BUSINESS
Swiggy narrows gap with Zomato on revenue, food delivery business grew 36% to Rs 11,247 crore in FY24
While Swiggy’s core business grew 36 percent, it still lagged Zomato during the financial year. Gurugram-based Zomato, in comparison, had a revenue of Rs 12,114 crore and clocked a profit of Rs 351 crore in FY24.
BUSINESS
Ontario Teachers, Bain Capital, Advent, others line up to back Mintifi in $100-million round
The deal hinges on the valuation the supply-chain financing platform is offered. The talks come at a time when large-ticket deals, $100 million and above, are making a comeback in the Indian startup scene
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
Zepto raises $1 billion in two months; closes $340 million funding round led by General Catalyst
Zepto’s total fundraise came in two tranches. The first $665 million round closed on June 21 and the remaining $340 million came on August 29, as first reported by Moneycontrol.
BUSINESS
Amitesh Jha named Instamart CEO; co-founder Phani Kishan to serve as chief of staff
In the same email, Swiggy co-founder Sriharsha Majety also said that current Instamart head Phani Kishan will be taking on a broader role within the company.
BUSINESS
Quick commerce on Govt radar; ministries assess impact on kirana stores
While a government source said that the issue is still in its early stages, taking any action at this time would be premature, as the industry is still embryonic. According to industry stakeholders, kiranas do not need protection, and there is a need for reskilling as technology advances.
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
Rebel Foods in talks to raise $120 million in fresh round led by Temasek
The company is raising money at a blended valuation of $1 billion. Investors like Lightbox and Coatue are selling shares and the primary capital will be used for business growth which includes an offline play, sources told Moneycontrol.
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.
BUSINESS
Rapid, unchecked growth of quick commerce hurting millions of kiranas and small retailers: FMCG distributors’ body AICPDF to Piyush Goyal
The comments are of particular importance because companies like Blinkit, Swiggy Instamart and Zepto have all unanimously denied they are growing at the cost of kiranas.
BUSINESS
Super app Vs super brands: How Zomato’s differentiated app strategy compares with Swiggy’s integrated play
While no strategy is good or bad or likely drives better results than the other, Zomato’s financial performance is testament to its successful experiments, as per analysts.
BUSINESS
Amazon’s India investments only to fill balance sheet losses, no reason to celebrate: Piyush Goyal
Goyal also remarked that Amazon incurred huge losses because it follows predatory pricing.
BUSINESS
Nandita Sinha tightens grip on Flipkart Fashion, appoints Myntra’s Sharon Pais as business head
Several senior employees at Flipkart Fashion, including VPs Padmakumar Pal and Rakesh Jallipally, along with senior directors Manish Sharma and Pallavi Saxena will now report to Pais, according to an internal email seen by Moneycontrol.
BUSINESS
Etsy’s India gamble falters amid leadership exit, freeze on seller onboarding
The exit of India Head Pankaj Jathar comes at a time when Etsy is grappling with a strategic shift away from the Indian market, facing significant global challenges, including declining sales, a plummeting stock price, and increasing competition.
BUSINESS
Secondary funds bloom as venture capital investors seek more exit options
A majority of secondary players aren't necessarily looking for distressed sales anymore. They're looking for great businesses but distressed investors, a fund manager told Moneycontrol.
BUSINESS
Big Billion Day: Zepto about to close fresh $340 million round led by General Catalyst, surpassing $1 billion funding in two months
Zepto's new round comes weeks after Moneycontrol first reported on July 2 that the company has received interest for a $250 million cheque from General Catalyst as part of a larger round.
BUSINESS
Is quick commerce eating into kiranas or e-commerce? Blinkit, Swiggy, Zepto, DMart, Delhivery weigh in
While it is difficult to pinpoint, Neville Noronha, MD and CEO of Avenue Supermarts, which runs DMart, said the advent of quick commerce has resulted in a 1-1.5 percent impact on the company.
BUSINESS
Having a listed competitor is both good and bad, says Swiggy chief Majety
The comments come as Swiggy gets ready to launch its initial public offer later this year, while rival Zomato has seen the share price rocket on improving profits
BUSINESS
Leading Flipkart Fashion, Myntra two very different jobs, says chief Nandita Sinha
India's e-lifestyle market is estimated to be around $40-45 billion in size by 2028, up from $16-17 billion currently.
BUSINESS
Power struggle? Amit Agarwal in control of Amazon India as Manish Tiwary bows out
Over the past year or so, Amazon’s competitive intensity has reduced, according to a founder who is a top seller on both Amazon and Flipkart.
BUSINESS
Mumbai’s loss is Bengaluru’s gain: Zepto to move headquarters to tech capital
Zepto is expected to save around Rs 40-50 lakh in rent a month because of its move from Mumbai to Bengaluru, sources have told Moneycontrol
BUSINESS
Flipkart Fashion head Arief Mohamad to quit; Myntra CEO Nandita Sinha will lead operations
Flipkart Fashion and Myntra will retain their independent structure, even though they will be led by the same person.
BUSINESS
FirstCry IPO enhanced our corporate governance and disclosures, says founder and CEO Supam Maheshwari
"There is no pressure for a company of our stature, size and maturity curve. What is the pressure if you have been delivering operational profitability for the last four years," says FirstCry founder Supam Maheshwari.
BUSINESS
Neobanking startup Zolve to raise $25 million from Creaegis as part of larger round
The new round values the company at around $330-360 million, one of the people in the know told Moneycontrol.
