Melt Update | 18 May |General Atlantic Invests Rs 6,598.38 Crore In Reliance Industries & Jio Platforms & MORE:

Ritwika Gupta, May 18, 2020

In other news, Swiggy will be cutting 1,100 jobs and scaling down some adjacent businesses as it looks to reduce costs to survive the coronavirus pandemic.

At Kyoorius, we’re dealing with the coronavirus situation with the seriousness it deserves.
Therefore, we’re doing what can be done remotely while keeping our followers informed on all that is happening in the world of media, advertising and marketing.
Consequently, till things improve, Melt in a Minute will change a bit.
The format will change from all video to a text-based post. A little more difficult to consume, but it’s the best we can think of under the circumstances.
All of you, stay safe.
And stay informed with posts like this one.

Today’s Top Stories:

1. Reliance Industries & Jio Platforms Secure An Investment of Rs 6,598.38 crore by General Atlantic

Reliance Industries and Jio Platforms have secured an investment of Rs 6,598.38 crore by General Atlantic, a leading global growth equity firm. As reported by exchange4media, this investment now values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. With this investment, Jio Platforms has raised Rs 67,194.75 crore from technology investors including Facebook, Silver Lake, Vista Equity Partners and General Atlantic in less than four weeks.

2. Swiggy To Cut 1,100 Jobs To Reduce Costs

Swiggy will be cutting 1,100 jobs and scaling down some adjacent businesses as it looks to reduce costs to survive the coronavirus pandemic. In an internal email, Swiggy co-founder and chief executive Sriharsha Majety said that the startup’s core food business has been ‘severely impacted.’ As mentioned by TechCrunch, Swiggy, which employed about 8,000 people late last year, is currently processing fewer than a million orders a day on its platform, down from nearly 3 million it was handling before the outbreak.

3. Nerolac Paints Adds Leo Burnett To Its Roster Of Agencies

Nerolac Paints has added Leo Burnett to its roster of creative agencies after a multi-agency pitch. As noted by Campaign India, the account will be handled out of Leo Burnett’s Mumbai office. Leo Burnett joins FCB on Nerolac’s creative agency roster.

4. Skoda Audo Appoints Madhurendra Malu As Head of Network Development, Sales & Marketing

Skoda Auto has roped in Madhurendra Malu as the Head of Network Development, Sales & Marketing, effective immediately. According to The Economic Times, Malu has worked with Maruti Suzuki for the past 16 years in various roles for Sales and Network Development. In his new role, Malu will report to Zachary Hollis, Brand Director at Skoda.

5. Twitter Marketing India Launches Live Panels Featuring India’s Renowned A&M Experts

To help brands and businesses navigate these times, Twitter Marketing India has announced a series of live video panels, which will feature conversations with some of India’s renowned advertising and marketing experts. As per The Economic Times, the sessions will address topics that have been critical following the lockdown. Themes such as working and creating from home, decoding the new normal, virtualisation of launches and live events, among others, will be addressed across the series.