BUSINESS
PharmEasy co-founders Dharmil Sheth, Dhaval Shah, Harsh Parekh and Hardik Dedhia to leave troubled startup
The founder group cumulatively holds under 2 percent in API Holdings. Each of the five co-founders held between 0.20 percent to 0.30 percent stake in the company, data showed.
BUSINESS
Swish, a 10-min food delivery startup, settles for smaller fundraise even as market heats up
Large players toying with the idea of rapid food delivery and tasting initial success will give these well-funded companies an edge over the others which essentially means the smaller startups, that do not have deep pockets or large investor backing, will tend to lose out.
BUSINESS
Milky Mist kicks off IPO process: JM Financial, IIFL Capital Services and Axis Capital running mandate
Milky Mist is aiming to raise around Rs 2,000 crore (around $235 million) through its IPO, slated for later this year, sources told Moneycontrol.
BUSINESS
Fintech firm Scapia in talks to raise Rs 340 crore in fresh funding from Peak XV Partners, others
Scapia is commanding a valuation of around Rs 1,250-1,500 crore, slightly higher than Rs 800-850 crore previously, a source told Moneycontrol.
BUSINESS
Swiggy launching a new app is not a new strategy, says chief Sriharsha Majety on Instamart, Snacc launch
Along with Snacc and Instamart, more apps like Pyng, a Justdial-like offering, and a separate one for Rare, a membership programme by Swiggy, are also in the works, sources told Moneycontrol.
BUSINESS
Swiggy to launch Instamart as separate app, eyes multi-app strategy on quick commerce boom
To be sure, Instamart will continue to be present on the main Swiggy app.This approach mirrors strategies adopted by Chinese internet giants like Meituan and Alibaba, which combine a unified app with a suite of standalone apps tailored to specific use cases.
BUSINESS
Lenskart calls on bankers for $1 billion IPO pitch
While Lenskart was profitable in the past, it incurred a loss of Rs 10 crore on the back of Rs 5,427-crore revenue in FY24, filings showed
BUSINESS
Dunzo’s Kabeer Biswas to head Flipkart Minutes
Biswas heading Flipkart Minutes is to give the Walmart-owned company an edge over other quick commerce majors as he has cut his professional teeth in the sector for over a decade, even before rapid delivery emerged as a hot sector only a few months ago.
BUSINESS
Swiggy launches a new app SNACC to deliver food in 15 minutes as competition heats up
The company has so far housed all its offerings, food delivery, quick commerce, hyperlocal delivery, dining out, under one main app.
BUSINESS
Dunzo's Kabeer Biswas may join Flipkart Minutes to lead operations
If talks go through, Biswas heading Flipkart Minutes is likely to give the Walmart-owned company an edge over other quick commerce majors as he has cut his professional teeth in the sector for over a decade, even before rapid delivery emerged as a hot sector only a few months ago.
BUSINESS
Hindustan Unilever in talks to acquire skincare startup Minimalist for Rs 3,000 crore
HUL is discussing a deal with Minimalist around three years after the company raised Rs 110 crore ($15 million) from Unilever Ventures, the venture investing arm of Unilever.
BUSINESS
Former Omidyar Network executives set up Prana Ventures, a new VC firm
The firm will focus on early-stage investments in sectors such as Financial Inclusion, Education, Climate, Agriculture, Healthcare, MSMEs and other sectors that target the bottom 60% of India’s income pyramid.
BUSINESS
End of an era: Dunzo co-founder Kabeer Biswas to quit
Dunzo was in talks with BigBasket, Swiggy among others for a strategic investment earlier. While it pioneered the hyperlocal commerce space, excessive cash burn and a competitive market took a toll.
BUSINESS
Zepto streamlines structure ahead of IPO with new marketplace entity
The company registered Zepto Marketplace Private Limited on October 22, 2024, in a move that will align its business structure with that of publicly listed rivals such as Swiggy Instamart and Blinkit, sources told Moneycontrol.
BUSINESS
Zepto VP Jitendra Bagga quits in second high-level departure
Prior to joining Zepto in April this year, Bagga had spent three years at Raymond Limited and 24-and-a-half years at Reliance Retail. He is based in Mumbai, and relocating to Bengaluru was a challenge, which was likely a key reason behind his departure.
TECHNOLOGY
Quick bites, quicker deliveries: The 15-minute food-delivery revolution is here to stay
India's increasing GDP per capita, urbanisation and digitisation are the key drivers behind adoption of up to 15-minute food deliveries among consumers, according to analysts. However, investors are at odds with analysts about the perception that competition in the food delivery space is unlikely to heat up.
BUSINESS
Wealth management platform Waterfield Advisors in talks to raise Rs 130 crore
Waterfield is seeking a valuation of $80-100 million (Rs 680-850 crore), sources told Moneycontrol.
BUSINESS
Epigamia co-founder Rohan Mirchandani passes away at 41 due to heart attack
"Rohan’s vision and values will continue to guide us as we work together to honor the foundation he built and ensure that his dream continues to flourish," a company spokesperson said.
BUSINESS
Zomato’s Blinkit picks former Flipkart executive Vipin Kapooria as its CFO
Kapooria is also Blinkit's first full-time designated CFO in around two years. The move to have a full-time CFO comes just a few months after Zomato said Blinkit is the company’s most important business division and that the vertical will be even bigger than its core food delivery business
BUSINESS
Citykart, a value retail chain company, discusses Rs 340-crore round with A91 partners, TPG NewQuest
Citykart was founded by Sudhanshu Agarwal, a former executive at Vishal Mega Mart which is now his company's primary competitor. Citykart is being valued at around Rs 1,350-Rs 1,500 crore during the ongoing round, sources told Moneycontrol.
BUSINESS
Zepto HR head Martin Dinesh Gomez quits; CEO Aadit Palicha takes over function
While CEO Palicha is handling some of Gomez’s tasks, Zepto’s chief brand officer Chandan Mendiratta will head the other human resource (HR) functions as Chief Culture Officer, sources told Moneycontrol.
BUSINESS
MB Patil says private cos won't be allowed to exploit state funds as Lenskart picks Telangana over Karnataka
A major point of contention was the amount of subsidy that was being offered. While the state government was ready to walk half way, Lenskart's demands were unreasonable, sources told Moneycontrol.
BUSINESS
Internet provider Wiom nears deal with Accel, Bertelsmann to raise around Rs 85 crore
The company is engaging with Prosus and it is likely that the Dutch investor will also come onboard along with the other two venture capital firms, which could increase the total round size, sources told Moneycontrol.
BUSINESS
Difficult to comment on quick commerce market share when competitor’s information is picky: Swiggy chief Sriharsha Majety
Swiggy chief Sriharsha Majety's comments comes at a time when Zepto's Aadit Palicha said his company's gross order value (GOV) has grown to $2 billion, ahead of Swiggy Instamart's $1.6 billion.
