BUSINESS
Swiggy increases IPO size: Company to now raise Rs 5,000 crore in fresh issue up from Rs 3,750 crore
An increase of Rs 1,250 crore or $150 million, as Swiggy readies a cash chest in a highly competitive market where rivals are in a land-grab mode.
BUSINESS
Byju's auditor BDO resigns after seeking forensic audit, founder Raveendran alleges blackmail tactics
In a letter to Byju's board, which only includes the founder's family currently, BDO has however said the company lacked transparency, a sentiment even previous auditors have highlighted.
BUSINESS
Zepto picks Goldman Sachs, Morgan Stanley and Axis Capital for its IPO
While three investment banks have been finalised, Zepto is likely to add more names as part of the final IPO syndicate. The company is aiming to raise about $450-500 million through a fresh issue of shares, sources told Moneycontrol.
BUSINESS
Former Swiggy employee 'embezzled' Rs 33 crore from IPO-bound company
The company got an external team to investigate the matter and filed a 'legal complaint' against the former junior employee who embezzled money over the 'past periods' but the matter was identified in FY24.
BUSINESS
Swiggy lagged Zomato in food delivery and quick commerce but narrowed gap in FY24
Like food delivery, Swiggy Instamart was a laggard when it came to quick commerce, too.
BUSINESS
Tata’s BigBasket set to merge subscription app BBdaily into main app
The revamp will reduce friction among buyers and paint an accurate picture of BigBasket’s scale and market share, company CEO Hari Menon told Moneycontrol in an interview.
BUSINESS
Swiggy narrows gap with Zomato on revenue, food delivery business grew 36% to Rs 11,247 crore in FY24
While Swiggy’s core business grew 36 percent, it still lagged Zomato during the financial year. Gurugram-based Zomato, in comparison, had a revenue of Rs 12,114 crore and clocked a profit of Rs 351 crore in FY24.
BUSINESS
Ontario Teachers, Bain Capital, Advent, others line up to back Mintifi in $100-million round
The deal hinges on the valuation the supply-chain financing platform is offered. The talks come at a time when large-ticket deals, $100 million and above, are making a comeback in the Indian startup scene
BUSINESS
Ola Consumer nears 1 lakh daily orders on ONDC; Bengaluru food delivery at 20% of Swiggy-Zomato's scale: Bhavish Aggarwal
Ola currently has three propositions on ONDC: food delivery, quick commerce and hyperlocal logistics. Ola is currently the biggest buyer app on the platform and accounts for 25% of ONDC’s overall business, Aggarwal told Moneycontrol in an interview.
BUSINESS
Zepto raises $1 billion in two months; closes $340 million funding round led by General Catalyst
Zepto’s total fundraise came in two tranches. The first $665 million round closed on June 21 and the remaining $340 million came on August 29, as first reported by Moneycontrol.
BUSINESS
Amitesh Jha named Instamart CEO; co-founder Phani Kishan to serve as chief of staff
In the same email, Swiggy co-founder Sriharsha Majety also said that current Instamart head Phani Kishan will be taking on a broader role within the company.
BUSINESS
Quick commerce on Govt radar; ministries assess impact on kirana stores
While a government source said that the issue is still in its early stages, taking any action at this time would be premature, as the industry is still embryonic. According to industry stakeholders, kiranas do not need protection, and there is a need for reskilling as technology advances.
BUSINESS
Funding is back, with a catch: Secondary share sales fuel $100 million rounds in Indian startups
While deals were mostly primary in nature in 2021, most rounds now include a significant portion of secondary share sales. As a result, valuations are lower, and stakeholders benefit from a win-win situation.
BUSINESS
Rebel Foods in talks to raise $120 million in fresh round led by Temasek
The company is raising money at a blended valuation of $1 billion. Investors like Lightbox and Coatue are selling shares and the primary capital will be used for business growth which includes an offline play, sources told Moneycontrol.
BUSINESS
Eruditus nears deal to raise $150 million in fresh round led by TPG
The discussions to raise money started sometime last year and the initial plan was just to do a small $50 million secondaries round where some early investors would take an exit. However, Eruditus after achieving a full year of Ebidta profitability decided to kick off a larger round and close it before flipping its base back to India from Singapore, a source told Moneycontrol.
BUSINESS
Rapid, unchecked growth of quick commerce hurting millions of kiranas and small retailers: FMCG distributors’ body AICPDF to Piyush Goyal
The comments are of particular importance because companies like Blinkit, Swiggy Instamart and Zepto have all unanimously denied they are growing at the cost of kiranas.
BUSINESS
Super app Vs super brands: How Zomato’s differentiated app strategy compares with Swiggy’s integrated play
While no strategy is good or bad or likely drives better results than the other, Zomato’s financial performance is testament to its successful experiments, as per analysts.
BUSINESS
Amazon’s India investments only to fill balance sheet losses, no reason to celebrate: Piyush Goyal
Goyal also remarked that Amazon incurred huge losses because it follows predatory pricing.
BUSINESS
Nandita Sinha tightens grip on Flipkart Fashion, appoints Myntra’s Sharon Pais as business head
Several senior employees at Flipkart Fashion, including VPs Padmakumar Pal and Rakesh Jallipally, along with senior directors Manish Sharma and Pallavi Saxena will now report to Pais, according to an internal email seen by Moneycontrol.
BUSINESS
Etsy’s India gamble falters amid leadership exit, freeze on seller onboarding
The exit of India Head Pankaj Jathar comes at a time when Etsy is grappling with a strategic shift away from the Indian market, facing significant global challenges, including declining sales, a plummeting stock price, and increasing competition.
BUSINESS
Secondary funds bloom as venture capital investors seek more exit options
A majority of secondary players aren't necessarily looking for distressed sales anymore. They're looking for great businesses but distressed investors, a fund manager told Moneycontrol.
BUSINESS
Big Billion Day: Zepto about to close fresh $340 million round led by General Catalyst, surpassing $1 billion funding in two months
Zepto's new round comes weeks after Moneycontrol first reported on July 2 that the company has received interest for a $250 million cheque from General Catalyst as part of a larger round.
BUSINESS
Is quick commerce eating into kiranas or e-commerce? Blinkit, Swiggy, Zepto, DMart, Delhivery weigh in
While it is difficult to pinpoint, Neville Noronha, MD and CEO of Avenue Supermarts, which runs DMart, said the advent of quick commerce has resulted in a 1-1.5 percent impact on the company.
BUSINESS
Having a listed competitor is both good and bad, says Swiggy chief Majety
The comments come as Swiggy gets ready to launch its initial public offer later this year, while rival Zomato has seen the share price rocket on improving profits
