Nick Clegg of Meta; funding for e-marketplace companies will remain insufficient

Earlier this month, companies such as Meta, Google and Twitter told the government that the Telecommunications Bill 2022 would remove “broadcasting services as well as all content, including digital content” from its purview.

On Wednesday, Meta’s president of international affairs, Nick Clegg, reiterated that stance, saying that WhatsApp and other OTT apps should be governed by IT laws, not the telecommunications bill.

Also in this letter:
■ Indian e-commerce platforms to face funding shortfall soon: report
■ Temasek acquires 1.14% stake in Zomato
■ Smartwatch sales in India skyrocketed due to holiday hype and health concerns


Don’t Use the Same Rules for Telecom and Messaging Apps: Nick Clegg of Meta

Nick Clegg

Putting communication apps like WhatsApp in the same regulatory framework as telecom service providers is like comparing apples to pears. Nick Clegg, president of global communications at Meta, told us in an interview.

The telecommunications bill concerns: Speaking about the telecommunications bill, which proposes to put OTT (over-the-top) applications under the same licensing conditions as telecommunications service firms, he also said that Internet platforms such as Facebook, which act as intermediaries , should be governed by existing IT legislation. .

Discussions: Clegg said the issue came up during his discussions with Indian politicians this week, and that Meta – the parent company of Facebook, Instagram and WhatsApp – will continue to “bring the case” to the Indian government.

Rules galore: Over the past year, India has adopted a number of policies aimed at regulating the digital ecosystem.

The telecommunications bill was published earlier this year, and The government has also announced changes to the IT Mediation Regulations under the IT Act 2000.

Earlier this month, he published a draft Revised Data Bill after repealing a five-year-old privacy bill in August.

The government is also working to revise the 22 year old IT Act to be replaced by the Digital India Act.


Indian e-commerce platforms to face funding shortfall soon: report

Internet market

Venture capital funding is expected to remain insufficient for all major marketplaces in categories such as e-commerce, fintech, taxis, and food delivery for the foreseeable future. according to new report.

Lead news: “Going forward, investors are likely to focus more on proven models and experienced founders, potentially pursuing deals at later stages with larger round sizes,” according to a report on Indian markets by market research firm Bain & Company in partnership with a venture capital firm. . Accel.

Deal making is likely to be more balanced and valuation multiples will be rationalized to some extent, he said.

Microcosm: This is similar to what is happening in the startup ecosystem in India and around the world as macro conditions have worsened over the past few months.

The report says that in the first 10 months of 2022, marketplaces collectively raised about $4.5 billion, only one-third of the $14 billion the industry raised in January-October 2021.

Going global: The report states that existing market-based technology companies and new companies will primarily grow by expanding into new territories outside Tier 3 cities and launching overseas.

Recently, companies such as Captain Fresh and Urban Company entered markets outside of India.

Future features: Marketplace opportunities also exist in games, care services and Web3 projects in India, the report says, as similar initiatives have performed well in markets such as the US and China.

India’s total gross merchandise value (GMV) in online markets will reach $350 billion by 2027 from the current $100 billion, the report said.


MESSAGE FROM AP

Healthcare ZS PRIZE Invites Startups to Solve for India

AP

ZS, a global consulting and technology firm.invites start-ups, students, innovators and working professionals to apply for the ZS PRIZE, an initiative to recognize, celebrate and promote the most impactful health technology innovations for India.

Here are some reasons why you should participate in ZS PRIZE:

  • #SolveForIndia: A once-in-a-lifetime opportunity to address India’s most pressing health challenges and make a real impact
  • Prize Pool: ZS PRIZE has a total prize of Rs 1.5 crore which will be divided among the winners.
  • Distinguished Jury: Showcase the decisions of a jury that boasts some of the biggest names in healthcare and technology.
  • Mentoring: An in-depth healthcare experience with a built-in six-week mentoring program.
  • Recognition: An honor to win the coveted ZS PRIZE and receive nationwide recognition.

Registration will close at the end of December 2022. Apply now.


Temasek division acquired 1.14% stake in Zomato

Temasek Zomato

Camas Investments Pte Ltd, a division of Singapore’s Temasek Holdings public fund, bought 98 million shares of Zomato on Wednesday at 62 rupees apiece, data on the wholesale transactions of the National Stock Exchange showed. Overall, the Temasek division acquired a 1.14% stake in the food delivery company for Rs 607.60 crore.

Alibaba sells: On Wednesday, Alipay Singapore Holding Pte Ltd, a subsidiary of the Alibaba group, sold 262.87 million shares The data showed that Zomato is worth Rs 62.06 per share. This represents 3.07% of the company’s shares.

Mix: Following a change in share ownership, Zomato Temasek now owns a 4% stake in the company based in Gurugram. In 2020, she bought a 2.86% stake in Zomato through her unit Macritchie Investments Pte Ltd.

In the meantime, Alibaba will own about 10% of Zomato through its divisions Alipay Singapore Holding and Antfin Singapore Holding Pte Ltd.


ET Ecommerce Index

We launched three indexes – ET Ecommerce, ET Ecommerce Profitable and ET Ecommerce Non-Profitable – to track the performance of newly listed technology firms. This is how they have lived so far.

ET e-commerce tracker


Smartwatch sales in India skyrocket due to holiday cheer and health concerns

Sale of smart watches

Smartwatches are the new favorite among young Indian consumers Thanks to increased health awareness and a recent push from brands during online holiday sales, industry leaders say.

These devices have become a “lifestyle asset” for consumers aged 18 to 24, which account for the majority of sales in this segment.

Lead news: A report from market research firm Counterpoint released on Tuesday said that holiday season e-commerce sales made India the world’s largest smartwatch market by volume in the third quarter, surpassing the US.

The Indian smartwatch market grew by 171% year on year in the third quarter.

Share of shipments of smart watches

In addition to sales during the holiday season, larger product portfolios at affordable prices and a focus on local production were the main drivers behind record third-quarter sales, according to Counterpoint.

Too much demand Arnav Kishore, co-founder and CEO of Fire-Boltt, India’s second largest smartwatch brand, told us it was hard to keep up with smartwatch demand this holiday season and that his company lost at least 40% more sales. because of this.

Noise and Boat are two other key firms in this segment that are actively expanding.


Completed ETech deals

Ranjit Boyanapalli

  • Former Flipkart CEO Ranjit Boyanapalli’s Flash startup, which aims to create unified digital identities for frequent shoppers, raised $5.8 million in seed funding led by global funds such as Global Founders Capital (GFC), White Venture Capital, Zinal Growth, Soma Capital, Emphasis Ventures and Peer Capital.
  • contract manufacturing unicorn Zetwerk on Wednesday said it made its fourth acquisition this year., this time through US-based manufacturing services company Uniacts for $39 million. The deal is a mix of cash and equity, people familiar with the discussion told us.
  • MoooFarm, an agritech start-up offering Dairy as a Service platform to farmers. raised $13 million in a Series A funding round led by Aavishkaar Capital.. Other investors participating in the round include Aditya Birla Ventures, the venture arm of the Aditya Birla Group, and Accel Partners. It also included existing Rockstart investors AgriFood, Navus Ventures and Alteria Capital, according to the statement.
  • Pet care tech start-up Vetic said it has raised $3.7 million in seed funding. round led by investor Laci Groom. The round also featured prominent angel investors including Utsav Somani (Partner of AngelList India), Nitin Saluja (Founder of Chaayos), Shiva Singh Sangwan (Founder of 1947 Rise), Revant Bhait (CEO of Mosaic Wellness) and Manu Gupta (Founder of , 1947 Rise). founder of Blue Lion VC).
  • Burmese vegan restaurant chain Burma Burma Restaurant and Tea Room said it had raised over $2 million. in a seed round led by Negen Capital. Bbigplas Poly Private Ltd and others also participated in the funding round.

Other top stories from our reporters

Ashwini Vaishnav

India set a milestone for tech jobs: In the next two years, India is likely to create one billion jobs in the three main segments of the digital economy: electronics, start-ups and IT, and IT-enabled services. This was stated by the Minister of Communications, Electronics, Information Technology and Railways Ashwini Vaishnav.. He said that over 88,000 direct jobs have been created in these three sectors to date.

TCS wins six-year contract with UK Rail Delivery Group: Tata Consultancy Services reported on Wednesday that he won a six-year contract with the Rail Delivery Group (RDG). to design, develop, implement and operate the UK Rail Data Market (RDM). The contract between TCS and RDG includes the possibility of an extension.


The Global Elections We Read

■ Effective altruism promotes the dangerous brand of “AI safety”. (wired)
■ When layoffs occur in technology companies, this position is the first to leave. (WSJ)
■ Most Effective Press Watcher: How Twitter Changed Journalism (The keeper)