MAIDEN DELIVERY
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed these stories.
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.
LCA Tejas' advanced version Mark-1A completes maiden flight today, deliveries to start soon: Watch video here
The first production series fighter of LCA Tejas Mark-1A completed its maiden flight in Bengaluru, piloted by Group Capt (retd) KK Venugopal. HAL announced the successful 18-minute sortie, marking a milestone in India's indigenous aircraft development. The advanced Tejas Mk-1A features upgraded radar and missile systems. With PM Modi's endorsement, Tejas aims to bolster IAF's capabilities, though challenges persist amid reports of the first loss in a recent air crash.
Google in talks to acquire 22.5-acre in Navi Mumbai for maiden India captive data centre
Google is in advanced negotiations to purchase a 22.5-acre land parcel in Juinagar, Navi Mumbai, for its first captive data center in India. The land, owned by Maharashtra Industrial Development Corporation (MIDC), currently leased to Gramercy Trade Industries, is valued at approximately Rs 850 crore.
Eliminator: RCB's spin troika takes them to maiden WPL final
Chasing an easy target of 136 and needing 20 off last three overs, MI's innings ended at 130 for 6. RCB, who entered their maiden final in the second edition, will meet last year's runner-up Delhi Capitals in the summit clash on Sunday. It was 21-year-old Shreyanka (2/16 in 4 overs), whose vital 18th over raised visions of victory as she removed the MI skipper Harmanpreet Kaur (33).
360 One-backed NeoLiv raises Rs 300 cr as first close of maiden fund
NeoLiv raises Rs 300 crore for Inliv Real Estate Fund, targeting MMR, NCR, tier 2 cities. CEO Malhotra plans quick deployment. Strong interest from investors like family offices, UHNIs, CXOs noted.
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Uber unveils maiden $7 billion share buyback after first profitable year
Over the next three years the ride-hailing firm expects gross bookings growth in the mid to high teens percentage and adjusted core profit growth in the high 30s to 40%. Free cash flow as a percentage of adjusted earnings before interest, taxes, depreciation and amortization is expected to be 90% or higher annually, the company said.
Yashasvi Jaiswal's maiden double hundred propels India to 396 in 2nd test
Yashasvi Jaiswal scored his maiden double hundred, reaching the milestone off 277 balls, making it the third fastest double hundred in tests against England. Jaiswal finished with 209 runs, from 290 deliveries, with 19 fours and seven sixes. He almost single-handedly kept India's innings together. England, with a 1-0 lead in the series, was 32-0 at lunch on day two. Zack Crawley (15 not out) and Ben Duckett (17 not out) started off in a hurry.
PB Fintech's maiden profit; another markdown for Meesho
Policybazaar parent PB Fintech on Tuesday reported its first ever net profit on the back of strong revenue growth for the quarter ended December 2023. This and more in today’s ETtech Top 5.
India record maiden Test win over Australia, win by 8 wickets in one-off women's Test
India Women clinched a historic victory against Australia in their first Test in 28 years, capping an exceptional home season. India dominated, dismissing Australia for 261 in the second innings after posting their highest-ever total of 406. Smriti Mandhana and Jemimah Rodrigues sealed the win, underscoring India's controlled and positive approach throughout the match. The triumph marked a turning point, signaling India's growing prowess in women's Test cricket, prompting discussions about expanding future home Tests.
Deepti Sharma stars with all-round show as India Women eye maiden Test win at home over England
After a patient 113-ball 67 in India's first-innings total of 428, Deepti destroyed England line-up with a sensational 5.3-4-7-5 spell helping the hosts take a massive 292-run lead. The visitors were bundled out for 136 in their first essay despite Nat Sciver-Brunt's composed 59.
India's maiden A350 aircraft takes ferry flight, to join Air India fleet soon
Air India flew its first ferry flight of the A350-900 plane with a new look, showing a big change for the airline. They shared a picture of the plane's journey from Singapore to Toulouse, and it is due for delivery in December 2023 after some final work.
Zomato launches hyperlocal delivery service Xtreme to leverage 3-lakh strong delivery fleet
Xtreme, which was launched late last month, targets both small and large merchants for delivering small packages intracity on the lines of services provided by Shadowfax, Porter and Loadshare.
India’s food delivery segment seen growing 10% sequentially in July-September period: UBS
This comes as a shot in the arm for Zomato and Swiggy, the segment’s duopolists, given the seasonally weak nature of the quarter.
Will evaluate shareholders’ requests for dividends, but no decision yet: Zomato CFO Akshant Goyal
On August 3, Zomato reported a maiden consolidated net profit of Rs 2 crore for the quarter ended June 2023, as against a loss of Rs 186 crore a year ago. The profitable turn came on the back of higher order frequencies from its loyalty programme, Gold. Its revenue from operations in the quarter saw a nearly 71% on-year jump to Rs 2,416 crore.
Zomato breaches $10 billion market cap mark on the back of maiden profit
On August 3, Zomato reported its first-ever consolidated quarterly net profit at Rs 2 crore, on the back of higher order frequency from subscribers of its loyalty programme. The company’s shares closed at Rs 86.22 on August 3 and opened up 3% at Rs 89 on August 4.
Board rejig at Aakash; govt tables data bill in Lok Sabha; and Zomato delivers maiden profit
Happy Friday! US hedge fund Davidson Kempner has started reconstituting the board of Byju’s crown jewel, Aakash Educational Services Ltd (AESL), in an effort to turn around and improve the governance at the crisis-hit edtech company. This and more in today’s ETtech Morning Dispatch.
Zomato posts maiden quarterly profit; Data Bill introduced in Lok Sabha
Gurugram-based food delivery platform Zomato reported its first-ever profit in the April-June quarter of FY24, reversing losses of Rs 186 crore from the year-ago period. Striking an upbeat note following the results, the company’s management said it expects profitability to sustain going forward. This and more in today’s ETtech Top 5.
First Airbus C295 for India successfully completes its maiden flight
“This first flight represents a significant accomplishment for the first Make in India aerospace programme. With the Indian Air Force set to become the largest operator of the C295 in the world, this programme exemplifies our commitment to improve the Indian Air Force’s (IAF) operational capabilities,” Jean-Brice Dumont, Head of Military Air Systems at Airbus Defence and Space said.
India- Central Asia hold maiden meeting on optimum use of Chabahar Port
The meeting was chaired by Secretary (Economic Relations) MEA and attended by the Deputy Ministers and Senior Officials of Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan and the Republic of Uzbekistan. The special invitees for the event were the country representative of the UN World Food Program (UNWFP), Deputy Foreign Minister of Iran and the Consul General of Afghanistan.
Digital Edge set for India foray, to buy 47-acre Thane plot for maiden data center
The said plot spread across Thane’s Kalwe and Dighe localities is a freehold land parcel. Mukand has already sold around 55 acres of surplus leasehold land in the same area to NTT Global Data Centers for Rs 801 crore and this transaction was completed in May 2021.
Taliban Govt welcomes maiden India-Central Asia NSA meet
The Taliban led government of Afghanistan has welcomed India-Central Asia NSA level meet aimed at building better coordination for security of the region and also appreciated the communique of this meeting expressing support for a stable, peaceful, integrated and secure Afghanistan.
Mehidy Hasan Miraz scripts Bangladesh's remarkable recovery with maiden ODI ton
India had Bangladesh on the mat at 69 for six before last match's hero Miraz (100 off 83 balls) stitched an epic 148-run partnership off 165 balls with Mahmudullah (77 off 96) to help the home team put up a fighting total. It was the highest ever seventh-wicket stand against India.
Simple Energy postpones delivery of maiden e-scooter to March quarter
Simple Energy announces the delay in commencing the deliveries of the flagship scooter, the Simple ONE. Owing to the recent battery safety guidelines issued by the Ministry of Highways and Road Transport. The e-scooter will comply and adhere to the new standards, thereby causing the delay, it said in a statement.
Simple Energy defers deliveries of e-scooter amid rising fire incidents in EVs
The Bengaluru-based company, which launched the e-scooter on October 15 last year, has taken a "conscious" call to postpone the vehicle deliveries to the first week of September from June, Simple Energy founder-CEO Suhas Rajkumar said.
Simple Energy to start deliveries of its maiden e-scooter 'Simple One' from June
Bengaluru-based electric two-wheeler maker Simple Energy on Wednesday said it will start deliveries of its maiden e-scooter 'Simple One' from June, after more than nine months of its launch in the market. The company said it has already received over 30,000 bookings till date.
SaaS Labs raises $17 million in maiden funding round
SaaS Labs, a cloud-based automation platform, will use the funding to expand its customer base and hire talent, as well as for product development and improving service delivery.
Simple Energy looks to manufacture electric 4-wheelers as part of future product range
As part of its short-term plans, the start-up is readying to launch a business-to-business (B2B) product by this year-end besides an e-bike by next year in addition to a new powertrain in the next one to one-and-a-half year, he said.
Welspun One Logistics achieves first close of India’s maiden warehousing fund
The platform, backed by the $2.7 billion Welspun Group, is targeting total investment of around Rs 2,000 crore in the next 3-4 years. As a part of its investment outlay, the company plans to develop and lease a portfolio of 7 - 8 million square feet of grade-A warehousing spaces across India.
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