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<ul><li><keyword id="6354616" type="General" weightage="20" keywordseo="twitter" source="Orion">Twitter</keyword> has removed "government-funded media" labels on all accounts belonging to traditional publications and digital news outlets.</li><li>Twitter has also deleted its web page explaining the "government-funded media" labels.</li><li>The micro-blogging platform earlier placed the 'publicly-funded' label to the BBC account and applied the 'government-funded' label to US-based NPR.</li></ul>New Delhi, After facing a backlash, Elon Musk-run Twitter has finally removed "government-funded media" labels on all accounts belonging to traditional publications and digital news outlets. Twitter has also deleted its web page explaining the "government-funded media" labels, report The Verge. The micro-blogging platform earlier placed the 'publicly-funded' label to the BBC account and applied the 'government-funded' label to US-based NPR. Twitter later placed more 'government-funded media' labels on the accounts of global news outlets like Australian Broadcasting Company (<keyword id="17216828" type="General" weightage="50" keywordseo="abc-australia" source="Orion">ABC Australia</keyword>), Australia's <keyword id="6743724" type="General" weightage="50" keywordseo="special-broadcasting-service" source="Orion">Special Broadcasting Service</keyword> (SBS), New Zealand's public broadcaster RNZ, Sweden's SR Ekot and SVT, and Catalonia's TV3.cat. ABC News said in a tweet that it is a publicly funded broadcaster, "governed by the ABC Charter which is enshrined in legislation". "For more than 90 years, the ABC has always been and remains an independent media organisation, free from political and commercial interests," it argued. SBS said the label might lead Twitter users to believe that the outlet is editorially controlled by the government. <keyword id="17216827" type="General" weightage="20" keywordseo="cbc/radio-canada" source="Orion">CBC/Radio-Canada</keyword> tweeted that "our journalism is impartial and independent". NPR decided to quit Twitter after the Musk-run platform labelled it as a government-funded organisation. After NPR, the Public Broadcasting Service (PBS) also left Twitter after being labelled as government-backed media. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/bard-to-magi-googles-latest-weapon-in-the-battle-for-search-supremacy/articleshow/99576251.cms">From Bard to Magi: Google's latest weapon in the battle for search supremacy</a> <a href="https://www.businessinsider.in/tech/news/ai-generated-images-and-videos-a-game-changer-or-a-threat-to-authenticity/articleshow/99560443.cms">AI-generated images and videos: A game-changer or a threat to authenticity?</a>

Twitter removes 'government-funded' news labels from all media accounts

New Delhi, May 28 (IANS) India's East Mojo and Minnambalam are among 5,300 small and medium local newsrooms around the world that will receive emergency funding from Google ranging from $5,000-$30,000 (approximately Rs 3.7 lakh-Rs 22.7 lakh), the search engine giant said on Thursday. East Mojo, a digital-only news organisation, said it plans to use the fund to allow journalists to go to remote parts of Northern India to shed light on the impact of Covid-19 once the country's lockdown is lifted. Minnambalam (India), a Tamil language publication from Chennai, said the funding gave them the confidence and financial support needed to carry on with their work. Covid-19 has upended the news industry, hitting local news particularly hard with job losses, furloughs, cutbacks and even closure. To provide some help, the Google News Initiative last month launched the Journalism Emergency Relief Fund. "Applications covering a number of publications under one organization will be capped at $85,000," Ludovic Blecher, Head of Google News Initiative Innovation, wrote in a blog post. "As we await a final funding tally, we expect to spend tens of millions of dollars through the Journalism Emergency Relief Fund," Blecher said. Google said in just two weeks it received more than 12,000 applications from 140 eligible countries, with 90 per cent of those applications from newsrooms of less than 26 journalists. "We reviewed each application against a set of criteria: publications operating locally, serving a specific geographic community and using the money to continue doing so," Blecher said. --IANS gb/na

Google selects 5,300 local news organisations for funding

<div class="KonaFilter image-container display-table"><div><div class="image on-image">ReutersBig tech companies like Google are often blamed for the demise of the local <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">news</keyword> business model.</div></div></div><ul class="summary-list"><li>Google is launching the Local Experiments Project, an effort to fund dozens of new local news websites around the country and eventually around the world. </li><li>The first effort will be a partnership between Google and McClatchy to launch three new, digital-only local news operations on multiple platforms.</li><li>The tech giant says it will have no editorial control over the sites.</li></ul>Google is launching the Local Experiments Project, an effort to fund dozens of new local news websites around the country and eventually around the world. The tech giant says it will have no editorial control over the sites, which will be built by partners it selects with local news expertise.<h2>Why it matters</h2>Big tech companies like Google and Facebook are often blamed for the demise of the local news business model. Now, both are trying to fix the broken local news ecosystem for the sake of their audiences, which they say crave more local news.<cite>- Richard Gingras, VP of news, Google</cite>The first effort within the new Local Experiments Project will be 'The Compass Experiment," which is a partnership between Google and McClatchy to launch three new, digital-only local news operations on multiple platforms.<ul><li>McClatchy will maintain sole editorial control and ownership of the sites and Google will have no input or involvement in any editorial efforts or decision making.</li><li>Google says the investments will be significant. "We will be spending many millions of dollars on this overall," says Richard Gingras, Google's VP of news.</li><li>McClatchy will choose 3 cities that are less than a half million people for the site launches. It hasn't announced any hiring plans, but people familiar with the efforts say there will eventually be people on the ground in those cities.</li><li>Smaller cities will be the focus. McClatchy CEO Craig Forman says it's targeting cities with less than a half million people because that's where local news decay is worst. Gingras says those cities are important because people there have a strong sense of community, which can harder to tap into at the metro and national levels.</li></ul><h2>Between the lines</h2>McClatchy will be the first of many "experiments" within the Local Experiment Project. The goal is to use the lessons from McClatchy's efforts, and others in the future, to create a network of shared insights that can be leveraged by everyone in the local news business.<ul><li>"This allows us to move beyond some of the incrementalism that seems like it's the core of our day-in and day-out job, but can hold us back from pursuing things related to a long-term vision," says Forman.</li><li>Google says it chose to partner with McClatchy to launch the project because it's a local news company with an existing relationship with Google and a strong technology background. McClatchy CEO Craig Forman is a former newsman and tech executive.</li><li>Google's objective is to test the business models and operational aspects necessary to succeed in local news.</li></ul>Google has rolled out several local news efforts in the past few weeks, around the first anniversary of its Google News Initiative - a pledge to invest <a href="https://www.axios.com/google-launches-300-million-effort-to-1521557115-d5e4c5f5-eeac-47ca-8f8f-fc18c92fe0ff.html">$300 million</a> in news <keyword id="6354777" type="COMPANY" weightage="60" keywordseo="Media">media</keyword> transition to digital over three years. The Local Experiments Project will use funds from the broader Google News Initiative to fund the new sites.<h2>What's next</h2>If successful, Google may expand its tools and services to enable others to launch similar sites in other places in the U.S. and around the world. Gingras points to examples of news sites in <a href="https://www.villagemedia.ca/">Canada</a>, <a href="https://www.mediapart.fr/en/english">France</a> and the <a href="https://www.texastribune.org/">U.S.</a> as examples of local news businesses that can thrive with the right strategies and investments.Get the latest Google stock price<a href="http://markets.businessinsider.com/stock/GOOG-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/black-hole-travel-space-galaxy-2019-3">Physicists have discovered that rotating black holes might serve as portals for hyperspace travel</a></h3> <div> </div> </div>

Google partners to fund dozens of new local news sites around the US

<div class="image-container float_right click-to-enlarge" style="width:326px"><div class="image"><a title_source="Getty" title_caption="News Corp's Rupert Murdoch" class="zoomin" href="http://static6.businessinsider.com/image/50eec46beab8eaf47d000004-960/rupert-murdoch-11.jpg"></a></div>Getty<keyword id="6492870" type="CITY" weightage="60" keywordseo="News-Corp">News Corp</keyword>'s Rupert Murdoch</div>Jan. 10 (Bloomberg) -- The pension fund for workers in Australia’s pulp and paper industry sold its stake in the country’s largest publisher News Corp., saying the company controlled by Rupert Murdoch needs a more independent board.
First Super, which invests about A$1.7 billion ($1.8 billion) for about 72,000 members in the country’s timber, pulp, paper, and furniture industries, said it was selling the stake after the failure of a push at the company’s annual shareholder meeting for an independent chairman and more independent directors.
Murdoch is News Corp.’s chairman and chief executive and has the largest voting stake in the company, with about 40 percent of Class B shares. That control, combined with a 7 percent voting stake held by Prince Alwaleed bin Talal, a friend of the Murdoch family, makes it difficult to enact changes to the board, an arrangement criticized at News’s annual shareholder meeting in October.
“The interests of minority shareholders have too often been compromised,” Michael O’Connor, co-chairman of the fund, said in the statement. Executives of News Corp. were paid “outrageous amounts of money,” he said.
News Corp. shares traded in Sydney rose 1 percent to A$25.745 as of 2:35 p.m., compared with a 0.3 percent gain in the S&amp;P/ASX 200 index.
The shares sold by First Super are worth about A$7 million, Phil Davey, an external spokesman for the fund at Mountain Media Pty., said by phone. That’s about 0.01 percent of News Corp.’s A$60 billion market value.
Investors who favor splitting the chairman and chief executive roles include the California Public Employees’ Retirement System, the biggest U.S. pension fund. Bloomberg LP, the parent of Bloomberg News, competes with News Corp. units as a supplier of financial information.
Stephen Browning, a spokesman for News Corp.’s Australian publishing unit News Ltd., said he wasn’t able to comment on group issues. Julie Henderson and Nathaniel Brown, New York- based spokesmen for News Corp., didn’t immediately respond to an e-mail sent out of office hours requesting comment.
--Editors: Dave McCombs, Subramaniam Sharma
To contact the reporter on this story: David Fickling in Sydney at dfickling@bloomberg.net
To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net

Aussie Pension Fund Sells News Corp Stake, Citing Board's Failures

Now, startups will not have to look overseas for funding as the <keyword id="6355630" type="ORGANIZATION" weightage="100" keywordseo="Securities-and-Exchange-Board-of-India">Securities and Exchange Board of India</keyword> (SEBI) on Tuesday relaxed its norms for startups to list and raise funds through a platform on domestic stock exchanges. 
 
Under the new norms approved by SEBI’s board, the stock exchanges would have a dedicated institutional trading platform for listing of startups from the new age sectors, including e-Commerce firms, while the minimum investment requirement would be Rs 10 lakh. 
 
For startups, SEBI has relaxed the mandatory lock-in period for the promoters and other pre-listing investors to six months, as against three years for other companies 
 
Addressing mediapersons after the board meeting, SEBI Chairman U.K Sinha said the disclosure requirements for these companies have also been relaxed. 
 
At least 25% of their pre-issue capital would need to be with institutional investors for technology start-ups, while this requirement would be 50% for companies from other areas. 
 
“Indian start-up space is very vibrant and the country is ranked number five as far as start-ups are concerned. More than 3,100 start-ups are there in the country and a large number of M&amp;As have also happened,” said the chairman. 
 
Under the new norms, 75% shares can be reserved for institutional investors, while allocation can be on discretionary basis for such investors. 
For non-institutional categories, it will be on proportional basis. 
 
SEBI has also provided for reclassification of promoters as public investors provided they let go all their special rights, including voting powers, and do not own more than 10% stake. 
 
However, an outgoing promoter can serve as a CEO or hold other senior positions for up to three years if the same is approved by the company's board. 
 
(Image: Indiatimes)

Good news for startups,
SEBI relaxes listings, fund-raising norms for them

San Francisco, June 10 (IANS) Google has contributed $15 million to run an ad campaign to support local news organisations in North America amid plummeting ad revenues for media companies due to Covid-19 impacts. Launched by Local Media Consortium and Local Media Association in partnership with the Google News Initiative, the "Support Local News" campaign will encourage consumers, businesses and advertisers to support local media. "At Google we value the role of local news in keeping our societies informed and connected with their communities," Richard Gingras, Vice President, News, Google, said in a statement. "We have long partnered with the LMA and LMC to enable a strong future for local news. At this crucial time, when the demand for local journalism is especially great and advertising dollars have dwindled, we have joined with the LMA and LMC on this campaign in an effort to encourage everyone -- readers, local businesses and advertisers big and small -- to play a part in supporting local news." The campaign started running in print and digital formats from Tuesday, for the next six weeks across most local newspapers, TV and radio stations and online-only news outlets in the US and Canada. The campaign will direct people to visit the Support Local News website, where they can easily subscribe, advertise or donate -- including an option to donate to a fund that supports local investigative reporting in newsrooms across North America or to further designate contributions for publishers of colour to support their investigative work. "This is a significant moment for the local media industry," said Nancy Lane, CEO of LMA. "People may not understand why they need to support local news organisations with digital subscriptions, donations, memberships and advertising if applicable. This $15 million ad campaign will help us change the conversation." --IANS gb/na

Google gives $15 mn to fund 'Support Local News ad' campaign

Proponents of passive investing will argue that just buying a Nifty 50 index fund and liquid fund is good enough. But it is good to diversify your investments across securities, asset classes, and types of stocks based on risk appetite, saving needs, and future goals. However, quite often, small investors find their money parked in one too many mutual funds. What is the optimal number of mutual funds to have in your investment portfolio? A five-fund portfolio that takes care of all your needs, according to investment advisory firm Kuvera. Over time, it will become incredibly hard to manage and rebalance your portfolio and make any changes to it. New investors should be aware of this and take proactive steps to not let their portfolios grow to too many funds. The only argument to add multiple funds is if there is minimal stock overlap – so invest in a Nifty 50 fund, a Nifty Next 50 fund, a value biased fund, an international fund and one debt fund. This is the ideal mix according to Kuvera. Just following the below rules will bring down the number of funds in your portfolio to 4-8 funds: 1. Only one scheme per Equity sub-category (e.g one large cap scheme). 2. If you are investing in market cap schemes (large, small, mid etc) then don't have a multicap scheme. 3. Avoid investing in Sector or Thematic schemes. Sector outperformance is notably hard to predict. 4. Invest in one fixed income scheme (debt or liquid). That's right, just one liquid scheme is enough. Take risk on the equity side of the portfolio. 5. If you have both equity and debt schemes then don't have balanced and hybrid schemes. Gaurav Rastogi is the CEO and co-founder of Kuvera.in, a direct <keyword id="6354820" type="DEFINITION" weightage="20" keywordseo="mutual-fund">mutual fund</keyword> investing platform

A common mistake mutual fund investors make⁠ can be fixed through five simple steps

<ul class="summary-list"><li><keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> may stop all private investment in media, meaning the Communist Party would fund it all.</li><li>A submission to a top decision-making body would stop investment in news gathering and distribution.</li></ul>The Chinese government is proposing new rules that would ban news reporting by outlets not directly funded by the Communist Party in a further blow to freedom of speech in the country.A <a href="https://www.ndrc.gov.cn/yjzxDownload/sczrfmqd2021.pdf">document</a>, submitted to China's National Development and Reform Council on Friday, proposes that private capital could not fund news gathering, broadcasting and distribution, including on social media.It said that privately-funded organizations "shall not engage in the news gathering, editing and broadcasting business."It would also stop news outlets from reproducing news content published by foreign media outlets, <a href="https://www.bloomberg.com/news/articles/2021-10-09/china-proposes-bans-on-private-capital-participation-in-media">Bloomberg reported</a>.Organizations that could be affected include Hong Kong's South China Morning Post, which is owned by Alibaba, and the financial news site Caixin, which is backed by Tencent, Bloomberg and <a href="https://qz.com/2072074/china-seeks-full-news-monopoly-by-banning-private-capital-in-media/">Quartz</a> noted.There is a seven-day public consultation on the document, due to end on October 14. If introduced, the rules would tighten China's already strong grip over the country's news and media.It is not clear if foreign news outlets operating in China would be impacted.

China appears set to ban reporting by news outlets not directly funded by the Communist Party, in a further blow to free speech

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Sascha Schuermann/Getty ImagesA miner in the Zeche Auguste Victoria coal mine on its final day of operation on December 18, 2015 in Marl, Germany</div></div></div>Hedge funds' dismal performance might be a warning sign to the greater economy.Several hedge funds have <a href="http://www.businessinsider.com/hedge-funds-are-having-a-shocker-here-are-2016-8">blamed their poor performance</a> on central bankers, whose low interest rates, in the funds' view, are distorting markets. In August, $9 billion fund manager Crispin Odey blamed his own fund's underformance on <a href="http://www.businessinsider.com/crispin-odey-august-letter-2016-9">central banks, which he added are creating an unsustainable economy</a>. Now another hedge fund firm, which actually benefits when other funds aren't performing well, is coming out against the central banks - and warning that hedge funds' lackluster returns are, in a way, a "canary in the coalmine" for capital markets more broadly. Rosebrook Capital Partners is a New York-based hedge fund that <a href="http://www.businessinsider.com/rosebrook-capital-buys-hedge-fund-stakes-in-secondary-markets-2016-7">buys hedge fund stakes in the secondary markets</a>, meaning it buys up stakes from an investors who want to offload their investment but can't for one reason or another. Here is an excerpt from their October letter on the wary state that funds are in:"It is our belief that in their attempt to save the capital markets, global central banks are on their way to destroying them, introducing distortions in asset pricing that have grave implications for the efficient allocation of capital throughout the economy."Hedge fund alpha generation, or the lack thereof, should be seen through this lens of inefficient capital allocation. If capital is being allocated at the margin by non-profit driven or non-economic driven organizations - namely central banks - we should expect profit driven organizations that succeed by wringing inefficiencies out of the market to fail. And that appears to be happening, with some acceleration.Hedge fund returns and alpha are in a way, a canary in the coalmine with regards to global capital allocation efficiency."Rosebrook says it is positioned to gain off of this turmoil, however. As long as larger market forces pummel hedge fund returns, the more likely a firm like Rosebrook will be able to buy stakes in funds at a discount."The secondary market for illiquid hedge fund interests continues to present Rosebrook with attractive investment opportunities as holders look to exit positions in both recently suspended funds as well as legacy illiquid shares," the letter noted. Since June 1, Rosebrook has found more than $625 million of stakes hedge fund investors were trying to sell. In its letter, Rosebrook called that figure a "robust supply." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/bass-pro-shops-buying-rival-cabelas-55-billion-2016-10">Bass Pro Shops is buying its rival Cabela's for $5.5 billion</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="J5Y2s4NjE6cl-EmryVMlvHqpc9eW4zeu" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Hedge funds are getting whacked, and it could spell bad news for the global economy

<ul class="summary-list"><li>A very small fraction of the money approved by Congress to boost <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> <keyword id="46701" type="COMPANY" weightage="60" keywordseo="testing">testing</keyword> has actually spent yet, the <a href="https://www.wsj.com/articles/billions-in-federal-covid-19-testing-funds-still-unspent-11598014623?mod=hp_lead_pos4">The Wall Street Journal</a> reported. </li><li>Congress approved the <keyword id="6357455" type="UNKNOWN" weightage="60" keywordseo="Funding">funding</keyword> in April, and as of August 14, only about 10% to 15% of those funds were spent or committed to the cause. </li><li>In May, $10.25 billion of the allocated amount was sent to states and US territories. As of August 14, only $121 million had been drawn from the fund. </li></ul>Only about 10% to 15% of the $25 billion dollars approved by Congress to boost coronavirus testing has been spent or committed to an effort, <a href="https://www.wsj.com/articles/billions-in-federal-covid-19-testing-funds-still-unspent-11598014623?mod=hp_lead_pos4">The Wall Street Journal</a> reported. Congress set aside around $25 billion in April to be given to federal agencies and states so they could expand COVID-19 testing and contact-tracing, however according to the Department of Health and Human Services, months after the funds were approved, only a fraction of it has actually been used. According to WSJ, while $10.25 billion of the allocated amount was sent to states and US territories in May, only another $121 million was taken out of that fund as of August 14. Last month, <a href="https://www.nytimes.com/2020/07/22/world/coronavirus-covid-19.html">The New York Times</a> reported that while cases surged in the US, testing was not expanding fast enough to handle the surge.As of July 22, the country averaged 780,000 tests a day, an 80% increase since the beginning of June, but daily coronavirus cases grew by 215% in the same period. There was a 4.8% positive rate at the point, which indicated that more people who were being tested were positive, and testing needed to be expanded even more. "If cases are declining with the number of tests being performed, it is important to look at the percent positivity of tests," Dr. Amesh Adalja, a senior scholar at the Johns Hopkins University Center for Health Security, told <a href="https://www.businessinsider.com/decline-in-coronavirus-cases-us-testing-shortages-2020-8">Business Insider</a> earlier this month. "If that statistic is increasing, that tells you that the outbreak is growing and the number of cases declining is a testing artifact."While the US has ramped up it's testing, Business Insider reported that backlogs continue to be a problem. As of August 3, the US is administering 174 tests for every 100,000 people per day, however, "many labs are now receiving more test orders than they are able to process in a single day," the American Clinical Laboratory Association reported in their July 14 <a href="https://www.acla.com/acla-update-on-pcr-testing-capacity-for-covid-19/">update</a>. WSJ reported that different states and agencies have varying reasons for not spending the money from trying to figure out what the most effective approach is, to struggling to solicit bids and award contracts. HHS spokeswoman Mia Heck told WSJ that the department won't know how exactly the money was spent until the end of the fiscal year. "No health department or state can cry poor during this health crisis," Will Humble, executive director for the Arizona Public Health Association told WSJ. "It's not a matter of more money. It's a matter of using the money that has already been given to counties and states effectively."Heck said that more than $8 billion of the fund was allocated for HHS to use, and most of that hasn't been distributed either. According to John Hopkins University, testing was down in 21 states this week. The weekly average of new tests was 709,347 on Thursday which is less than the average of 781,156 a week, the month before. Only $235.5 million has been spent from the $2 billion specifically allocated to test those who are uninsured. Without sufficient testing it's hard to know the exact scope of the outbreak, Business Insider reported. Many public health experts including Dr. Anthony Fauci have stressed the importance and need for adequate testing in the battle to get the virus under control in the US. So far more than 5.6 million cases of COVID-19 have been recorded in the US with over 175,000 deaths.

At least 85% of the $25 billion Congress approved for coronavirus testing has yet to be disbursed to expand testing

<ul><li>After a couple of dull years and a few failures, online grocery in India is back with a bang. </li><li>SoftBank has put in fresh funds in Grofers while Reliance Industries Limited is reportedly looking to buy a majority stake in Grab. </li><li>Swiggy had recently announced its foray into online grocery delivery with Swiggy stores. </li></ul> There was a time when the online grocery vertical had become the hot favourite with major players trying their luck in the game. But soon with failures piling up one over the other, exits were announced. Come 2019 and it seems like it’s going to be the year hyperlocal grocery delivery again. Sector leader BigBasket may become the first unicorn – clock a valuation of $1 billion – of 2019, and food delivery startup Swiggy threw in its hat into groceries with Swiggy Stores. Swiggy, which raised a whopping $1 billion in funding in December, has already piloted the operations in Gurugram and has tied up with <a href="https://www.business-standard.com/article/companies/swiggy-takes-on-bigbasket-grofers-to-deliver-groceries-from-local-stores-119021201294_1.html">3,500</a> local stores. However, these startups will be battling the deep pockets of Mukesh Ambani and the Japanese Softbank. Reliance Industries Limited is <a href="https://timesofindia.indiatimes.com/business/india-business/ril-in-talks-for-majority-stake-in-startup-grab/articleshow/68192744.cms">reportedly</a> in talks to buy a majority stake in Grab, a hyperlocal delivery startup for groceries, medicines and food based out of Mumbai. Grofers has raised <a href="https://tech.economictimes.indiatimes.com/news/internet/grofers-raises-fresh-funds-from-existing-investor-softbank-as-e-grocers-valuation-hits-425m/68203728">fresh funds</a> from SoftBank Vision Fund (the Japanese firm had earlier too invested in the e-grocery company) which takes its valuation to $425 million. This excitement was missing in the space the last few years. E-grocery startup PepperTap had to shut its operations in 2016. In a blog on <a href="https://yourstory.com/2016/04/peppertap-journey-navneet-singh">YourStory</a>, Navneet Singh, founder of PepperTap, wrote about the problem they faced. “The integration of our app with our partner stores was not great. In the race to pepper the whole country with PepperTap, we had brought too many stores online far too quickly,” he wrote. Another unicorn startup Paytm too had explored the e-grocery space with Paytm Zip, only to shut shop in 2015. So, even with clear failures in the past, what makes today’s unicorns still find their way into the space? A simple answer - the demand still exists. Grocery stores aren’t called convenience stores for nothing. For today’s millennial who is busy with work to order groceries on a tap is an easy, convenient way out. A report on the online grocery space in India by Red Seer consulting states, “Inspite of all these disruptions and changes, one thing that did not change was the massive potential for online grocery- as indicated by India’s USD 500+ Bn grocery market out of which a mere 0.2% is online (~USD 1.2 bn overall and ~USD 1 Bn considering only hyperlocal grocery).” The proof that it still works is seen in BigBasket’s <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/bigbaskets-wholesale-unit-revenue-up-35/articleshow/67358734.cms">revenue</a> report. In the year 2017-18, BigBasket saw its revenue grow by 35% while losses dropped by 53%. In FY19, the company expects the revenue to grow by <a href="https://www.moneycontrol.com/news/business/companies/bigbasket-chief-hari-menon-expects-75-revenue-jump-in-fy19-to-rs-3500-crore-3183251.html">75%</a>. Grofers which had posted a net loss of <a href="https://tech.economictimes.indiatimes.com/news/internet/grofers-narrows-loss-to-rs-258-cr-as-sales-double-in-fy2018/68105608">₹268 crore</a> in FY 17, managed to post a loss of ₹258 crore in FY18. The company has also added <a href="https://www.moneycontrol.com/news/business/grofers-eyes-rs-2500-crore-revenue-in-fy19-adds-2-5-lakh-new-customers-in-january-3453911.html">2.5 lakh</a> new customers in January, while also aiming for a revenue of over ₹2500 crore. And with big backers like Mukesh Ambani and Softbank entering the fray, the competition, too, will be intense. The battle for dominance may mean more discounts and cashbacks for consumers. See Also: <a href="https://www.businessinsider.in/swiggy-in-talks-to-acquire-ubereats-india-operations/articleshow/68110377.cms">Swiggy wants more on its plate, in talks to acquire Ubereats India</a> <a href="https://www.businessinsider.in/for-indian-startups-2018-has-been-a-year-of-bouncing-back-as-venture-capital-funding-doubles/articleshow/67286540.cms">For Indian startups, 2018 has been a year of bouncing back as venture capital funding doubles</a> <a href="https://www.businessinsider.in/these-are-the-25-most-sought-after-startups-in-india-report/articleshow/65866420.cms">These are the 25 most sought after startups in India: Report</a>

Online grocers are back in business in India with billions more to burn – and that may be good for consumers

<ul><li>PE firm <keyword id="6460966" type="UNKNOWN" weightage="20" keywordseo="kedaara-capital">Kedaara Capital</keyword> is in talks to invest in Lenskart, say reports, at a valuation of $1 billion.</li><li>Softbank too was in talks to fund the company.</li><li>Lenskart has over 500 stores in India.</li></ul>Eyewear retailer Lenskart is all set to turn into a unicorn, nine years after it was founded. Homegrown PE firm <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/kedaara-eyes-lenskart-stake-at-1b-valuation/articleshow/70941194.cms">Kedaara</a> Capital is in talks to invest in Lenskart, says an ET report. The latest funding would take Lenskart’s valuation up to $1 billion. The report also says that Kedaara’s <keyword id="6355120" type="UNKNOWN" weightage="20" keywordseo="investment">investment</keyword> could be a secondary deal as Premji Invest (Azim Premji’s investment arm) and Chiratae Ventures will sell a part of their shares. Earlier too, there were also <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/softbank-may-lead-funding-in-lenskart-back-dailyhunt/articleshow/70836332.cms">reports</a> of Japanese investment firm Softbank showing interest in the eyewear retailer and invest as much as $400 million. Scripting a turnaround story Lenskart is often the centre of many memes for its multiple offers messages it sends to customers, with offers and discounts. In May, it opened its 500th store in the country. However, it hasn’t had a smooth ride. Lenskart had rapidly expanded with multiple stores. However, these huge investments didn’t pay off, leaving it with mounting losses. In 2015-16, Lenskart’s losses were at ₹113 crore. The very next year, they doubled to be ₹262.87 crore. After this, the company took an active step to turn things around. Lenskart turned its focus to Tier 2 and 3 cities. As a result, its revenues jumped by 70% to ₹118.04 crore in 2018, while cutting its losses by 55% losses. It’s own brand – John Jacobs – which seems to have done well for the company will touch ₹500 crore in revenue by 2021, say <a href="https://www.thehindubusinessline.com/companies/john-jacobs-to-clock-500-cr-revenue-by-march-2021/article25985375.ece">reports.</a> In February 2019, Lenskart announced YouTuber Bhuvan Bam as its brand ambassador along with Bollywood actor Katrina Kaif.

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