Hardly six months after bagging a whopping $1.25 billion investment in funding, leading online food ordering platform based in India Swiggy raises funding one more time in Series K round of funding. Swiggy has freshly procured $700 million in a Series K financing round as the Indian food tech giant is proactively looking forwards to expanding its business operations. Apart from India, Swiggy has already rolled out its services in South Asian markets.
An insider having direct knowledge of the matter revealed that Invesco managed the Series K investment round, which increased the market capitalization of Swiggy to $10.7 billion. Previously, during the Initial Public Offering (IPO) in July, the food-tech company was valued at $5.5 billion.
The market capitalization value of the food tech giant crosses Zomato’s existing market value as Swiggy raises funding in the Series K round. It is important to note here that Zomato, a 13 years old company, is witnessing a slump in its share price, which has brought down Zomato’s market value below $10 billion.
Swiggy’s Round K funding saw participation from Axis Growth Capital, Sixteenth Street Capital, Kotak, Sumeru Ventures, Baron Capital Group, IIFL AMC Late Stake Tech Fund, Segantii Capital, Ghisallo and Smile Group. Existing investors of Swiggy also participated in the funding round, which included Alpha Wave Global, Qatar Investment Authority, ARK Impact and Prosus Ventures.
Swiggy’s quick delivery service, Instamart, is on track to hit a $1 billion annual gross merchandise volume run rate in the coming three quarters, the food-tech firm believes.
Swiggy, India’s leading food ordering platform giving tough competition to Zomato, had said last year that the firm wanted to spend $700 million to upgrade its services and geographic presence. After Swiggy raises funding, it seems the rivalry in the food delivery industry in India will witness stiff competition in grabbing market share.
‘Invesco Developing Markets Fund, on a long term basis, is looking forward to investing in leading companies across the world that have long term structural development ability. Investment in Swiggy is one such kind of investment.’ Said Justin Leverenz, Chief Investment Officer at Invesco.
Majety’s Words After Swiggy Raises Funding
Sriharsha Majety, Swiggy co-founder and chief executive, said that Instamart had achieved a Gross Merchandise Value (GMV) in only 17 months, while the core food delivery company required 40 months to accomplish the same level of success.
The ultimate goal of Swiggy is to make 100 million users at least use Swiggy 15 times a month. The completion of this goal will help Swiggy’s ecosystem to have a broader influence and bring revolution in the food and grocery delivery industry. For that, the food tech company will continue to invest in our partners and products.’ Sriharsha Majety added further.
The Indian food services sector will stand at a value of $97 billion by the end of 2026. Organized food service is increasing at a higher rate compared to the other industries, and it is anticipated to have a 55 per cent market share by 2025. By the end of 2025, we predict internet access to hit 20% and the market size to achieve $20 billion, with a compound annual growth rate of 46 per cent (CAGR). Acquisition of new customers as well as expanding into new and emerging areas will comprise the major of the company’s development.
How is Digital World Changing in 2023? An Analysis
The rapid pace of technological advancements has brought us to the intriguing intersection of another year, 2023. In the digital world, this year is proving to be a pivotal juncture as innovations, trends, and shifts reshape how we interact, work, and perceive the world around us.
This article embarks on a comprehensive journey of how the digital world is changing in 2023 – an analysis that navigates through the various dimensions of technological evolution.
The Evolution of Augmented Reality: Enhancing the Senses
One of the most captivating transformations in the digital landscape is the evolution of augmented reality (AR). The convergence of enhanced hardware capabilities and sophisticated software algorithms has empowered AR to transcend its previous limitations. In 2023, AR is making its mark beyond entertainment and gaming, infiltrating industries like healthcare, education, and even day-to-day tasks.
Imagine medical students participating in virtual surgeries through AR simulations or architects collaborating on 3D building designs with which they can interact in real-time. This marks a monumental shift in how we perceive and manipulate digital information, merging it seamlessly with the physical world.
The Unleashed Power of 5G: A Hyperconnected Reality
The advent of 5G technology has been on the horizon for years, and 2023 is finally the year when it’s stepping into the spotlight. This ultra-fast, low-latency network revolutionises connectivity, giving rise to a hyperconnected reality. With speeds that can dwarf the best home Wi-Fi connections, 5G is enabling uninterrupted video streaming, seamless IoT integration, and real-time collaboration on an unprecedented scale.
Industries that heavily rely on instant data transmission are witnessing a radical transformation. How the digital world is changing in 2023 is intricately tied to 5G’s capabilities, as remote medical consultations, immersive virtual experiences, and autonomous vehicles become tangible realities.
The Renaissance of NFTs: Digital Ownership Redefined
How digital world is changing in 2023? An Analysis
2023 has also ushered in the renaissance of Non-Fungible Tokens (NFTs), sparking a paradigm shift in how we perceive ownership in the digital realm. NFTs, built upon blockchain technology, have enabled creators to tokenize their digital assets – artwork, music, or even tweets. This has opened up new avenues for artists to monetize their work directly, bypassing traditional intermediaries.
The NFT craze has paved the way for a deeper exploration of the digital economy, challenging conventional notions of ownership and copyright. The potential ramifications of this trend stretch far beyond the art world, raising questions about the authenticity and uniqueness of digital goods.
Reshaping E-Commerce: Metaverse Shopping
E-commerce has been steadily evolving, and in 2023, it’s embracing the concept of the metaverse. The metaverse, a collective virtual shared space, is bridging the gap between online shopping and real-world experiences. Imagine trying on virtual clothing before making a purchase or walking through a digital mall with friends, all from the comfort of your home.
This metamorphosis in the e-commerce landscape underlines how the digital world is changing in 2023. Brands now focus on creating immersive, interactive shopping environments that blur the lines between the physical and digital realms. Virtual reality-powered showrooms and augmented reality “try before you buy” features are just a few examples of this transformation.
The AI Revolution: Contextual and Conversational
Artificial Intelligence (AI) is no stranger to the digital world, but in 2023, it’s taking centre stage in more contextual and conversational ways. Natural language processing (NLP) and sentiment analysis propel AI-driven chatbots and virtual assistants to understand and respond more accurately to human emotions and intentions.
This shift is altering the dynamics of customer service, personalizing user experiences, and even revolutionizing content creation. AI-generated content is becoming more coherent and tailored, blurring the line between human and machine-generated work. The digital world’s landscape is evolving as AI becomes integral to our daily interactions.
In conclusion, how the digital world is changing in 2023 is a multi-faceted analysis reflecting technological evolution’s profound impact. From augmented reality breaking barriers between the physical and digital realms to 5G’s hyperconnected reality and the redefinition of ownership through NFTs, each aspect signifies a paradigm shift. The metaverse’s influence on e-commerce and AI’s more conversational presence further emphasize the ongoing transformation.
The journey into 2023 is not just about technological advancements; it’s about how they alter our lifestyles, perceptions, and interactions. As we navigate this ever-changing landscape, one thing remains clear: the digital world of 2023 is an intricate tapestry woven with innovation, connectivity, and endless possibilities.
How Augmented Reality Impacts Branding?
In recent years, augmented reality (AR) has emerged as a groundbreaking technology that can potentially transform various industries.
One such industry that AR has greatly influenced is branding. Augmented reality offers unique and immersive experiences that enable brands to engage with their audience innovatively. By blending the digital and physical worlds, AR has opened up new avenues for brand storytelling, product visualization, and customer interaction.
In this article, we will explore the impact of augmented reality on branding and how it has revolutionized how businesses connect with their customers.
The Rise of Augmented Reality in Branding
Augmented reality has gained significant traction in recent years, primarily due to advancements in mobile technology and the widespread adoption of smartphones. With millions of people carrying AR-capable devices in their pockets, brands have recognized the potential to leverage this technology to create unique and memorable experiences.
One of the critical advantages of augmented reality in branding is its ability to bridge the gap between the physical and digital worlds. By overlaying virtual elements in the real environment, AR allows brands to showcase their products or services in an interactive and immersive manner. This not only captures the attention of consumers but also enhances their overall brand experience.
Enhancing Brand Storytelling
Brands constantly seek new ways to tell their story and create a lasting impression on consumers. Augmented reality provides a powerful tool to achieve this goal. With AR, brands can bring their narratives to life by creating interactive and engaging experiences.
For instance, a fashion brand could use AR to allow customers to virtually try on clothes before making a purchase. This not only adds an element of fun but also helps customers make more informed buying decisions. By enabling users to visualize themselves wearing the brand’s products, augmented reality strengthens the emotional connection between the consumer and the brand.
Immersive Product Visualization
Augmented reality has revolutionized the way products are visualized in branding. Traditionally, consumers had to rely on static images or videos to understand how a product would look or function in real life. However, with AR, brands can offer customers a truly immersive and interactive product visualization experience.
Imagine seeing how a piece of furniture would look in your living room before buying it or virtually test-driving a car without leaving your home. Augmented reality makes these scenarios possible, enabling brands to give potential customers a realistic and personalized preview of their offerings.
By allowing consumers to engage with products in a virtual space, AR not only enhances their shopping experience but also increases their confidence in making purchase decisions.
Augmented Reality in Retail Spaces
Physical retail spaces have faced increasing challenges due to the rise of e-commerce. To stay competitive, brands must provide unique experiences that cannot be replicated online. Augmented reality offers a solution by transforming physical stores into interactive and engaging environments.
By integrating AR into retail spaces, brands can offer customers a blend of the physical and digital worlds. For example, a cosmetic brand could use AR mirrors that overlay virtual makeup on the customer’s face, allowing them to experiment with different looks without actually applying any products. This not only enhances the shopping experience but also encourages customers to spend more time in-store, leading to increased brand exposure and potential sales.
Interactive Brand Activations and Marketing Campaigns
Augmented reality provides brands a powerful tool to create interactive and memorable brand activations and marketing campaigns. By leveraging AR technology, brands can captivate their audience in unique and unexpected ways.
For instance, a food and beverage brand could launch an AR-powered game where customers can scan product packaging to unlock virtual characters or win prizes. This not only generates excitement and engagement but also increases brand awareness and encourages repeat purchases.
By integrating augmented reality into their marketing strategies, brands can stand out in a crowded marketplace and leave a lasting impression on their target audience.
The Future of Augmented Reality in Branding
As technology advances, augmented reality is expected to play an even more significant role in branding. With the introduction of wearable AR devices such as smart glasses, the possibilities for immersive brand experiences are boundless.
In the future, we can expect to see brands leveraging AR to create personalized and context-aware experiences. Imagine receiving tailored product recommendations based on your location or having virtual shopping assistants guide you through a store. Augmented reality will continue to blur the lines between the physical and digital worlds, transforming the way brands engage with consumers.
Augmented reality has undoubtedly made a profound impact on branding. By harnessing the power of AR, brands can enhance their storytelling, provide immersive product visualization, transform retail spaces, and create interactive marketing campaigns. With the ability to blend the physical and digital worlds, augmented reality offers a unique and engaging way for brands to connect with their audience.
As technology advances, we can expect to see even more innovative and creative applications of AR in branding, shaping the future of consumer experiences. So, embrace the power of augmented reality and unlock the full potential of your brand. How augmented reality impacts branding? It opens up a world of endless possibilities.
Netflix Layoffs 150 Employees Given Declining Subscribers Base
Netflix layoffs 150 employees from its workforce. The layoffs will mainly affect its office in the United States, which is located in the state of California.
World’s largest OTT platform, Netflix layoffs 150 employees from its workforce. The firm has been lately striving hard to retain its falling number of subscribers, but it seems Netflix could not succeed in stopping the number of subscribers from plummeting. So, Netflix on Tuesday announced that it was laying off 2 percent of its staff.
The layoffs will mainly affect its office in the United States, which is located in the state of California. They make up roughly 2 percent of the company’s workforce in North America, somewhere around 7,500 people.
Why Netflix Layoffs Its Staff?
Netflix announced in April 2022 that it had lost 200,000 members in the first three months of the year. This was the first time that the streaming service had ever seen a significant decline in consumers. The company also warned that another two million users were projected to flee in the next quarter.
Despite these losses, Netflix remains the undisputed market leader with 220 million subscribers worldwide. However, its rivals are expanding at a much quicker pace than before, and they are starting to intrude into its domain by providing content and services that are alternative to their own.
Netflix has already taken steps to address this issue by reducing its workforce by 2% (around 150 employees) to reduce costs and increase efficiency. However, some analysts believe that further layoffs may be necessary if Netflix wants to remain competitive as its rivals continue their meteoric rise in popularity among customers worldwide.
“Netflix’s recent financial report showed that the business had lost customers due to the conflict in Ukraine and its decision to hike pricing in the United States. It was found that only leaving the Russian market had resulted in a loss of 700,000 subscribers for the business.
However, this was not the only bad news for Netflix. The company also announced an increase in its quarterly losses and said that it would be raising prices for new customers.
Clarification On Netflix Layoffs
A spokesperson for Netflix has released a statement regarding the company’s recent decision to reduce the number of employees by 2%.
The statement reads: “These decisions are primarily motivated by business requirements rather than individual performance, making them highly challenging since none of us want to say goodbye to such terrific colleagues.
The statement did not clarify which divisions of Netflix were impacted by these layoffs; however, according to the reports, content creation and recruitment departments and communications departments were affected by these job cuts.
Netflix is also trimming the number of its original productions. To minimize expenses, it decided to stop the creation of Pearl, an animated series that Meghan Markle developed. This decision was made in early May.
Testing Alternative Revenue Models
Since it announced that it would be raising prices, Netflix has been investigating other ways that it may make cash. While the company has said that it still needs more time to figure out how these changes will affect its users, they have already begun testing ad-based pricing models.
The company is also working with advertisers to ensure that their ads are relevant instead of interrupting the user experience.
The OTT company also stated that it would be cracking down on password sharing among family members or friends who may be sharing accounts. Netflix said this practice was responsible for losing 100 million homes in worldwide markets, including India and China.
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