Shaan Ansari is a 19-year old entrepreneur who lives in the historic city of Panipat, 100 kms north of Delhi, and he may never qualify for any list celebrating under-20 #entrepreneurs, but his story is no less inspiring than #RanveerSingh’s character in Gully Boy.
The pandemic put his father out of work and Ansari out of school. He went scouting for opportunities online that would require zero #investment and found it in Meesho.
Today he manufactures mats from a rented factory, employs 50 people and clocks revenues of ₹30 lakh a month.
.@Meesho_Official's co-founder and CEO @viditaatrey’s dream is to get a million local businesses online so that they expand their markets by selling wares across India, irrespective of where they are located.
In the last two years, this new kid on the block has emerged as a challenger to the Big Boys of #ecommerce.
Meesho - which is a short code for ‘my shop’ - has gotten bigger after the pandemic with 120 million monthly active users (MAUs) in a short span of time.
In the early days, Meesho’s sales were driven by 15 million women resellers, who bought products from the platform and sold it through #WhatsApp & #Facebook groups.
Today, @Meesho_Official has a share of nearly 30% in total daily online deliveries.
Of the 9 million e-commerce orders processed daily, Meesho accounts for 2.7 million, while the two biggies account for 5 million.
Currently, there are six lakh sellers on Meesho and the #startup wants to take this to one million. Every week #employees join the Meesho Sabha, a meeting where examples like Ansari are discussed at length so that the team does not take its eyes off the goal post.
Even though @Meesho_Official continues with its outreach programme to help sellers, existing sellers have now become brand ambassadors who are helping others get online. The platform offers peer-to-peer learning in several languages for those who want to get started.
Lucknow-based Suman Agrawal used to sell women’s fashion clothing at her boutique but has shut it down after her brand Rudraksh saw sales boom on @Meesho_Official. She currently manages 22,000 orders a month.
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Four out of five #smartphones sold in the June quarter in India were made by Chinese companies, according to reports. This is despite the crackdown by the Indian government on Chinese smartphone giants #Xiaomi, Oppo and #Vivo, which control half of India's smartphone market.
In addition to the crackdown by the government, there have been calls for a boycott of Chinese products in India since the two countries clashed in the Galwan valley in 2020.
FM #NirmalaSitharaman recently spoke about the crackdown on Chinese companies in the Rajya Sabha.
One would think that American fast food brands like #KFC and #PizzaHut would be more popular on home turf than outside – like in Canada and Mexico. But they are spreading their wings in countries like China and #India.
While #China has a higher number of these stores outside the US, India has more #PizzaHut outlets than Australia. It also ranks very close to Australia in terms of the number of KFCs– proving that Colonel’s chicken and pizzas have found favour with the Indian palate.
IT services major #Wipro today reported a 12% decline in its #profits to ₹2,717 crore in the first quarter, as against ₹3,087 crore in the previous quarter.
The IT company’s revenues grew 3% sequentially to ₹22,001 crore in the same period, in line with analyst expectations.
Offering guidance for the September quarter, #Wipro said it expects IT services business revenue to be in the range of $2.82-2.87 billion, which translates to a sequential 3-5% growth.
However, Wipro CEO and MD Thierry Delaporte said the company is “pleased with the outcomes”.
The Indian #telecom landscape is heating up once again with the #5GSpectrum auctions just a week away. But, there’s a quiet battle for subscribers going on in the background and #Airtel seems to be taking the lead for the year.
According to the Telecom Regulatory Authority of India (@TRAI) subscriber data, #Airtel has added a little over 6.4 million subscribers in 2022 (until May), while its rivals #RelianceJio and #VodafoneIdea have both lost nearly 7 million each.
Avenue Supermarts’ (DMart) founder and CEO, #RadhakishanDamani, bought the most expensive home in India last year. The house, located in the Malabar Hill area of #Mumbai, was bought for a whopping ₹1,001 crore in April last year.
The 90-year-old house is said to be spread over 5,752 square meters. Notably, Damani is the 72nd richest man in the world with a networth of $19.7 billion as per Bloomberg Billionaires Index.
Urban #consumers are putting less money into their piggy banks as #savings have taken a hit due to increasing prices of fuel, food and beverage and massive household bills.
For 76% of urban #consumers, the rising cost of living is having an impact on their big plans, said a report.
35% consumers said that their household financial situation is deteriorating and 46% of them believe the general economic outlook of the country is negative.