BUSINESS
ONDC looks cheaper than Zomato and Swiggy: Decoding the discount war
T Koshy, the ONDC chief, conceded that these incentives are only for the short term to jump start transactions on the network
BUSINESS
Moody’s expects Oyo’s EBITDA to jump 65% YoY in FY24
During a presentation to employees, Ritesh Agarwal, founder and group CEO of the SoftBank-backed company said Oyo had reported an adjusted EBITDA of around Rs 245 crore in FY23. Rating agency keeps Oyo’s parent company, Oravel Stays Private Ltd’s rating at B3 corporate family rating.
BUSINESS
In 2nd markdown in 4 months, Invesco cuts Swiggy’s valuation to $5.5 billion
According to filings, Invesco – which led Swiggy’s $700 million round in January last year – valued the Bengaluru-based company at $5.5 billion as of January 31, 2023, as per the latest filing.
BUSINESS
Meesho to fire 251 employees, says it made judgement errors in over-hiring ahead of the curve
Meesho founder and CEO Vidit Aatrey said an email to staffers that it is now faced with the hard truth of aligning people costs with the new projections for business.
BUSINESS
Swiggy sees two VP-level exits within a month
Ashish Lingamneni, vice president (VP), head, brand and product marketing, and Nishad Kenkre, VP, head, revenue and growth, Instamart, have left the company. Aparna Giridhar has replaced Lingamneni, while Sreeram Suresh has taken over Kenkre’s position
BUSINESS
BluSmart raises $42 million in a mix of equity and debt from existing investors
Over 50% of the total capital infusion came from founders, Anmol Jaggi and Punit Goyal, themselves to increase their stake in the company, people added. This is part of the company’s Series A2 round.
BUSINESS
Zomato-backed Magicpin helps ONDC fulfil 10,000 orders a day
After integrating with the ONDC in March this year, Magicpin brought 22,000 restaurants on to the platform and said it would add 5,000 more over the coming three months
BUSINESS
Swiggy shuts premium grocery delivery unit 'Handpicked'
While Swiggy has shut divisions like Handpicked and meat delivery as they did not yield desired results and also to reduce the company’s overall costs, it is also toying with newer verticals like Swiggy Maxx, its e-commerce-like platform.
BUSINESS
Swiggy starts charging customers ‘platform fee’ on food orders in monetisation push
While Rs 2 may seem like a small amount, it would create a large enough corpus for Swiggy to reinvest back into its business as it delivers over 1.5 million orders each day, analysts said
BUSINESS
Amazon skips India update, warns of slowdown in global cloud business
Amazon has already shut units like Amazon Food in India and also announced that Amazon Academy would be closed down in a phased manner, starting August 2023
BUSINESS
Oyo turns cash flow positive in Q4, ends FY23 in black as it gears up to go public
Oyo, which refiled its draft red herring prospectus (DRHP) with the SEBI under the recently introduced pre-filing route in March 2023, was sitting on a cash reserve of around Rs 2,700 crore, according to the presentation.
BUSINESS
Sequoia-backed fintech Razorpay to integrate with ONDC
Razorpay is the second large fintech startup that has joined the ONDC this month, after Walmart-owned PhonePe went live on the open network in April. Noida-based Paytm was among the first few companies that went live on the ONDC.
BUSINESS
ONDC aims at 5-fold rise in India's digital consumption to $340 billion: McKinsey
ONDC aims to increase the penetration of e-commerce to 25 percent, from about 4-5 percent currently, in the next two years by reaching 900 million buyers and having 1.2 million sellers likely having a gross merchandise value (GMV) of $48 billion.
BUSINESS
The layoff story at Koo: Hush-hush agreements, but nothing written, led to forced resignations
The Tiger Global-backed startup has trimmed 30% of its 260-member workforce, or about 80 employees, over the past year or so.
BUSINESS
VC funds flow to startups dries up 25% in first quarter of 2023, says KPMG
The latest figure was also the joint-lowest since the second quarter of 2018, when Indian startups raised $1.7 billion.
BUSINESS
Tiger Global-backed Koo trims workforce by 30%
Founded in 2020 by Aprameya Radhakrishna and Mayank Bidawatka, Koo has so far raised over $70 million from investors like Accel, Blume Ventures, Kalaari Capital, 3one4 Capital and others.
BUSINESS
Furniture rental startup Rentomojo hit with data breach
The company said it is weighing all options, including legal routes to minimise the impact of the breach.
BUSINESS
Swiggy launches Maxx to offer e-commerce-like experience in an hour
The pilot currently delivers only to certain regions of Bengaluru, and Swiggy is understood to expand to other regions and categories based on the results it yields from the current foray.
BUSINESS
Blinkit mess: Quick-commerce rivals feast on as sales surge, marketing costs drop
New users are unlikely to remain on the platforms as consumers tend to shift back to their go-to app whenever things get back to normal, said some executives, unless Blinkit fails to resolve the issue this week
