1mg's offline push; cyberattacks on the rise
Also in the letter:
1mg readies brick-and-mortar push ahead of external funding
Driving the news:
1mg is expanding its offline presence from 110 stores presently to 3,000 in five years.
Tata Digital, which owns 67% of 1mg, last backed it in a $40 million rights issue in 2022.
FY25 revenue is estimated at Rs 2,500-2,600 crore, up 30-35%; cash burn stands at Rs 180-200 crore.
Tell me more:
Revenue has tripled since FY21 (Rs 309 crore) to Rs 1,968 crore in FY24; net loss fell 75% to Rs 313 crore.
70% of revenue now comes from e-pharmacy, e-diagnostics, and consultation.
Offline stores and disease-focused 'full-stack' care models (starting with obesity and cancer) are now in play.
1mg is also teaming up with BigBasket for last-mile delivery amid rising competition from Apollo, PharmEasy, and quick commerce players.
Quote, unquote:
Also Read:
Cybercriminals look to capitalise on India-Pakistan tensions
No pros:
The MO:
Yes, but:
Dream11 parent to invest $50 million in Times Internet's Cricbuzz and Willow TV
Deal details:
Dream Sports will acquire a strategic minority stake in Cricbuzz and Willow TV, which collectively have 185 million monthly users across more than 150 countries.
The investment will create new opportunities for fan experiences, given that the companies intend to collaborate and provide Cricbuzz's audience with more real-time analysis and statistics, engagement and commerce integrations, and AI-driven predictions.
Quote, unquote:
Beyond Cricket:
Dream Sports, which also operates Dream11, FanCode, and DreamSetGo, has been expanding its presence beyond India.
Earlier this month, it joined the ownership group of Salford City FC, part of a consortium led by football icons David Beckham and Gary Neville.
In March, Dream Sports completed a reverse merger, shifting its domicile from the US to India.
Other Top Stories By Our Reporters
SoftBank posts first annual profit in four years, but Ola and Swiggy weigh on Vision Fund 2 in Q4:
Microsoft to lay off thousands to streamline management: Report |
Flipkart's SVP Ankit Jain likely to join Swiggy Instamart as COO:
PayU gets final nod from RBI to process online business payments:
Global Picks We Are Reading
Happy Wednesday! Tata Digital's epharmacy, 1mg, is looking to expand its offline presence amid talks of fresh funding. This and more in today's ETtech Morning Dispatch.■ Dream Sports invests in Cricbuzz, Willow TV■ Ola, Swiggy weigh on SoftBank■ Flipkart's leadership churnPrashant Tandon, CEO, 1mgOnline pharmacy 1mg is looking to expand its offline presence amid talks of an external funding round, people in the know told ET. To this end, 1mg is seeking to raise $300 million in external funding.'Several new initiatives are underway, and offline expansion will be a key part of our growth strategy going forward,' said 1mg founder and chief executive officer Prashant Tandon. He added, 'We aspire to become a truly omnichannel, integrated healthcare company and are well on our way to achieving that vision.'A spike in cyberattacks has followed the India-Pakistan conflict, with over 100 incidents reported in just a week. Foreign 'digital tourists' and hacktivist groups from Morocco, Bangladesh, Iraq and Palestine have targeted the Indian government and private infrastructure.Most attackers are 'script kiddies' or amateurs using pre-built tools for distributed denial of service (DDoS), phishing, and website defacement. Groups like SYLHET-GANG-SG and Team Azrael claimed major data breaches, but experts debunked them as recycled or fake.During this conflict, the use of fake AI-generated letters (which strikingly look similar to official letterheads) and videos has become more prominent. These are more often than not spread via WhatsApp and Telegram to manipulate sentiment and steal data.There is one real threat, coming from across the border: APT36 (aka Transparent Tribe), a Pakistan-linked espionage group, has launched malware 'payload' attacks on defence systems. Last week, ET reported about three such attempts.Gaming company Dream Sports has acquired a strategic minority stake in cricket media platform Cricbuzz and North America's leading cricket broadcaster, Willow TV.Dream Sports has invested $50 million in Cricbuzz and Willow TV, both owned by Times Internet -- the digital media arm of The Times of India Group, which publishes The Economic Times.'Cricbuzz and Willow sit at the heart of how hundreds of millions of fans follow cricket every day. We're excited to work with Dream Sports to reimagine and develop new ways to collaboratively create new experiences for cricket fans across the planet,' said Satyan Gajwani, Vice Chairman, Times Internet.Dream Sports CEO Harsh Jain added, 'With this investment, cricket fans can expect much more fan engagement, interactive streams, and integrated commerce experiences that will bring them closer to the action and to each other.'Masayoshi Son, CEO, SoftBankJapanese tech conglomerate SoftBank Group booked an investment loss of $708 million for its Vision Fund 2 in the January–March quarter, citing the poor performance of Indian listed stocks as a key factor.A company spokesperson told CNBC that the fresh layoffs, meant "to reduce layers of management" , will affect 3% of its workforce. Microsoft had a headcount of 228,000 last June, which puts the number of affected employees in the neighbourhood at 7,000.Ankit Jain, senior vice president (SVP) at ecommerce platform Flipkart, is likely to join quick commerce firm Swiggy Instamart as chief operating officer (COO), replacing its current SVP and COO, Sairam Krishnamurthy, according to people in the know.The RBI granted the licence on May 13 . This comes more than a year after the Prosus-backed firm received the banking regulator's in-principle approval to operate this business. It has started onboarding new merchants since then.■ An $8.4 billion Chinese hub for crypto crime is incorporated in Colorado ( Wired ■ Investors back start-ups aiding copyright deals to AI groups ( FT ■ Google's bringing Gemini to your car with Android Auto ( TechCrunch
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
ED questions close aides of Anil Ambani
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel NEW DELHI: The Enforcement Directorate (ED) on Wednesday quizzed Amitabh Jhunjhunwala , a former close aide of Anil Ambani , and Sateesh Seth , a confidante of the industrialist, in connection with its probe into alleged money laundering in a Rs 17,000 crore bank loan fraud case The duo was questioned for several hours on Wednesday, people in the know told ET. The agency primarily focused on "data extraction" pertaining to the alleged loan fraud. The two have been summoned by the agency for further questioning this week, the people Tuesday, the agency questioned Anil Ambani for over nine hours. He has sought seven days to furnish documents pertaining to ED's queries. The agency will summon the 66-year-old industrialist again after recording the statements of the credit committee members of banks that had given loans to his Reliance Group companies, ET reported on was the first to report about the ED summoning Anil Ambani as well as Jhunjhunwala and Seth for agency will seek details from the bank officials on the action initiated by them, if any, against Anil Ambani's companies that failed to repay the loans, ET had reported. About Rs 17,000 crore of loans that nearly 20 private and public sector banks, including Yes Bank ICICI Bank and HDFC Bank had given to Reliance Home Finance Ltd , Reliance Commercial Finance and RCOM had turned non-performing. The ED is investigating alleged laundering of the loan proceeds.
India Today
an hour ago
- India Today
Centre spent Rs 1,500 crore on ministry rent, not anymore: PM at Kartavya Bhavan
Prime Minister Narendra Modi on Wednesday inaugurated the Kartavya Bhavan at Kartavya Path in Delhi. PM inaugurated Kartavya Bhavan, calling it the seed of Viksit Bharat Old ministry buildings from 1950s-70s are being replaced due to structural inefficiency Facility includes modern amenities and large conference spaces for government use Prime Minister Narendra Modi on Wednesday inaugurated Kartavya Bhavan at Kartavya Path in New Delhi, pointing out that many central ministries were functioning from different locations across the national capital, with several housed in rented buildings. He revealed that the government was spending Rs 1,500 crore solely on rent. "Many ministries of the Indian government are being run from 50 different locations in Delhi. Most of these ministries are being run from rented buildings, with an annual expenditure of Rs 1.5 thousand crores. This amount is being spent by the central government just to pay rent," he said. PM Modi pointed out that the country's administrative machinery had been operating for decades after Independence from buildings constructed during the British era. He further highlighted the poor working conditions in the existing buildings, stating that they lacked proper lighting, space, and ventilation. "Can you imagine an important ministry like Home Affairs operating out of a building for nearly 100 years with insufficient resources?" the PM asked. He further said that the newly-inaugurated Kartavya Bhavan is not a mere structure or a piece of infrastructure, but that the seed of Viksit Bharat will be sown from this building. "In the coming decades, the direction of the country will be determined from this building," said PM Modi. Quoting from the Bhagavad Gita, PM Modi said that we must focus more on our kartavya (duty) than on the end result while carrying out our tasks. The ambitious project is aimed at bringing ministries and departments under one roof for efficiency. Kartavya Bhavan-03, the first to be inaugurated, will house the Home Affairs, External Affairs, Rural Development, MSME, DoPT, Petroleum & Natural Gas ministries, and the Principal Scientific Adviser's office. Many key ministries currently function from ageing buildings like Shastri Bhawan, Krishi Bhawan, Udyog Bhawan, and Nirman Bhawan, constructed between the 1950s and 1970s, which are now "structurally outdated and inefficient," according to the government. The prime minister, accompanied by Union Housing and Urban Affairs Minister Manohar Lal Khattar and Ministry Secretary HUA Secretary Katikithala Srinivas, took a tour of the newly constructed building. Srinivas briefed PM Modi about the features of Kartavya Bhavan. The HUA Ministry has plans to construct ten buildings as part of the Common Central Secretariat (CCS) under the government's Central Vista redevelopment project. Two CCS buildings, 1 and 2, are scheduled to be completed by next month, while construction work on CCS 10 will be finished by April next year. The project of CCS buildings 6 and 7 will be completed by October 2026. On Tuesday, Khattar said that offices functioning from the four bhawans will shift to four new locations on Kasturba Gandhi Marg, Minto Road, and Netaji Palace temporarily for two years, while the construction is carried out. A few buildings are currently proposed to be retained. These include the National Museum, National Archives, Jawaharlal Nehru Bhawan (External Affairs Ministry), and Dr Ambedkar Auditorium, which are new buildings. Vanijya Bhawan will also be retained. Under the Central Vista redevelopment plan, the government has already constructed a new Parliament building and the Vice President Enclave, and redeveloped the Kartavya Path that spans from Vijay Chowk to India Gate. Besides the Common Central Secretariat, the government will also construct an Executive Enclave that will house a new Prime Minister's Office (PMO), Cabinet Secretariat, India House, and National Security Council Secretariat. Under the second phase of the Executive Enclave, a new prime minister's residence will be constructed. The plinth area of the Kartavya Bhavan-03 is 1.5 lakh square metres with a basement area of 40,000 square metres. Its parking lot can accommodate 600 cars. The HUA ministry said the Kartavya Bhavan-03 has a creche, a yoga room, a medical room, a cafe, a kitchen, and a multipurpose hall. It has 24 main conference rooms, each with a capacity to seat 45 people, 26 small conference rooms, each with a capacity to seat 25 people, 67 meeting rooms, and 27 lifts. Prime Minister Narendra Modi on Wednesday inaugurated Kartavya Bhavan at Kartavya Path in New Delhi, pointing out that many central ministries were functioning from different locations across the national capital, with several housed in rented buildings. He revealed that the government was spending Rs 1,500 crore solely on rent. "Many ministries of the Indian government are being run from 50 different locations in Delhi. Most of these ministries are being run from rented buildings, with an annual expenditure of Rs 1.5 thousand crores. This amount is being spent by the central government just to pay rent," he said. PM Modi pointed out that the country's administrative machinery had been operating for decades after Independence from buildings constructed during the British era. He further highlighted the poor working conditions in the existing buildings, stating that they lacked proper lighting, space, and ventilation. "Can you imagine an important ministry like Home Affairs operating out of a building for nearly 100 years with insufficient resources?" the PM asked. He further said that the newly-inaugurated Kartavya Bhavan is not a mere structure or a piece of infrastructure, but that the seed of Viksit Bharat will be sown from this building. "In the coming decades, the direction of the country will be determined from this building," said PM Modi. Quoting from the Bhagavad Gita, PM Modi said that we must focus more on our kartavya (duty) than on the end result while carrying out our tasks. The ambitious project is aimed at bringing ministries and departments under one roof for efficiency. Kartavya Bhavan-03, the first to be inaugurated, will house the Home Affairs, External Affairs, Rural Development, MSME, DoPT, Petroleum & Natural Gas ministries, and the Principal Scientific Adviser's office. Many key ministries currently function from ageing buildings like Shastri Bhawan, Krishi Bhawan, Udyog Bhawan, and Nirman Bhawan, constructed between the 1950s and 1970s, which are now "structurally outdated and inefficient," according to the government. The prime minister, accompanied by Union Housing and Urban Affairs Minister Manohar Lal Khattar and Ministry Secretary HUA Secretary Katikithala Srinivas, took a tour of the newly constructed building. Srinivas briefed PM Modi about the features of Kartavya Bhavan. The HUA Ministry has plans to construct ten buildings as part of the Common Central Secretariat (CCS) under the government's Central Vista redevelopment project. Two CCS buildings, 1 and 2, are scheduled to be completed by next month, while construction work on CCS 10 will be finished by April next year. The project of CCS buildings 6 and 7 will be completed by October 2026. On Tuesday, Khattar said that offices functioning from the four bhawans will shift to four new locations on Kasturba Gandhi Marg, Minto Road, and Netaji Palace temporarily for two years, while the construction is carried out. A few buildings are currently proposed to be retained. These include the National Museum, National Archives, Jawaharlal Nehru Bhawan (External Affairs Ministry), and Dr Ambedkar Auditorium, which are new buildings. Vanijya Bhawan will also be retained. Under the Central Vista redevelopment plan, the government has already constructed a new Parliament building and the Vice President Enclave, and redeveloped the Kartavya Path that spans from Vijay Chowk to India Gate. Besides the Common Central Secretariat, the government will also construct an Executive Enclave that will house a new Prime Minister's Office (PMO), Cabinet Secretariat, India House, and National Security Council Secretariat. Under the second phase of the Executive Enclave, a new prime minister's residence will be constructed. The plinth area of the Kartavya Bhavan-03 is 1.5 lakh square metres with a basement area of 40,000 square metres. Its parking lot can accommodate 600 cars. The HUA ministry said the Kartavya Bhavan-03 has a creche, a yoga room, a medical room, a cafe, a kitchen, and a multipurpose hall. It has 24 main conference rooms, each with a capacity to seat 45 people, 26 small conference rooms, each with a capacity to seat 25 people, 67 meeting rooms, and 27 lifts. Join our WhatsApp Channel
Time of India
an hour ago
- Time of India
It's a goldmine. Why Trump co can give Prez a realty check on ‘dead economy'
Gurgaon: Forget politics and diplomacy, US President Donald Trump's "dead economy" jibe at India while warning of higher tariffs wouldn't stand up to scrutiny in his family-run company. The Indian market has proved a real estate goldmine for The Trump Organization, which has entered into partnerships with Indian developers for premium ventures. One of those is its flagship project in the north – Trump Towers Delhi NCR in Sector 65, for which it is in a joint venture with Mumbai-based Tribeca, the exclusive Indian partner for Trump-branded projects, and Gurgaon-based M3M. Spread across 2.8 acres, Trump Towers features two towers housing 250 luxury apartments priced between Rs 5 crore and Rs 9 crore. On launch day, 20 units worth Rs 150 crore were sold. Since then, the project – which was launched with fanfare in 2018 and had Donald Trump Jr flying in for the occasion – has clocked over Rs 2,000 crore in bookings and is due for possession in the coming months, according to sources associated with the project. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon Riding this success, the Trump brand announced its second city venture this May — Trump Residences in Sector 69. In the joint venture for this one are Tribeca and M3M subsidiary Smartworld. The project features two 51-storey towers with 298 residences. Prices here start at Rs 8 crore and go up to Rs 15 crore, with premium penthouses reaching Rs 125 crore. The project, according to the companies, is sold out and has netted Rs 3,250 crore in revenue. When it's ready, it will make Gurgaon the only city other than New York to host two Trump-branded residential towers. The national capital region is likely to see a third Trump-branded project with plans to launch Trump Towers at Sector 94 in Noida. Eric Trump, executive VP of The Trump Organization and the US president's son, had said in a statement in May, "We're incredibly excited to launch our second project in Gurgaon, and even prouder to be doing it once again with our amazing partners at Tribeca, M3M & Smartworld. The fact that we're expanding in this remarkable city speaks volumes — not just about the strength of the Trump brand in India, but also about the exceptional partnership we've built and the tremendous confidence The Trump Organization has in Gurgaon's future. With this new development, we've pushed the boundaries of luxury like never before. I'm confident that Trump Residences Gurgaon will stand among the most iconic and spectacular properties in our global portfolio." Tribeca has been managing branding, design, quality and sales across all Trump Organization projects. Smartworld is in charge of development and customer experience for the Sector 69 project, while M3M India is the execution partner for both the Sector 65 Trump Towers and the planned project in Noida. This is how the JVs function, with Indian developers taking care of the brick-and-mortar aspect of a project and The Trump Organization providing the branding, service templates and, of course, global reach. A buyer of a Trump Residences house who TOI spoke to said as a lifestyle brand, he could not think of anything better. "This cost a steep Rs 30,000 per square foot. But when you look at the trajectory of the first Trump Tower in Gurgaon, which launched at Rs 16,000 per sq ft and is now reselling at Rs 30,000 per sq ft, it becomes clear that this brand carries serious equity. It's a statement of both lifestyle and foresight." The real estate portfolio of The Trump Organization extends to Mumbai, Pune – where it launched its first commercial venture earlier this year – Kolkata, and Hyderabad. India is its largest market outside the US.
