Under 15 minutes or nothing: Indian quick commerce firms’ race for speed

IN FOCUS

In today’s newsletter, we look at:

• How India’s quick commerce sector sizzles even as Southeast Asia’s fizzles out
• What drove Love Bonito’s 45% top-line growth in 2022
• How Carousell’s new safety policy might help fight scams – and improve the firm’s financial performance

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Hi there,

Rino is the name of my goddaughter – or god-dog-hter – my friends’ shiba inu that I helped take care of when she was young. Even now, years later, she’s delighted to see me whenever I come to visit.

So I remember being intrigued when a Vietnamese company of the same name, which aimed to deliver groceries in 10 minutes, raised US$3 million in pre-seed funding in February 2022. Sadly, Rino – the company – shut down its quick commerce app in Vietnam later that year, pivoting to a used-car marketplace.

The firm is just one of several Southeast Asian quick commerce startups that have fizzled out in recent years.

Yet, the quick commerce sector seems to be doing well in India, as my colleague Samreen discusses in this week’s Big Story.

In fact, the country’s quick commerce sector has enjoyed an annual growth rate 5x that of ecommerce over the past year and is projected to reach US$6 billion in gross merchandise volume by 2025.

How have Indian delivery platforms managed to thrive, and what does the future hold for them? Read Samreen’s piece to find out.

Meanwhile, in this week’s Hot Take, I take a closer look at Carousell’s new safety policy to fight scams, and what it means for users and the platform.

— Simon

THE BIG STORIES

1️⃣ Behind India’s race to deliver everything, everywhere under 15 minutes

Image credit: Timmy Loen

THE HOT TAKE