BUSINESS
Walmart to appoint Flipkart senior vice president Bharath Reddy to its Global Tech Team
Reddy is an alumnus of IIT Bombay and IIM Calcutta. Flipkart is in the process of appointing a new leader for its IT & InfoSec functions, CEO Krishnamurthy told employees in an internal email.
BUSINESS
Swiggy to rejig structure; appoint finance heads for Instamart, food delivery
Once the move to a new model is completed, Swiggy’s organisational structure will be similar to that of Blinkit, its arch-rival. The two VPs of Finance will likely report to CFO Rahul Bothra, sources told Moneycontrol.
BUSINESS
Swiggy’s Instamart reclaims second spot from Zepto in quick commerce, surges ahead on net merchandise value
Based on NMV, Blinkit had a 52 percent market share, Swiggy was number two with a market share of 25 percent and Zepto was in third place with a 23 percent market share, the data, accessed by Moneycontrol, showed.
BUSINESS
SBI Mutual Fund, Permira, others to pick up Rs 450-crore worth of shares in Urban Company in pre-IPO round
Urban Company is being valued at around $1.8 billion, or Rs 15,500 crore, during these transactions where Accel, Bessemer Venture Partners, Tiger Global and Elevation Capital are all selling shares.
BUSINESS
Swiggy looks to net Rs 2,500 crore from Rapido stake sale
Swiggy looks for a 2.5X return on investment in just over three years. Rapido is being valued at Rs 23,000-26,000 crore ($2.7-$3 billion), a 2.5X jump in valuation in a year’s time, on the back of 120% growth in scale, sources told Moneycontrol.
BUSINESS
Top sellers on leading e-commerce platforms report Rs 72,000 crore revenue, report profit margins at 0.5%
These sellers are part of a broader group of ten entities on leading online marketplaces—such as Amazon and Flipkart—that together recorded approximately Rs 72,000 crore in revenue in FY24, according to filings reviewed by Moneycontrol
BUSINESS
A91 Partners to invest Rs 175 crore in Coimbatore-based Shree Anandhaas Sweets as PE interest in space picks up
A91 Partners’ investment into Shree Anandhaas comes after Motilal Oswal (MO Alts) invested in Lal Sweets as investors bet on a large unorganised industry, and family-owned businesses, in India becoming more organised as an increasing number of consumers alter their purchasing patterns.
BUSINESS
Lenskart co-founder Peyush Bansal's quest for a promoter tag and how he's securing it
Bansal bought a total of 42.7 million shares in Lenskart at a valuation of $1 billion, a steep discount from the $9-10 billion valuation the company is aiming for during its IPO.
BUSINESS
Lenskart IPO: SoftBank, Kedaara and others sell shares at steep discounted valuation of $1 billion to founder Peyush Bansal
Moneycontrol was first to report on July 9 about Bansal’s plans to borrow around Rs 200 crore and fund this share purchase at a valuation of $1 billion, 90% lower than the $10 billion price tag it is aiming for during its IPO later this year
BUSINESS
IPO-bound Lenskart acquires Spain-based Stellio, the parent of Meller, for Rs 400 crore
To be sure, over 80 percent of Lenskart’s revenues come from optometric eye care, which includes prescription glasses, contact lenses and more. The remaining comes from accessories and lifestyle products like sunglasses and more.
BUSINESS
Flipkart’s VP Smrithi Ravichandran set to join PE firm Multiples
Ravichandran will take up an investing role at the PE firm and oversee funding activity, source deals and double down on existing portfolio companies across sectors in her new role, sources told Moneycontrol.
BUSINESS
Lightspeed, Premji Invest in talks to back former HDFC veteran's Weaver Services in Rs 1,200 crore round
HDFC Bank’s former top boss Keki Mistry will also invest some money in his personal capacity, sources told Moneycontrol.
BUSINESS
Nexus Venture Partners prepares to raise $700 million for its eighth fund
Nexus will continue to bet on new-age companies in the artificial intelligence (AI), software, fintech, and commerce markets, as it had planned with its seventh fund a couple of years ago.
BUSINESS
From legacy to liquidity: Why private equity firms are courting India’s family businesses
From bakery to baggage, private equity funds and family-owned businesses are shaking hands as Millennials/Gen Zs are choosing to forge their own path, and families are wanting a catalyst for their next phase of growth. An ageing crop of Promoters is also driving PE interest in traditional firms.
BUSINESS
IPO-bound Lenskart clocked revenue of $755 million in FY25, has cash of over $200 million
Lenskart estimated that it closed FY25 with $455 million (Rs 3,865 crore) in revenues from its India business, with the remaining $300 million (Rs 2,550 crore) coming from its international operations, the document showed.
BUSINESS
Flipkart’s Kanchan Mishra to take over Mobiles business after VP Smrithi Ravichandran quits
With the new role, Mishra will become a key person at Flipkart as she will overlook the operations of up and coming Minutes, the quick commerce arm of Flipkart and Mobiles, a key revenue driver for the company.
BUSINESS
Sparrow Capital looks to raise Rs 400 crore in third fund
Its third fund, which will be finalised in the coming months, will allow Sparrow Capital to become a more competitive VC fund and bet more aggressively on high potential founders
BUSINESS
Ola Electric looks to secure Rs 1,200 crore in private credit
A majority of the fresh money will be used to refinance an existing bank loan, a source told Moneycontrol
BUSINESS
Zepto to raise $500 million from General Catalyst, Avenir and others in fresh round at $7 billion valuation
Apart from General Catalyst and Avenir Growth, it is also likely that one or two other investors, who specialise in public markets, may participate in the ongoing round, sources told Moneycontrol
BUSINESS
Lenskart co-founder Peyush Bansal to buy company shares at a valuation of $1 billion, a tenth of its targeted IPO valuation
Bansal is in talks to secure a loan of Rs 200 crore and buy shares in the eyewear startup at a valuation of $1 billion, returning to 2019 levels, sources told Moneycontrol.
BUSINESS
Meesho files DRHP confidentially to raise Rs 4,250 crore in primary capital
With this step, Meesho has moved another step closer to an IPO and also joins a growing list of new-age companies that are headed to Dalal Street.
BUSINESS
Narayana Murthy’s Catamaran eyes Amazon-like joint ventures in precision manufacturing
We're looking for a Y2K moment for precision manufacturing here in India, Ranganath MD, Chairman at Catamaran told Moneycontrol in an interview.
BUSINESS
Nykaa block deal: Banga family to sell nearly 2% stake worth $150 million
A total of 16 million shares in FSN E-commerce will change hands at a discount of 4-5 percent from July 2 levels.
BUSINESS
Virat Kohli opens Agilitas innings with Rs 40-crore investment in first tranche
Kohli’s initial investment of Rs 40 crore is the first tranche of a larger round. He is set to invest more money personally and increase his involvement with Agilitas
