Tech5: Amazon puts $4 billion more in Anthropic; Zepto, Q-Commerce startup, raises $350 million, and more

The CCI had ordered the reports to be returned and destroyed, then issued new ones. In November, Apple alleged that the non-profit Together We Fight Society (TWFS), the main complainant, failed to comply with this order. However, the CCI deemed Apple’s request to withhold the revised report “untenable.”

The company has denied wrongdoing and faces further scrutiny, including the submission of financial statements for potential penalties. The CCI will issue a final ruling after reviewing the case.

Meta faces multi-billion-dollar class action lawsuit

Meta, the parent company of Facebook, faces a multibillion-dollar class action lawsuit, stemming from the 2018 Cambridge Analytica privacy scandal, after the US Supreme court ruled the lawsuit could go ahead, Associated Press reported on November 22.

The high court dismissed Meta's appeal to block the case, upholding an earlier appellate ruling. Investors accuse Meta of failing to disclose the risks of Facebook users' data being misused by the political consulting firm, which worked on Donald Trump’s 2016 campaign.

They claim the lack of transparency contributed to sharp stock price drops in 2018, when the full extent of the scandal emerged. Meta, has already paid a $5.1 billion fine and a $725 million privacy settlement with users, according to AP.

Zepto raises $350 million as India’s quick commerce scene hots up

Zepto, a quick-commerce startup based in Mumbai, has raised $350 million in its third financing round this year, as it gears up for a 2025 IPO, TechCrunch reported on November 22.

The funding, led by Motilal Oswal, takes Zepto’s total funding to $1.95 billion, according to private markets intelligence provider Tracxn. Zepto is valued at $5 billion. The startup, which was founded in 2020 by Aadit Palicha and Kaivalya Vohra, serves 7 million orders daily across 17 cities, according to TechCrunch.

It is on track for $2 billion in annualised sales, with a projected 150 percent growth in the next year, according to TechCrunch, which cites an investor presentation it reviewed.

India’s quick commerce market is projected to triple from $3.34 billion in 2024 to $9.95 billion by 2029, Economic Times reported on September 28, citing a private markets data provider Chryseum. The model’s rapid expansion has led to the closure of over 200,000 neighborhood stores, TechCrunch notes, citing All India Consumer Products Distributors Federation.

The flip side is that quick commerce is creating a large number of jobs such as delivery agents and the workers needed to staff the warehouses being set up by the ecommerce companies.

Government of India funds 28 ideas in Tomato Grand Challenge

India's Department of Consumer Affairs, in partnership with the Ministry of Education's Innovation Cell, has selected 28 ideas for prototype funding in a national Tomato Grand Challenge (TGC), according to a ministry press release on November 22.

The challenge was launched in June 2023 to tackle systemic issues across the tomato value chain. The initiative received 1,376 submissions from innovators nationwide. The challenge focused on addressing key challenges in tomato production, including climate-resilient seeds, post-harvest loss, processing infrastructure, supply chain inefficiencies, and technological adoption.

India, the world’s second-largest tomato producer, faces significant supply chain disruptions and price volatility due to climate factors. TGC projects aim to reduce wastage, improve shelf life, and boost profitability. Notable outcomes include the development of advanced packaging solutions and processed products to ensure year-round availability.

The initiative, which has already generated patents and research, showcases the potential for innovative, sustainable solutions in Indian agriculture, according to the release.