Tag: swiggy

Srartup Digest: Dhruva Space bags ₹78 cr from IAN Alpha Fund, Nat Habit crosses ₹100 crore ARR in FY24 & more

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Investors Vs Byju’s: NCLT defers hearing to June 6

No relief for beleaguered edtech Byju’s as National Company Law Tribunal has deferred the rights case issue to June 6. NCLT is hearing a plea filed by four investors regarding oppression and mismanagement at Byju’s.

The investors have alleged during the hearing that Byju’s had not deposited the money it received from rights issue prior to February 27 in the escrow account.

In its order on February 27, NCLT directed Byju’s not to allot shares to investors participating in the rights issue without increasing its authorised share capital. The company was also asked to keep the proceeds of the rights issue in an escrow account to protect investors’ rights.

Sources at BYJU’S had informed CNBC-TV18 on April 22 that the company planned to request the release of the funds received from the rights issue, which are currently held in an escrow account, to be able to clear its salary and other obligations. 

Dhruva Space bags ₹78 cr in Series A2 round led by IAN Alpha Fund

Spacetech startup Dhruva Space has raised ₹78 crore in its Series A2 funding round led by IAN Alpha Fund, with participation from existing investors. With this, the company has brought its Series A corpus to ₹123 crore.

The fresh capital will enable the company to establish spacecraft manufacturing and testing capabilities, and launch customer missions with the larger satellite buses, namely P-30 and P-90. Dhruva Space said it is setting up the first phase (1.2 lakh square-foot) of their 2.8 lakh-square-foot world-class spacecraft manufacturing facility in Hyderabad to invest in continued innovation upon the existing product line to go to the global market.

Dhruva Space has launched eight payloads in the last 2 years, including the Thybolt satellite mission in November 2022 and the LEAP-TD mission on January 1, 2024. Building on this, the coming years will see several customer launches with the company’s P-30 nanosatellite platform and P-90 microsatellite platform.

Nabhdrishti Aerospace raises ₹3 crore in Pre-Seed round

Deeptech startup Nabhdrishti Aerospace has raised ₹3 crore in a pre-seed funding round led by IIMA Ventures (formerly IIMA-CIIE).

Founded in 2023, the startup will design and develop gas turbine engines, beginning with a 350 SHP turbo-prop engine for aviation and power generation use cases. The micro gas turbine (MGT) engines will be indigenously developed and manufactured and will feature fuel flexibility to enable clean fuel compatibility and enhanced efficiency.

The fresh funds will be used to aid the development of a fuel flex combustor prototype via thorough testing on the fuel injector and combustor, enabling the company to showcase the proprietary fuel flex technology.

Flipkart Ventures to fund GenAI-based early stage startups

Flipkart Ventures, the investment arm of e-commerce major Flipkart, has invited applications for its accelerator programme. As part of the Flipkart Leap Ahead (FLA) programme, selected startups will receive equity investments between $200,000 and $500,000, according to a statement.

Announcing the third cohort of FLA, the firm said the programme aims to accelerate the growth journey of early-stage startups. Applications for the programme will be open from April 22 to May 26.

It added that these startups will also receive two-month mentorship, wherein industry veterans, operators, and founders will guide these entrepreneurs to prepare them for hyper-growth.

Nat Habit surpasses ₹100 crore ARR in FY24; aims to be EBITDA profitable in 18 months

D2C natural beauty and personal care brand Nat Habit has announced that it has crossed ₹100 crore-mark in terms of its annualised revenues in FY24. The brand also aims to become EBITDA profitable over the next 17–18 months.

According to the startup, about 55% of its revenue comes from its own D2C site and the balance comes from e-commerce marketplaces. Nat Habit said it is witnessing 30% of its business come from smaller cities and tier-2 markets.

Since the Series B funding of $10.2 million in December 2023, Nat Habit said it had further accelerated its expansion and innovation efforts. “We are poised for an exciting future with investments in R&D, robust in-house tech capabilities and commitment to optimise our supply chain to handle current and new product offerings,” said Gaurav Agarwal, Co-founder of Nat Habit.

BharatPe launches an all-in-one payment device

Fintech company BharatPe has launched an all-in-one payment product that incorporates POS (point of sale), QR, and speaker into a single device.

Called BharatPe One, the product is designed to streamline transactions for merchants, offering versatile payment acceptance options including dynamic and static QR code, tap-and-pay and traditional card payment options.

The company plans to launch the product in over 100 cities in the first phase and further scale it to more than 450 cities over the next six months.

Razorpay announces ‘UPI Switch’ in partnership with Airtel Payments Bank

Fintech company Razorpay has launched its own UPI infrastructure with ‘UPI Switch’, a cloud-based innovation in partnership with Airtel Payments Bank, and said the solution is geared to ensure smoother and faster transactions.

Boosting success rates by 4-5%, the solution is designed to handle up to 10,000 transactions per second (TPS) at any given time, according to a release.

The ‘UPI Switch’ will also enable 5 times faster access to UPI (Unified Payments Interface) innovations for businesses, it added.

Swiggy launches Smart Links to boost orders for restaurants with a digital presence

Food delivery platform Swiggy, has announced the launch of ‘Smart Links’, a tool designed to empower restaurants of all sizes to enhance their online presence and drive growth.

This new tool helps restaurants convert social media footfall to business with just one click. Smart Links has already driven over 4 million menu sessions for over 35,000 restaurant partners, Swiggy said in a statement.

“Smart Links, which Swiggy is customizing for free for all restaurant partners, will be a game-changer by giving restaurants the power to easily access and customize these links. This allows them to measure individual channel performance and compare all in the owner app, thereby promoting themselves effectively, driving actual orders, and gaining a better understanding of their customers as well as spend on online platforms and social media,” said Deepak Maloo, AVP – Supply, Swiggy.

WeWork India adds two new buildings

Flexible workspace provider WeWork India has announced the expansion of their operations in the country by signing lease agreements for two new buildings.

Set to open in the next couple of months, the new buildings — HQ27 in Gurugram and Amanora Crest in Pune — are located in key business hubs and will redefine the workspace experience for professionals and enterprises alike, the company said.

The two buildings will add over 3,100 desks, spread across over 1,83,000 square feet of space to the existing portfolio.

Global Technology & Startup News

Microsoft introduces smaller AI model

Microsoft has announced a cost-effective, small language artificial intelligence model that can perform tasks such as content creation and create social media posts while using smaller amounts of data.

The company introduced an AI model called Phi-3-mini, which can outperform models twice its size across a variety of benchmarks that evaluate language, coding and math capabilities, it said in a statement.

Smaller AI models are designed to perform simpler tasks, making it easier for use by companies with limited resources, Microsoft said.

Adobe to bring full AI image generation to Photoshop this year

Adobe plans to place a tool for full artificial intelligence image generation in its Photoshop software later this year.

Adobe’s image and video editing tools are widely used by creative professionals, but it faces rising competition from startups such as Microsoft-backed OpenAI, Midjourney and Stability AI, all of which offer services that can generate images from text prompts.

Adobe is developing its own image-generation AI system called Firefly, which is trained on data that Adobe has rights to, in order to avoid copyright infringement claims against users.

Meta opens Quest operating system to third-party device makers

Meta is sharing its Quest headset’s operating system with rival device makers, including Microsoft for the first time, as it works to extend its influence over the emerging virtual and mixed reality industry.

The move will allow partner companies to build their headsets using Meta Horizon OS, a rebranded operating system that brings capabilities like gesture recognition, passthrough, scene understanding and spatial anchors to the devices that run on it, the company said in a blog post.

The social media company said partners Asus and Lenovo would use the operating system to build devices tailored for particular activities. Meta is also using it to make a limited edition version of the Quest headset “inspired by” Microsoft’s Xbox gaming console, according to the company’s statement.

Amazon launches low-cost grocery delivery subscription plan in US

Ecommerce giant Amazon, has launched a new grocery delivery subscription in the United States for members of its Prime program and customers who are recipients of the government food assistance benefits.

The subscription plan would allow Amazon’s Prime members to get unlimited grocery delivery at $9.99 per month on orders over $35 from Whole Foods Market, Amazon Fresh, and other local grocery and specialty retailers on the platform, including Save Mart, Bartell Drugs, Rite Aid and Pet Food Express.

The service will be available in over 3,500 cities and towns across the country.

Injury rates for Musk’s SpaceX exceed industry average for second year: Report

Injury rates at SpaceX facilities continued to exceed an industry average in 2023, according to a Reuters review of safety data reported to U.S. regulators by the space venture controlled by billionaire Elon Musk.

The 2023 records, newly disclosed by the Occupational Safety and Health Administration, also show that injury rates at some SpaceX facilities grew worse than those the company had reported in 2022.

At its manufacturing-and-launch facility in Brownsville, Texas, for instance, SpaceX reported 5.9 injuries per 100 workers, surpassing its rate of 4.8 injuries in 2022 and topping a space industry average of 0.8.

Spotify’s monthly user numbers miss estimates on lower promotions

Spotify has reported quarterly monthly active users (MAU) below its own estimates, as the Swedish music streaming company chose to boost profit instead of spending more on marketing activities to draw in more listeners.

First-quarter MAUs rose 19%, but missed Spotify’s own guidance and a median of analysts’ forecasts of 618 million. It also forecast current-quarter MAUs at 631 million, missing estimates of 636.3 million, according to IBES data from LSEG.

Premium subscribers, who account for most of the company’s revenue, rose by 14% to 239 million, in line with estimates. Spotify has been cutting costs, including through layoffs and its marketing budget, as it looks to increase margins and profits.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Swiggy integrates Instamart with Mall to deliver a wider selection of products

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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On-demand convenience delivery platform, Swiggy, on Thursday (April 18), announced the integration of Swiggy Mall, with its popular quick commerce platform Swiggy Instamart.

According to the company, Swiggy Mall, which initially ventured into online retail, catering to a diverse range of home and family needs, has garnered significant traction in select areas of Bengaluru. It offers an array of categories spanning sports goods, footwear, clothing, electronics, appliances, toys, and stationery.

Phani Kishan, Head of Swiggy Instamart, expressed the company’s commitment to providing convenience to users. “With our latest update, customers can now explore an extensive selection across over 35 categories, that go way beyond groceries and home essentials, delivered in minutes. This marks a significant milestone in our journey towards providing unparalleled convenience, ensuring our users have everything they need at their fingertips, faster than ever before,” he said.

Swiggy added that consumers will now have access to a plethora of renowned brands such as HP, Croma, Realme, Liberty Footwear, Puma, Enamor, La Opala, and an assortment of products, including keyboards, headphones, vacuum cleaners, coolers, cookers, idli makers, dinner and crockery sets, AC blankets, shoulder bags, wallets, and more.

Swiggy’s expansion plans include scaling up Swiggy Mall’s operations across multiple cities, starting with Bengaluru.

Also Read: Swiggy partners with Park+ for doorstep delivery of IndusInd FASTag in under 10 minutes

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Lost your pet? Here’s how Swiggy’s ‘Pawlice’ feature can help

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Swiggy, the popular food delivery platform, on Friday, April 12, rolled out a new feature on its app aimed at aiding pet owners in finding their missing pets. The feature, named “Swiggy Pawlice,” allows users to report a lost pet directly through the Swiggy app.

This comes a day after the National Pet Day, on April 11, when the food- delivery platform launched the Swiggy Paw-ternity Policy for its employees under which all full-time staffers who are or want to become pet parents will be able to avail of a few additional leaves.

Rohit Kapoor, CEO of Swiggy Food Marketplace said, “As a pet parent myself, I understand firsthand the worry and anguish that accompanies the thought of a pet going missing. While I sincerely hope that such a distressing event never occurs to any fellow pet parent, if it does, Swiggy Pawlice stands ready to be a dependable resource to assist them.”

How does the feature work?

According to Swiggy, the pet parents can report their missing pets directly through the Swiggy app, providing all necessary details and pictures.

The “Swiggy Pawlice” feature utilises Swiggy’s extensive network of over 3.5 lakh delivery partners, who can assist in search efforts while out on deliveries. If a delivery partner spots a missing pet, they can report it to a dedicated team at Swiggy, who will then share the information with the pet owner.

“Swiggy acknowledges the importance of every reunion and celebrates the efforts of delivery partners who go above and beyond to reunite pets with their parents. These partners receive rewards as tokens of appreciation,” Swiggy said.

“For a business like Swiggy to lead by example and take responsibility is exactly what we need to see in today’s world,” Shantanu Naidu, General Manager, Tata Trusts, House of the Chairman said.

“We want the services we rely on daily to demonstrate empathy and mindfulness towards the world around us. With initiatives like the Tata Animal Hospital offering subsidized and free treatment for strays in need of lifesaving critical care, the ecosystem is now in place. All that’s left for us to do is to participate in animal welfare efforts and be a part of creating a better world for all beings,” Naidu added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

With nearly 6 million orders, biryani tops Ramadan food charts on Swiggy report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian food enthusiasts’ love for biryani knows no bounds is something we already knew, and now a report by Swiggy, the online food delivery platform, has made it official. Swiggy unveiled its Ramadan order analysis, proving the nation’s continued love affair with the most popular delicacy, biryani. Offering a glimpse of some of the most popular Iftar foods ordered by its customers, this analysis sheds light on unique food trends based on orders placed on Swiggy from March 12 to April 8, 2024.

As per the Swiggy report, the month of Ramadan recorded around 6 million plates of Biryani ordered via the platform, marking a 15% increase compared to regular months. Among the cities that placed the highest number of orders for biryani was Hyderabad with a staggering figure of over a million plates. Besides biryani, the city also placed a whopping order of 5.3 lakh plates of haleem during the holy month.

In addition to the number of biryani plates ordered, Swiggy’s reports also included the time during which the maximum orders were placed. It suggested a 34% increase in orders between 5:30 and 7 pm (the approximate time for Iftar) in comparison to the regular hours. Apart from that, it also claimed that chicken biryani, mutton haleem, samosa, falooda, and kheer were among the most ordered food items around this time nationwide, showcasing their enduring popularity among the masses.

There was a significant increase in orders for other dishes as well. While Haleem saw an increase of 1454.88 per cent, the orders for Phirni and Malpua went up by 80.97 per cent and 70.97 per cent respectively. Falooda saw an increase of 57.93 per cent while Dates’ orders rose by 48.40 per cent. According to the report, the sweet spots for Ramadan like Mumbai, Hyderabad, Kolkata, Lucknow, Bhopal, and Meerut placed the most number of orders for sweet dishes including Malpua and Phirni.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Swiggy offers paid adoption and bereavement leaves and work-from-home option to pet parents

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a one of its kind initiative in India, on National Pet Day, Swiggy has announced the launch of its Swiggy Paw-ternity Policy for its employees under which all full-time staffers who are or want to become pet parents will be able to avail of a few additional leaves.

“Building on our gender-neutral parental policy introduced in 2020, which provides substantial paid leave for primary and secondary caregivers, in addition to bonding leaves, and time off for adoption, surrogacy, miscarriage and IVF, we are now expanding our definition of parenthood to include pet parents as well,” Swiggy said in a blog on April 11.

As per the policy, employees will get ‘New Pet/Adoption Leave’, which means they can take an additional paid day off (in addition to their annual leave entitlement) to welcome their new companions home.

“Pet parents may opt for work-from-home during the settling-in period to provide comfort and support to their new family member,” the blog added.

Also Read: Swiggy offers 20% discount to HNIs in pre-IPO deal, says report

Pet parents can also use their casual or sick leave to attend to the needs of their pets. “Whether it’s for a routine vaccination or accompanying a sick or injured pet to a veterinary appointment, the policy allows employees to take the time off they need to care for their pets.”

Swiggy has also introduced a bereavement leave in case the parents have had to put their pet to sleep. “Our bereavement leave will now cover pets, providing employees with the time they need to grieve and recover from the loss.”

Also Read: Invesco marks up Swiggy’s valuation to $12.7 billion ahead of IPO

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Swiggy offers 20% discount to HNIs in pre-IPO deal, says report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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IPO-bound Swiggy is reaching out to high-net-worth individuals (HNIs) to buy its shares at a 20% discount on its current valuation, according to a media report on Wednesday.

Swiggy’s appointed wealth managers are “offering shares at ₹350 a piece and at a valuation of ₹80,000 crore,” said a report on Entrackr.

CNBC-TV18 reached out to Swiggy independently, but the company refused to comment on the story.

Earlier, Invesco, a US-based asset management company (AMC), has pushed up Swiggy’s valuation by 19% to $12.7 billion in the run-up to its planned IPO, regulatory filings showed. The investor had led the food delivery startup’s $700-million round in January 2022 at a valuation of $10.7 billion.

After that, Baron Capital, one of the company’s investors, had pegged Swiggy’s fair value at $12.2 billion as of March 2024, providing a boost to the IPO-bound startup.

The series of mark-ups now push Swiggy’s valuation closer to that of its rival Zomato. Shares of Zomato settled at ₹197.30 apiece on the NSE on Wednesday, April 10. During the intra-day trade, it hit an all-time high price of ₹199.60, just shy of the psychological barrier of ₹200.

Swiggy recorded a $200 million loss for the nine months to December 2023, according to an internal company document. For the full fiscal year 2022–23, Swiggy made a loss of ₹41.8 billion ($500 million), according to the document. But the company’s lower wage payouts and cuts in marketing spending will help it trim losses for the full year 2023–24.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Invesco marks up Swiggy’s valuation to $12.7 billion ahead of IPO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Invesco, a US-based asset management company (AMC), has pushed up Swiggy’s valuation by 19% to $12.7 billion in the run-up to its planned IPO, regulatory filings showed. The investor had led the food delivery startup’s $700-million round in January 2022 at a valuation of $10.7 billion.

This now marks the third straight time Invesco has marked up Swiggy’s valuation. It had last increased Swiggy’s valuation to $8.3 billion as of October 2023, after a series of cuts. After that, Baron Capital, one of the company’s investors, had pegged Swiggy’s fair value at $12.2 billion as of March 2024, providing more boost to the IPO-bound startup, Moneycontrol had reported.

The series of mark-ups now push Swiggy’s valuation closer to that of its rival Zomato. The BSE-listed company has seen its share price zoom to a lifetime high of ₹194.3 apiece as of 2:25 pm on April 9. The robust performance, largely on the back of its quick-commerce business, has given Zomato a market capitalisation of over $20 billion.

Swiggy did not comment on the developments.

Investors typically consider public market valuations when evaluating private market companies, and Swiggy is no exception.

These developments come at a time when Swiggy is preparing for its mega $1 billion IPO. Last month, Reuters, citing internal documents, reported that Swiggy’s losses stood at $207 million from April to December 2023 — the first nine months of fiscal year 2023-24.

That loss was on a revenue of $1.02 billion during the same period, compared with fiscal year 2022-23 revenue of $1.05 billion, the document showed.

Swiggy group CEO, Sriharsha Majety, had earlier told Moneycontrol that IPO preparations are underway. From appointing investment bankers to board members and converting its businesses (Bundl Technologies and Swiggy Ltd) to public limited companies, Swiggy is doing it all to likely list later this year.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Startup Digest: STG acquires Eka Software, Filter Capital secures ₹800 crore for maiden fund and more

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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US-based PE firm STG acquires Eka Software

US equity firm STG has acquired Eka Software Solutions to merge with Quor Group, providing a comprehensive software suite. The Manav Garg-founded SaaS company is a global provider of commodity management solutions.

Eka specializes in commodities trade and risk management, while Quor focuses on Commodity Trading and Risk Management (CTRM) in the metals industry. The merger aims to meet diverse customer needs globally, addressing market volatility and supply chain disruption.

Eka Founder and CEO, Manav Garg, will continue as a board advisor of the combined entity, a statement said.

Filter Capital secures ₹800 crore for its maiden fund

Technology-focused venture capital firm Filter Capital has secured ₹800 crore funding for its maiden fund—Filter Capital India Fund I.

Indian institutional investors and family offices such as HDFC Fund of Funds, SIDBI, SRI Fund, Oister Global, DSP family office, Akash Prakash, the founder of Amansa Capital, and Harsh Jain, the CEO of Dream11 have committed to the fund, the VC firm said in a statement.

The fund has so far invested over 30% of its corpus across four investments in SaaS, consumer technology, and B2B services. The firm’s current portfolio companies include Capillary Technologies, an enterprise loyalty SaaS provider, Chalo Mobility, a bus mobility platform, LoadShare Networks, an e-commerce logistics services firm, and THB, an Asia-focused healthcare enterprise SaaS company.

Planys Technologies raises ₹43 crore from investor Ashish Kacholia

IIT-Madras incubated deep tech startup Planys Technologies has raised equity funds worth ₹43 crore from investor Ashish Kacholia. The funding round also saw participation from Samarthya Advisors, Golden Birch Investments, Cogniphy Angel Fund, Krishna Defence, and Impact India Investment Partners LLC.

As per the startup, the round also witnessed exits from many first-round seed investors.

“We intend to grow our operational capacity and enhance the inventory of underwater inspection solutions, covering high-end applications such as non-destructive testing of metal and concrete structures, specialized inspection robotics for the process and hydrocarbon industry, real-time monitoring applications, and advanced digital reporting solutions,” said said Vineet Upadhyay, Chief Technology Officer, Planys Technologies.

PlatinumRx secures $800,000 funding from IndiaQuotient

PlatinumRx, a healthcare startup, has raised $800,000 in a seed funding round from India Quotient, along with participation from several prominent angel investors.

PlatinumRx plans to utilize the funds to augment its warehousing and distribution network, enhancing its presence across the country and increasing its product offerings. By expanding its footprint, the company aims to reach more patients in need of affordable and high-quality medications, a statement said.

The startup claims to be delivering in 20,000+ pin codes within 2-3 days and providing same-day delivery in Bangalore. They have also partnered with multiple old age homes and rehab centers across Bangalore aiming to substantially decrease the medical expenses for the patients.

Digital banking platform Freo turns profitable

Peak XV-backed consumer lending app Freo has reported gross revenue of ₹350 crore for FY24. The company claims to have been profitable for the last four months since December 2023.

The firm said its gross revenues jumped 5X over the past five years and it has consistently maintained a positive contribution margin for three consecutive years.

With a pan-India presence spanning over 1200 cities, the company’s user base increased from 15 million in FY22 to an impressive 25 million by the end of FY24, a statement said.

Byju’s-owned Aakash Edcational Services appoints former Pearson India head Deepak Mehrotra as CEO

Byju’s-owned Aakash Educational Services Limited (AESL), has announced the appointment of former Pearson India head Deepak Mehrotra as its Managing Director (MD) and Chief Executive Officer (CEO).

Mehrotra comes with over 35 years of experience in executive positions spanning the fast-moving consumer goods (FMCG), telecom, and education sectors. Apart from serving as the Managing Director at Pearson India, his previous leadership roles include serving as the Managing Director at Ashirvad Pipes and holding positions at Bharti Airtel, Coca-Cola, and Asian Paints.

According to a statement from AESL, Mehrotra’s appointment aligns with its vision to enhance its offerings, expand its reach, and make a positive impact on the education landscape.

Flipkart launches bus bookings on its app to expand travel portfolio

E-commerce major Flipkart has launched bus services on its app and has partnered with multiple state transport corporations and private aggregators.

Flipkart will offer customers 10 lakh bus connections with connectivity to over 25,000 routes across India. This is in addition to the flight and hotel booking services that have been available under the Flipkart Travel banner, a statement said.

“With Flipkart’s strong presence in tier-2 and tier-3 markets, this move has enabled us to provide customers with a convenient and reliable solution for their inter-city travel needs,” said Ajay Veer Yadav, Senior Vice President, Flipkart.

Swiggy now delivers to houseboats on Dal Lake in Srinagar

Online food delivery platform Swiggy has said that it now delivers to tourists staying on houseboats on Dal Lake in Srinagar.

The company has partnered with Shikara operators who will assist local delivery partners to deliver to the doorsteps of the houseboats.

“The Swiggy houseboat delivery is a great example of the company’s mission of offering unparalleled convenience, no matter where the consumer is,” Sidharth Bhakoo, National Head of Business, Swiggy Food, said in a statement.

GLOBAL TECHNOLOGY and STARTUP NEWS

Microsoft to launch AI hub in London

Microsoft has announced plans for a new artificial intelligence (AI) hub in London, focused on product development and research.

The unit will be led by Mustafa Suleyman, the London-born cofounder of Google DeepMind, who Microsoft hired last month.

The move also represents a win for Britain, which has sought to bolster its credentials as a technology superpower since hosting the world’s first global AI safety summit in November.

Google’s contemplated mega deal would prompt new fight with regulators

Google parent Alphabet’s contemplated acquisition of marketing software company HubSpot, would likely spark opposition from regulators even as many experts agree it would not curb competition, and would require the technology giant to open a new front in its battle with antitrust watchdogs.

Reuters reported last week that Google was mulling an offer for HubSpot, which has a market value of $34 billion. Google has been weighing the antitrust risks of a potential deal and has yet to decide if it will make an offer.

According to technology researcher Gartner, HubSpot, which focuses on smaller customers, had a 4.9% market share in 2022 in the CRM marketing software industry, while Salesforce and Adobe each held a 15% share. Yet these experts also said it is very likely that a Google deal for HubSpot would trigger challenges from US and European antitrust regulators, given their growing aversion to technology giants getting bigger through acquisitions.

EU regulators assess Apple’s plan for complying with music streaming order

EU antitrust regulators are checking to see if an Apple proposal would comply with their order to let Spotify and other music streaming services inform users of payment options outside its App Store, the European Commission said.

The iPhone maker risks antitrust charges and fresh fines if its proposal announced last Friday fails to satisfy the EU competition enforcer, which issued its order together with a 1.84 billion euro ($2 billion) fine last month.

Under Apple’s proposal, the Swedish music streaming service Spotify and others can include a link to their websites to inform users of other ways to purchase digital goods or services, away from Apple’s App Store.

Brazil judge opens inquiry into Musk after refusal to block accounts on X

A standoff between Elon Musk and Brazil escalated when a Supreme Court judge opened an inquiry into the billionaire after Musk said he would reactivate accounts on the social media platform X that the judge had ordered blocked.

Musk, the owner of X and a self-declared free speech absolutist, has challenged a decision by Justice Alexandre de Moraes ordering the blocking of certain accounts. He has said X, formerly known as Twitter, would lift all the restrictions because they were unconstitutional and called on Moraes to resign.

Neither Musk, X nor Brazilian authorities have disclosed which social media accounts were ordered blocked. X first posted about the order to block on Saturday but it was not immediately clear when the order was issued.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Swiggy partners with Park+ for doorstep delivery of IndusInd FASTag in under 10 minutes 

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Swiggy Instamart, quick commerce platform, has teamed up with Park+, the FASTag distribution platform, to offer IndusInd Bank FASTags in under 10 minutes.

This is the first time a quick commerce or e-commerce platform has provided customers the convenience of doorstep delivery for FASTags. This strategic partnership aims to address a critical gap in the market by providing a convenient and swift solution for accessing FASTags,”Swiggy said in a statement. 

The FASTags will be available to users on Swiggy Instamart across 29 cities, including Delhi NCR, Mumbai, and Bangalore.

FASTag adoption has been steadily increasing, with over 7.98 crore FASTags issued in India as of November 2023. “The key advantage of purchasing a FASTag on Swiggy Instamart is the seamless integration with Park+ and IndusInd Bank as the issuing partner,” Swiggy said.

It added, “With Park+’s cutting-edge parking and vehicular management systems, users can make digital payments seamlessly at toll booths, parking spots in malls, corporate parks, or movie halls, eliminating the need for cash transactions.”

Phani Kishan, Head of Swiggy Instamart, said, “FASTag epitomises seamless payment and convenience, and its accessibility should reflect the same.”

“Traditionally, acquiring a FASTag involved lengthy processes, either through bank portals or physically visiting toll booths, resulting in delivery and activation wait times ranging from 3 to 7 days. With FASTags now available on Swiggy Instamart, users can obtain them anytime, anywhere, reducing delivery wait time from days to under 10 minutes,” he added.

Amit Lakhotia, Founder & CEO of Park+, said, “Our robust relationship with IndusInd bank allows us to deliver IndusInd FASTags to customers in less than 10 minutes, thanks to Swiggy Instamart. Furthermore, we are also working with relevant FASTag issuing partners to educate users about FASTag buying/renewal/recharge, etc.”

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Swiggy records $200 million loss till Dec in FY24, document shows, as it plans IPO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian food delivery giant Swiggy recorded a $200 million loss for the nine months to December 2023, according to an internal document of the company, which is looking to list on the stock market.

The SoftBank-backed company could list by the end of this year, sources previously told Reuters. India’s stock market is booming although domestic and foreign investors have become more circumspect about IPOs by Indian startups amid concerns of unrealistically high valuations of companies still making losses.

For the full fiscal year 2022-23 Swiggy made a loss of 41.8 billion rupee ($500 million), according to the document. But the company’s lower wage payouts and cuts in marketing spending will help it trim losses for the full year 2023-24, a source with direct knowledge of the matter said, without wishing to be identified.

The document showed that losses stood at 17.3 billion rupees $207 million during April to December 2023 – the first nine months of fiscal year 2023-24.

That loss was on a revenue of $1.02 billion during the same period, compared with fiscal year 2022-23 revenue of $1.05 billion, the document showed.

Swiggy did not respond to queries seeking comment.

India’s stock market has surged 28% over the past year and many companies plan listings, but they facing discerning investors.

Digital payments firm Paytm, still loss-making, has seen its shares drop by 80% since its 2021 listing, with the company facing criticism from analysts at the time for valuing itself too high.

Swiggy’s rival Zomato also saw its shares nosedive after a 2021 listing but they have surged 45% this year after posting two successive quarterly profits.

Swiggy was valued at $10.7 billion by investors in 2022. It started with meal deliveries but has gradually expanded into delivering groceries and also provides restaurant bookings.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow