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Paytm Mall To Acquire Minority Stake In Grocery Business BigBasket

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Paytm Mall to Acquire Grocery Business Bigbasket,inspirational stories,Latest Business News 2017,startup stories,startup stories india,Paytm Mall to Acquire Bigbasket,One97 Communications,Department of Industrial Policy and Promotion,Alibaba Group,Amazon,Paytm Mall

One97 Communications owned, online market space Paytm Mall has started due diligence of the accounts and the operations of online grocery retailer BigBasket, for a $ 200 million minority stake.
 
BigBasket has been looking for investments since the start of the year and has attracted interests from several investors including ecommerce giant Amazon. However, according to reports, talks with the retail giant have been paused for the past couple of weeks.
 
High profile investors including Wal-Mart Stores Inc., Tencent Holdings Ltd., and Fosum International Ltd., have also shown interest in the online grocery retail startup. But, the various fundraising efforts were delayed due to valuation differences.
 
In 2016, BigBasket was valued at $ 450 million when it last raised capital in March. They are now seeking for a pre money valuation of at least $ 550 million. Investment firm Morgan Stanley will be advising the grocery retailer in these talks. They registered about Rs. 1400 crores revenue in the financial year 2017 and have also started 60 minute express delivery to take on rival online grocery retailer, Groffers.  
 
Paytm Mall also recently raised $ 200 million from Alibaba Group and SAIF Partners in March, in an effort to compete against Amazon India and Flipkart. According to sources, this deal will help Paytm Mall strengthen its online to offline strategy and will help them take on their rivals, The Economic Times reported.
 
Amazon recently got the Department of Industrial Policy and Promotion’s approval to invest $ 500 million in the food processing sector, which will allow them to directly sell groceries and other food products online.
 
Paytm has been targeting categories such as movie and travel ticketing to encourage repeat purchases through its online payments and mobile wallet business. Paytm Mall hosts 14,000 sellers for millions of products across various categories. A majority stake in the food processing sector will allow them to grow in the online retail sector giving them an edge over the other ecommerce giants.

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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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Flipkart’s Jeyandran Venugopal Likely to Join Reliance Retail as CEO

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Jeyandran Venugopal, the outgoing Chief Product and Technology Officer of Flipkart, is set to become the CEO of Reliance Retail Ventures (RRV), the retail arm of Reliance Industries. His appointment, expected to be finalized in May after his exit from Flipkart, signals Reliance’s push to strengthen its retail business with a technology-first approach.

Venugopal brings extensive experience from leading roles at Flipkart, Myntra, Yahoo, Snapdeal, and Amazon, where he focused on scaling technology platforms and driving innovation. At Flipkart, he managed product, engineering, data science, and more, helping build robust systems and improve user experience.

His move comes as Reliance Retail undergoes transformation, including cost-cutting and a renewed focus on digital growth. Venugopal’s leadership is expected to accelerate Reliance’s ambitions in omnichannel and tech-driven retail, positioning the company for continued dominance in India’s evolving market.

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