Hollywood's Latest Obsession: Celebrities Turned Venture Capitalists
From Snoop Dogg to Emma Watson, celebrities are increasingly becoming venture capitalists, investing in startups and shaping the tech industry's future.
Alexis Rowe
Flipkart, the Indian e-commerce giant owned by Walmart, has hired Kabeer Biswas, co-founder of Indian delivery startup Dunzo, to lead its quick commerce business, Flipkart Minutes. This move marks a significant expansion of Flipkart's quick commerce business in India, where the company is aggressively establishing its presence in urban cities.
Biswas's appointment comes after Flipkart's failed attempt to acquire Dunzo last year, which was reportedly hindered by complications in Dunzo's ownership structure. Reliance Retail, one of Dunzo's largest backers, had written off the startup's value in recent quarters. Despite this, Biswas's expertise in the quick commerce space will be invaluable to Flipkart as it seeks to tap into the growing demand for rapid deliveries in India.
The quick commerce model, which promises delivery of items within 10 to 15 minutes, has struggled to gain traction in many parts of the world. However, India has proven to be an exception, with several retailers and internet firms investing heavily in their supply chain ecosystems to accommodate faster deliveries. Zomato-owned BlinkIt, Swiggy-owned Instamart, and Nexus-backed Zepto are currently leading the quick commerce market in India, but Flipkart's entry into the space is expected to shake things up.
Flipkart launched Flipkart Minutes last year and has already established over 100 dark stores, or warehouses located in residential complexes, to support its quick commerce business. The company is selling high-priced electronic items, including laptops and smartphones, and is aggressively expanding its presence in urban Indian cities, where Amazon has traditionally maintained a stronger grip.
Dunzo, founded in 2014, was one of the earliest startups to explore the instant commerce model. Backed by investors such as Google, Blume Ventures, and Lightbox, the startup had ambitious plans to upend India's e-commerce sector with its half-an-hour deliveries. However, despite raising over $500 million, Dunzo failed to make significant inroads as competition in the space intensified.
Biswas had been exploring other ventures in recent months, pitching various ideas to venture capitalists, including Peak XV, according to people familiar with the talks. His appointment at Flipkart marks a significant development in the Indian e-commerce landscape, and is expected to have far-reaching implications for the quick commerce space in the country.
As Flipkart continues to expand its quick commerce business, it will be interesting to see how the company plans to differentiate itself in a crowded market. With Biswas at the helm, Flipkart Minutes is likely to become a significant player in the Indian quick commerce space, and could potentially disrupt the dominance of established players such as Amazon.
From Snoop Dogg to Emma Watson, celebrities are increasingly becoming venture capitalists, investing in startups and shaping the tech industry's future.
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