Swiggy
Flipkart explored a deal with Swiggy for a pie of quick commerce
Eight to ten months ago, discussions about a potential investment by Flipkart in Swiggy, two of India's biggest internet companies in the consumer sector, were underway. This potential alliance was driven by the changing landscape of the market, particularly the rise of quick commerce. However, due to disagreements on valuation, the talks ultimately fell through.
Swiggy’s revenue up 24% in calendar year 2023; quick commerce unit economics improve: Prosus
Prosus, the largest shareholder in Swiggy, reported a 24% revenue growth for the year ended March 31, 2024, with Swiggy's gross order value increasing by 26% year on year.
Flipkart-Swiggy deal talks; Corning’s India plan
Flipkart considered buying a stake in Swiggy months ago amid the rise of quick commerce. This and more in today’s ETtech Morning Dispatch.
Quick may click with electronics too: Instamart, BBNow, others plan to extend superfast delivery to handsets, white goods by Diwali
Swiggy Instamart, Zomato, and BigBasket plan to expand quick commerce services to electronic products and white goods categories, delivering within 10-45 minutes by Diwali.
Lenskart $200M secondary deal; Baron bumps up Swiggy’s valuation
Singapore's Temasek and US-based Fidelity have invested $200 million in Lenskart through a secondary share sale. This and more in today’s ETtech Top 5.
Entrepreneur compares Bengaluru to San Francisco, says it's mega cheap except rental deposits
Indian-origin entrepreneur Hardeep Gambhir, who moved to Bengaluru after seven years in San Francisco, praises the city for its SF-like experience, startup ecosystem, and affordability, though he criticizes its high rental deposits.
Ecom Express’ rights issue; Google Cloud chief interview
Ecom Express is planning a $170 million rights issue led by existing investors. This and more in today’s ETtech Top 5.
Zomato growing faster than Swiggy, says CLSA with target price of Rs 248
Global brokerage firm CLSA has set a target price of Rs 248 per share for Zomato, acknowledging its lead over IPO-bound Swiggy. In its annual results release, Prosus, with a 32.7% stake in Swiggy, revealed that Swiggy's overall GOV growth, encompassing food delivery, quick commerce, and dining out businesses, was 26% YoY, while Zomato achieved a 31% YoY growth.
Prosus writes off Byju's stake; Swiggy, PayU India report card
Dutch investment major Prosus said its investment in Byju’s is worth zero. This and more in today’s ETtech Top 5.
Food contamination cases: E-tailers turn more watchful, prepare to delist errant manufacturers
A human finger found in an order of ice cream recently brought food etailing into sharp focus. Following this weird episode, etailers are beginning to cast a keen eye on their suppliers, and bringing new policies with provisions to penalise errant partners.
Baron Capital marks up Swiggy valuation by 25% to $15.1 billion
Swiggy Valuation: Baron Capital, which participated in Swiggy’s $700 million funding round in January 2022 at a valuation of $10.7 billion, has raised the fair value of its holding in Swiggy for the fourth straight time. Crossover funds, i.e. funds which invest in publicly traded and privately held companies, review the valuation of their portfolio companies periodically.
A pivotal event for online commerce; and other top tech, startup stories
Stay tuned to know how the latest capital infusion into Zepto impacts the workings of this fledgling sector.
Abhishek Bachchan has a 'Dhoom' moment after Swiggy delivers his favourite Rs 90 misal pav to Jalsa
Bollywood actor Abhishek Bachchan was delighted to find his favorite misal pav from Mumbai's Mamledar Misal available on Swiggy. Thrilled, he posted an Instagram story about it. Swiggy went above and beyond by delivering the dish to his home, Jalsa, and Bachchan playfully responded to their "Dhoom" trilogy reference.
Delivery boxes unhealthy: Nutritionist calls out Swiggy and Zomato over plastic containers; Zomato CEO responds
Celebrity nutritionist Luke Coutinho recently called on food delivery platforms Swiggy and Zomato to switch to biodegradable, non-plastic containers for food packaging. Highlighting the health risks of using plastic, especially for hot foods, Coutinho's appeal emphasized the need for safer food delivery practices. Zomato CEO Deepinder Goyal responded positively, promising to highlight restaurants that use food-safe packaging, while Swiggy is yet to respond.
India's biryani craze keeps food, delivery companies on their toes
Grover said the company is also conducting a pilot in Mumbai for ‘Mehfil-e-Behrouz’. “Under this, we will arrange a buffet-like setup for people wishing to host a gathering through Behrouz complete with table runners, and kebabs and curries as accompaniments,” he added.
Swiggy HDFC Bank Credit Card revised cashback structure effective from June 21, 2024
Swiggy HDFC Bank Credit Card: According to news reports, HDFC Bank has updated the cashback system of one of its most popular credit cards, the Swiggy HDFC Bank Credit Card. The new cashback structure is effective June 21, 2024.
Startups’ pink slip count falls to 10,000 amid funding blues
Firing in first half of 2024 lesser than H2, H1 of ’23, signalling a slight recovery. Ola Electric is in the final stages of laying off over 600 after sister company Ola Cabs fired around 200 workers in late April. Industry executive told ET, even with the slowdown in layoffs, startups are still not out of the woods.
Sare jahan se achhi biryani hamari
India ordered 2.5 plates of biryani every second in 2023, with one veg biryani for every 5.5 chicken biryanis ordered. This trend extends to iftar, with 6 million plates ordered from Mar 12 to Apr 8. Biryani is not just for vegetarians or non-Hindus, and Swiggy's most-popular order for the eighth year in a row is as secular as the roti and as diversely consumed as India itself.
Food delivery, quick commerce take a bite out of QSR sales: brokerage reports
For the overall QSR industry, revenue growth for the final quarter of FY24 was at 9% on a year-on-year basis, down from 18% a year ago, while both same-store sales growth (SSSG) and average daily sales (ADS) declined, a report from brokerage firm BNP Paribas Exane said.
Zepto raises $665 million funding at $3.6 billion valuation to take on Blinkit, Swiggy Instamart
Company to double dark-store count to 700, taking on rivals Blinkit, Swiggy Instamart and Big Basket’s BB Now; DST Global, Lightspeed Venture Partners, Avenir Growth Capital and Avra joined as new investors in the round led by Glade Brook Capital, StepStone Group and Nexus Venture Partners.
Food delivery cos bet on existing users; Infosys CEO interview
Happy Tuesday! With user growth stagnating, Zomato and Swiggy are prodding existing customers to order more. This and more in today’s ETtech Morning Dispatch.
Food delivery companies lean on existing users for growth
In light of a slowdown in new user signups, Zomato and Swiggy are implementing strategies to increase order frequency among their existing customer base. This approach aims to drive growth despite the challenges in user acquisition.
IAMAI seeks two-month extension of deadline for declaring vehicle fleet details
IAMAI, representing food delivery giants Zomato and Swiggy, ride-hailing companies Ola, Uber, and Rapido, has requested a two-month delay from the Delhi government for these platforms to report on their existing vehicle fleets.
Indians get hooked on 10-minute grocery apps, squeezing small retailers
India's quick commerce boom is reshaping how Indians shop, with Swiggy leading the charge in the fast-paced delivery game. The SoftBank-backed company's grocery warehouse in a middle-class suburb of Mumbai operates precisely, aiming to deliver orders within 10 minutes. Swiggy's bikers, clad in bright orange T-shirts, race against time to collect and deliver packed grocery orders, with the warehouse manager emphasising the need for speed in the entire process.
Zomato to infuse Rs 300 crore in quick commerce unit Blinkit as battle intensifies with Swiggy, Zepto
Food delivery company Zomato will infuse Rs 300 crore into its quick commerce unit Blinkit, as per filings made with the RoC. With this, Zomato has infused nearly Rs 2,300 crore since acquiring Blinkit in August 2022. Zomato will pump Rs 100 crore in Zomato Entertainment Pvt Ltd – the unit that runs the company’s live events and ticketing business.
Indians get hooked on 10-minute grocery apps, squeezing small retailers
India's quick commerce boom is reshaping how Indians shop, with Swiggy leading the charge in the fast-paced delivery game. The SoftBank-backed company's grocery warehouse in a middle-class suburb of Mumbai operates with precision, aiming to deliver orders within 10 minutes. Swiggy's bikers, clad in bright orange T-shirts, race against time to collect and deliver packed grocery orders, with the warehouse manager emphasizing the need for speed in the entire process.
India-Pak T20 Clash: Pubs, quick commerce startups win the game
Makers of snacks, munchies and soft drinks said they saw a 25-30% surge in sales of such impulse categories on Sunday compared to regular weekends, especially of bigger, sharing packs, on e-commerce platforms. "Sales orders of large packs started to pick up around 12 noon onwards, as people began to stock up for the evening to watch the match indoors with friends and family," said a sales executive at a cola company.
Surprise poll results impact startups' plans, and other top stories this week
In a week charged with political buzz, the BJP government came back to power after a stormy election, but without a full majority that left it dependent on the whims of its alliance partners. Unnerved, the markets went into a tailspin on counting day, with both benchmark indices, Sensex and Nifty50, dropping 8% intraday. They recovered a day later as hopes of a stable government revived.
IPO-bound cos wary after poll results; NBFCs’ balancing act
Happy Friday! New-age firms planning to go public are moving cautiously as stock market volatility remains a concern after the 2024 general election results. This and more in today’s ETtech Morning Dispatch.
Startups seek advice on IPO timing in choppy markets
Multiple new-age companies looking to go public are seeking counsel on their next moves in response to the stock market volatility following the general election results on Tuesday. These companies are looking for advice on the timing of their public listings even as they remain confident about India's macroeconomic prospects, founders, investors and investment bankers told us.
Startups’ new hiring strategies; unprecedented poll buzz online
Happy Thursday! While layoffs continue, startups are strategically refilling certain open positions with lower-salaried junior staff to cut costs. This in today’s ETtech Morning Dispatch.
How startups are changing their hiring strategies to streamline costs
Facing a prolonged funding drought, startups are trying a new approach to cost-cutting. Layoffs continue, but some companies, like Swiggy and Ola, are strategically refilling certain open positions with lower-salaried junior staff, according to industry insiders.
Consumer firms plan IPO; startups on poll mandate
India's public market will see about a dozen consumer companies make a debut on the bourses. More on this in today's ETtech Top 5.
Startup layoffs in 2024: Ola Electric, Byju’s, Flipkart among firms shedding jobs
Indian startups and large new-age companies have been cutting down their workforce since the beginning of this year.
A dozen consumer companies line up IPOs amid a thriving stock market
India's primary market anticipates a dozen consumer-facing companies to launch IPOs this year to capitalize on market potential. Companies like Coca-Cola's bottling partner HCCB, CG Foods, Allied Blenders & Distillers, Urban Tots, Cremica Food, Patel's R Mart, PNG Jewellers, Baazar Style Retail, Unicommerce eSolutions, One Mobikwik Systems, and Swiggy are among those planning IPOs.
Roadblocks for q-commerce; Mizuho InCred deal
Happy Friday! As quick commerce platforms diversify, they are likely to face operational challenges. More on this in today’s ETtech Morning Dispatch.
Swiggy told to pay Rs 1,000 for failing to refund Rs 104, court says mental harassment
Swiggy court-directed to compensate consumer for mental harassment due to a cancelled order, refund remaining amount with interest, and pay compensation. Bengaluru court also ordered Swiggy to refund Rs 5,000 for undelivered ice cream.
Zomato, Swiggy Instamart clock record orders on Mother's Day, beat New Year's Eve numbers
On Mother's Day, quick commerce and food delivery platforms saw high demand for gift items like flowers, handbags and chocolates.
SuprDaily founder Puneet Kumar joins Nexus as venture partner
Kumar joining Nexus Venture Partners adds to a long list of top personnel changes at venture firms in India over the last 8-10 months. He was previously at startup accelerator Y Combinator and had also founded Supr Daily along with Shreyas Nagdawane and Rohit Jain.
Why Mukesh Ambani can't ignore a new consumer habit
Reliance Industries (RIL) chairman Mukesh Ambani is expanding the company's retail empire to include quick commerce services through JioMart. This move aims to compete with players like Blinkit and BigBasket, leveraging Reliance's extensive reach and resources. The shift towards quick commerce reflects changing consumer habits, favoring convenience and instant deliveries.
Planning to expand to markets such as Pune and Delhi: House of Biryan
With a goal of reaching 45 stores by December 2025, House of Biryan targets revenues exceeding Rs 100 crore and aims to serve over 4,00,000 new customers. CEO Mohammed Bhol emphasizes product freshness and customization as key differentiators in the crowded biryani market.
Online eats into offline; Agnikul defers rocket launch
The rapid adoption of quick commerce and food delivery apps is eating into the sales of retail, and quick service restaurants. This and more in today’s ETtech Top 5.
Delhi poll body partners with Rapido, Zomato, Swiggy to encourage voter turnout
Delhi's Chief Electoral Officer, P Krishnamurthy, announced that over 100,000 polling personnel have been deployed for the May 25 elections, with measures in place to combat the intense heat wave. Special initiatives include 70 "pink" polling stations run by women, 70 model polling stations with enhanced facilities, and polling stations staffed entirely by persons with disabilities in each parliamentary constituency.
6 major money deadlines in June 2024: Special FD with high interest rates, Aadhaar free update and more
June is almost here and there are a few important personal finance-related deadlines next month that you should be aware of. The following is a list of six financial deadlines in June 2024. Deadlines include special FD with high interest rates, Aadhaar free update, nomination and more.
Zypp Electric raises $15 million from Japanese firm Eneos for India expansion
Zypp Electric confirmed funding from Eneos as part of a larger $40 million round. Existing investors like 9unicorns and IAN also participated in the fundraising. The company's revenue increased threefold to Rs 325 crore in 2023-24.
New credit card rules, changes in May 2024: These 4 banks have revised their credit card rules
Credit card customers should be aware of the changes and make sure to follow the latest fee and guidelines set by the bank or credit card company. The top banks that have revised their credit card rules this month are Bank of Baroda, Yes Bank, IDBI Bank, and HDFC Bank.
Swiggy integrates Mall offering with Instamart
Swiggy merges Mall with Instamart, following Zepto's non-grocery sales success. Quick commerce attracts smaller D2C firms due to robust growth in non-grocery categories.
How quick commerce is rewriting the rules of retail in India
Quick commerce, or super-fast deliveries, is becoming increasingly popular among millennials and Gen Z, with companies delivering various items to doorsteps in no time. Quick commerce makes up about 5-6 per cent of a household's grocery spending, with platforms like Blinkit valued at around $13 billion. It is mostly popular in big cities but is also gaining traction in places like Vizag, Nagpur, Kochi, Jaipur, and Lucknow.
India Inc nudges Delhiites to brave the heat and vote in sixth phase of Lok Sabha polls
Electric ride-sharing company BluSmart is offering a one-time 50% discount to voters, including the youth and first-time voters, going to cast their votes in Delhi-NCR, provided the polling station is within 30 kilometres. "This offer can be availed on BluSmart rides to and from the polling station from 6 am to 7 pm tomorrow on polling day," a company spokesperson said.
Google’s $350-million Flipkart bet; Canva CEO interview
Ecommerce major Flipkart has closed its nearly $1-billion funding round with Google coming on board. More on this in today’s ETtech Top 5.
Google invests $350 million in Flipkart as part of nearly $1 billion funding round
Flipkart secures $1 billion funding with investments from Google and Walmart. Walmart, which holds an 85% stake, invested $600 million in the round. Valued at $35-36 billion, Flipkart plans to expand with Google's cloud collaboration.
Delhi prepared for Lok Sabha elections with special initiatives, free rides and discounts
To boost voter turnout, the Chief Electoral Office has partnered with Rapido to offer free rides home after voting. Voters will also receive special coupons from Zomato and Swiggy, and various restaurants will provide discounts upon showing voting ink.
Swiggy, Meesho investor Prosus and parent Naspers name Fabricio Bloisi as CEO
Fabricio Bloisi appointed chief executive of Prosus and Naspers, succeeding Bob van Dijk. Bloisi, current CEO of iFood, a food delivery business in Latin America, will start on July 1. Interim CEO Ervin Tu has been appointed president and chief investment officer. Outgoing CEO Dijk oversaw Prosus's 2019 IPO and the stock's upbeat performance during the pandemic.
Anuj Rathi to take over as CEO of Flipkart-owned Cleartrip
Flipkart is seeing another set of top-deck changes, as it ropes in Anuj Rathi as the new CEO of its travel booking unit Cleartrip, while top executives Prabh Simran Singh and Sankalp Mehrotra are exiting the firm.
Quick commerce 2.0, and other top tech & startup stories this week
Quick commerce, the buzziest sector in the consumer internet industry, is undergoing a significant transformation. We, at ETtech, have been tracking the sector super closely and bringing the biggest and most impactful stories to you, first.
Swiggy shoe theft saga: Sonu Sood's remarks on delivery executive sparks social media backlash; here's what he said
Sonu Sood recently stirred controversy by supporting a Swiggy delivery man accused of stealing shoes in Gurugram, as seen in a viral video. His call for compassion over punishment sparked debates on social media, with some praising his empathy while others criticized justifying theft. The incident triggered broader discussions on poverty, crime, and ethical standards. Swiggy's response and actions further fueled the discourse.
ETtech In-depth: Quick commerce is diversifying fast. It won’t be easy
As 10-minute delivery expands to include higher-value products, companies will soon realise that with big orders come big hurdles, say executives. Blinkit, Swiggy Instamart and Zepto have started selling products such as air coolers, fans and luggage, in addition to expanding into fashion, and listing high value items on their platforms.
Swiggy confidentially files draft IPO papers for $1.25 billion public listing
Swiggy, which secured a nod from its shareholders for a $1.25 billion public listing earlier this week, has made the filings through Sebi’s confidential route.
Will there be a move away from Zomato when Swiggy lists? Rahul Jain explains
Rahul Jain discusses potential impact of Swiggy IPO on competitive landscape, Zomato valuation, and quick commerce sector dynamics. Anticipates changes in competitive intensity, valuation equilibrium post listing, highlighting Blinkit competition and strategic differences between Zomato and Swiggy.
Swiggy IPO: Food-delivery major secures shareholder nod for potential $1.25 billion public offering
Swiggy IPO: Swiggy plans to raise up to Rs 3,750 crore ($450 million) in fresh capital, in addition to an offer-for-sale (OFS) component of up to Rs 6,664 crore ($800 million). The food-delivery major is also looking to raise about Rs 750 crore from anchor investors in the pre-IPO round.
Swiggy delivery boy caught stealing shoes outside Gurugram flat; company reacts as video goes viral: Watch
A Swiggy Instamart delivery man was recently caught stealing a pair of shoes outside a flat in Gurugram, sparking widespread online discussion. The viral video, shared by user Rohit Arora, showed the delivery executive discreetly taking the shoes after delivering an order, raising concerns about trust in Swiggy's services. Swiggy responded by expressing disappointment in their delivery partner's behaviour and emphasizing their expectations of integrity.
What is in store for the next few quarters for Tata Motors? Devang Mehta answers
Devang Mehta discusses Tata Motors' stock being fully priced in amid global demand slowdown, Zomato's strong management but low margins, UPL's recent surge, and sector rotation. He also analyzes potential corrections and new investor opportunities in the market. Mehta says: "A lot of companies are now fully priced in and there will be some correction if you disappoint a little bit or if even the sector disappoints a bit."
Ola Cabs brings back Ankush Aggarwal to its ride-hailing biz
Amid top-level changes at Ola Cabs, founder Bhavish Aggarwal’s brother Ankush Aggarwal has returned to the ride hailing business after a stint with electric scooter maker Ola Electric. Ankush has also been made chief executive of Ola Financial Services.
Blinkit turns adjusted Ebitda positive in March; eyes 1,000 dark stores by FY25 end
Blinkit, a quick-commerce platform owned by Zomato, is on the path to profitability. The company achieved positive adjusted Ebitda for the first time in March.
Restaurants, food aggregators see record business on Mothers' Day
As compared to last year, restaurants saw families in larger packs, which, in turn, boosted the overall cover charges
Akshaya Tritiya buyers see the bright side; Q-comm coin deliveries see a hit
Industry executives in Kolkata predict a 20% year-on-year increase in Akshaya Tritiya sales value due to higher gold prices. Lightweight jewellery, including gold and silver coins, accounted for the bulk of demand, with gold trading at ₹72,633 per 10 gm on the auspicious day. Quick commerce platforms like Blinkit, Zepto, and Swiggy Instamart also contributed to the surge in demand, delivering gold and silver coins within 10 minutes.
Speedy rise and rise of quick commerce
Quick commerce, like Blinkit, revolutionizes grocery delivery in India, surpassing food delivery. Online grocers thrive with data analytics, inventory control, and competitive advantage over traditional retail.
Uber’s India driver count tops 1 million
Ride-hailing platform Uber reported $654 million loss on global revenue of $10.13 billion for the January-March 2024 quarter. The company's mobility business saw 26% growth in gross bookings. The number of monthly active users on the platform globally rose 15% to 149 million. Uber operates mobility and delivery services globally.
Swiggy’s confidential IPO filing; Blinkit’s rising valuation
Swiggy has confidentially filed draft IPO papers with the capital markets regulator. Details on this and more in today’s ETtech Top 5.
Swiggy expands definition of parenthood to include pet parents
The company has rolled out the 'Paw-ternity Policy' that allows employees with pets time off and other benefits to care for their pets.
Agritech startup Superplum raises $15 million from investors to expand fresh fruits business
Superplum has built a direct-from-farm produce supply chain, using proprietary technology and cold-chain infrastructure to fundamentally improve how produce is grown and brought to market.
Swiggy converts to public limited company ahead of IPO
With this, Swiggy is closer to joining a string of new-age internet companies looking to go public including FirstCry, Awfis and Ola Electric.
Influencer's father loses Rs 3 lakh in ‘Swiggy customer service scam’. How it happened
A 65-year-old man was defrauded of over Rs 3 lakh after trying to contact Swiggy's customer service due to an undelivered order. His son, Nikhil Chawla, shared the incident on social media, explaining how his father was duped by a fake customer care number he found through a Google search.
As mercury begins to soar, India Inc steps up to keep workers sun-safe
As India braces for a hot summer ahead, companies across various sectors are implementing measures to protect their workers from the scorching temperatures. From ecommerce giants to real estate developers and oil companies, efforts include restricted work hours, flexible schedules, resting areas, access to refreshments, healthcare facilities, and breathable clothing.
Bengaluru techie becomes Swiggy delivery agent, social media post goes viral
Bengaluru techie Namrata Singh shares firsthand insights into Swiggy's delivery process after a day as a delivery agent. Her LinkedIn post reveals key observations on order acceptance, workflow, and earnings transparency. Singh highlights the app's detailed tracking, safety features, and the dedication of delivery agents. Her immersive storytelling earns praise for shedding light on the behind-the-scenes dynamics of food delivery.
Swiggy appoints Suparna Mitra as new independent director
Suparna Mitra joins three other independent directors on Swiggy’s board. Mitra is also the CEO of the watches and wearables division of Titan Company, partly owned by Tata Sons.
Invesco marks Swiggy valuation at $12.7 billion, up 18% from last fundraise
The latest mark up in Swiggy's valuation comes as the Bengaluru-based food and grocery delivery company presses ahead with its planned $1 billion IPO.
Swiggy merges InsanelyGood with Instamart
InsanelyGood currently operates in Bengaluru only after a scaledown from six cities last year to reduce cash burn. Orders placed on the service before 11 pm usually get fulfilled by 7 am the following day.
Startup twists & turns on IPO street; and other top tech and startup stories this week
Food and grocery delivery company Swiggy on Friday confidentially filed its draft documents for an initial public offering (IPO) with stock market regulator Securities and Exchange Board of India (Sebi), sources told us.
FirstCry to refile IPO papers; Lyskraft’s mega seed funding
Happy Friday! Omnichannel retailer FirstCry will refile its IPO papers following queries from Sebi. This came right on the back of Swiggy’s $1.25 billion proposed IPO receiving shareholder nod. This and more in today’s ETtech Morning Dispatch.
Shareholder nod for Swiggy’s $1.25 billion IPO; Koo halts salaries
Online food delivery major Swiggy has received shareholder approval to go public. This and more in today’s ETtech Top 5.
Swiggy records $200 million loss, document shows, as it plans IPO
SoftBank-backed Swiggy plans IPO after $200 million losses. Cost-cutting measures implemented. Paytm faces share drop due to high valuation. Zomato shares surge. Swiggy valued at $10.7 billion.
Exclusive: Flipkart-Zepto deal talks drop out of cart
Happy Friday! Ecommerce major Flipkart held talks with Zepto for a potential deal. More on that in today’s ETtech Morning Dispatch.
D2C brands cough up 30-45% commission for a spot on quick-commerce platforms
Direct-to-consumer (D2C) brands rushing to get listed on quick-commerce platforms are shelling out between 30-45% as commissions, compared to the 10-20% that large, more established FMCG companies pay.
Baron Capital raises Swiggy’s valuation to $12.1 billion; new digital competition law
The US-based asset manager has now marked up the fair value of its holding in Bengaluru-based Swiggy for the third consecutive time. The asset manager’s fund held a stake worth $87.2 million in Swiggy’s parent company as of December 31, 2023, up 17% from $74.4 million a quarter earlier.
Zepto improves quick-commerce market share; Instamart loses ground: HSBC report
A report from HSBC Global Research said Zepto market share rose from 15% in March 2022 to 28% in January 2024. During this time, Instamart's share fell from 52% in March 2022 to 32% in January 2024.
Paytm Payments Bank CEO quits; Invesco hikes Swiggy’s valuation
Paytm Payments Bank managing director and chief executive officer Surinder Chawla has tendered his resignation. This and more in today’s ETtech Top 5.
Ad isn’t created by us or any affiliate: Swiggy on viral post taking dig on Zomato pure veg fleet
In an advertisement posted by X user Nilesh Trivedi, the logo and name of Swiggy are seen on top, with the text commenting on rival Zomato's recent pure veg fleet. The user later said that the ad was very clearly a parody.
India consumer firms gear up to cash in on a sizzling summer
India expects 10 to 20 heatwave days, which it describes as temperatures hitting at least 40 degree Celsius in the plains, from April through June this year, versus the normal four to eight days. Temperatures have already crossed 40 degrees in a few cities in western Maharashtra and Gujarat.
Non-grocery items deliver bright growth to dark stores
Quick-commerce platforms like Zepto, Swiggy Instamart and Blinkit are seeing rapid growth in the sale of non-grocery items as they continue to diversify their offerings and enter ecommerce turf.
Ola, Uber roll out subscription-based plans for auto drivers
Adopting Namma Yatri, Rapido model may help platforms bypass 5% GST on auto rides. Ola has released its subscription model over the last few weeks for its auto drivers in select markets. Uber has also launched the same in six markets.
IRCTC partners with Swiggy for food delivery at railway stations
During the initial stage, Swiggy will provide services to IRCTC customers at four railway stations – Bengaluru, Bhubaneswar, Vijayawada and Visakhapatnam.
Top banks' co-branded credit cards: Cashback offers, fuel surcharge waiver, discounts, freebies, annual fee
Top co-branded credit cards: Banks and other credit card issuers offer credit cards in collaboration with popular brands across different segments. Let us look at the top banks' co-branded credit cards across different spending categories such as shopping, dining, travel, movies, fuel and more.
Baron Capital marks Swiggy valuation at $12.1 billion, up 13% from last fundraise
Baron Capital, which participated in Swiggy's $700-million funding round in January 2022, has increased the fair value of its holding in Swiggy for the third consecutive time. The latest valuation was ascribed to Swiggy as of December 31, 2023, as per filings made with the US Securities and Exchange Commission.
Swiggy changes company’s registered name to reflect ‘core brand’ ahead of planned IPO
Swiggy Pvt Ltd (formerly Bundl Technologies Pvt Ltd) changed its name for brand proximity. It operates under brands like Instamart, Dine Out, and Genie. Swiggy is preparing for a $1 billion IPO and aims to achieve profitability by reducing costs. Zomato is its main rival.
Quick-commerce firms Zepto, Swiggy Instamart bring home the colour in a record Holi-day
Sales were led by Holi-related items such as colour (gulaal), sweets, pichkaris and flowers. Adjacent categories--white t-shirts, coconut oil--also saw a significant surge in demand, said executives at quick commerce firms.
Swiggy’s FY23 revenue grows 45% to Rs 8,265 crore; net loss expands 15%
Food and grocery-delivery firm Swiggy spent heavily during the year on scaling up its quick-commerce vertical Instamart taking its total expenses to Rs 12,884 crore, up 34% on year. Swiggy is aiming for an IPO soon.
Troubles in tech/startup space offer financial institutions pool to fish for talent
Recent months have seen a slew of mid- and senior-level executive movements from tech companies and startups including Paytm, Byju’s, Swiggy, Upstox, EnKash, Lendingkart, PayU, Myntra and Flipkart to organisations such as Kotak Mahindra Bank, IndusInd Bank, HDFC Bank, HSBC, RBL Bank, IDFC First Bank, Bajaj Finserv, Angel One and Mahindra Finance.
Swiggy agent denies food delivery to woman, says 'do whatever you want to do'; company steps in
In a recent incident, a Swiggy customer, Neha S, took to social media to express her frustration after a delivery agent refused to fulfil her order, leaving her children hungry. Despite ordering a vada pav and a roll, the delivery agent allegedly claimed he had no time to deliver the order. Neha's complaint went viral, prompting Swiggy to offer an immediate refund and resolve the issue over a phone call.
Mallika Srinivasan steps down as Swiggy's independent director
Swiggy said Srinivasan was stepping down due to “increasing business commitments”, without explaining further. The firm did not name a replacement for the position.
