Category — Information Technology

Mobile Commerce in India may go Hyperlocal

There is an impressive rise in everyday commerce conducted via mobile devices in India. A market report released last year by  Zinnov projected  that India’s market for mobile commerce will grow to $19 billion by 2019. India is alredy one of the top five regions for the Google Play store, as more of its 1.2+ billion people look to search, interact, and shop on the go via their smartphones and other mobile devices reports VentureBeat.

Sharat Potharaju and Perry Nunes of Beaconstac, a beacon-based customer-engagement platform based in Karnataka, India, have tracked which mobile services seem to be winning with India’s newly plugged-in population, and they have built a map of the Indian mobile commerce landscape (see below).

India Mobile Commerce Map

India Mobile Commerce Map

The map includes any business that uses mobile devices to directly or indirectly enable the exchange of money for goods and services. It includes any company that touches at least one stage of the mobile customer journey — from discovery to payment to procurement of goods and services — though many companies touch more than one, or even all three.

Key Takeaways:

  • Financial technology companies are building the foundation for the Indian mobile commerce ecosystem by enabling cashless, on-the-go financial transactions.
  • “Aggregator” apps that compile anything from offline retail brands to restaurants to health service providers in one convenient app are outpacing apps for individual businesses.
  • The ecosystem is moving toward “hyperlocal mobile” commerce, and so if companies want to tap into the country’s massive market opportunity, they will need to develop strategies that enhance the offline world with the use of mobile, and vice versa. In many other cases this will come in the form of aggregating offline vendors, offers and products that are available nearby.
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January 31, 2016   No Comments

Mindtree, India to Acquire Magnet 360 of Minneapolis

According to a press statement, IT services firm Mindtree Ltd., based in Bangalore, India, will acquire Minneapolis-based Magnet 360, a Salesforce.com platinum consulting partner, for $50 million in cash, in a move to address the cloud-based services market.

The deal features an upfront payment of $37 million and an additional payout of up to $13 million over the next two years, reports VCCircle.

Magnet 360 specializes in multi-clouded solutions providing consulting services and implementation, primarily to media/entertainment, manufacturing and finance industries.

“This acquisition will strengthen our offerings in digitizing the value chain and building sense-and-respond systems,” Krishnakumar Natarajan, chief executive officer and managing director of Mindtree, said in the statement.

“Our expertise in Salesforce, combined with Mindtree’s strategic relationships with Global 2000 companies, will position us among the leading consulting, implementation and integration partners for Salesforce programs,” said Matt Meents, CEO of Magnet 360.

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January 31, 2016   No Comments

Food Delivery Startup Raises from New York’s Harmony

Swiggy, a food ordering and delivery startup based out of Bangalore, India, raised $35 million in a Series C round of funding. The company attracted two new investors, New York-based venture capital firm Harmony Partners Ltd., and Singapore-headquartered venture capital firm RB Investments Pte. Ltd. Existing investors Norwest, SAIF and Accel were also among those who invested in this round.

Team Swiggy

Team Swiggy

VCCircle says Swiggy offers online food ordering service from restaurants in eight cities including Bangalore, Gurgaon, Hyderabad, Delhi, Mumbai and Pune. The company Website claims it has over 5,000 restaurants listed on its platform; its order count has grown over 20 times in the last few months; and its average delivery time is 36 minutes per order.

The online food ordering business in India is estimated to be worth around $9.4 billion, (Rs 6,000 crore,) growing at about 30 percent month-on-month, according to India Brand Equity Foundation.

Swiggy has raised funds at a time when other similar business models are laying off staff or shutting down businesses. It faces stiff competition from Zomato, which entered the food delivery business in April last year.

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January 31, 2016   No Comments

Amazon: India Will Be its Biggest International Market in a Decade

According to Forbes, Amazon perceives the India e-commerce market as a whole to be an opportunity which will be measured in trillions of dollars, and that India will be its biggest market after the U.S. within a decade. (According to a Goldman Sachs report, the Indian e-commerce market will be $228 billion by 2030, and while this is a quarter of Amazon’s trillion dollar estimate, it still shows a huge potential for growth.)

Amazon logo

Amazon is also focusing on the O2O (online-to-online) sector in India and in December it invested $23 million in Indian startup Housejoy, a company that offers on-demand home services such as home cleaning, plumbing, beauty, fitness, and laundry, among others.

India is witnessing a new era of O2O commerce which is predicted to be a bigger opportunity than e-commerce in India.

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January 17, 2016   No Comments

Visteon to Acquire India-based AllGo Systems

Headquartered in Van Buren Township, Michigan, global automotive cockpit electronics supplier Visteon Corporation will acquire Bangalore-based AllGo Systems, a developer of embedded multimedia system solutions for global vehicle manufacturers. The deal is expected to close during the first quarter of 2016. Terms were not disclosed, reports WTOC.

Visteon Logo

“AllGo’s strong position in multimedia and smartphone connectivity software adds greater scale and depth to Visteon’s infotainment software capabilities,” said Sachin Lawande, Visteon president and CEO. “AllGo’s ready-to-use IP provides automotive manufacturers with a turnkey software-on-chip (SoC) solution to cost-effectively introduce smartphone and mobile applications from the vehicle’s audio head unit.”

“We are looking forward to joining Visteon at this exciting time in the company’s growth in the connected technology space,” said K. Srinivasan, director and CEO, AllGo Systems. “With our production-proven middleware and Visteon’s expertise in automotive infotainment solutions, the two companies have a strong strategic fit that will enable us to expand our global market share in the connected display radio market.”

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January 17, 2016   No Comments