BUSINESS
Swiggy IPO: Good for the sector to have multiple players, says Zomato’s Deepinder Goyal
Goyal, in an interview to Moneycontrol, said that navigating public markets is easier as companies get to think more long term and are not bound by weekly reviews by VCs
BUSINESS
Swiggy to sponsor Shark Tank Season 4, excludes Zomato founder Deepinder Goyal as part of deal
Swiggy’s bid to block Deepinder Goyal from Shark Tank underscores the intensifying rivalry between the two companies, which compete in food and grocery delivery.
BUSINESS
Is Zepto’s meat brand Relish on track to become a Rs 500 crore business? What the numbers say
Relish’s monthly sales were in the Rs 12-15 crore range from April to September which translates to an annualised revenue run rate (ARR) of Rs 144-180 crore, in contrast to Zepto’s recent comments on the vertical being a Rs 500 crore business, per internal documents accessed by Moneycontrol.
BUSINESS
Peak XV cuts fund size by $465 million, reduces partner payout amid market frenzy
Peak XV will now have a 2/20 compensation structure, with a provision to catch-up on carry to 30 percent, in a move that will bring the investor on par with its industry peers.
BUSINESS
Festive cheer: ONDC hikes monthly incentive payout by 50% to each network player in October
ONDC also recorded a 3.2 percent month-on-month growth in transactions in September to 12.90 million
BUSINESS
PB Fintech healthcare foray via separate entity, company will act as minority investor: Group CEO Yashish Dahiya
Dahiya said the new entity plans to acquire 6-8 hospitals in the NCR region. While it’s still too early to discuss specifics, he sought to clarify to prevent any misinformation that could lead to financial losses for investors
BUSINESS
BharatPe settles with Ashneer Grover, former co-founder will not be associated with BharatPe in any capacity
As part of the settlement, Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company, a BharatPe spokesperson said in a statement.
TECHNOLOGY
Unacademy appoints Abhishek Pipara as CFO of its offline centres business
Pipara will replace Pratik Dalal who joined Unacademy from CRED in January this year. He will focus on driving efficiency, unit economics, growth and profitability at a Centre level.
BUSINESS
Software and SaaS prices will come down, we are prepared for that world: Zoho CEO Sridhar Vembu
Zoho which is presently betting big on AI has already deployed several smaller models in enterprises. The firm's CEO also said that India needs to invest in our own foundational models in a cost-efficient manner.
BUSINESS
Curefoods in talks to raise $40 million in Series D round of funding, eyes IPO in 18 months
Existing backers such as Flipkart co-founder Binny Bansal are expected to participate in the new round in which Curefit Healthcare Private Limited is expected to sell its remaining 2 percent stake and exit the company
TECHNOLOGY
Mukesh Bansal’s Nurix AI bags $27.5 mn from General Catalyst, Accel
Nurix AI, which builds custom AI agents for enterprises, is the latest firm incubated by Mukesh Bansal's venture studio Meraki Labs
BUSINESS
Swiggy IPO filing likely this weekend, say sources
Swiggy recently upsized its IPO to $1.4 billion, amid intensifying competition in the online grocery delivery space, where its platform Instamart competes with the likes of Zomato-owned Blinkit, Zepto and Tata-owned BigBasket
BUSINESS
Will be profitable by 2025, a higher priority than IPO: Tekion CEO Jay Vijayan
While Tekion’s operations have been successful in the US and Europe, the company is yet to enter the Indian market. The high cost of cloud infrastructure in India has slowed down plans for the company.
BUSINESS
Madhuri Dixit goes dhak dhak for Swiggy, snaps up shares ahead of IPO
Dixit paid Rs 345 for each share of Swiggy, a second person aware of the developments told Moneycontrol.
BUSINESS
Rapido to switch to all-electric bike-taxi fleet in Delhi by next year
Rapido is also entering the quick commerce delivery segment for hyperlocal deliveries and has recently gone live with Pincode and KPN Farm Fresh
BUSINESS
IPO-bound Infra.Market in talks to raise $150 million from existing backers like Tiger Global, new investors
This will be the company's last private market fundraise ahead of its IPO. Infra.Market is likely to file its draft red herring prospectus in December, Moneycontrol has learnt
BUSINESS
Finova Capital in talks to raise Rs 800 crore from Avataar Venture, Madison India Capital and Sofina
In FY24, the Jaipur-based NBFC , which focuses on MSMEs, recorded a 60 percent jump in revenue at Rs 530 crore and 71 percent rise in profit after tax at Rs 151.5 crore
BUSINESS
Byju's auditor BDO resigns after seeking forensic audit, founder Raveendran alleges blackmail tactics
In a letter to Byju's board, which only includes the founder's family currently, BDO has however said the company lacked transparency, a sentiment even previous auditors have highlighted.
BUSINESS
Tata’s BigBasket set to merge subscription app BBdaily into main app
The revamp will reduce friction among buyers and paint an accurate picture of BigBasket’s scale and market share, company CEO Hari Menon told Moneycontrol in an interview.
TECHNOLOGY
Premji Invest may pump in $10-$15 million in San Francisco-based AI startup Galileo
Premji Invest is stepping up bets in global tech startups, as it looks to capitalise on the generative AI boom. It recently invested in Hugging Face, Hippocratic AI, Canva and Poolside
TECHNOLOGY
Exclusive: Former AWS country head Vaishali Kasture joins Microsoft, to lead SMC business in India and Asia
Vaishali Kasture will be the second top executive to depart from AWS to Microsoft in the last year, as the companies compete to get a larger share of the cloud business in India.
BUSINESS
Ola Consumer nears 1 lakh daily orders on ONDC; Bengaluru food delivery at 20% of Swiggy-Zomato's scale: Bhavish Aggarwal
Ola currently has three propositions on ONDC: food delivery, quick commerce and hyperlocal logistics. Ola is currently the biggest buyer app on the platform and accounts for 25% of ONDC’s overall business, Aggarwal told Moneycontrol in an interview.
BUSINESS
Funding is back, with a catch: Secondary share sales fuel $100 million rounds in Indian startups
While deals were mostly primary in nature in 2021, most rounds now include a significant portion of secondary share sales. As a result, valuations are lower, and stakeholders benefit from a win-win situation.
BUSINESS
Eruditus nears deal to raise $150 million in fresh round led by TPG
The discussions to raise money started sometime last year and the initial plan was just to do a small $50 million secondaries round where some early investors would take an exit. However, Eruditus after achieving a full year of Ebidta profitability decided to kick off a larger round and close it before flipping its base back to India from Singapore, a source told Moneycontrol.
