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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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Summary

Here are the top headlines from the startup space.

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 fundFilter 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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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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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The FASTags will be available to users on Swiggy Instamart across 29 cities, including Delhi NCR, Mumbai, and Bangalore. This is the first time a quick commerce or e-commerce platform has provided customers the convenience of doorstep delivery for FASTags.

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.”

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

 Daily Newsletter

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

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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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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Summary

Swiggy’s losses stood at 17.3 billion rupees $207 million on a revenue of $1.02 billion during April to December 2023 – the first nine months of fiscal year 2023-24, according to the document, as per Reuters.

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.

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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Swiggy plans its IPO around 2024 festive season: Report

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

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Summary

Swiggy plans to go public by May, targeting a valuation of $12-15 billion. It’s exploring a secondary market deal to offer exits to backers, as per a report by Entrackr.

Swiggy is planning to go for public this year, as per a report by Entrackr, which added that the food delivery platform will file papers for its IPO by May and ultimately list around the festive season. Swiggy will seek valuation in the range of $12-15 billion, the report said quoting sources.

The foodtech and quick commerce platform is exploring a secondary market deal as it wants to offer exits to its early as well as late-stage backers, as per the report.

“Swiggy is likely to go for an IPO in the second half of this year and the secondary transaction appears to be an attempt to spruce up its cap table,” a source told Entrackr. Swiggy will be seeking its last primary valuation in the potential secondary transaction, it added.

In the beginning of March, Baron Capital, a US-based fund manager, revised the value of its stake in Swiggy to $87.2 million, indicating a valuation of $12.16 billion for the hyperlocal commerce unicorn as it gears up for its upcoming IPO.

Earlier this year, Invesco, a US-based asset management company (AMC), too increased Swiggy’s valuation to $8.3 billion. In October 2023, Invesco had marked up the foodtech platform’s valuation by about 42% to about $7.85 billion.

Now ahead of the potential run to Dalal Street, Swiggy is trying to improve its unit economics. The Entrackr report said that the company seems to be achieving a steady 25-30% year-on-year growth in FY24.

During the first nine months of FY24, Swiggy’s revenue from operations was 5,476 crore, according to a document drafted by an investment banker on behalf of Swiggy, which was seen by Entrackr.

The decacorn reported 8,265 crore in revenue in FY23 and a collection of 6,623 crore in the last fiscal year. The food delivery business constituted 82.65% of the total operating revenue, amounting to 4,526 crore. The remaining income came from Swiggy Instamart, the firm’s quick commerce vertical, the document showed.

The company’s key focus is on turning profitable and for that it has improved its EBITDA margins which registered at -1.9% and -109.5% for the food delivery biz and Instamart, respectively during the nine-month period, compared to -17.5% and -259% in FY23, as per the report.

Also read: Swiggy launches ‘She The Change’ — an initiative to celebrate women entrepreneurship

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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Swiggy launches ‘She The Change’ — an initiative to celebrate women entrepreneurship

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

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Summary

Inaugurated by Finance Minister Nirmala Sitharaman, the initiative commemorates nearly a decade of Swiggy working with women entrepreneurs and puts a spotlight on both budding and established women entrepreneurs in the Food & Beverage (F&B) industry, a statement said.

Food delivery platform Swiggy has launched a new initiative — “She The Change- From Vision to Venture” — in a bid to acknowledge and celebrate the contribution of food delivery platforms in fostering and stimulating women’s entrepreneurship in the country.

Inaugurated by Finance Minister Nirmala Sitharaman, the initiative commemorates nearly a decade of Swiggy working with women entrepreneurs and puts a spotlight on both budding and established women entrepreneurs in the Food & Beverage (F&B) industry, a statement said.

Binita Chamling, owner, Nimtho and Momogogo

The Finance Minister facilitated women entrepreneurs in the F&B sector from across the country at the event.

“Today, I can see there is great vibrancy in women-led enterprises, where women are coming forth and taking up business challenges whether small, medium or big, you find women everywhere, and programmes such as Swiggy’s “She the Change” are giving them the encouragement and a little push, and for other women to know this is possible. Swiggy deserves a special mention for encouraging women’s entrepreneurship nationwide,” said Nirmala Sitharaman.

The on-demand delivery firm said it has over 50,000 women-run restaurants on its platform. As per Swiggy, it is estimated that these entrepreneurs are generating approximately three hundred thousand jobs, as each restaurant employs an average of six direct employees.

Sriharsha Majety, Group CEO of Swiggy

“She The Change’ transcends being just an initiative; it stands as a platform, dedicated to honouring and amplifying the remarkable stories of women entrepreneurs and leaders in the F&B industry. They have not only set new benchmarks for success but also played a pivotal role in shaping India’s economic narrative,” stated Sriharsha Majety, Group CEO of Swiggy.

Echoing the sentiments, Rohit Kapoor, CEO- of Swiggy Food Marketplace, added, “In the decade since Swiggy’s inception, we’ve had the honour to provide a platform for women entrepreneurs in the F&B space and witness their remarkable journeys first-hand. It’s inspiring to see the steady growth in both the number and scale of women-led businesses on Swiggy each 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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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‘If it isn’t already obvious…’: Swiggy reacts to viral ‘ad’ targetting Zomato’s ‘veg mode’

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

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Summary

Swiggy has cleared the confusion on the viral ad. In a social media post, it called the ad ‘fake’, urging everyone to refrain from sharing it. Zomato recently announced a “pure veg mode” for its customers with vegetarian orders.

Food delivery platform Swiggy has cleared the air on the viral ‘advertisement’ taking potshots at their competitor, Zomato‘s ‘veg mode’ announced on Tuesday. In a social media post, the company called it ‘fake’, urging everyone to refrain from sharing it. It further said that they have not launched any campaign in this regard.

“We came across a fake ad this morning regarding a recent controversy. If it isn’t already obvious, this is NOT an ad by Swiggy. It was neither created by us, nor anybody affiliated with Swiggy. Kindly refrain from circulating or attributing it to Swiggy,” the company statement read.

The ‘ad’ in question was shared by Nilesh Trivedi, founder of Snow Mountain AI, who in another tweet mentioned that his tweet had already hinted that it was fake. The viral ‘ad’ shows a delivery person at a customer’s doorstep; but, surrounded by a group of people with sticks in their hands.

While the advertisement does not mention Zomato, it makes a veiled attack on the food delivery giant with a message that reads, “Eviction-safe food delivery.” What catches the major attention is the imitation of Swiggy’s logo.


As soon as the post was shared, it led to a series of reactions from many, leaving users confused whether the ‘ad’ was fake or, actually Swiggy’s official response to Zomato’s latest move.

However, Swiggy, with its official response, has put all such rumours and confusion to rest.

Zomato withdraws ‘Pure Veg’ fleet

A day after announcing ‘pure veg mode’ along with a ‘pure veg fleet’ on Zomato for customers “who have a 100% vegetarian dietary preference,” CEO Deepinder Goyal on Wednesday clarified that the company would not introduce green uniforms for its new fleet.


“While we are going to continue to have a fleet for vegetarians, we have decided to remove the on-ground segregation of this fleet on the ground using the colour green. All our riders — both our regular fleet and our fleet for vegetarians, will wear the colour red,” Goyal wrote on X.

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Actor Ronit Roy slams Swiggy for its delivery rider’s reckless driving

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

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Summary

Ronit Roy also criticised Swiggy’s fast-serving business model resulting in riders not following traffic rules.

Actor Ronit Roy criticised online food delivery platform Swiggy, saying he almost accidentally killed one of their riders due to his reckless driving. He raised concerns about Swiggy’s fast-serving business model, which was resulting in not following traffic rules.

Tagging Swiggy, Ronit Roy wrote on X, “I almost killed one of your riders. They need instructions on riding. Riding those small electric mopeds doesn’t mean that they ride on the wrong side of the road into oncoming traffic. But then, do you even care for their lives or is it just business as usual?”


Several users also pointed out their experiences with such incidents. One of the X users commented, “Nothing new for Swiggy. Delivery guys take their normal bike also with no entry… these are mopeds…”

Another said, “I was gonna tweet the same to Swiggy sometime back. I also see Swiggy delivery partners breaking the traffic rule a lot here in Bengaluru. Few delivery partners even have been beaten up because they crashed their 2-wheeler into someone else’s.”

Responding to the actor’s X post, the food ordering and delivering platform Swiggy wrote, “Hey Ronit, we expect our delivery partner to follow all traffic rules and have noted this to be looked into, do share any details if available for the necessary action to be taken.”


Ronit Roy is a known name in the television and film industry for his work in the past three decades. From playing a crucial role in the popular TV series Kasautii Zindagii Kay to films like Udaan, Two States, and Liger, Ronit Roy has earned quite a name for himself.

He was last seen in the 2023 film Farrey and will be next featured in Bade Miyan Chote Miyan starring Akshay Kumar and Tiger Shroff.

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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IRCTC partners with Swiggy for pre-ordered delivery of meals on trains: Check details here

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

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Summary

Swiggy will provide food delivery services at four railway stations — Bengaluru, Bhubaneswar, Vijayawada, and Visakhapatnam — in the first phase.

The Indian Railway Catering and Tourism Corporation (IRCTC) has partnered with the online food delivery platform Swiggy to deliver pre-ordered meals. On Thursday, IRCTC announced that the train passengers could now access the official e-catering portal of IRCTC to order food from different restaurants.

Sharing details about the website, app, and WhatsApp number to order food, IRCTC’s ECatering posted on X, “Ensure a delicious journey for yourself with over 2,000 restaurants available on IRCTC eCatering.”

In the first phase, Swiggy will provide food delivery services at four railway stations — including Bengaluru, Bhubaneswar, Vijayawada, and Visakhapatnam. The IRCTC mentioned in a stock exchange filing, “The IRCTC has tied up with Bundl Technologies Pvt. Ltd. (Swiggy Foods) for supply and delivery of pre-ordered meals through IRCTC e-catering portal as a PoC (proof of concept) in the first phase at four railway stations — Bengaluru, Bhubaneswar, Vijayawada and Visakhapatnam.”

Also read: IRCTC ties up with Zomato for delivery of pre-ordered meals, lines up Navratri treats

It added, “The eCatering service through Bundl Technologies Pvt. Ltd. (Swiggy Foods) may be available soon.”

The catering department of Indian Railways, IRCTC is tying up with such businesses to expand its services and provide better facilities to passengers travelling by train. However, this is not the first time IRCTC has partnered with any food delivery platform. Last year, in October, IRCTC announced a partnership with Zomato for ordering and supplying food at different railway stations.

Following the announcement in October 2023, IRCTC also mentioned that the services were available at certain stations such as New Delhi, Prayagraj, Kanpur, Lucknow, and Varanasi.

Meanwhile, the partnership with Swiggy is expected to boost the business of the food delivery platform as a large number of passengers travel by train. According to the IRCTC eCatering portal, one can now order by following three steps.

The passenger needs to choose an outlet by entering the PNR. Then the passenger can choose the food and schedule the order by paying online or choosing to pay Cash on Delivery.

The ordered food will be delivered to the passenger’s seat at the scheduled station. Apart from ordering individually, one can also order food for a group of 15 or more passengers. It will allow the order to have custom prices as well.

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Valentine’s Day: From Blinkit to Swiggy, brands get witty with love on social media

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

 Listen to the Article (6 Minutes)

Summary

On the occasion of Valentine’s Day, various brands took the opportunity to share love and connect with their customers, through funny content and engaging banter.

Valentine’s Day is dedicated to celebrating love and companionship with your special someone. To commemorate the day of love, various brands embraced social media to celebrate the day. Whether through funny content or engaging banter. brands took the opportunity to share love and connect with their customers.

Blinkit

Blinkit CEO Albinder Dhindsa in a humorous post, shared a screenshot from a purported chat between a customer named Manoj and Blinkit support. The conversation revealed the user’s unconventional request for the delivery executive to include him in the delivery, as his girlfriend’s parents wouldn’t allow her to step out on Valentine’s Day. Blinkit amusingly declined the request, responding with a straightforward “sorry, we can’t” in a post on the microblogging site X.

In another witty response to a Blinkit user who posted two videos showing the ‘singles mode’ and ‘couples’ mode on the delivery app, Dhindsa said, “Fun fact – the person who came up with the idea for Single mode is actually not single.”

Zomato

In a playful post on X, food delivery platform Zomato extended wishes to a man in Delhi who had sent cakes to 16 different addresses.

Swiggy

When a Swiggy user, feeling disheartened, posted a screenshot of Swiggy’s Valentine’s Day notification with the caption “I don’t even have a Valentine, why do you keep sending these to me,” Swiggy responded with warmth, saying, “We’ll be your Valentine if you want.”

Reliance Jio

Reliance Jio picked a playful battle with Airtel on social media asking the customers of the rival telco not to ignore “red” flags in their relationship, dishing out the flirtatious ‘call me’ pick up line.

In reply, Airtel shared its campaign “Sab Kuch Try Karo, Fir Sahi Chuno”.

Airtel customers took the opportunity and posted their complaints like the network issue they are facing, PTI reported. Reliance Jio replied to most of the customers who posted complaints against Airtel. “What better day than Valentine’s to find your true love?” Jio tweeted when a customer posted that he wants to port out of Airtel to Jio.

Social media users claiming to be Jio customers also posted about the network issues they experienced. “Dear @reliancejio … your network is so slow …I can’t even send a message in WhatsApp… forget about using social media apps…I am thinking of switching to @airtelindia …Even after raising complaints there is no improvement…very bad service in Kendrapada, Odisha,” a person posted on X and got a reply from Airtel to join its network.

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

 Daily Newsletter

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

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Fake Domino’s Pizza stores found on Swiggy — internet reacts

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

 Listen to the Article (6 Minutes)

Summary

Screenshots shared on X showed most of the search results of Domino’s Pizza were spelt a little differently from the official brand name.

A simple search of the term Domino’s on food delivery platform Swiggy throws several options, with varying spellings of the American multinational pizza restaurant chain, social media users have said. These fake outlets came to light after an X user took a screenshot of the app’s food delivery section that showed a chain of Domino’s Pizza stores across the locality. However, the catch was all of them had tweaked their spellings to deceive the customer.

Ravi Handa, the X user, shared the screenshot and tagged Swiggy. He wrote, “This is clearly a fraud. Only one of these is genuine. Why are you letting this happen? Why isn’t Dominos objecting to blatant violation of trademark.”

Adding to the thread, Ravi Handa shared another screenshot, which showed a past order listing with the ratings on it. He added, “This isn’t just a joke. Someone close to me actually fell for it. They realised it only after they got the delivery and saw the box.”

Another X user also added to the comment section of Ravi Handa and shared a screenshot while writing, “Beat this!”

Another person from Mumbai said, “Hmm doesn’t show up like that here. Swiggy does not monitor some locations. Or there are no frauds in Bombay?”

Replying to the commented screenshot, Ravi Handa said that it depends on the location as his screenshot is from Kolkata.

Meanwhile, the official support handle of Swiggy commented, saying, “Hey Ravi, we’d like to have this looked into, please share your pincode over DM for us to have this checked. Luv”

However, Domino’s has not responded to the query yet.

ALSO READ | India has potential to become the largest market for Domino’s, says Hari Bhartia of Jubilant

All the shared screenshots on X show that most of the search results for Domino’s Pizza were spelt a little differently from the official brand name. This may leave an impression that it’s the American food chain but in reality, they’re just local food vendors selling their items to the customers.

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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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10 Questions · 5 Minutes
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Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?