Published: 6/5/2020


Consolidation, Acquisitions & Closures! Looking at a couple of stories today that usually are not very glamorous. Funding news is always happier and pushes the Industry forward, but sometimes, probably actually a lot of times, companies don’t work out for a variety of reasons- market, customers, legal problems, or just pure luck at times. So here’s a couple of stories around those themes.

  • http://bit.ly/2SPggoQ (Inc42): After multiple acquisitions & pivots Voonik, the fashion marketplace company, has decided to merge with ShopUp (a social commerce platform in Bangladesh). Voonik went from being an open marketplace to pivoting to only selling their own private label products on the platform. They also tried their hand in offering personalized styling from stylists as well as break into the premium clothing space. But despite their many attempts, it seemed like they couldn’t sustain growth in any and now the founders are joining ShopUp as founders. We also recently saw Instamojo acquire Times Internet backed company GetMeAShop to help build out their ecosystem helping SMEs go online and sell online.
  • https://tcrn.ch/2HCIUVe (TechCruch): In other, somewhat surprising new, Google announced that they would be ending their support for the program supporting free WiFi at Indian Railways stations. While Google built the software stack, RailTech provided the infrastructure & internet and will continue to do so. Google claims that the demand for the free WiFi has declined with 4G internet being more readily available. I think this is first time I’ve heard of Indians choosing to pay for a service rather than relying on a free version of that service so from that POV I am quite happy with the direction India is moving in. The Jio Effect is bringing move consumers online, as well as making consumers more comfortable with paying for services & transacting online. Will be interesting to see how this plays out in the next 3-4 years when we would see even more companies & ecosystems sprout up supporting the new Indian consumers spending more & more time online.
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    More tomorrow :) BONUS (Tweet of the day): https://twitter.com/miten/status/1229671540121190402