8. Primark extends Tata Consultancy Services retail technology deal to support retailer’s plans for global growth
Tata Consultancy Services (TCS) has expanded its eight-year partnership with Primark, announcing a new five-year deal involving the retailer’s IT systems and new store openings.
TCS has been working with Primark since 2016.
As well as driving business critical integration programmes and stabilising core platforms for the retailer, it has also improved cybersecurity capabilities, boosting stability and reliability of processes and systems.
As part of the expanded partnership, TCS will look to transform Primark’s technology operating environment to make it more resilient, reliable, and efficient.
It will also work with Primark to adopt a more agile and product-based operating model by enabling automation through intelligent automation and DevOps technologies.
Andrew Brothers, Chief Information Officer, Primark, says: “To help support our ambitious growth plans we’re expanding our partnership with TCS to build a robust, resilient, and reliable IT operating environment to become a more efficient, technology led global organisation with the agility to quickly adapt to changing demands and requirements in a fast-paced industry.”
“Working with TCS will provide us with the ongoing operational stability and accountability needed to support our business to scale. This will allow us to respond to market trends and customer preferences in a timely manner, ensuring that we continue to deliver quality products at the best value for our customers.”
9. Seeing double: Hamburg becomes only city in Germany to have two cashierless shopping REWE Pick&Go stores
A second REWE Pick&Go store has opened in Hamburg, powered by Trigo technology.
In a LinkedIn post, the retailer said: “After the successful launch of Europe’s largest cashierless supermarket two months ago in the heart of Hamburg, the second store is now ready for operation.”
“Hamburg’s First Mayor Dr. Peter Tschentscher gave the official starting signal for the REWE Pick&Go system in Altonaerstraße, corner of Amandastraße. If you don’t yet know how such a cashierless shopping works, you should either stop by the store directly or our media centre.”
Customers will be able to choose between four different payment options: at the cash register; by scanning and paying at the self-checkout terminal; via computer vision support without scanning at the self-checkout terminal; or completely cashless when using an app.
Jochen Vogel, CEO at REWE Nord, says: “Hamburg is now the only city in Germany to have two REWE Pick&Go stores. We were able to launch the markets just a few weeks apart. This was only possible thanks to the outstanding teamwork and close cooperation of all those involved. We all have a common goal: to offer our customers the best shopping experience.”
10. Indian rapid grocery delivery firm Zepto bags $340m in follow-on financing at $5bn valuation
Indian online grocery delivery app, Zepto, has secured $340 million in a follow-on financing round, placing the company at a $5 billion in valuation following its previous fundraise in June.
General Catalyst led the round, with Dragon Fund, and Epiq Capital joining as new investors. Existing backers such as StepStone, Lightspeed, DST, and Contrary also increased their stakes.
Zepto has now raised more than $1 billion in just two months.
“The rationale behind this follow-on financing was twofold,” says Aadit Palicha, Co-founder and CEO at Zepto, which he launched in 2021 alongside fellow Stanford University dropout Kaivalya Vohra.
“First, the opportunity to bring onboard a lead investor of Neeraj Arora’s calibre from General Catalyst was one we couldn’t pass on. Second, strengthening our balance sheet is a strategic move, particularly as the company continues to deliver robust growth and operating leverage.”
“While these recent financings reflect strong confidence in Zepto’s performance to date, we recognise there is still a lot of execution ahead of us to fulfil our ambition of building a world class internet company out of India. At Zepto, we genuinely feel we are just at the beginning of our journey.”