Home » Latest News » E-commerce & AI News Flash Collection (May 13): ByteDance Acquires Oladance, Meesho Raises $275M

E-commerce & AI News Flash Collection (May 13): ByteDance Acquires Oladance, Meesho Raises $275M

smart glasses


ByteDance’s Acquisition of Oladance

In March, ByteDance acquired Oladance, an OWS (Open Wearable Stereo) brand under Shenzhen Dasem Future Technology, for 300-500 million yuan. This move aligns with ByteDance’s plans to launch AI-integrated eyewear and smartphones. Oladance specializes in wearable audio products and is expected to generate over 1 billion yuan in revenue by 2024. Previously, ByteDance acquired XR brand PICO for 9 billion yuan, underscoring its commitment to hardware ventures. Combining PICO’s AR expertise with Oladance’s audio technology could lead to innovative AI-powered smart glasses.

Indonesia’s E-commerce Surge

Indonesia’s e-commerce market is projected to grow by 15.5% in 2024, following an 18.3% increase in 2023, reaching 573 trillion IDR (around $38billion). The market benefits from rising internet and smartphone penetration and increased disposable income, particularly in second and third-tier cities. Events like Black Friday and National Online Shopping Day (Harbolnas) boost sales, with Harbolnas sales growing 13% year-on-year. Alternative payment methods, such as OVO, Go Pay, and Dana, lead the market, while cash payments remain significant for some demographics.

Meesho Secures $275 Million Funding

Indian fashion e-commerce platform Meesho raised $275 million in a new funding round, potentially reaching over $500 million. Meesho’s total funding now stands at $1.2 billion, with a current valuation of approximately $3.9 billion. The platform boasts 440,000 sellers and over 1.2 billion listings, catering to diverse consumer preferences. In 2023, Meesho recorded 145 million downloads, with a cumulative download count exceeding 500 million. Meesho’s focus on lower-income consumers sets it apart, with an average order value of below 350 INR ($4.20).

Kuaishou’s Expansion Plans

Chinese short video platform Kuaishou plans to open an office in Riyadh, Saudi Arabia, targeting the MENA and Brazilian markets. MENA and Brazil present significant opportunities due to their large populations and substantial purchasing power. Kuaishou aims to integrate more advertising and e-commerce elements in these regions, leveraging high engagement in short videos and live streaming. The platform’s international version has over 20 million monthly active users in MENA. This expansion comes as TikTok faces challenges in the U.S. market.

Poland’s E-commerce Growth

Poland’s e-commerce market saw a 15.7% year-on-year increase in domestic sales in April, with cross-border sales rising by 25%. The Baseline Index for Polish e-commerce reached 142 points in April 2024, up from 135 in March and 121 a year ago. Online sales grew by 17.2% compared to the previous year, with order numbers increasing by 15% and average order value rising by 1.9% to 203 PLN ($50.75). Strategic positioning and positive market demand contributed to this growth, reversing the downward trends seen in previous years.


Microsoft and OpenAI’s Voter Education Fund

Microsoft and OpenAI have created a $2 million fund to educate voters about the potential deceptive uses of AI and deepfakes ahead of elections. This initiative is a part of their broader effort to enhance societal resilience against misleading AI technologies and is supported by various organizations aiming to educate different demographic groups on AI’s impact.

New Features in OpenAI’s ChatGPT

OpenAI has introduced several upgrades to ChatGPT that enable users to interact more naturally using voice rather than text. These improvements are driven by a new, more powerful AI model that enhances the system’s voice interaction capabilities. OpenAI plans to offer limited, free access to these new features, making advanced AI tools more accessible to the public.

UK’s AI Supercomputer

The UK has launched its most powerful AI supercomputer named Isambard-AI in Bristol, which significantly enhances the country’s AI research capabilities. Capable of performing complex computations at six hundred forty-seven petaflops per second, it ranks as the second greenest supercomputer globally. Plans are underway to further expand its capabilities with additional Nvidia GPUs, marking a significant step in computational development.

Fujitsu’s AI in Genomic Medicine

Fujitsu has developed an AI tool that significantly enhances genomic medicine and cancer treatment planning. This technology enables the analysis of large datasets and the creation of knowledge graphs, aiding researchers and doctors in making more informed decisions. The AI has shown high accuracy in classifying lung cancer types and predicting patient survival rates, promising advancements in medical treatments.

SoftBank’s Financial Recovery

SoftBank has reported a narrowed annual loss, thanks to a recovery in its tech fund investments. The company’s Vision Fund has shown notable gains, marking a significant turnaround from previous losses. Overall, SoftBank’s revenue and operating income have also experienced growth, signaling a positive trend in its financial health.

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