue in FY23, FirstCry reported a sixfold rise in net losses due to mounting expenses, including depreciation, finance cost, and ESOP costs. Indian mutual funds’ assets under management surpass Rs 50 lakh crore 🇮🇳 IndiaTech - The total assets under management (AUM) of the Indian mutual funds industry has exceeded Rs 50 lakh crore for the first time, with a significant contribution from systematic investment plans (SIPs). - The total AUM has seen a growth of around six times in the last 10 years, with an increase of over Rs 10 lakh crore in the last year alone. - December 2023 saw a record high of Rs 17,610 crore flowing in through SIPs, and the number of unique investors rose to 42.1 million, a significant increase from 19.1 crore in December 2018. Zomato halts full integration of Blinkit, shuts down two international subsidiaries 🇮🇳 IndiaTech - Zomato will not fully integrate Blinkit into its food delivery app, only sourcing synergies with Hyperpure and a tab directing users to Blinkit. - CEO Deepinder Goyal believes super apps don’t work as well in India, indicating Zomato won’t become a super app. - Zomato is closing two inactive international subsidiaries in Poland and Vietnam, adding to 15 others previously shut down. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](