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<ul><li><keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> took to Twitter to announce that PayPay has garnered 10 million users. </li><li>PayPay was formed out of <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>’s partnership with SoftBank and Yahoo Japan. </li><li>SoftBank is one of the major investors in Paytm.</li></ul>Paytm’s Japanese subsidiary PayPay has managed to net 10 million users in ten months. Paytm founder Vijay Shekhar Sharma took to Twitter to announce the same. <div type="twitter" handle="vijayshekhar" handlename="Vijay Shekhar" image="http://pbs.twimg.com/profile_images/813598012173754368/MnHjJnCv_normal.jpg" favoritecount="775" retweetcount="76" status="Our Japan ‘s @PayPayOfficial 🇯🇵 business achieved a key milestone ! Just in 10 months, we are now 10 million users,… https://t.co/NGymRv1Rmp" createdat="1565254226000" id="1159386373641494530"></div>

 In October 2018, Paytm had partnered with SoftBank and Yahoo Japan to offer digital payment solutions in Japan. Through this collaboration, Yahoo Japan suspended its own wallet giving PayPay direct access to all its Yahoo wallet consumers. SoftBank is one of the major investors in Paytm. In 2017, Softbank had made its biggest bet in the Indian ecosystem by pumping in $1.4 billion in Paytm. Paytm is not the only Indian startup backed by Softbank which went to Japan. Ritesh Agarwal’s OYO where Softbank is a key investor, entered the Japanese market, thanks to its famous backer. In April 2019, OYO announced its partnership with SoftBank Corp and SoftBank Vision fund to launch Oyo Hotels Japan.

Paytm’s Japan subsidiary PayPay nets 10 million users in 10 months

<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

<keyword id="2550719" type="UNKNOWN" weightage="100" keywordseo="OYO-Rooms">OYO rooms</keyword>, the budget hotels brand based in Gurgaon, is all set to raise a fresh round of funding worth Rs 413 crore, which would be done through a proposed right issue of shares to the existing shareholders. The above has been reported as per the documents filed with the Registrar of Companies. 
 
After this new round of funding, the post-money valuation of Ritesh Agarwal-led company will be at Rs 3129 crore or about $460 million, says the filing. 
 
It was in August last year that <a href="http://www.businessinsider.in/OYO-Rooms-ties-up-with-PayPal-to-make-its-global-expansion-more-efficient/articleshow/51312289.cms">OYO</a>, started in 2013, had raised its previous round of funding of $100 million; the round was led by <a href="http://www.businessinsider.in/SoftBanks-India-investments-might-jump-the-10-billion-mark-in-the-coming-decade/articleshow/52500995.cms">Softbank Corp</a>, the telecom and internet major based in Japan. After that round, the company was valued at $400 million. 
 
Also read: <a href="http://www.businessinsider.in/Now-you-can-book-OYO-Rooms-on-your-next-trip-to-Darjeeling-and-Gangtok/articleshow/52296199.cms">Now you can book OYO Rooms on your next trip to Darjeeling and Gangtok</a> 
 
It was also <a href="http://www.businessinsider.in/OYOs-Zo-acquisition-delayed/articleshow/51807022.cms">reported earlier</a> that VentureNursery, the Mumbai-based start-up accelerator which was the first investor in <keyword id="2808667" type="UNKNOWN" weightage="100" keywordseo="OYO">OYO</keyword>, had raised some issues while Oyo was <a href="http://www.businessinsider.in/Oyo-Rooms-to-buy-Zo-Rooms/articleshow/50024196.cms">planning to acquire</a> the smaller rival Zo Rooms, but as Oyo plans to raise a fresh funding round with <a href="http://www.businessinsider.in/SoftBank-says-moshi-moshi-to-Oyo-Rooms/articleshow/47327975.cms">Softbank’s support</a>, it looks like the period of uncertainty is over. 
 
<a href="https://assets.entrepreneur.com/content/3x2/1300/20150805130406-Ritesh-Agarwal-CEO-OYO-Rooms1600px.jpeg">Image source</a>

OYO eyes Rs 413 crore funding, to be valued at Rs 3129 crores

Japanese telecom and Internet giant <keyword id="163404" type="COMPANY" weightage="100" keywordseo="Softbank">SoftBank</keyword> has already made a number of investments in different start-ups in India, and has now said that its investments in the country will top $10 billion in 5-10 years. 
 SoftBank is said to have planned its first $350 million investment in a solar project in India, said <keyword id="357983" type="PERSON" weightage="100" keywordseo="Masayoshi-Son">Masayoshi Son</keyword>, CEO. 
 
"We have already invested $2 billion and we are interested in investing more," he said. "India has a great future. We are interested in investing in Internet companies and also in solar energy. We would make strong commitments." 
 
Son added that they are looking at further increasing the pace of investments. 
 
"We also made a first move on solar energy. We are making $350 million investment in first project in solar (in India). We will expand. In next 5-10 years, we will definitely make probably around $10 billion of investments," he added. 
 
It was in June 2015 that SoftBank had announced a JV worth about $20 billion with Bharti Enterprises and Taiwan's Foxconn Technology Group, under which 20 gigawatts of renewable energy would be generated. Son has now said that the target depends on power purchase agreements being signed with offtaker states, while adding that "we will support it". 
 
The list of Indian companies that have SoftBank's investments include the online-retailing marketplace Snapdeal, taxi-hailing app Ola Cabs, an Indian mobile-advertising network InMobi, real estate website Housing.com, hotel-booking app Oyo Rooms, and on-demand delivery service Grofers. 
 
He was asked about his expectations from the Indian government on renewable energy push, Son said, "On making investment, there is international stand on the rules. For example, if we make investment, then we want payment... there are international rules and standards and as long as India provides (that), we don't need any advantage. As long as there is parity with international standards that is enough," he said. 
 
<a href="http://blogs-images.forbes.com/liyanchen/files/2015/05/masayoshi-son-e1430929769227.jpg">Image source</a>

SoftBank's India investments might jump the $10 billion mark in the coming decade

<ul><li>Former country head of <keyword id="163404" type="General" weightage="80" keywordseo="softbank" source="Orion">SoftBank</keyword> <keyword id="45947" type="General" weightage="50" keywordseo="manoj-kohli" source="Orion">Manoj Kohli</keyword> was appointed to the board of <keyword id="4052133" type="General" weightage="80" keywordseo="wework-india" source="Orion">WeWork India</keyword>.</li><li>In his previous role at SoftBank, Kohli facilitated investments to the tune of over $15 billion in over 25 AI-focused portfolio companies in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>.</li><li>Anthony Yazbeck, president &amp; chief operating officer of <keyword id="2918346" type="General" weightage="100" keywordseo="wework" source="Orion">WeWork</keyword>, also joined the board.</li></ul>WeWork India said on Monday that it has appointed Manoj Kohli, former country head of SoftBank India and SoftBank Group International, as an independent director to its board. Additionally, Anthony Yazbeck, president &amp; chief operating officer of WeWork, will also join the board. “I am optimistic about the potential of the flexible workspace industry in India, and believe that WeWork India is poised to play a significant role in this growth story. I am excited to join WeWork India at this pivotal point and leverage my expertise in managing and scaling up businesses,” said Kohli. In his previous role at SoftBank, Kohli facilitated investments to the tune of over $15 billion in over 25 AI-focused portfolio companies in India. He also supported key players like OLA, OYO, Lenskart, Grofers, Snapdeal, Uber, Swiggy, and Unacademy in addressing regulatory and government issues, and helped scale their businesses. Karan Virwani, CEO of WeWork India said that he is happy to welcome Kohli and Yazbeck at a critical juncture in the growth journey. “In the past few years WeWork India has grown significantly and proven to be a profitable and scalable business. Manoj’s experience in managing and growing businesses of scale and charting their exponential growth will be an invaluable asset for the business as well as me,” he added. Kohli has served on the board of industry body GSMA, chaired the CII Task Force on Ease of Doing Business, and currently chairs the CII Unicorn Forum that aims to attract new tech investments in India. He has built businesses in 25 countries across the Asia Pacific and Africa regions. Yazbeck, president &amp; chief operating officer of WeWork Inc said that the performance of the WeWork India business is a testament to the strength of the WeWork brand and product. “Flexibility and community is proving to be a powerful combination and, with a suite of flex space solutions, WeWork India is very well positioned to meet the evolving demand for dynamic workspaces across the country. I am looking forward to partnering with the Board as we strive to achieve our shared goals of long-term, sustainable success,” Yazbeck added.

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Paytm’s Japan subsidiary PayPay nets 10 million users in 10 months

Sanchita Dash

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

Sanchita Dash

OYO eyes Rs 413 crore funding, to be valued at Rs 3129 crores

BI India Bureau

SoftBank's India investments might jump the $10 billion mark in the coming decade

BI India Bureau

Former SoftBank country head Manoj Kohli joins WeWork India as an independent director

Rahul Verma

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