Top Stories This Week
Kalyan Krishnamurthy, group CEO, Flipkart
Reverse flip in cart, Flipkart plans IPO delivery in 12-15 months: Flipkart, India’s largest ecommerce firm valued at $36 billion, is preparing for an initial public offering (IPO) in the coming year with a definite timeline of 12-15 months, multiple people aware of the development said. The proposed listing, which is likely to be the largest share issue by a new-economy company, will mark a seminal moment for the country’s startup sector that is now regarded as the third largest worldwide.
Amazon to launch quick commerce deliveries in India amid boom in segment: Amazon India will launch a 15-minute delivery service in Bengaluru later this month, marking the ecommerce company’s entry into the rapidly growing quick-commerce sector, senior vice president for India and emerging markets Amit Agarwal said.
Zomato receives Rs 803 crore tax demand from GST authorities: Food and grocery delivery major Zomato has received a tax demand notice of Rs 803.4 crore from the Goods and Services Tax (GST) authorities, the company said in a stock exchange filing.
This includes a tax demand of Rs 401.7 crore, and a penalty and interest component of a similar amount.
IPO Updates
Bipin Preet Singh, Upasana Taku, cofounders, Mobikwik
Decoding Mobikwik’s IPO frenzy despite business challenges: Gurugram-based fintech startup Mobikwik’s IPO book building process closed Friday with it getting demand for almost 120 times the shares on offer.
Retail investors bid for 134 times the portion reserved for them, while the demand from non-institutional investors is 108 times and that from institutional investors is 119.5 times, show data from the BSE. The company is offering 11.8 million shares and got bids for 1.4 billion.
Bluestone likely to launch IPO at Rs 12,000-13,000 crore valuation; up 50% from last funding: Jewellery retailer Bluestone, which on Thursday filed the draft papers for an initial public offering, is expected to price the issue at a valuation of Rs 12,000-13,000 crore, a more than 50% jump from its most recent fundraising from the private market, people in the know told ET.
Also Read: Jewellery retailer Bluestone files DRHP for IPO
Earnings Corner
Aadit Palicha, CEO, Zepto
Zepto FY24 report: revenue more than doubles to Rs 4,454 crore; net loss marginally down: Quick commerce firm Zepto reported operating revenue of Rs 4,454 crore in fiscal 2024, a 120% jump from FY23 in a year that saw rapid growth for the 10-minute grocery delivery space.
Myntra turns in a profit in FY24, revenue jumps 15% to Rs 5,122 crore: Flipkart-owned fashion platform Myntra posted a net profit in FY24 from a net loss a year ago. This turnaround was driven by increased revenue and a reduction in overall expenses.
The Bengaluru-based company reported a net profit of Rs 31 crore for fiscal year 2024, a significant improvement from the net loss of Rs 782 crore in the previous year.
Fintech News
Financial institutions double down on more checks for tech partners: Regulated entities such as banks and financial services companies are evaluating options like having backup service providers and tightening their data-sharing norms with technology service companies in the wake of a massive data leak that impacted Signzy.
Higher borrowing costs leave a strain on new-age NBFC profits: New-age non-banking finance companies (NBFCs) have seen a fall in net profit between the September quarter of 2024 and 2023, with some managing to keep it flat or reporting tepid growth, according to regulatory filings seen by ET.
Quick Commerce Rush
Blinkit enters 10-minute food delivery space with Bistro app: Zomato-owned quick commerce platform Blinkit has launched a standalone app Bistro, marking its foray into the 10-minute food delivery space. The service has been rolled out in a few localities of Gurugram.
Zepto to launch standalone app for 10-minute food delivery service: Quick commerce platform Zepto is set to launch a standalone app for its 10-minute food delivery service Cafe next week, Aadit Palicha, CEO of the company said in a social media post on Wednesday.
ETtech Done Deals
L-R, Kallol Banerjee, Jaydeep Barman, founders, Rebel Foods
Temasek leads $210 million funding in Rebel Foods: Singapore’s sovereign fund Temasek led a $210 million (about Rs 1,782 crore ) funding round in Mumbai-based Rebel Foods, parent of Faasos, Behrouz Biryani and other cloud kitchen brands, according to a statement from the company.
Mintifi secures $180 million from Prosus, others in a mix of primary, secondary capital: Mumbai-based lending platform Mintifi has secured $180 million in a fresh equity funding round. New investors PayU parent Prosus and Ontario Teachers’ Pension Plan (OTPP) pumped in $80 million each into the company, with another $20 million being invested by Premji Invest, an existing investor.
Zetwerk raises $70 million from Khosla Ventures, others; valuation inches up to $3 billion: Contract manufacturing startup Zetwerk has raised an additional $70 million in fresh capital, bringing the total funding to $100 million in this round.
Other Top Stories This Week
Ranjit Babu head of consumer electronics, Amazon India
Head of consumer electronics quits amid a top churn at Amazon India: Ranjit Babu, head of consumer electronics at Amazon India and former chief executive of its largest seller–Cloudtail, has resigned, adding to the ongoing senior-level churn in the ecommerce marketplace, people said.
Babu’s resignation follows a restructuring in the company after the exit of its former India head Manish Tiwary recently.
Prosus in talks to lead new funding in fintech Jar; ups ante in new deal-making: Prosus, the Dutch-listed investment arm of Naspers, is in an advanced stage of talks to lead a new round of funding in fintech Jar, people in the know said.
The Swiggy investor has upped its new deal pipeline in India, and this would be the third major deal in the fintech and financing sector after its investments in Mintifi and Vastu Housing Finance. It has also backed IPO-bound jewellery maker Bluestone this year.
Also Read: ETtech Exclusive | Closing new deals in India despite Byju’s debacle: Prosus CEO Fabricio Bloisi
Ola group chief people officer N Balachandar quits: N Balachandar, senior vice president and group chief people officer at Bhavish Aggarwal-led Ola group, has quit, people in the know said.
Balachandar was appointed as the chief human resources officer of Ola Electric in May 2021 and was elevated to the group level later that year. He headed the HR function for ride-hailing firm Ola Cabs (now Ola Consumer), listed electric two-wheeler maker Ola Electric and artificial intelligence startup Krutrim.
