Weekly News Wrap: India e-commerce firms ramp up hiring; US-based investor eyes IPO for $2.5b India mall portfolio

And Yonghui Fresh Food is planning to raise $120m before its Hong Kong IPO in 2023.

From Reuters:

India's e-commerce companies are adding delivery personnel at a rapid pace, fearing a labour shortage might cause them to lose out in one of the biggest annual shopping seasons that begins in earnest next month.

The moves come amid a tightening job market - India's unemployment rate fell below 7% in July for the first time since January - and persistently high inflation, complicating the outlook for the industry which has long battled chronically high employee turnover. read more

"Overall demand for the gig workforce has seen a sharp increase and that is not completely supported by the increase in pool size of delivery people... It is not a free flowing pool," TK Balakumar, chief operating officer at online grocery seller BigBasket, told Reuters.

The company, backed by the Tata group conglomerate, has ramped up the number of delivery partners in its instant delivery segment BB Now to 2,200 in the quarter ended June, from just 500 in the March quarter. It aims to further raise the number to about 6,000 by March 2023.

READ MORE: Weekly News Wrap: Tencent eyes selling 17% stake in Meituan; H&M returns on Alibaba’s Tmall platform

From Bloomberg:

Blackstone is planning to file as soon as next month for an initial public offering of its Indian shopping mall portfolio that could raise about $500 million, people familiar with the matter said.

The private equity firm has been interviewing advisers for the Mumbai listing of a real estate investment trust, according to the people, who asked not to be identified because the information is private. Blackstone’s Indian retail portfolio, which is held through its Nexus Malls unit, could be valued at about $2.5 billion, the people said. The REIT could be listed as soon as 2023, they said.

Preparations are at an early stage, and details of the listing could change, the people said. A representative for Blackstone declined to comment.

From Bloomberg:

Yonghui Fresh Food, the fast-growing grocery supply affiliate of one of China’s biggest retail conglomerates, is seeking to raise about $200m ahead of a Hong Kong initial public offering next year, people familiar with the matter said.

The startup is aiming for a valuation of $1.5b (RMB10b) despite the cooling climate for private investment, the people said, asking for anonymity when discussing a private deal. The seven-year-old firm has also been in talks with financial advisors for a Hong Kong listing that could take place as soon as Q2 2023, the people added.

Yonghui Fresh Food—backed by Sequoia Capital, Hillhouse Capital and Tencent—joins a growing list of Chinese startups trying to replenish financial reserves at a time when Covid lockdowns and a decelerating economy are sapping consumption.

The fresh produce procurement, storage and distribution firm, associated with the nationwide Yonghui Superstores chain, was valued at $1.09b (RMB7.5b) yuan during a late 2020 round of financing, the people said.