BUSINESS
Dunzo delays payments to employees by another few days
Dunzo had promised that current employees would receive their August salaries on September 4 but has now said it will be paying salaries in batches.
BUSINESS
The cost of comfort: E-commerce, food-tech firms look to lift bottom-lines with ‘convenience’ fees
This fee is typically 0.5-1 percent of a platform’s average order value, and helps absorb some of the logistics costs. With certain firms, this fee is non-refundable. This encourages shoppers to bundle their orders, and be more responsible with returns
BUSINESS
Dunzo further delays salary payments to October as funding talks make little progress
The startup was earlier scheduled to make payments on September 4, which was already an extension from its July 20 deadline initially.
BUSINESS
Logistics start-up Porter violates rules, Karnataka transport department books drivers
Porter is operating without obtaining a goods carriage permit and is also displaying advertisements on their vehicles without proper permission: Transport department official.
BUSINESS
E-commerce, SaaS and AI promising sectors in India: StepStone’s Newhall
The group, which writes cheques of $1 million to $150 million, funds VCs, invests directly in companies and takes part in secondary transactions when an investor wants to exit.
BUSINESS
Zepto is first Indian unicorn of 2023, raises $200 million at $1.4 billion valuation
Most of the capital from the previous round still sits in Zepto's bank but the startup has raised more money to build its balance sheet ahead of going public in the first half of 2025, co-founder Aadit Palicha has said
BUSINESS
Mamaearth in talks with Fidelity, GIC, QIA, SoftBank for $150 million pre-IPO round
Even though founders Varun and Ghazal Alagh are confident of delivering an exit to investors through their upcoming public listing, a few early investors want to offload shares before the IPO, according to a source.
BUSINESS
CaratLane employees poised to strike gold after sale to Titan; to net Rs 340-380 crore from ESOPs
Over 70 CaratLane employees will receive Rs 340-380 crore in ESOP payout as part of the deal that the startup struck with Titan.
BUSINESS
Midas Touch: Inspired by Rakesh Jhunjhunwala, Mithun Sacheti to turn investor after CaratLane sale
It took us only seven minutes to close the deal, Sacheti says. He now plans to become an investor.
BUSINESS
Flipkart co-founder Binny Bansal plans new start-up in e-commerce space
Binny Bansal is not seeking external capital and will bootstrap the venture with his own wealth
BUSINESS
Mukesh Bansal eyes $50-mn investment from Peak XV Partners, Accel for premium fashion venture
The new venture that Bansal is working on, along with Mohit Gupta, will be in the premium fashion space aimed at Gen Z, an increasingly attractive segment for e-commerce players.
BUSINESS
Lower burn, longer delivery time: What Zepto's pitch deck reveals about quick-commerce space
The deck not only sheds light on granular details about Zepto but also gives colour on the buzzy but intensely competitive quick-commerce space.
BUSINESS
Bullish on India: IPOs become attractive exit option again as tech stocks soar
The recent bull run is significant because it follows a long bearish period when public shareholders questioned the profitability of these companies. The improved financial performance of tech companies is now forcing other new entrants to focus on better financials before approaching the market.
BUSINESS
D2C consolidation: Value creation for FMCG majors, wealth creation for founders
Smaller D2C companies have struggled to convince financial investors to fund them and have sought refuge under the wings of traditional FMCG players
TRENDS
Flipkart parent Walmart India seeks to cut share capital to adjust losses
Flipkart told Moneycontrol that reduction of share capital will not have any impact on creditors and shareholders of the company.
BUSINESS
Meesho turned profitable in July on a PAT basis, says CFO
While Dhiresh Bansal did not comment on specific numbers, Meesho’s PAT was a low single digit (Rs crore) in July, Moneycontrol has learnt.
BUSINESS
After Swiggy, Zomato begins testing platform fee on food orders
While a platform fee of Rs 2 may look small as it only represents 0.5 percent of Zomato’s average order value (AOV) of around Rs 415, it would still amount to a large corpus.
BUSINESS
Tiger Global-backed Spinny fires 300 employees in business rejig
Spinny has about 6,000-6,200 employees and the sackings have hit around 5 percent of the workforce, as Truebil and Spinny Max prepare to merge and operate under the main brand
BUSINESS
Corporate governance lapses at start-ups prompt LPs to opt for direct investments; VCs lose out
As professionals who charge a fee, VCs are expected to be on top of things at the companies they fund. Laxity on this front has seen LPs get into action.
BUSINESS
DealShare CEO Vineet Rao steps down; company moves base to Delhi
All staffers from non-tech divisions are being asked to relocate to Delhi within three months because the region is becoming more important for DealShare.
BUSINESS
End of an era as Binny Bansal, Accel and Tiger Global exit Flipkart with bumper returns
Walmart has bought out Flipkart early investors Accel, Tiger Global and co-founder Binny Bansal has also fully divested his stake in Flipkart which is valued at around $35 billion.
BUSINESS
Dunzo promises to pay 12% yearly interest on held-back salaries
For instance, an employee who was earning Rs 1 lakh a month but was paid only Rs 75,000, because of Dunzo’s decision, in June will now receive an interest of 12 percent per annum on the remaining Rs 25,000.
BUSINESS
Dunzo slapped with legal notices from seven companies over pending dues
From around March this year, Dunzo has received a legal notice from at least seven entities which include Google India, Nilenso, Clover Ventures, Facebook, Cupshup, Koo and Glance. In all, these total to about Rs 11.4 crore, nearly double of Rs 5-6 crore that was estimated earlier.
BUSINESS
Swiggy begins second tranche of ESOP buy back totalling to $50 mn from 2,000 employees
This will be the company’s fourth ESOP liquidation since 2018 and now values Swiggy's similar to Zomato, its BSE-listed peer, which had a market capitalisation of $8.7 billion on July 24, Moneycontrol has learnt.
