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14th October 2021
Good Morning! 

Happy Thursyayyyyyyyyy!!
You guessed it - we have a nice long weekend this time. We just love it when holidays line up. A very happy Dushera to all of you who celebrate, we will be celebrating the victory of good over evil too. See you Monday!
  MARKETS
 

SENSEX

60,737.05

+ 0.75%

NIFTY

18,161.75

+ 0.94%

US$

75.37

- 0.19%

GOLD

47,955

+ 1.60%

10-YR

6.32%

- 1.1 bps

OIL

6,072

- 0.36%

*As of market close

  • Markets: Headline stock indexes were up again - 5th day in a row. The Tata group stocks were big outperformers, led by Tata Motors and Tata Power after news of TPG investing in their electric vehicle business was priced in by investors. Click here for the full list of stocks.

Corporate

Amazon's Unfair Practices
Dr Evil Austin Powers

Anybody who's ever bought anything from Amazon India has probably noticed that whenever you search for a product, Amazon’s own brand of that product is usually pretty high up on the search results list.

Thousands of pages of documents examined by Reuters have found that the company ran an organized campaign where they tracked the best selling stuff on their platform in India and then proceeded to make and sell their own version of it.
They also manipulated search results to boost their own product sales vs others who were selling on Amazon.in

One of the major victims has been a popular shirt brand called John Miller (owned by Pantaloons). Apparently, Amazon copied everything about those shirts including neck circumference and sleeve lengths, and then started their own shirt brand, effectively stealing the John Miller product.

And the exact same thing has happened to numerous other brands that tried to make a name for themselves by selling online via Amazon.

In 2020, then CEO and second richest man in the world Jeff Bezos submitted a sworn statement to the US Congress saying that basically said employees of Amazon do not use seller information to do this kind of thing.

Well based on this report it seems either Bezos’ employees lied to him for his own company's benefit or he lied to the US government under oath.

Policy

Gati Shakti Launch
Money gun
 

Prime Minister Modi launched the Rs 100 lakh crore Gati Shakti Plan yesterday.
We've covered this earlier when he first spoke about it on Independence Day, but now that it's officially launched, we got some more deets.

What's Happening Here?

Giving out incentives to manufacture stuff is good, but to become a part of the global supply chain you also need good infrastructure across the country. And that seems to be the hope of this plan.

The plan is to build out the infrastructure to reduce logistic costs and boost the economy.
Rs 100 lakh cr has been allotted to this.
The PM also announced how they hope to do things quickly rather than the usual 'sarkari' standard time by connecting all concerned departments on one platform.

A digital platform has been created which will unite 16 ministries for integrated planning and implementation of infra connectivity projects.

Under the plan, by 2024 the aim is to have:

  • 11 industrial corridors and 2 new defence corridors in Tamil Nadu and UP.
  • 4G connectivity in all villages
  • Creation of 220 new airports, heliports and water aerodromes
  • Increased renewable energy capacity of 225 GW from 88 GW
  • Expanded national highway network of 2 lakh km
  • 17,000 km additional gas pipeline and more

The Takeaway
All this sounds great but as it always is with these kinds of things, planning is all well and good, everything depends on implementation.

Tech

Another Unicorn
another one
 

We almost went a whole week without a new unicorn. Can you believe that?
CarDekho is now here to change that.

CarDekho announced that they have raised $250 million — $200 million in equity and $50 million in debt. They have now entered the club. You know the one. The unicorn club.
Post this round they are valued at $1.2 billion.

CarDekho has had quite the journey. They started 14 years back by just scanning brochures from Auto Expo and uploading them on their website so people could compare models and prices.

From those humble origins, they've moved upmarket to be the one-stop-shop for customers who want to buy cars in India - new or used.

For new cars, they have tie-ups with almost all the car manufacturers so they act as a lead generator and get their cut.
For used cars, they actually check and buy the cars themselves to flip later.
Of late, they've got into offering car insurance and financing also.

Numbers

CarDekho claims to have a monthly revenue run rate of $100 million in September'21. They also claim to be almost profitable. Like a ton of other startups out there, CarDekho too confirmed that they plan on going public soon. They aren't sure when exactly but some time in the next 18 months. And something that's quite rare - they plan on turning profitable before listing! Are you even a high growth startup bro?

The Takeaway

CarDekho is the 3rd startup in the used car retailing space to enter the unicorn club (Cars24 and Droom are the other 2).
We are just wondering how big the used cars market is that we have 3 unicorns in that space 🤔
CarDekho's founder said he thinks the market is large enough for many players but we guess only time will tell if that's correct.

On a Lighter Note
  • Saved by the Hulk - a bullet apparently bounced off of this guys phone which had a Hulk cover and ended up saving his life.
  • Here's the history behind Air India's iconic Maharaja mascot.

Campus Ambassador Program

If you are a college student do check out our campus ambassador program. 
Follow this link for the deets.

If you have more time ...

Long Weekend Quiz

Time for you all to put your brains to test during the long weekend.
All of the questions are related to the business stories you've read in our newsletter over the past few weeks. We hope you enjoy it! 

Please click here for the quiz

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