Shiprocket, ONDC, M&M, PhonePe, Tesla, OpenAI, Reddit, Slack, etc.

Market Briefs

Main Briefs

Shiprocket Launches Academy to Upskill 100,000 Indian MSMEs in E-commerce

Overview:

Shiprocket Growth Academy aims to empower 100,000 MSMEs within 2-3 years.

The initiative supports India's growing e-commerce market, projected to reach $300 billion by 2030.

Key Initiatives:

Learning Modules: Courses on starting and scaling D2C businesses, marketing strategies, and brand building.

Community Building: Platforms for sellers to connect and share insights.

Consultancy Services: Partnerships with digital marketing agencies for performance marketing guidance.

Analytics: Training on data interpretation for data-driven decision making.

Benefits:

Enhances MSME contribution to India’s GDP, currently around 30%.

Supports the “Viksit Bharat” vision for inclusive economic participation.

Provides tools to effectively market products, streamline operations, and improve customer service.

Strategic Goals:

Democratise e-commerce access for MSMEs.

Foster a community of knowledgeable and capable e-commerce sellers.

Drive growth and success in the competitive online business environment.

Platform Features:

Educational Content: Tutorials, webinars, podcasts, and master classes led by experts.

Technology Integration: Tools to integrate shopping websites with multi-carrier API for order management and shipping.

CEO's Vision:

Saahil Goel emphasises the importance of continuous upskilling to help MSMEs differentiate and succeed in the market.

Focuses on empowering sellers to make data-driven decisions, improving marketing strategies, and enhancing customer experiences.

10 Unicorns Join Government-Backed ONDC; Talks with Amazon and Flipkart Underway

Overview:

ONDC (Open Network for Digital Commerce) is onboarding 125 startups, including unicorns like Zerodha, EaseMyTrip, and Cars24.

Aims to boost visibility and revenue for small and local sellers.

Key Developments:

Unicorn Commitment: Companies like OfBusiness, Winzo, Livspace, GlobalBees, Pristyn Care, Physics Wallah, and Policybazaar join.

Broad Participation: Over 500,000 sellers on the platform, 70% are small or medium-sized.

Transaction Growth: 7.22 million transactions in April 2024, with strong activity in small towns.

Potential Outcome:

Increased Visibility: Small sellers gain more exposure and sales.

Market Expansion: Companies access tier III and smaller cities.

Challenges:

Integration Time: Amazon and Flipkart need time to adjust and integrate.

Opportunities:

Expanded Reach: ONDC enables sellers to appear across multiple buyer apps.

Support for Small Sellers: Enhances competitiveness in the digital marketplace.

Briefs, You Can’t Miss:

1. India is projected to become a $4 trillion economy in FY25, according to Sanjeev Sanyal.

2. CEO's comments on growth correlation were misinterpreted and not intended to question GDP numbers, says Asian Paints.

3. Kia India has partnered with Orix Auto Infrastructure Services to introduce a new ownership experience program.

4. Mahindra & Mahindra will invest $1.44 billion in its EV arm and is exploring hybrid technology.

5. SEBI proposes allowing Indian mutual funds to invest in overseas funds.

6. Indian start-ups support the Digital Competition Bill, while Big Tech firms oppose it.

7. The government plans to streamline solar pump installations for farmers by connecting them directly to vendors via a national portal, similar to the PM's solar rooftops free electricity scheme.

8. India's forex reserves have increased for the second consecutive week, up by $2.56 billion.

9. PhonePe has launched UPI payments in Sri Lanka.

10. Tesla has yet to communicate its plans for India, according to an official.

11. EV maker Bounce has launched a new scooter variant, the E1X, featuring battery swapping technology.

12. An interim stay has been placed on the order suspending the manufacture of 14 Patanjali drugs, according to an official.

13. The RBI has flagged supervisory concerns over the functioning of debt recast companies.

14. NITI Chief BVR Subrahmanyam emphasises the need for India to have its own financial institutions like JP Morgan and Citibank.

World Briefs

• Hong Kong now allows China's digital yuan to be used in local shops.

• Volkswagen and Renault have ended talks to develop an affordable EV, according to sources.

• Putin states Russia wants a buffer zone in Ukraine's Kharkiv but has no plans to capture the city.

• Google prefers a judge over a jury to decide its upcoming antitrust case in Virginia.

• Pakistan considers a 5-year extension on $15.5 billion Chinese debt amid IMF loan discussions.

• Visa-free travel between Russia and India is likely by the end of the year, according to a Russian minister.

• Putin is focusing on trade and cultural exchanges after reaffirming ties with Xi.

• Israel will address charges at the UN's court following South Africa's cease-fire plea.

• Boeing supplier Spirit AeroSystems lays off workers due to lower plane delivery rates.

• Fed Chair Jerome Powell tests positive for COVID-19 and is working from home.

AI Briefs

• OpenAI created a team to control 'superintelligent' AI but let it wither, according to a source.

• Slack faces backlash over its AI training policy.

• Microsoft avoids UK antitrust scrutiny regarding its Mistral AI stake.

• OpenAI secures a deal to train its AI on Reddit data.

• The EU warns Microsoft it could face fines of billions for missing information on GenAI risks.

Company Of The Day

Company Name: Mahindra & Mahindra

Founder: Kailash Chandra Mahindra and Jagdish Chandra Mahindra, along with Malik Ghulam Muhammad.

Year Of Foundation: 1945

Headquarter: Mumbai

Industry: Mahindra & Mahindra, a key part of the Mahindra Group, is a leading manufacturer of sport utility vehicles, trucks, and farm tractors. The company operates in both domestic and international markets.

Why Is It in the News?

On May 16, Mahindra & Mahindra Ltd announced it will invest Rs 12,000 crore in its electric vehicle (EV) unit, Mahindra Electric Automobile, over the next three years, ending on March 31, 2027. Mahindra Electric Automobile Limited, a subsidiary of M&M, was established in India on October 25, 2022.