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India’s Quick Commerce Sector Dominates E-Grocery Orders in 2024

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India’s quick commerce sector has seen explosive growth, accounting for over two-thirds of all e-grocery orders in 2024, according to a new report by consultancy Bain and e-commerce giant Flipkart. This rapid rise highlights the sector’s expansion and its significant impact on India’s e-retail market.

Market Growth and Projections

The quick commerce industry’s market share surged nearly five-fold, reaching an estimated $6-7 billion in 2024, up from the previous year. The sector, which includes companies like Zomato-owned Blinkit, now accounts for about 10% of India’s overall e-retail spending. These platforms, which offer delivery of groceries and other items within minutes, are poised for further expansion, with an annual growth rate of over 40% expected until 2030.

Key Drivers and Challenges

Quick commerce has emerged as one of the most notable trends in India’s e-retail sector over the past two years, serving over 20 million online shoppers and employing more than 400,000 people. The industry’s rapid rise is attributed to its ability to cater to the growing demand for fast deliveries in urban areas, capitalizing on consumer convenience.

However, the sector faces challenges, particularly in terms of expanding profitability. Companies may struggle to extend their reach beyond major metropolitan areas and contend with fierce competition from larger players like Flipkart. To sustain growth, experts suggest that quick commerce companies will need to adapt their business models, optimize supply chains, and manage increasing competition.

The Future of Quick Commerce

While the growth prospects of the sector are promising, some industry experts warn that the quick commerce boom may be short-lived. A recent report from Blume Ventures cautioned that maintaining such rapid growth may prove difficult. TVS Capital Funds Chairman Gopal Srinivasan also expressed concerns, calling the quick-commerce trend a “passing fad” that could prove unsustainable in the long run.

BuildOps Raises $127 Million, Reaches $1 Billion Valuation Amid Strong Demand for AI Software

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BuildOps, a provider of AI-powered software solutions for commercial contractors, announced on Friday that it has raised $127 million in a Series C funding round, bringing its valuation to $1 billion. This round was led by Meritech Capital Partners, with participation from new investors such as Schneider Electric’s SE Ventures and BOND Capital, as well as existing investors Fika Ventures and Next47.

The company, which has seen tremendous growth, offers a consolidated platform that helps contractors manage accounts, customer relationships, and operations. BuildOps has benefited from the rise of AI technology, which allows contractors to gain insights into their operations, enabling them to proactively manage costs and avoid costly project overruns.

“We’re giving the modern contractor access to data and insights to predict issues like cost overruns before they happen,” said John Laino, Chief Operating Officer. “This proactive approach is a game-changer compared to the traditional method, where contractors would only find out about issues months into a project.”

BuildOps has been growing at a rate of 100% annually and expects this rapid growth to continue in the near term. CEO Alok Chanani emphasized that while the company is not focused on profitability at this stage, its priority is scaling its operations and investing in research and development.

Looking ahead, Chanani mentioned that going public is part of BuildOps’ long-term strategy, but no timeline was specified. Additionally, the company plans to pursue strategic acquisitions, as evidenced by its 2023 purchase of PWSWARE, the parent company of Perfectware Solutions, to expand its capabilities.

Huawei Chairman Announces 2024 Revenue Exceeded $118 Billion

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Huawei’s chairman, Liang Hua, announced on Wednesday that the company surpassed 860 billion yuan ($118.27 billion) in annual revenue for 2024, marking a significant recovery after the impact of U.S. sanctions. The company experienced a remarkable 22% year-on-year growth compared to 2023, when it reported 704.2 billion yuan in revenue. This marks Huawei’s fastest growth in four years, as it continues to adapt and rebuild its operations.

Liang made these remarks at a forum in Guangzhou, confirmed by a Huawei spokesperson. He emphasized that Huawei’s 2024 results align with the company’s expectations, with ICT infrastructure remaining stable, the consumer business returning to growth, and the smart car solutions business rapidly developing. He added that the company’s annual sales revenue would exceed 860 billion yuan.

Huawei’s consumer business saw a strong rebound beginning in August 2023, when it launched new smartphones featuring locally-produced chipsets that successfully navigated U.S. sanctions. This resurgence has allowed Huawei to capture a 16% share of the Chinese smartphone market, overtaking Apple, according to Canalys data.