One quick thing: Sify to invest Rs 847 crore in Bengaluru’s Aerospace Park.

In today’s newsletter:

• 10-minute food delivery turns red hot
• Early Christmas for Razorpay staffers
• Waterfield is raising a new round

Note to readers: Tech3 will not be published tomorrow, December 25th. We'll be back with our next edition on December 26th. Wishing you and your loved ones a Merry Christmas!

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The year 2024 has been all about quicker deliveries, be it groceries, print-outs, mobile phones, medicines, fashion, and whatnot. Food delivery has, however, taken the cake during the year.

After quick commerce (qcomm) unicorn Zepto launched Cafe in April 2022, several players jumped on the ten-minute food delivery bandwagon.

• Swiggy and its qcomm vertical Instamart launched Bolt and Instacafe respectively, while Blinkit spun off an independent app, Bistro.

However, no company, including Zepto, anticipated the offering to become this vital. In fact, most of the scale-up happened in the past 4-5 months.

• Zepto Cafe, Swiggy Bolt/Instacafe, and Blinkit Bistro have expanded aggressively over the past few months.

Apart from the major players - Swiggy, Zomato, Zepto, and Blinkit - several others have also taken a stab at 10-minute food delivery in recent months.

• Bengaluru-based startup Swish was the first to pick up $2 million in funding from Accel and others.
• Hyperlocal delivery startup Magicpin launched magicNow in Bangalore, Hyderabad, Mumbai, Chennai, Delhi-NCR, and Pune.
• Tata-backed BigBasket hinted at launching a 10-minute food delivery service in the near future.

India's increasing GDP per capita, urbanisation, and digitisation are the key drivers behind the adoption of up to 15-minute food deliveries, say analysts.

• Investors however believe that the incumbents have an edge 

Regardless, everyone agrees that 10-minute food delivery is here to stay for rapid delivery players and will also unlock the next phase of growth for food delivery majors.

Dig deeper

Fintech unicorn Razorpay is celebrating its 10th anniversary in style by granting ESOPs worth Rs 1 lakh to all 3,000 of its current employees.

This milestone initiative ensures that every team member, even those without prior ESOP allocations, now has a stake in the company’s future.

• Co-founders Harshil Mathur and Shashank Kumar highlighted this move as a gesture to recognise and reward their team’s contributions over the decade.

ESOPs are gaining traction in the Indian startup ecosystem as a tool for wealth creation and employee retention. 

• Razorpay’s decision underscores a growing trend of startups sharing their success with employees, fostering loyalty and long-term growth.

On the heels of the anniversary celebrations, Kumar, Razorpay’s cofounder and its first India investor Z47's Vikram.

• Vaidyanathan spoke to us about the firm’s evolution—from its humble beginnings in a Koramangala flat to becoming a fintech unicorn.

With plans to flip back to India, a Dalal Street entry is on Razorpay’s radar next.

Read More

The wealth management space in India is heating up with a player in this space hitting the funding trail.

Former banker Soumya Rajan-led Waterfield Advisors is gearing up to raise Rs 85-130 crore ($10-15 million) as it sets its sights on tapping the booming wealth management industry. 

• Jungle Ventures is leading the charge, with family offices and HNIs expected to join, sources tell us.
• The round could peg Waterfield’s valuation at Rs 680-850 crore ($80-100 million).

The move comes hot on the heels of peers like Dezerv, Centricity, and Neo’s raise, signaling intense competition.

Family office advisory is at the heart of Waterfield's services, helping ultra-rich families manage their wealth and investments. 

• The segment is mushrooming—jumping from 45 in 2018 to nearly 300 in 2024—creating a ripe customer base for Waterfield. 
• Overall, India’s wealth management industry is on fire, expanding at a 13-15% CAGR. 

If the deal closes, it will be Waterfield’s largest funding round yet, adding to its previous $15 million raise.

Read full story

Elon Musk's AI company, xAI, has secured $6 billion in a Series C funding round, attracting investors such as A16Z, Blackrock, and Sequoia Capital.

Encyclopaedia Britannica is giving itself a 21st-century glow-up with AI! The iconic educational resource, which ended its print editions over a decade ago, is diving into AI to make learning more interactive, engaging, and even a bit personalised.

The verdict is out and India’s favourite dish is (no surprises) Biryani, with 83 million orders in 2024, as per Swiggy.

• But someone’s Italian fetish has kicked in this year. One big Pasta fan ordered 55 Alfredo dishes, 40 Mac & Cheese, and 30 Spaghetti plates! Spending a total of Rs 49,900.

Meanwhile, Dosa and Idli continue to dominate the breakfast table with 8.5 million and 7.8 million orders, respectively.

Click to know more. 

And if you're in the mood for some binge-watch, the much-awaited second season of Squid Game is releasing on December 26 on Netflix.