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BigBasket Gets Government Nod For FDI

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BigBasket Gets Government Nod For FDI,BigBasket Gets Govt Nod,BigBasket CEO,BigBasket founders,BigBasket Latest News,BigBasket food retail,Startup Stories,2017 Latest Business News

Bengaluru based online grocery startup BigBasket has received the government’s approval for foreign direct investment (FDI) in the food retail sector. The CEO and cofounder of BigBasket, Hari Menon confirmed the development to the Financial Express saying the company had received the government’s approval for their FDI proposal to undertake retailing of food products. The company had applied for approval of their proposed investment of about $ 16.5 million, in September last year.

According to Menon, the company is yet to finalize on the finer details of the business plan but has committed to invest around Rs. 100 crores in the project. Till date, only Amazon, Groffers and BigBasket have received government approval for foreign investment from the Department of Industrial Policy and Promotion (DIPP.)

Currently, BigBasket sells household products such as soaps and shampoos through its ecommerce channel, offering over 20,000 products from over 1000 brands and servicing over 5 million registered customers. They plan to spin off and start an entirely new entity since 100% FDI is only applicable for food products manufactured or produced in India. The startup, which has a presence in 30 cities including Bengaluru, Hyderabad, Mumbai, Pune, Chennai and Delhi-NCR, currently receives over 50,000 orders each day.

BigBasket was founded by V.S. Sudhakar, Hari Menon, V.S. Ramesh, Vipul Parekh and Abhinay Choudhari in 2011. They have raised about $ 305.8 million in investments in six funding rounds and are said to be the biggest online grocery player in the country. In July, it was reported the consumer shopping arm of Paytm Ecommerce Pvt., Ltd., Paytm Mall was also interested in investing $ 200 million in the online retail startup for a substantial stake.

Amazon has committed about $ 500 million investment in the food retail sector while Groffers has confirmed to commit about $ 40 million for its FDI. BigBasket’s investment will help the egrocer in the battle to capture a major share of the food retail sector.

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Apple to Shift Entire US iPhone Assembly to India by 2026

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Apple - StartupStories

Apple is set to relocate all assembly of iPhones destined for the US market from China to India by the end of 2026, marking its biggest manufacturing shift in decades. The move is driven by escalating US-China trade tensions and steep tariffs—up to 145% on Chinese imports—making Chinese assembly increasingly costly for Apple. Although some smartphone imports are temporarily exempt, a 20% duty still applies to Chinese-made iPhones entering the US.

 

India, in contrast, offers a more favorable trade environment, with a paused 26% reciprocal tariff and ongoing negotiations for a bilateral trade deal with the US that could shield Indian exports from future levies. Apple plans to more than double its current iPhone output in India, aiming to assemble over 60 million units annually for the US market. The company already produces about 25% of its global iPhones in India, working with partners like Foxconn, Tata Electronics, and Pegatron.

 

This shift is part of Apple’s broader strategy to diversify its supply chain and reduce reliance on China amid geopolitical risks. However, the transition’s success will depend on how quickly India can scale up its manufacturing capabilities and the outcome of ongoing trade negotiations.


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PhonePe’s PINCODE Launches 10-Minute Medicine Delivery in Cities

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PhonePe

PhonePe’s PINCODE app has launched a 24×7 online medicine delivery service in Bangalore, Mumbai, and Pune, promising delivery of both prescription and over-the-counter medicines within 10 minutes from nearby local medical shops. Unlike conventional e-pharmacies that use dark stores, PINCODE partners exclusively with neighborhood pharmacies, enabling faster deliveries and supporting local businesses in the digital economy.

Customers without prescriptions can select a “no prescription” option when ordering; a qualified doctor then provides a free teleconsultation and issues a digital prescription compliant with telemedicine guidelines, ensuring seamless access to medicines. The app offers competitive pricing by passing discounts from local pharmacies directly to customers and charges no delivery fees.

PINCODE’s hyperlocal model enhances healthcare accessibility and convenience while empowering local pharmacies, helping them remain integral to their communities and stimulating local economic growth. Launched in 2023, the app focuses on quick commerce with an emphasis on speed, reliability, and supporting local sellers.

In summary, PhonePe’s PINCODE app is transforming medicine delivery in major Indian cities by combining ultra-fast 10-minute delivery, free doctor consultations, and a hyperlocal sourcing model that benefits both consumers and neighborhood pharmacies.

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Piyush Anchliya Joins Cashfree as CFO Amid Fintech Boom

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Cashfree Payment - StartupStories

Cashfree Payments has appointed Piyush Anchliya as its new Chief Financial Officer (CFO), effective April 15, 2025. Anchliya brings over 15 years of experience in investment banking, corporate finance, strategy, and mergers and acquisitions, with senior roles at Barclays, Bandhan Group, and most recently as CFO of Bandhan AMC. He holds an MBA from IIM Ahmedabad and a B.Tech. from IIT Kharagpur.

In his new role, Anchliya will lead Cashfree’s financial strategy, optimize operations, and support the company’s next growth phase. He will report to CEO and Co-founder Akash Sinha, who highlighted Anchliya’s expertise as vital for sustainable scaling and strengthening the company’s financial foundation. Anchliya succeeds outgoing CFO Vikas Guru, who will assist during the transition.

Founded in 2015, Cashfree Payments processes over $80 billion annually for more than 800,000 businesses. The company recently raised $53 million in funding led by KRAFTON and Apis Growth Fund II and secured key RBI licenses, positioning it for accelerated growth in India’s fintech sector. Anchliya’s appointment comes at a pivotal time as Cashfree aims to expand its leadership in digital payments.

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