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Mensa’s Karagiri tastes international success with ethnic weaves

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When one talks of Indian ethnic wear, sari is probably the first that comes to mind. These nine-yard wonders, besides being a household staple, makes a style statement like no other – be it red carpets or political visits, one such made by Indira Gandhi, India’s first female prime minister, when she went to meet former US president Richard Nixon in 1971. 

Over the years, the sari, once a humble Indian drape, has seen an evolution of sorts, transforming into a fashionable garment, and not relegated to a set demographic anymore. With the advent of ecommerce, customers increasingly became adept at even ordering it at the click of a button.

According to Indian Brand Equity Foundation (IBEF), between April and June 2021, India exported $54.49 million worth of readymade silk garments, while total silk exports stood at $246.67 million in FY20. Silk is one of the most sought-after fabrics for saris. 

For the love of weaves

This international demand is where online store karagiri has found a sweet spot. Founded in July 2017 by Pallavi Mohadikar Patwari and her husband Amol Patwari, Karagiri connects with weavers across India to sell their fabric creations on its platform. 

Karagiri has also added jewellery, and non-commercial sari, among other categories, while simultaneously running their physical store in Pune’s Koregaon Park successfully.

Pallavi got the idea to start Karagiri when she was pursuing an MBA from the Indian Institute of Management (IIM), Lucknow.

“I would see a lot of chinkari weavers all across Lucknow, and when you come down to Pune it was not very easy to find these ethnic wears. Clearly, there was a demand supply gap here,” Pallavi tells YourStory in an interaction. 

She started by selling a few clothing items through eBay for extra pocket money. But when people started placing orders, Pallavi knew she had stumbled upon a big opportunity.  

With Rs 3 lakh, five weavers and 40 designer sarees live on the website, Karagiri began its operations. Two years later, Karagiri claimed it was growing 50 percent month-on-month, with an inventory of about 3,000 products. 

But the company was facing growth issues when they couldn’t afford to focus on brand marketing. 

“When we started Karagiri, we bootstrapped it with Rs 3 lakh by taking a loan from a friend. So, the initial few months were quite stressful as we did not have enough funds for marketing, and we were literally left with just Rs 28,000 in our account. It was a do-or-die situation for us. Then we decided to invest all the remaining money in marketing and it really picked up from there,” Pallavi told YourStory in an earlier interaction. 

Partnering with Mensa

Karagiri, which is now working under Thrasio-like startup unicorn Mensa Brands, says it has seen their products fly off the shelf since the partnership. The sari-seller was acquired by Mensa Brands  in August last year.

“Things really changed, and for the better, since Mensa partnered with us,” says Pallavi.

The Ananth Narayanan-led firm acquires digital sellers, across fashion and accessories categories, and scales them using their retail wits. So far, Mensa has acquired 16 firms including Ahmedabad-based men’s brand Villain, jeweller-seller Priyassi, Ishin, a Mumbai-based ethnic wear brand, and home décor label Folklture, which caters majorly to the US and UK markets, and gardening solution brand TrustBasket. 

When online shopping shot up during the pandemic, many digital-first startups took off. These include the likes of SUGAR Cosmetics, Sofina Capital-backed Mamaearth, and bOAt Lifestyle, which is reportedly filing for an initial public offering (IPO). With global shopping becoming common– unbranded products also started taking off in a few categories.  

Hence, while the direct-to-consumer (D2C) sector boomed, so did acquisitions. US-based Thrasio, which was founded in 2018, started acquiring sellers on Amazon and other marketplaces.

Credit: YourStory Design

The company crossed $5 billion valuation through this business model and now India is also seeing a wave of acquisition-based startups, sending founders and investors into a frenzy. Earlier this month, Thrasio has also hit the Indian shores with its first acquisition, and a plan to deploy Rs 3,750 crore

Mensa and its competitor GlobalBees are both recently turned unicorns, who got elevated to the billion-dollar club in their fund raises during 2021. While Bengaluru-based 10 Club raised $40 million, making it the biggest seed round in South East Asia.  

From domestic sales to exports

Karagiri wanted to export their products and they claim to have done so with Mensa’s technology and e-commerce understanding. Currently, exports make 10 percent of Karagiri’s revenue share while the remaining 90 percent come from domestic sales.

These sales majorly happened in the US as the demand was coming from the Indian diaspora in the country. Karagiri is also growing almost 2x faster at 150 percent every year, it claims. The company has also added jewellery, and non-commercial sari, among other categories, while simultaneously running their physical store in Pune’s Koregaon Park.

Although refraining from sharing its revenue and expectation numbers, founders of Karagiri claim they see a repeat order rate at about 30 percent. Pallavi and her team can also collaborate with other founders in Mensa’s portfolio.

“When we were launching our jewellery brand, we got guidance from Priyassi – the jewellery brand in Mensa’s portfolio,” says Pallavi. 

As a former Myntra CEO, Ananth’s expertise in running a fashion ecommerce is well-known.  While Ananth sees immense opportunities in this segment, what he is more kicked with is the fact that exports done through dot-coms was around $1 billion dollar in 2020, growing at 100 percent year-on-year.  

“It’s exciting to see Karagiri, one of our first investments growing at 5-6X of the market, and we are especially thrilled with the new global launch of Karagiri,” Pawan Kumar Dasaraju, founding team member, Mensa, told YourStory.

“We will continue to leverage our capabilities to build Karagiri into a global premier ethnic wear brand,” he added. 

On its part, Mensa has helped Karagiri by pulling multiple levers, like launching in new markets, making Karagiri available on marketplaces, launching new categories, and streamlining global supply chain operations.    

While Karagiri is riding high on growing demand from India and abroad, they still have a long way to go. The startup faces stiff competition from multiple sari players across online sellers– including Suta Bombay, Swatantra, Fabindia and Koskii– to designer labels including Sabyasachi and Anita Dongre, and fashion marketplaces like Myntra, Amazon and Flipkart. What remains to be seen is how Karagiri, with all the help it gets from Mensa Brands, creates a niche for itself.

Edited by Anju Narayanan and Rajiv Bhuva

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Cyber Monday shopping expected to set record but annual growth has slowed | Adobe

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Cyber Monday shopping sales hit at least $6.3 billion through part of the day in the U.S. today, according to the latest online shopping data from Adobe Analytics.

It’s not unusual for Cyber Monday and Black Friday online shopping results to break records, but it this economic climate it’s encouraging to see it happen. Still, growth has slowed from 2021 and 2020 holiday seasons.

Consumers spent $6.3 billion up through 3:00 pm Pacific time for Cyber Monday. Adobe expects that when the final tally is in, consumers will spend between $11.2 billion and $11.6 billion for the day, making Cyber Monday the biggest online shopping day of the year (and of all time).

Today, the top 15 hot sellers (not in ranked order) have included Legos, Hatchimals, Disney Encanto, Pokémon cards, Bluey, Dyson products, strollers, Apple Watches, drones, and digital cameras. Gaming consoles also remain popular, along with games including Mario Party, FIFA 23, Madden 23 and Call of Duty: Modern Warfare II.

Over the past weekend, the top sellers were included Hot Wheels, Cocomelon, Bluey, Disney Encanto, L.O.L. Surprise dolls, Roblox, and Fortnite in the toys category. Nintendo Switch, Xbox Series X and PlayStation 5 remain the top selling gaming consoles, with popular games including FIFA 23, God of War Ragnarök, Call of Duty: Modern Warfare II, Madden 23, and NBA 2k23. Other hot sellers included Apple iPads, Apple MacBooks, digital cameras, Roku devices, drones, gift cards and Instapots.

Black Friday online shopping sales were $9.12 billion, up 2.3% from a year ago, and Thanksgiving itself came in at $5.29 billion, up 2.9% from a year ago. Those were above Adobe’s projections. Last year, consumers spent $10.7 billion on Cyber Monday.

Strong consumer spend has been driven by net-new demand, and not just higher prices. The Adobe Digital Price Index, which tracks online prices across 18 product categories (complements the Bureau of Labor Statistics’ Consumer Price Index, which also includes prices for offline only products and services like gasoline and rent) shows that prices online have been nearly flat in recent months (down 0.7% YoY in October 2022).

Adobe Analytics says Cyber Monday will set a record.

Adobe’s numbers are not adjusted for inflation, but if online inflation were factored in, there would still be growth in underlying consumer demand, the company said.

On a category basis, toys were a major growth driver in the days leading up to Cyber Monday, with online sales up 452% over the average day in October 2022. Appliances (up 305%) and baby/toddler products (up 289%) also saw strong demand, in addition to electronics (up 276%) and apparel (up 258%).

Shoppers will find record discounts today for computers (peaking at 27% off listed price). Deals will also be found in nearly all categories tracked, including apparel (19%), toys (33%), electronics (25%), sporting goods (16%), televisions (15%), and furniture (11%). Those looking to buy an appliance should consider waiting until Thursday (December 1), when discounts are set to peak at 18% on average.

Weekend spending remained strong

Consumers spent over a Black Friday’s worth of ecommerce over the weekend at $9.55 billion, up 4.4% YoY ($4.59 billion on November 26, up 2.6% YoY / $4.96 billion on November, up 6.1% YoY). Season-to-date (November 1 to November 27), consumers have spent a total of $96.42 billion online, up 2.1% YoY.

And while the big days (Thanksgiving Day, Black Friday) have reached new heights, consumers spent at record levels all season. Since November 1, shoppers spent over $2 billion every single day, with 19 days above $3 billion in online spend. Broad, early discounts were the main drivers for the shift in consumer spending.

“Shoppers have seen massive discounts this past week, which is the exact opposite situation from last season when supply chain constraints kept prices elevated,” said Vivek Pandya, lead analyst at Adobe Digital Insights, in a statement. “While discounting will have an impact on margins for retailers, it is also driving a level of demand that can help brands build long-term loyalty and net some short-term gains.”

Additional Adobe Analytics Insights

Over the weekend, online sales of toys were up 383% (compared to average daily sales for the category in October 2022), with baby toys seeing strong demand (up 252%). Other categories that surged over the weekend include jewelry (up 230%), sporting goods (up 239%), and apparel (up 217%).

With online spending hitting new records and inflation impacting consumers, flexible payments have become a big story this season. In the last week (November 21 to November 27), “buy now, pay later” orders have risen 68% and revenue has increased 72%, when compared to the week prior.

Over the weekend, smartphones drove over half of online sales for the first time (52%, up from 48% last year). Adobe expects mobile shopping to dip on Cyber Monday however, based on historical trends. Many people are back at work and using laptops, which will be the preferred device for shopping online.

Forecast for Cyber Week

Adobe expects Cyber Week (the five days from Thanksgiving Day through Cyber Monday) to generate $34.8 billion in online spend, up 2.8% YoY, and represent 16.3% share of the full November through December holiday season.

Cyber Monday is expected to remain the season’s and year’s biggest online shopping day, bringing in between $11.2 billion and $11.6 billion. Black Friday generated a record $9.12 billion in online spend, up 2.3% YoY, while Thanksgiving brought $5.29 billion in online spend, up 2.9% YoY.

Adobe analyzes direct consumer transactions online. The analysis covers over one trillion visits to U.S. retail sites, 100 million SKUs, and 18 product categories.

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Snowflake 101: 5 ways to build a secure data cloud 

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Today, Snowflake is the favorite for all things data. The company started as a simple data warehouse platform a decade ago but has since evolved into an all-encompassing data cloud supporting a wide range of workloads, including that of a data lake

More than 6,000 enterprises currently trust Snowflake to handle their data workloads and produce insights and applications for business growth. They jointly have more than 250 petabytes of data on the data cloud, with more than 515 million data workloads running each day.

Now, when the scale is this big, cybersecurity concerns are bound to come across. Snowflake recognizes this and offers scalable security and access control features that ensure the highest levels of security for not only accounts and users but also the data they store. However, organizations can miss out on certain basics, leaving data clouds partially secure. 

Here are some quick tips to fill these gaps and build a secure enterprise data cloud.

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1. Make your connection secure

First of all, all organizations using Snowflake, regardless of size, should focus on using secured networks and SSL/TLS protocols to prevent network-level threats. According to Matt Vogt, VP for global solution architecture at Immuta, a good way to start would be connecting to Snowflake over a private IP address using cloud service providers’ private connectivity such as AWS PrivateLink or Azure Private Link. This will create private VPC endpoints that allow direct, secure connectivity between your AWS/Azure VPCs and the Snowflake VPC without traversing the public Internet. In addition to this, network access controls, such as IP filtering, can also be used for third-party integrations, further strengthening security.

2. Protect source data

While Snowflake offers multiple layers of protection – like time travel and fail-safe – for data that has already been ingested, these tools cannot help if the source data itself is missing, corrupted or compromised (like malicious encrypted for ransom) in any way. This kind of issue, as Clumio’s VP of product Chadd Kenney suggests, can only be addressed by adopting measures to protect the data when it is resident in an object storage repository such as Amazon S3 – before ingest. Further, to protect against logical deletes, it is advisable to maintain continuous, immutable, and preferably air-gapped backups that are instantly recoverable into Snowpipe.

3. Consider SCIM with multi-factor authentication

Enterprises should use SCIM (system for cross-domain identity management) to help facilitate automated provisioning and management of user identities and groups (i.e. roles used for authorizing access to objects like tables, views, and functions) in Snowflake. This makes user data more secure and simplifies the user experience by reducing the role of local system accounts. Plus, by using SCIM where possible, enterprises will also get the option to configure SCIM providers to synchronize users and roles with active directory users and groups.

On top of this, enterprises also should use multi-factor authentication to set up an additional layer of security. Depending on the interface used, such as client applications using drivers, Snowflake UI, or Snowpipe, the platform can support multiple authentication methods, including username/password, OAuth, keypair, external browser, federated authentication using SAML and Okta native authentication. If there’s support for multiple methods, the company recommends giving top preference to OAuth (either snowflake OAuth or external OAuth) followed by external browser authentication and Okta native authentication and key pair authentication.

4. Column-level access control

Organizations should use Snowflake’s dynamic data masking and external tokenization capabilities to restrict certain users’ access to sensitive information in certain columns. For instance, dynamic data masking, which can dynamically obfuscate column data based on who’s querying it, can be used to restrict the visibility of columns based on the user’s country, like a U.S. employee can only view the U.S. order data, while French employees can only view order data from France.

Both features are pretty effective, but they use masking policies to work. To make the most of it, organizations should first determine whether they want to centralize masking policy management or decentralize it to individual database-owning teams, depending on their needs. Plus, they would also have to use invoker_role() in policy conditions to enable unauthorized users to view aggregate data on protected columns while keeping individual data hidden.

5. Implement a unified audit model

Finally, organizations should not forget to implement a unified audit model to ensure transparency of the policies being implemented. This will help them actively monitor policy changes, like who created what policy that granted user X or group Y access to certain data, and is as critical as monitoring query and data access patterns. 

To view account usage patterns, use system-defined, read-only shared database named SNOWFLAKE. It has a schema named ACCOUNT_USAGE containing views that provide access to one year of audit logs.

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WhatsApp rolls out new ‘Message Yourself’ feature globally • TechCrunch

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To get a roundup of TechCrunch’s biggest and most important stories delivered to your inbox every day at 3 p.m. PDT, subscribe here.

We’re joining the Cyber Monday fun with 25% off annual subscriptions to TechCrunch+ content and analysis starting today until Wednesday, November 30. Plus, today only, get 50% off tickets to discover the vast unknown and attend TechCrunch Sessions: Space in Los Angeles!

Okay, we haven’t done a newsletter since Wednesday, and while the U.S. team was chillin’ like villains, the rest of the team was hard at work, so here’s some of the highlights from the last half-week of TechCrunchy goodness! — Christine and Haje

The TechCrunch Top 3

  • Talking to yourself just went digital: Instead of having that internal monologue stay in your head, now you can play out all of your thoughts to yourself in WhatsApp, Jagmeet writes. The messaging platform began rolling out an easier way to talk to yourself today after completing beta testing.
  • Great Wall of porn: That’s how Rita and Catherine describe the bot surge in China that is making it difficult to get any legitimate Twitter search results when trying to find out something about Chinese cities. Why, you ask? Rita writes that “the surge in such bot content coincides with an unprecedented wave of (COVID) protests that have swept across major Chinese cities and universities over the weekend.”
  • Your calendar, only more productive: Get ready for your calendar to be more than just a place to record things you have to do that day. Romain writes about Amie, a startup that grabbed $7 million to link your unscheduled to-do list with your calendar. The app also enables users to be social with coworkers.

Startups and VC

Dubai-based mass transit and shared mobility services provider SWVL has carried out its second round of layoffs, affecting 50% of its remaining headcount, Tage reports. The news is coming six months after SWVL laid off 32% (over 400 employees) of its workforce in a “portfolio optimization program” effort geared toward achieving positive cash flow next year.

There’s a couple of new funds in town, too! Harri reports that Early Light Ventures plots a second, $15 million fund for software ‘underdogs,’ while Mike writes that BackingMinds raises a new €50 million fund to fund normally overlooked entrepreneurs. He also writes about Pact, an all-women led VC for mission-driven startups, backed by Anne Hathaway.

And we have five more for you:

Lessons for raising $10M without giving up a board seat

Blackboard showing soccer strategy

Image Credits: Ihor Reshetniak (opens in a new window) / Getty Images

Over the last two years, intelligent calendar platform Reclaim.ai raised $10 million “using a more incremental approach,” writes co-founder Henry Shapiro.

“We’ve done all this without giving up a single board seat, and Reclaim employees continue to own over two-thirds of the company’s equity,” rejecting conventional wisdom that founders should “raise as much as you can as fast as you can.”

In a TC+ post, Shapiro reviews the process they used to identify follow-on investors, shares the email template used to pitch the SAFE, and explains why “a larger cap table means more founder control.”

Three more from the TC+ team:

TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code “DC” for a 15% discount on an annual subscription!

Big Tech Inc.

Amazon’s recent cost-cutting measures seem to be affecting more than just its delivery business. Manish writes that the company is shutting down its wholesale distribution business, called Amazon Distribution, in India. Amazon had started this unit to help neighborhood stores secure inventory. The company didn’t say why it was closing this particular business down, but Manish notes that this is the third such Amazon unit to be shuttered in India.

Meanwhile, Natasha L reports that Meta has gotten itself into trouble again with the European Union’s General Data Protection Regulation (aka, the agency that regulates data protection). Facebook’s parent company is being hit with $275 million in penalties for what the agency said was breaches in data protection that resulted in some 530 million users’ personal information being leaked.

Now enjoy six more:



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URGENT: CYBER SECURITY UPDATE