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Alibaba Records $16 Billion Singles Day Sale

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Alibaba, the China based ecommerce giant, launched the ninth edition of the Single’s Day sale on 11 November 2017. In a matter of hours, Alibaba’s sales hit a record $ 16 billion by mid morning on Saturday and clocked a growth of more than 32%, trumping the sale of Black Friday and Cyber Monday combined. Launched at midnight, Alibaba and Alipay recorded more than $16 billion in transactions by 10:30 A.M. (7:30 A.M. IST.)

The ecommerce giant announced, within two hours of the launch, nearly $ 11.9 billion worth of total Gross Merchandise Volume (GMV) was generated by the company. In a statement, the company said, “Nearly 256,000 payment transactions per second were processed by Alipay (Alibaba’s online payment platform) within the first hour.” In this edition of the annual shopping festival, more than 60 leading international brands sold goods worth over $15 million each within the first hour of the fest. The shopping festival this year also features offers from over 140,000 brands and 15 million product listings. Experts also predict, the GMV from Alibaba’s 11.11 Global Shopping Festival can even touch the $ 20 billion mark.

Alibaba’s co founder and vice chairman, Joseph C. Tsai said, “This is a big event for China, for the Chinese economy. On Singles’ Day, shopping is a sport, it’s entertainment.” This year’s night gala saw world famous guests including actress Nicole Kidman and singer Pharrell Williams along with Chinese musicians and film stars such as Zhang Ziyi and Fan Bingbing.

The Single’s Day sale was first launched in 2009 to celebrate China’s lonely hearts. Single’s Day refers to the repeated “1’s” on November 11 and was first celebrated in the 1990s by young, single Chinese as an anti Valentine’s Day. Single’s Day currently accounts for a significant share of annual orders for many businesses. The event, which aims to raise awareness about the value of online shopping among merchants and consumers, is about 2.5 times bigger than the Black Friday and Cyber Monday sale put together. The festival grossed about $18 billion during the 24 hour sale in 2016 and $14.3 billion in 2015.

Entrepreneur Stories

Inside T-Hub: India’s Launchpad for Innovation and Entrepreneurship

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Aerial view of T Hub Hyderabad

Imagine a building that’s not just a structure but a buzzing ecosystem. A space where startups, corporations, universities, and investors come together to create the future. This isn’t science fiction; it’s T-Hub, India’s largest innovation hub, and it’s rewriting the rules of entrepreneurship.

T-Hub isn’t just about workspaces. It’s a launchpad for ambitious dreams. They’ve empowered over 2,000 startups, turning ideas into thriving businesses. Think funding woes? T-Hub’s got your back, connecting entrepreneurs with angel investors and government grants. Need a mentor to guide you through the rough patches? T-Hub boasts a network of 2,000 mentors ready to share their wisdom.

T-Hub’s vision extends beyond startups. Here’s a glimpse into what makes T-Hub special:

  • From Seed to Scale: Whether you’re a budding entrepreneur with a bright idea or a scaling startup ready to take on the world, T-Hub has programs to support you. From the “seed-accelerator stage” Lab32 program to the “early-stage technology startups” RubriX program, T-Hub provides the tools and guidance needed to thrive.
  • Corporate Muscle: Innovation isn’t just for startups. T-Hub bridges the gap between startups and established corporations like Facebook, Uber, and Boeing. This collaboration allows startups to tap into corporate expertise and resources, while corporations benefit from the agility and fresh perspectives that startups bring.
  • Funding Powerhouse: T-Hub is more than just an idea incubator; it is also a reality maker. Through initiatives like T-Angel and the Digital India Scaleup Program, T-Hub connects startups with high-net-worth individuals, angel investors, and government funding sources.
  • Global Ambitions: Thinking Beyond Borders? T-Hub has you covered. With partnerships across the globe, from the UK government to La Trobe University, T-Hub helps Indian startups access international markets and provides foreign startups with a foothold in India.

And it doesn’t stop there. T-Hub 2.0, their new colossal campus, is a testament to their ambition. This behemoth is not just the world’s largest technology incubator; it’s a microcosm of innovation itself. Universities find a home here, churning out future tech leaders. Foreign partnerships open doors to international markets for Indian startups. It’s a melting pot of ideas, cultures, and expertise, all focused on creating a brighter tomorrow.

T-Hub’s story is far from over. They’re aiming to empower a staggering 20,000 startups in the next five years. With their focus on internationalization and capacity building, they’re poised to become a global hub for innovation. So, if you’re an entrepreneur with a dream, T-Hub might just be the launchpad that takes you to the stars.

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Carl Pei’s Nothing Invites Retail Investors 

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Carl Pei said the time came for him to leave OnePlus and focus on other interests, following which he resigned from OnePlus in October 2020.  Since then, Pei had been working on his new startup in the audio hardware sector.  Carl Pei unveiled the name of his startup which is now called as Nothing, on January 27th, 2021.  Since the unveiling of Nothing, Pei’s startup has attracted a lot of attention from Silicon Valley and venture capitalists.  

Carl Pei now seems to be emulating his success formula at OnePlus with his new startup Nothing.  OnePlus is highly customer centric, because as a company they take in inputs from their consumers and adapt them to their products.  Pei seems to be using the same strategy with Nothing, as he invited retail investors to invest in his new startup.  Normally a startup raises Series A funding to begin product development and then goes on to Series B and so on.  For a normal retail investor to invest in a stock, they could only do it at the time of an Initial Public Offering (IPO) at the time of which the company would be valued highly.  However, Carl Pei is letting in investors from the beginning.  

ALSO READ: Alphabet Invests In Carl Pei’s Startup Nothing

This lets the investors be a part of the product development process and makes Nothing more personalised.  Moreover the investors would also act as promoters for the products.  Currently, there are $ 1.5 million worth of shares available.  Users can invest a minimum of € 50 and a maximum of € 20,000.  However, the demand to invest is off the charts and was unexpected as Carl Pei confirmed there was an interest worth of $ 10 million from 8,700 users.

Nothing’s first wireless earphones will be unveiled in the summer of 2021.  Nothing aims to build an ecosystem of listening devices which talk to each other.  Initial investors of Nothing include the likes of Tony Fadell (Principal at Future Shape and the Inventor of the iPod,) Casey Neistat (YouTuber,) Kevin Lin (Co founder of Twitch,) Steve Huffman (CEO of Reddit,) Liam Casey (Founder and CEO, PCH,) Paddy Cosgrave (Founder of Web Summit,) Kunal Shah (CEO of CRED) and Josh Buckley (CEO of Product Hunt.)  Alphabet’s investment arm Google Ventures was the latest investor in Nothing as they invested $ 15 million.

 

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Startup India Seed Fund To Be Disbursed From April 1st

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There is no doubt India has a strong foothold in the startup ecosystem.  India currently ranks third in the world for the number of startups, next only to the United States of America and China.  This was possible due to the Indian Government’s initiatives to develop the startup ecosystem and also due to a strong presence of unicorn startups like PayTM, Zomato, Unacademy and many more.

The Government of India announced it would begin to disburse INR 945 crores seed capital from April 1st, 2021 under the Startup India Seed Fund Scheme in a  bid to boost the startup ecosystem in India.  These funds would be distributed through select incubator partners all over the country.  This scheme will be implemented by the Department for Promotion of Industry and Internal Trade (DPIIT.) 

In a gazette notification, DPIIT announced that Startup India Seed Fund Scheme will provide financial assistance to startups that have been recognised by the DPIIT and incorporated not more than two years ago at the time of application.

ALSO READ: How The Events Industry Is Impacted By The COVID-19 Pandemic

The Startup India Seed Fund Scheme will have a common central application on the Startup India portal for startups on an ongoing basis.  An Experts Advisory Committee (EAC) will be formulated to oversee and monitor the overall execution of the scheme.  The EAC will evaluate and select the incubators for allotment of the seed funds and place measures for the efficient disbursement of funds.

The government also mentioned preference will be given to startups working in the areas of agriculture, education, food processing, healthcare, social impact, waste management, water management, financial inclusion, biotechnology, energy, mobility, defence, space, railways, textiles and oil and gas.

 

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