Flash, a startup founded in 2022 by former Flipkart Senior Vice President Ranjith Boyanapalli, has secured $6.7 million in a Pre-Series A funding round. Led by Blume Ventures and with participation from existing investors PeerCapital, White Venture Capital, and Emphasis Ventures, the funding aims to boost Flash’s mission of enhancing the post-shopping experience for frequent shoppers.
Empowering Power Shoppers: Flash, catering to power shoppers, launched its app in April 2023. The startup has already processed over 8 million emails and facilitated more than 1 million orders across 1,000+ brands using Flash.co email IDs. The innovative platform allows users to import orders from multiple Gmail accounts into the Flash.co app, streamlining the online shopping process and eliminating the need to sift through promotional emails.
Rewarding Shopping Habits: Flash incentivizes users to shop more by offering segment-specific and brand-specific ‘streaks’ that enable them to earn cashback. This approach not only simplifies the shopping experience but also encourages customer loyalty and engagement.
Expanding in a Growing Market: India currently boasts 25 million power shoppers, responsible for a substantial 70% of online shopping revenue. Flash anticipates this number to grow to 65 million by 2030. With a focus on solving issues such as spam, order tracking difficulties, and a lack of rewards, Flash aims to cater to the unique preferences of power shoppers.
Future Plans: The Bengaluru-based startup intends to utilize the fresh funds for strategic hires and infrastructure enhancements, accelerating its presence in India and expanding internationally by early 2024. Flash previously raised $5.8 million in a seed funding round and has now accumulated a total of $12.5 million in funding. Notable investors in Flash include Global Founders Capital, Soma Capital, Zinal Growth, and prominent individuals like Binny Bansal, Kunal Shah, and Sujeet Kumar.
A Growing E-commerce Landscape: India’s e-commerce ecosystem is on a remarkable growth trajectory, with projections suggesting a user base of 350 million by 2025 and a staggering 500 million users by 2030, driven by a robust compound annual growth rate (CAGR) of 23%.
In conclusion, Flash’s latest funding round positions it to play a significant role in serving the evolving needs of power shoppers in India’s dynamic e-commerce landscape.
Oil prices continued their upward trajectory, marking the fourth consecutive session of gains, driven by growing worries about a supply deficit. Weak shale oil production in the United States, coupled with extended production cuts by major oil-producing nations like Saudi Arabia and Russia, has intensified concerns in the market.
Rising Prices: U.S. West Texas Intermediate (WTI) crude futures climbed by 1.1% to reach $92.47 per barrel, while the global oil benchmark, Brent crude futures, increased by 0.61% to $95.01 a barrel. These prices now stand at 10-month highs, reflecting a steady upward trend over the past three weeks.
Shale Output Decline: The U.S. Energy Information Administration (EIA) reported that U.S. oil output from key shale-producing regions is poised to hit a low of 9.393 million barrels per day (bpd) in October, a level not seen since May 2023. This decline represents a three-month consecutive fall, further exacerbating supply concerns.
Extended Production Cuts: This surge in oil prices follows the recent decision by Saudi Arabia and Russia to extend their joint supply cuts by 1.3 million bpd until the end of the year, underscoring their commitment to stabilizing the market.
Risk of Overbought Territory: Despite the bullish momentum, analysts from National Australia Bank caution that the oil market is entering overbought territory, making it susceptible to a correction. Volatility may be on the horizon, especially after significant speeches by Saudi Aramco CEO Amin Nasser and Saudi Arabia’s energy minister on Monday.
Changing Demand Outlook: Aramco CEO Amin Nasser revised the company’s long-term demand outlook, now projecting global demand to reach 110 million bpd by 2030, down from the previous estimate of 125 million bpd.
Market Regulation and Uncertainty: Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman defended OPEC+ cuts, emphasizing the need for measured regulation to curb market volatility. He also expressed concerns about uncertainties related to Chinese demand, European economic growth, and central bank actions to combat inflation.
In conclusion, the oil market is currently witnessing a surge in prices due to a combination of factors, including declining shale output in the U.S., extended production cuts by major oil producers, and shifting demand projections. However, the market remains on edge, with potential corrections and uncertainties in the global economic landscape looming on the horizon.
The Telecom Regulatory Authority of India (TRAI) is actively working to make smartphones more affordable in India, aiming to promote digital inclusion across the country. In a bid to gather valuable insights, TRAI has invited public comments on ways to enhance smartphone affordability.
Focus of TRAI’s Consultation Paper
TRAI’s consultation paper, titled “Digital Inclusion in the Era of Emerging Technologies,” primarily examines the effectiveness of the government’s initiatives, particularly its emphasis on boosting domestic smartphone manufacturing, in reducing smartphone prices in India. The paper also delves into strategies for ensuring that digital devices and connectivity become more accessible to citizens, empowering them to fully embrace the advantages of an inclusive digital society.
Key Points Considered
Within the consultation paper, TRAI highlights two critical aspects: smartphone financing and the viability of second-hand smartphones in India. It expresses concerns about the rapid advancement of technology, the introduction of 5G services, artificial intelligence, and machine learning. TRAI emphasizes that, unless these technologies are made affordable and accessible to marginalized communities and underserved regions, there is a risk of exacerbating the existing digital divide.
Addressing Inequities in Digital Inclusion
TRAI underscores the importance of addressing inequalities in digital inclusion, which can arise due to uneven access to infrastructure, limited digital literacy, and affordability challenges. The authority recognizes that these issues must be resolved to ensure comprehensive digital inclusion and to prevent disparities from widening further.
Deadline for Public Participation
To gather diverse perspectives and recommendations, TRAI has set a deadline of October 16 for the submission of comments and October 31 for counter-comments on the consultation paper.
Conclusion
TRAI’s proactive approach in seeking public input reflects its commitment to bridging the digital divide and making digital technologies more accessible to all segments of the Indian population. The insights gathered from this initiative will likely play a pivotal role in shaping policies aimed at fostering digital inclusion in the country.
Nationalist Congress Party (NCP) lawmaker Supriya Sule has called for the passage of the Women’s Reservation Bill, which aims to reserve 33% of Lok Sabha and assembly seats for women. Her appeal comes after leaders from various political parties advocated for the bill during an all-party meeting ahead of the special five-day Parliament session.
Support for Women’s Reservation Bill
Sule emphasized that women constitute 50% of the population, urging Parliament to deliberate on the bill. She suggested that Prime Minister Narendra Modi could take the initiative to bring the bill for women’s reservation in Parliament and assemblies, assuring full support from lawmakers.
Historical Background
The Women’s Reservation Bill was approved by the Rajya Sabha in 2010 but faced disruptions and was not pushed through the Lok Sabha by the then Congress-led United Progressive Alliance government. Opposition from allies like the Rashtriya Janata Dal (RJD) and Samajwadi Party, who demanded quotas for Scheduled Castes and Scheduled Tribes within the proposed quota, contributed to the bill’s stagnation.
Parliament’s Functioning
Sule also raised concerns about the decreasing number of Parliament sittings and called for more sessions to ensure effective governance. She noted that a record number of ordinances had been introduced, emphasizing the need for increased Parliament days.
Criticism of Prime Minister Modi
In her address, Sule criticized Prime Minister Modi for referring to the NCP as a “Naturally Corrupt Party” and accusing her party of corruption.
Conclusion
Sule’s call for the passage of the Women’s Reservation Bill highlights the importance of gender equality and increased representation of women in Indian politics. The bill’s fate in the current session and the government’s response will be closely watched by advocates of women’s rights and political reform.
A petitioner in the Adani-Hindenburg case has approached the Supreme Court, requesting the reconstitution of the expert panel responsible for investigating allegations of regulatory failure and legal breaches by the Adani conglomerate. The petitioner, Anamika Jaiswal, has cited a conflict of interest involving three of the panel’s six members, including the panel’s chairman, a retired Supreme Court judge.
Conflict of Interest Allegations
Anamika Jaiswal’s application highlights concerns about the inclusion of OP Bhatt (former State Bank of India chairman), KV Kamath (veteran banker), and senior advocate Somasekhar Sundaresan in the expert panel. The petitioner argues that these members may have a conflict of interest in the probe’s outcome regarding the accusations by US short-seller Hindenburg Research.
OP Bhatt: Jaiswal points out that Bhatt currently serves as the chairman of Greenko, a renewable energy company closely collaborating with the Adani group since March 2022. Furthermore, Bhatt’s connection to a CBI investigation in March 2018, related to alleged irregularities in disbursing loans to fugitive economic offender Vijay Mallya, is raised as a potential conflict.
KV Kamath: Jaiswal notes that Kamath, the former chairman of ICICI Bank, was named in a CBI FIR concerning the ICICI Bank fraud case. This case involved allegations of kickbacks to Chanda Kochhar, the bank’s former CEO, in exchange for loans provided to the Videocon group during Kamath’s tenure.
Somasekhar Sundaresan: The application argues that Sundaresan, a senior advocate, has represented the Adani group in various legal matters, including before the Securities and Exchange Board of India (SEBI) Board.
Conclusion
The petitioner’s request for the reconstitution of the expert panel underscores concerns about potential conflicts of interest that could compromise the fairness and impartiality of the Adani probe. The Supreme Court’s decision on this matter will be crucial in ensuring transparency and credibility in the investigation process.
The Supreme Court of India has ruled that there is no prohibition against seeking the reinstatement of an appeal challenging the imposition of a tax liability if an assessee is unsuccessful in obtaining the benefits of the Kerala Value Added Tax Amnesty Scheme, 2020 (VAT Amnesty Scheme). The decision came in the case of PM Paul versus The State Tax Officer & Ors, where a Kerala-based businessman sought to restore his tax appeal after withdrawing it to apply for the VAT Amnesty Scheme.
No Bar on Restoration
The Supreme Court bench comprising Justice BV Nagarathna and Justice Ujjal Bhuyan stated that there is no explicit restriction preventing the restoration of an appeal when an assessee is unable to avail of the Amnesty Scheme’s benefits. The Court emphasized that tax appeals are a statutory remedy, and the appellant had initially withdrawn the appeal as a prerequisite for applying for the Amnesty Scheme.
Ruling Details
The businessman’s appeal had been withdrawn to ensure no pending legal proceedings existed for applying to the VAT Amnesty Scheme. However, when he was unsuccessful in availing the scheme’s benefits, he sought the restoration of his original tax appeal.
The Supreme Court allowed the appeal against the Kerala High Court’s decision, restoring the tax appeal pending before the Joint Commissioner of Appeals. The Court instructed the parties to appear before the appellate authority on October 4, with the restored appeal to be heard on its merits and disposed of in accordance with the law.
Conclusion
The Supreme Court’s decision clarifies that an assessee can seek the reinstatement of a tax appeal even after withdrawing it to apply for tax amnesty, provided the amnesty benefits are not obtained. This ruling underscores the importance of statutory remedies and access to justice in tax matters.
The Reserve Bank of India (RBI) is reportedly intervening in the foreign exchange market by selling dollars through public sector banks to prevent the Indian rupee from hitting a record low. The rupee has been under pressure and was trading at 83.2025 against the U.S. dollar, just shy of its all-time low of 83.29.
RBI’s Dollar Sales
According to six traders cited by Reuters, the RBI is likely behind the dollar-selling operations via public sector banks. Large public sector banks are reported to be actively selling dollars in the market. The RBI’s approach involves offering dollars at various price points, without adhering to a specific exchange rate.
Market Response
Traders are noting that despite the RBI’s intervention, the rupee may still face downward pressure, and a new record low cannot be ruled out. The market appears to be absorbing the dollar selling without significant resistance.
Conclusion
The RBI’s efforts to stabilize the rupee highlight the central bank’s commitment to maintaining exchange rate stability. While these interventions aim to prevent a further slide in the rupee’s value, the currency’s performance will continue to be influenced by various domestic and international factors. The RBI remains watchful, ready to take necessary measures to safeguard India’s economic stability.
Foxconn, the prominent manufacturer of Apple’s flagship iPhone, is setting ambitious goals for its operations in India. The Taiwanese electronics giant aims to double its employment, investment, and business size in the country within a year. This comes as Foxconn plays a pivotal role in establishing India as a major global manufacturing hub for Apple, particularly with the production of the latest iPhone 15 within the country.
Foxconn’s India Growth
Foxconn’s representative in India, V Lee, expressed this commitment on LinkedIn, highlighting the company’s rapid growth in the country under Prime Minister Modi’s leadership. The company’s operations in India already generate approximately $10 billion annually, a significant contribution to its $200 billion annual revenue.
Future Investments and Diversification
Foxconn’s chairman and CEO, Young Liu, recently indicated that the company could invest billions of dollars in India if its plans materialize fully. The firm operates around nine campuses in India and has over 30 factories, with plans to expand beyond iPhone manufacturing.
Foxconn is exploring India as a potential third global hub for electric vehicle (EV) contract manufacturing, aligning with its goal to produce 500,000 to 700,000 EVs by 2025, capturing about 5% of the global EV market. This diversification beyond iPhones reflects Foxconn’s strategy to reduce its dependence on China and navigate challenges posed by COVID-19 restrictions and geopolitical tensions.
Conclusion
Foxconn’s commitment to doubling its India operations signifies the country’s growing importance in global electronics manufacturing. As Foxconn expands its footprint in India and explores EV manufacturing, it strengthens India’s position on the global manufacturing map and offers significant economic opportunities.
The Delhi Metro has achieved a historic milestone by becoming India’s longest metro network, spanning an impressive 393 kilometers. This remarkable feat was accomplished with the recent inauguration of the Dwarka Sector-21 to Yashobhoomi Dwarka Sector–25 Metro section on the Airport Express Line corridor. The Delhi Metro Rail Corporation (DMRC) manages and operates this extensive rapid transit network, serving not only the national capital but also neighboring cities like Noida, Ghaziabad, Faridabad, Ballabgarh, and Gurugram.
Delhi Metro’s Journey Delhi Metro embarked on its transformative journey on December 25, 2002, with the commencement of services from Shahdara to Tis Hazari on the Red Line. Since then, it has expanded significantly, currently operating more than ten lines that crisscross the Delhi-NCR region.
Overview of Delhi Metro Corridors The Delhi Metro network comprises various lines, each contributing to the extensive coverage of the region:
Red Line: Stretching 33.48 kilometers, the Red Line features 29 stations and four key interchanges.
Yellow Line: Covering 47.25 kilometers from Samaypur Badli to Millenium City Centre Gurugram, the Yellow Line boasts 37 stations and eight interchanges.
Blue Line (Line 3 and 4): This 55.56-kilometer corridor connects Dwarka Sector-21 to Noida Electronic City, encompassing 50 stations and ten interchanges.
Green Line: Spanning 27.96 kilometers, the Green Line includes 24 stations and four interchanges.
Violet Line: Extending over 45 kilometers, the Violet Line features 34 stations and five interchanges.
Pink Line: Covering 57.49 kilometers from Majlis Park to Shiv Vihar, the Pink Line encompasses 38 stations and eleven interchanges.
Magenta Line: This 34.12-kilometer line comprises 25 stations and four interchanges.
Grey Line: Spanning 4.98 kilometers, the Grey Line connects Dwarka to Dhansa Bus Stand, with four stations and one interchange station at Dwarka.
Airport Express Line: Stretching 24.9 kilometers, the Airport Express Line boasts seven stations and three interchanges.
Rapid Metro (RMGL): Covering 10.58 kilometers, this route includes 11 stations and one interchange facility at Sikanderpur.
Conclusion The Delhi Metro’s expansion to become India’s longest metro network signifies a significant milestone in the nation’s public transportation infrastructure. This extensive network not only enhances connectivity within the Delhi-NCR region but also underscores the city’s commitment to sustainable and efficient urban mobility.
Reliance Jio is gearing up to unveil its highly anticipated fixed wireless broadband service, Jio AirFiber, on Ganesh Chaturthi, scheduled for September 19. This announcement follows Reliance Industries Chairman Mukesh Ambani’s revelation at the company’s 46th annual general meeting last month.
Jio AirFiber: Revolutionizing Connectivity Jio AirFiber is a wireless 5G-powered Wi-Fi service harnessing 5G technology to deliver high-speed internet connectivity to homes and businesses. This service is poised to challenge established wired broadband providers like Airtel and ACT Fibernet.
Distinguishing Features of Jio AirFiber Unlike JioFiber, which relies on fiber-optic cables, Jio AirFiber operates wirelessly, eliminating the need for complex installations by technicians. It leverages dedicated 5G radio links to connect users’ residences or offices to the Jio network, enabling speeds of up to a remarkable 1.5 Gbps.
Jio AirFiber Price and Availability While pricing details are yet to be disclosed, Jio AirFiber is expected to offer competitive rates compared to other broadband services. Initially, the service will launch in select cities, with plans to expand to more locations in the near future.
Key Features Jio AirFiber will come with a range of features, including high-speed internet access, unlimited data usage, support for Wi-Fi 6 – the latest Wi-Fi standard known for speed and performance enhancements, and bundled OTT subscriptions.
A Disruptive Force in Broadband The entry of Jio AirFiber into the market is expected to disrupt the Indian broadband sector. Renowned for its aggressive pricing and innovative offerings, Jio has previously transformed the telecom industry with unlimited data plans and affordable 4G smartphones. Jio AirFiber could follow suit, prompting other broadband providers to lower prices and enhance services to stay competitive.
The launch of Jio AirFiber on Ganesh Chaturthi heralds a new era in broadband services, promising faster, more accessible, and technologically advanced internet connectivity for Indian consumers and businesses alike.
