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Billionaire Mukesh Ambani`s Reliance plays catch-up to ride India quick commerce wave Asia's richest man Mukesh Ambani is mimicking the strategy of popular Indian grocery startups to drastically change how his retail empire operates: from home deliveries that can take a day or two, his business is now targeting a 10-30 minute service. Quick commerce has reshaped how Indians shop as Zomato, SoftBank-backed Swiggy and Zepto now promise deliveries from their neighbourhood warehouses within 10 minutes, even beating Amazon. These multi-billion-dollar quick commerce businesse...
Billionaire Mukesh Ambani`s Reliance plays catch-up to ride India quick commerce wave
Billionaire Mukesh Ambani`s Reliance plays catch-up to ride India quick commerce wave
Source: Reuters
2024-10-30 09:15:29 am
Zypp Electric`s losses surge 2.2 times to Rs 91 crore in FY24  Tech-enabled electric vehicle (EV) company Zypp Electric saw its losses increase 2.2 times to Rs 91 crore in FY24, up from Rs 40 crore in the previous fiscal.  The EV-as-a-service platform saw its EBITDA margin stood at 19.47 per cent in negative, as per its FY24 financials. Zypp Electric’s total expenditure went up 2.6 times to Rs 394 crore in FY24, compared to Rs 152 crore in FY23. The EV firm reported operational revenue at Rs 293 crore in the last fiscal, up from...
Zypp Electric`s losses surge 2.2 times to Rs 91 crore in FY24
Zypp Electric`s losses surge 2.2 times to Rs 91 crore in FY24
Source: IANS
2024-10-13 11:43:20 am
Onboard gig workers on e-Shram portal in 3 months: Centre tells platform aggregators The Centre on Wednesday asked the platform aggregators like Zomato and Ola to onboard gig workers on the e-Shram portal within the next three months to help them access social security benefits.  In a meeting with platform aggregators such as Urban Company, Swiggy and Instamart, Zomato and Blinkit, Porter, Amazon, Uber and Ola as well as organisations such as FICCI, CII and Employer’s Federation of India, Minister of Labour and Employment Dr Mansukh Mandaviya emphasised the need...
Onboard gig workers on e-Shram portal in 3 months: Centre tells platform aggregators
Onboard gig workers on e-Shram portal in 3 months: Centre tells platform aggregators
Source: IANS
2024-09-18 06:21:07 pm
Blinkit rival Zepto raises $340 mn at $5 bn valuation Quick e-commerce platform Zepto on Friday said it has secured $340 million in a follow-on financing round, taking the company’s valuation to $5 billion after its previous fundraise in June.  General Catalyst led the round, with Dragon Fund, and Epiq Capital joining as new investors. Existing investors such as StepStone, Lightspeed, DST, and Contrary also increased their stakes, the company said in a statement. Aadit Palicha, Co-founder and CEO at Zepto, said the rationale beh...
Blinkit rival Zepto raises $340 mn at $5 bn valuation
Blinkit rival Zepto raises $340 mn at $5 bn valuation
Source: IANS
2024-08-30 10:13:30 am
Homegrown fintech firm Velocity announces Rs 400 crore fund for D2C platforms Homegrown financing platform Velocity on Monday announced a Rs 400 crore fund to support direct-to-consumer (D2C) and e-commerce brands, as the country gears up for the festive season.  The cash flow-based financing platform last year earmarked Rs 250 crore for D2C brands — a 60 per cent increase this year. “We are witnessing a significant shift towards e-commerce, with projections estimating that India will be the world's third-largest online market reaching $325 b...
Homegrown fintech firm Velocity announces Rs 400 crore fund for D2C platforms
Homegrown fintech firm Velocity announces Rs 400 crore fund for D2C platforms
Source: IANS
2024-08-26 09:49:46 am
Paytm sells entertainment ticketing business to Zomato for Rs 2,048 crore Digital payments major Paytm on Wednesday announced to sell its entertainment ticketing business to food aggregator Zomato for Rs 2,048 crore in cash, in a move to focus on core payments and financial services distribution.  The transfer will also include 280 existing employees from the entertainment ticketing business at the company. One 97 Communications Limited (OCL), the parent company of Paytm, will transfer its entertainment ticketing business to Zomato by transfer of OCL&rsq...
Paytm sells entertainment ticketing business to Zomato for Rs 2,048 crore
Paytm sells entertainment ticketing business to Zomato for Rs 2,048 crore
Source: IANS
2024-08-22 09:53:11 am
Zomato sees block deal worth Rs 5,438 crore for 21 crore shares Online food delivery platform Zomato saw a block deal on Tuesday where 21 crore shares (around 2.4 per cent equity) worth Rs 5,438.5 crore changed hands.  The block deal, likely by Antfin Singapore, was executed at an average of Rs 258 per share. The Zomato stock was marginally down at Rs 259.58 apiece in the morning trade after the block deal. Antfin Singapore Holding last held a 4.24 per cent stake in the food aggregator valued at nearly Rs 10,000 crore. According to report...
Zomato sees block deal worth Rs 5,438 crore for 21 crore shares
Zomato sees block deal worth Rs 5,438 crore for 21 crore shares
Source: IANS
2024-08-20 10:25:47 am
Now send Rakhis to siblings in India from select countries via Blinkit In an effort to let Indians living abroad send Rakhis and gifts to their siblings in the country, Zomato-owned quick commerce platform Blinkit on Saturday introduced international order service for select countries.  Announced on the occasion of Raksha Bandhan, the international order service on the platform is available till August 19, the company said in a statement. “We have switched on international orders on Blinkit till August 19. Folks living abroad can now place order...
Now send Rakhis to siblings in India from select countries via Blinkit
Now send Rakhis to siblings in India from select countries via Blinkit
Source: IANS
2024-08-17 02:45:16 pm
Blinkit rival Zepto set to raise $340 million at $5 billion valuation  Quick commerce company Zepto is set to raise $340 million in the new round of funding, a report said on Wednesday. “The company has secured interest from Mars Growth and General Catalyst at a valuation of $5 billion which is a 40 per cent hike from the past funding round valuation of $3.6 billion,” the report said. Adit Palicha-led Zepto had raised funding of $665 million or Rs 5,560 crore in June at a valuation of $3.6 billion. The company aims to double the number...
Blinkit rival Zepto set to raise $340 million at $5 billion valuation
Blinkit rival Zepto set to raise $340 million at $5 billion valuation
Source: IANS
2024-08-14 05:23:18 pm
40 pc jump in quick commerce spending during T20 WC final Fintech startup Simpl on Sunday said that it witnessed a 40 per cent jump in consumer spending on its platform around the T20 World Cup Final.   India on Saturday defeated South Africa by 7 runs in a nail-biting final to clinch the ICC T20 World Cup at the Kensington Oval in Barbados.  “Indians’ support and celebration at the country’s triumph at the T20 World Cup 2024 was quite evident in their online spending patterns as well with nearly 40 per cent ju...
40 pc jump in quick commerce spending during T20 WC final
40 pc jump in quick commerce spending during T20 WC final
Source: IANS
2024-06-30 04:25:35 pm
Want Zepto to become a $50 bn company that employs lakhs of people: CEO Zepto Co-founder and CEO Aadit Palicha on Sunday said they are ready to turn the quick commerce platform into a $50 billion company.   The Zomato-owned Blinkit’s rival had just raised $665 million at a $3.6 billion valuation in a highly oversubscribed round. The new funding came just nine months after the company raised $235 million at a $1.4 billion valuation. "Reflecting on the past 3 years of building Zepto: the story of 2 kids dropping out of college and starting a c...
Want Zepto to become a $50 bn company that employs lakhs of people: CEO
Want Zepto to become a $50 bn company that employs lakhs of people: CEO
Source: IANS
2024-06-24 09:13:31 am
Blinkit's rival Zepto raises $665 mn at a $3.6 bn valuation, to go public soon Quick delivery platform and Blinkit’s rival Zepto on Friday said it had raised $665 million at a $3.6 billion valuation in a highly oversubscribed round -- just nine months after the company raised $235 million at a $1.4 billion valuation.  Avenir, Lightspeed and Avra (Anu Hariharan’s new fund) joined the company’s cap table as new investors, among others. Existing investors Glade Brook, Nexus, and StepStone co-led the round with Goodwater and Lachy Groom doubling...
Blinkit's rival Zepto raises $665 mn at a $3.6 bn valuation, to go public soon
Blinkit's rival Zepto raises $665 mn at a $3.6 bn valuation, to go public soon
Source: IANS
2024-06-21 11:40:31 am
Zepto set to raise $650 million at $3.5 billion valuation Quick grocery delivery platform Zepto is geared up to raise nearly $650 million from existing and new investors. According to sources, the funding will take Blinkit closest rival’s valuation to around $3.5 billion. Sources told IANS that Nexus and its limited partner StepStone will lead the new funding round. The company did not immediately comment on the development. This is the company's second big fundraise in about a year's time. Zepto raised $200 million in A...
Zepto set to raise $650 million at $3.5 billion valuation
Zepto set to raise $650 million at $3.5 billion valuation
Source: IANS
2024-06-13 10:13:08 am
Zomato shares slide over report claiming 50 pc decline in its stock amid competition Online food aggregator Zomato saw its shares sliding on Friday after global financial services company Macquarie forecasted about a 50 per cent decline in the company's share price in the next 12 months owing to fierce competition.  Zomato shares fell over 5 per cent, before recovering a bit, and was hovering around Rs 173 a piece. The global brokerage firm has reiterated its "underperform" rating for Zomato, giving its stock a price target of Rs 96. According to r...
Zomato shares slide over report claiming 50 pc decline in its stock amid competition
Zomato shares slide over report claiming 50 pc decline in its stock amid competition
Source: IANS
2024-05-31 02:14:53 pm
Kudos to PM Narendra Modi for motivating founders like us to do better: Zomato CEO Zomato Founder and CEO Deepinder Goyal on Wednesday praised Prime Minister Narendra Modi for providing ample opportunities to small-town entrepreneurs like him, as the online food delivery platform, coupled with quick commerce delivery platform Blinkit, scaled new highs in the last couple of years. In a post on X, Goyal thanked PM Modi for his kind words. “This does certainly motivate us to work harder and do better,” the Zomato CEO posted. Earlier in the day, the Prime M...
Kudos to PM Narendra Modi for motivating founders like us to do better: Zomato CEO
Kudos to PM Narendra Modi for motivating founders like us to do better: Zomato CEO
Source: IANS
2024-05-22 03:48:59 pm
Zomato stock slumps after ESOP announcement Online food delivery company Zomato's shares extended its morning session loss on Tuesday up to 5-6 percent, as the company is expecting an increase in cost due to the employee stock ownership plan (ESOP). Zomato announced results of the fourth quarter of the financial year 2024 on Monday. In the post-result commentary, the management said that in the current financial year (FY25), the costs may increase due to the grant of ESOPs to senior employees and the leadership team of Blinki...
Zomato stock slumps after ESOP announcement
Zomato stock slumps after ESOP announcement
Source: IANS
2024-05-14 04:29:23 pm
Blinkit now more valuable that Zomato`s core food business Zomato’s quick delivery service, Blinkit, has become more valuable than its core food delivery business, according to a new Goldman Sachs report. While Zomato’s food delivery business is valued at Rs 98 per share, Blinkit’s “implied value” is at Rs 119 per share, or about $13 billion, according to the investment bank’s report. In March last year, Goldman Sachs marked Blinkit’s valuation at $2 billion, reports TechCrunch. The report forecasts ...
Blinkit now more valuable that Zomato`s core food business
Blinkit now more valuable that Zomato`s core food business
Source: IANS
2024-04-26 11:50:45 am
Blinkit to sell Sony PlayStation 5 on its platform Zomato-owned quick commerce platform Blinkit on Thursday said that they will be collaborating with Sony to sell PlayStation 5 on its platform. The company will be launching PlayStation 5 on its platform on April 5. "PlayStation 5 on Blinkit. Launching tomorrow," Albinder Dhindsa, Blinkit’s CEO, posted on X. Earlier this year, Samsung partnered with Blinkit to deliver its newly launched Galaxy S24 series in the country. Customers living in Delhi-NCR, Bengaluru and M...
Blinkit to sell Sony PlayStation 5 on its platform
Blinkit to sell Sony PlayStation 5 on its platform
Source: IANS
2024-04-05 09:56:20 am
Zepto becomes first quick-commerce firm to levy platform fee of Rs 2 Zepto has become the first quick-commerce company to introduce a platform fee of Rs 2 per order. The platform fee will apply to a select set of users. Currently, Zomato-owned Blinkit and Swiggy Instamart, both competitors of Zepto, do not charge a fee on grocery orders, but collect a platform fee from food delivery orders. "We do not believe in being over-dependent on delivery fees to be profitable. We believe in core operating efficiency and cost reduction to be profitable. We ...
Zepto becomes first quick-commerce firm to levy platform fee of Rs 2
Zepto becomes first quick-commerce firm to levy platform fee of Rs 2
Source: IANS
2024-03-13 03:43:07 pm
Samsung India partners Blinkit to deliver Galaxy S24 series in 10 min  Samsung on Thursday announced a tie-up with quick-commerce platform Blinkit to deliver its newly launched Galaxy S24 series in India. Customers living in Delhi-NCR, Bengaluru and Mumbai can order Galaxy S24 Ultra, Galaxy S24+ and Galaxy S24 smartphones on Blinkit and get the phone delivered in less than 10 minutes, the company said. According to the company, the collaboration with Blinkit will help Samsung cater to the huge demand for its flagship S24 series in the country. Peo...
Samsung India partners Blinkit to deliver Galaxy S24 series in 10 min
Samsung India partners Blinkit to deliver Galaxy S24 series in 10 min
Source: IANS
2024-01-25 03:20:21 pm
Blinkit`s losses up over 8% to reach 1,078 cr in FY23, revenue surges 3X Zomato-owned quick delivery platform Blinkit saw its losses increase 8.2 per cent to reach Rs 1,078.9 crore in FY23 from Rs 996.7 crore in FY22, the media reported on Thursday.Delivery and related charges were behind 29.2 per cent of the total expenses, reports Entrackr."This cost elevated 2.4X to Rs 565.8 crore in FY23 from Rs 235.9 crore in FY22. Its employee, advertising, rental, and outsourcing manpower costs drove its overall expenditure to Rs 1,939 crore in FY23,? the report said.Accord...
Blinkit`s losses up over 8% to reach 1,078 cr in FY23, revenue surges 3X
Blinkit`s losses up over 8% to reach 1,078 cr in FY23, revenue surges 3X
Source: IANS
2023-10-20 09:44:37 am