BLINKIT LEADERSHIP
Zomato gets shareholder approval for Esop plan, gives up pursuit of NBFC licence
Food delivery company Zomato had proposed an Esop pool of 183 million shares. The new plan would mean a 2% stake dilution for existing shareholders, founder and CEO Deepinder Goyal had told shareholders in May, adding that the new pool would be sufficient for the next five years.
Ecommerce space heats up; and other top tech, startup stories this week
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. It has been a packed week for ecommerce and quick commerce news. The previous weekend began with Zepto scooping up $665 million in funding, at more than double its last valuation in 2023, which is a pivotal moment for the sector.
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.
Discounting wars in quick commerce; tax relief for ecommerce suppliers
The recent funding raised by Zepto may trigger a discounting war in the quick commerce space. This and more in today’s ETtech Morning Dispatch.
Go Zero secures $1.5 mn follow-on pre-Series A funding, grows 4x in one year
Founded by Kiran Shah, Go Zero has a diversified product portfolio featuring low-calorie, high-protein and vegan ice creams.
Zomato-Paytm deal will be a win-win for both companies: Pankaj Murarka
Stock might look a bit rich in terms of near-term valuations over the next four or six quarters, but I still think from a medium-term perspective the outlook for the group and business or stocks continues to remain positive.
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Stocks to buy after Lok Sabha Elections Results 2024: 5 stocks with up to 23.2% upside potential
While the 4 June crash eroded investor wealth, it may have eased stretched valuations. Experts believe the BJP-NDA government’s economic agenda will largely remain unchanged, though some priorities will be adjusted. Even before the election-induced jolts, the markets had been witnessing volatility. To counter the near-term shocks, invest in companies that have shown stability in the past.
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.
Financials, capital goods likely to lead; expect rotation in defence, railway names: Gurmeet Chadha
There is indeed a shortage, and discounts have virtually disappeared, not just for air conditioners but also for refrigerators and air coolers. Companies like Voltas performed well initially, but their recent results, especially in the EMPS space, were disappointing.
A quarter of hits & a few misses; and other top tech, startup stories
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. This is Pranav Mukul in New Delhi. This week we’ve wrapped up another compelling quarterly earnings season for listed new-age companies from Zomato and Delhivery to Paytm and PB Fintech.
Buy Zomato, target price Rs 230: Emkay Global Financial Services
Emkay Global Financial Services has buy call on Zomato with a target price of Rs 230.
Zomato shares fall 6% on ESOP headache but target prices rise up to Rs 280. Should you buy, sell or hold?
Zomato Stock Price: Despite positive target price revisions from brokerages such as CLSA, Jefferies, Bernstein, and Elara, shares of foodtech platform Zomato experienced a decline of up to 6% to Rs 182.10 on Tuesday. CLSA raised the target price to Rs 248, Bernstein to Rs 230, Jefferies to Rs 230, and Elara Capital set the highest target at Rs 280 per share, all in response to the impressive Q4 results.
Zomato logs fourth straight quarter of profit at Rs 175 crore
Food delivery platform Zomato on Monday reported a consolidated net profit of Rs 175 crore for the quarter ended March 31, 2024, as against a loss of Rs 188 crore reported in the year-ago period.
Zomato Q4 earnings; Blinkit edges closer to profitability
Food delivery major Zomato reported a lower-than-expected quarterly profit of Rs 175 crore on Monday. Details on this and more in today’s ETtech Top 5.
Zomato sees Esop costs rising on grant of stock options to Blinkit leadership
Costs incurred under the Esops head are non-cash expenses, and will rise in the ongoing fiscal “on account of grant of Esops to the Blinkit leadership team and senior employees,” the management said in a post-earnings call.
Exclusive: Flipkart maps India redux; talks on to shift domicile from Singapore
Flipkart aims to move domicile from Singapore to India for an IPO. Talks gain impetus for largest local consumer internet company to reverse flip to India. Walmart owns 85%.
Summer heat takes toll on gig workers; the rise of Airchat
Happy Monday! A shortage of delivery executives amid soaring temperatures is becoming a major concern for ecommerce companies. This and more in today’s ETtech Morning Dispatch.
Biased towards large and large midcaps in terms of incremental allocations: Gurmeet Chadha
Gurmeet Chadha discusses varying valuations, smallcap index trends, Blinkit's potential, HDFC Bank's performance, and potential earning surprises in textiles, defense, space sectors, and chemicals amid the earnings season. Chadha says selectively tracking textiles players like Gokaldas who have done acquisitions and added capacities. He is also looking at some defence and space names like Zen Technologies.
JM Financial raises target price for Zomato by 30% to Rs 260
JM Financial raised Zomato's price target to Rs 260 from Rs 200, citing Blinkit's rapid growth. The firm expects Blinkit to surpass Zomato's food delivery business, emphasizing industry tailwinds and strong balance sheet. Zomato's strategic priorities include expansion of dark-store network and enhancing product offerings.
Zomato shares tank 7% on Flipkart’s likely foray into quick commerce. How brokerages view it
Zomato shares plunged 7% as Flipkart plans to relaunch Quick Commerce, but experts believe Zomato's quick commerce model is working well. Zomato's Q3 earnings exceeded expectations with strong growth. JM Financial suggests incumbents may consider M&A.
Why PhonePe-ZestMoney deal fell through; top leadership changes at Swiggy Instamart
PhonePe has walked away from buying cash-strapped buy-now-pay-later (BNPL) startup ZestMoney amid due diligence concerns, per multiple people in the know. After breaking the story on Thursday morning, we get you details on what led to the failed transaction.
Nexus mops up its largest ever fund at $700 million; Blinkit may launch at-home services
Nexus Venture Partners announced the close of its largest-ever fund at $700 million which comes at a time when startup funding has plummeted due to the ongoing tech winter. Zomato's CEO Deepinder Goyal has resigned from the board of Urban Company and interestingly enough Blinkit is mulling an entry into the segment.
Swiggy’s delivery staff strike again; VCs on wait mode & govt scrutiny on TikTok’s re-entry
Owing to a reduction in worker payouts and poor working conditions, delivery workers near a dark store of Instamart - Swiggy’s quick commerce business - went on strike in New Delhi’s Lajpat Nagar area.
Jefferies bullish despite Zomato freefall; Indian IT firms are biggest post-pandemic winners
After dropping more than 11% on Monday, Zomato stock shed more than 12% on Tuesday to close the day at Rs 41.65 on NSE.
RBI rule will set back fintech firms, says report; Zomato board may clear Blinkit deal on Friday
Fintech firms are claiming that the RBI wants to give banks full control over fintech innovation.
Why quick deliveries are getting slower; MeitY proposes changes to IT rules
Quick delivery firms were all the rage in 2021, when liquidity abounded and tech valuations hit record highs. In 2022, though, these companies have found funding and delivery workers hard to come by, causing them to calibrate their high-burn business models. For the customer, that means 10-minute deliveries often take a lot longer these days.
Zomato and Blinkit will soon be one; Myntra plans live-commerce blitzkrieg
Zomato, which owns about 10% of Blinkit, would look to get a foothold in India's buzzy quick commerce segment post the acquisition.
Blinkit gets $100 million from Zomato, in talks to raise another $300 million
This is a part of a larger $400-million funding Blinkit is looking to raise from Zomato and other investors, which is expected to close in the next two quarters
Licious appoints Vakul Agarwal as vice-president of growth
India’s first D2C unicorn Licious has announced the appointment of Vakul Agarwal as vice-president of growth, said a statement issued today. He will be spearheading all efforts towards driving growth for the firm across all channels as it enters a post-unicorn era. His appointment comes on the heels of other key strategic additions to the leadership team.
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