Even before the outbreak of the coronavirus, overall consumer spending was muted owing to broader economic challenges. But the virus spreading at this pace brought online commerce to a screeching halt.
Milkbasket, much like other players, largely sold milk delivery as its primary service and tried to sell non-milk items to consumers to widen its margins. Milkbasket has been clocking about 40,000-50,000 deliveries per day and is seeing a spike in order size in the past few days owing to the outbreak of Covid-19.
The family is also in talks to sell stakes held by Siddhartha in a few private enterprises — such as a pharma platform RL Finechem — to unlock more liquidity.
The development comes as authorities in major metros are urging people to stay at home, shutting down malls and restaurants, while companies are also announcing work-from-home for employees across the country to contain the spread of Covid-19.
Record capital flows into Indian startups, many of which have been chasing growth at all costs and seen valuations multiply in the past year, are expected to halt in the coming months as coronavirus disrupts economies around the world.
TOI spoke to Yeh, who is also an investor now, during his recent visit to India about where the blitzscaling philosophy works and where it doesn’t, the impact of troubled SoftBank Vision Fund, and future of industries like ride hailing.
The new fund comes soon after the firm has been able to complete record exits from unicorns like Oyo and Byju's in the previous year, delivering cash returns of over $900 million between the two deals.
Rebel runs over a dozen virtual restaurant brands where it sells directly through its own application besides platforms like Zomato and Swiggy. The new funding follows less than six months after the Mumbai-based company raised its previous round of $125 million.
Its staff function as outsourced service providers for its over 2,000 Indian clients, including many biggies.
Bansal, through his microfinance firm Chaitanya India, has applied for a banking licence.
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