Around the World in a Blink - Taki & Shein
With every passing day, we're seeing blockchain and crypto being put to more productive use cases finally. Our latest find is an Indian techie Sakina Arsiwala, based out of US, co-founding Taki, a token-powered social media platform on the Solana blockchain. Taki recently raised $3.45Mn Seed Round funding to pursue its novel vision capturing the burgeoning creators’ economy.
To simplify this for both of us, Taki is going to be a social media platform where artists can post their art piece and be rewarded by users with cryptocurrency (actual money rather than just likes). Basically, taking the idea of instant gratification to a whole new level. It’s akin to taking a stroll in the park and finding a man playing the flute with a cap laid out in the front. We're free to enjoy the music and it also gives us the option of rewarding the musician by putting some money in the cap.
Would you have liked and shared ‘Kacha Badaam’ as much on Taki?
While we’re celebrating birth of new unicorns, China just gave birth to its third Hectacorn, (privately held tech company valued at over $100 billion). Yes, you heard it right!
Fast Fashion D2C company SHEIN recently raised $1 Billion at a whopping valuation of $100 Billion, which is more than the combined valuation of Zara and H&M. It was valued at just $15 Billion in 2020.
So, what went right?
Zara pioneered the concept of fast fashion by launching new styles in every few weeks. However, Shein beat Zara in its own game as it reportedly adds 1000 new styles every single day on its website. At the back of a strong and efficient network of manufacturers in China, it first places a small order of 100 units for a new style, and then uses social media platforms like TikTok to bombard consumers with the new styles, and if the trends and consumer feedback look positive, it places bigger orders and fulfills demands within a week. However, the company has been facing widespread criticism on grounds of sustainability & unethical practices.
This article is a part of the March'22 edition of our Startup Newsletter. Here's the complete publication: