BUSINESS
Wingreens Farms in talks to raise $10 mln from Investcorp, Peak XV and others
So far, Wingreens has already raised around $46 million from Omidyar Network India, Zurich-based responsAbility Investments AG, Investcorp, Peak XV and others
BUSINESS
Dunzo’s fall from grace: From a first-mover in 2014 to struggle for survival in 2023
It was a task-running service that initially operated on WhatsApp, and found quick loyalists in Bengaluru nine years ago. Now employees are telling the management, ‘give us one reason why we should work here?’ It’s a story of flawed cash management, valuation and transparency issues, and more.
BUSINESS
Dunzo served legal notices by Facebook, Nilenso over unpaid dues of Rs 4 cr
Dunzo has made part payments to Facebook but still owes about Rs 1.5 crore to the tech giant. Dunzo had availed Facebook’s advertising services but did not pay the entire amount for the same.
BUSINESS
Dunzo to undertake third round of layoffs in 2023 as it crumbles under cashflow issues
Senior employees estimated that at least 20 percent of the company’s workforce — approximately 200 employees — will be affected.
BUSINESS
Dunzo misses salary deadline, to credit pending dues on September 4
Dunzo's payroll team told employees in an email that their salaries will be credited on September 4 as it works on streamlining its cash flow.
BUSINESS
Swiggy forms dedicated team to work on AI
While bringing down the total operational costs by leveraging AI was one outcome for Swiggy, it wasn’t the only goal for the startup
BUSINESS
Big Billion Day for 19,000 current & former Flipkart employees; company begins crediting $700 mn in ESOP payouts
Moneycontrol had earlier reported that Flipkart will buy back employee stock options (ESOPs) worth about $700 million from employees as a part of its move to separate full ownership of payments and financial services unicorn PhonePe
BUSINESS
Tomato omelettes and salads go missing; Puree in demand as tomato prices soar
Soaring prices force buyers to explore alternatives, hotels take tomato-heavy items off menu.
BUSINESS
Dunzo caps salaries at Rs 75,000 for June, promises to clear dues by July 20
The salary deferrals were understood to impact senior employees at Dunzo the most. Moneycontrol has learnt that around 60-65 percent of all workers were paid their full salaries and the remaining, about 35-40 percent of them, had only received Rs 75,000 as their June salary.
BUSINESS
Swiggy has no control over valuation markdowns, says food marketplace CEO Rohit Kapoor
The CEO of Swiggy’s core business said that while the company remains excited about quick-commerce, there is consolidation underway and there are only three to four significant players in the sector
BUSINESS
Google-backed Dunzo defers June salaries for 500 employees
Dunzo has over 1,000 employees in total and the latest decision to defer salaries will impact about 500 of them. The move also indicates that there could be more layoffs in the pipeline.
BUSINESS
Cashfree exploring strategic sale, Pine Labs emerges as frontrunner
While Cashfree is asking for $1.2 billion, the suitors are seeing only $600 million value at the top end for the company, sources have told Moneycontrol
BUSINESS
Why Zomato continues to eat into Swiggy’s market share
Several moves, such as penetrating deeper into Tier 2 cities and beyond, first-mover advantage, and a more pan-India focus, have worked in favour of Zomato. When the pandemic brought to a standstill, Swiggy was hurt more than Zomato
BUSINESS
BigBasket's B2C arm saw losses swell 89% in FY23 even as revenues remained flat
BigBasket competes with SoftBank-backed Swiggy Instamart, Y Combinator-funded Zepto, Reliance-backed Dunzo and Zomato-owned Blinkit.
BUSINESS
One app, many options: Zomato now allows users to build carts from multiple restaurants
Zomato’s users can now build carts from up to four restaurants and eventually order from the eatery of their choice. Further, after checking out one cart, users can come back and complete orders from the remaining carts as well.
BUSINESS
Amazon's flagship Prime Day sale to begin on July 15
The fresh edition will see over 45,000 new product launches from more than 400 Indian and global brands, like OnePlus, Samsung, Motorola, boAt, Sony, Allen Solly, Lifestyle, Titan, Fossil, Puma, Tata and several others.
BUSINESS
DealShare to invest Rs 1,000 cr to strengthen private label play, scale local brands
The fresh announcement of Rs 1,000 crore is over and above Rs 500 crore that DealShare committed to invest in November 2022 to grow its private labels, including staples, home cleaning solutions and the like over the coming 2-3 years.
BUSINESS
Swiggy's losses widened 80 percent in FY23: Prosus
During the same period, Swiggy's revenues grew to around $900 million and its losses stood at $545 million. While the revenue increased sharply from over $600 million in FY22, the company's losses jumped from around $300 million.
BUSINESS
Shark or Dolphin? Ashneer Grover hits out at growing founder-investor rift on Shark Tank India
Many founders have alleged that the monies committed by the sharks on the show never reached them, in spite of chasing them to close. Sharks say deal closure takes time and that founders often do not comply with agreed terms.
BUSINESS
Byju’s CFO was tasked with changing auditor amid deteriorating ties with Deloitte, sources say
While an auditor stepping down is a red flag for a company, Deloitte’s resignation was in the works after relations broke down between the big four audit giant and Byju’s.
BUSINESS
Microblogging website Koo continues to see declining active users
The microblogging website, touted as a desi alternative to Twitter, saw monthly active users fall to about 3.1 million in April 2023, in the third straight month of decline this year. Company says it is well-capitalised and remains positive about building a social media platform from India for the world.
BUSINESS
Curefoods chalking out offline plans for premium pizza brand Nomad: Founder Ankit Nagori
Curefoods typically spends about Rs 75 lakh to open a Nomad store. The company plans to open Nomad stores only in the top 10 cities of India, which include Delhi, Mumbai, Bengaluru, Hyderabad
BUSINESS
Investors flag financial irregularities at healthtech startup Mojocare
The financial irregularities, which include overstating of revenues, at the Bengaluru-based company have come to light in less than a year after it raised $20.6 million in its Series A round.
BUSINESS
Lenskart's $600 mn funding gives early investors including SoftBank a big exit
In total, across the two rounds, where Lenskart raised $500 million in March and $100 million now, about $450-500 million was in the form of secondary sales in what was understood to be a mega payday for some early backers of the company.
