ZEPTO PASS
Ecom Express targets $170 million via rights issue
Ecom Express plans a $170 million rights issue with existing investors. Revenue grew 20% in FY23 despite widening losses. The company postponed a public listing like Delhivery and Xpressbees. Serving Meesho, Ecom Express ventures into quick-commerce sector.
How capital surge may fuel discount war in quick commerce space
The $665 million funding round at Zepto may trigger a discounting war among players like Blinkit, Instamart, and Flipkart. Blinkit faces increased competition in logistics infrastructure as the quick commerce market heats up.
Ecommerce sellers count on cash-flow gains from GST cut
Recommendations by the GST council aim to benefit suppliers on online platforms and real money gaming firms through tax changes, including a reduction in tax collected at source for electronic commerce operators.
Too hot, too good for e-tailers: ACs, ice creams and beauty products' online sales enjoy the heatwave
Consumers are increasingly turning to online shopping for a variety of products like air conditioners, beauty products, and snacks as heatwaves prompt them to stay indoors, especially during peak afternoon hours. Brands like Voltas and Panasonic have witnessed significant growth in online sales, particularly in the AC category. E-commerce platforms are seeing a surge in demand for large purchases like ACs and coolers, with quick commerce becoming popular for daily essentials. Companies like Parle, Mother Dairy, and Baskin Robbins are experiencing a boost in online sales.
Tata Digital’s new team; Pine Labs’ India redux
Tata Digital chief executive Naveen Tahilyani has restructured the leadership team for the Neu super app. This scoop and more in today’s ETtech Top 5.
Unicorn sightings become rare as VCs shun that leap of faith
Investors are going back to the same list of startups they have already backed to write bigger cheques leading to new unicorn sightings becoming rare. Only Perfios and Ola founder Bhavish Aggarwal’s Krutrim AI have become unicorns so far in 2024, and the number was the same for the whole of 2023.
- Go To Page 1
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.
Zepto experiments with platform fees in profitability push
The firm is charging a platform fee of Rs 2 per order, over handling charges that can range between Rs 5 to Rs 20, depending on factors like order size, location and time of day. This is different from rival quick-commerce platforms like Zomato-owned Blinkit and Swiggy Instamart that only charge handling fees.
Zepto Pass gets 1 million subscribers within a week of launch
The membership, which comes at a fee of Rs 99 per month, offers unlimited free deliveries on orders worth more than Rs 99 and discounts of up to 20% based on the order value, ET reported on February 19.
Winning the subscription battle; and other top tech, startup stories this week
E-commerce industry executives say that the key to making a subscription programme work is always a large bouquet of offerings. The pricing can be made on the higher side and margins made higher only when the offerings become compelling enough.
Tata chip unit gets Cabinet nod; Sridhar Ramaswamy named Snowflake CEO
The Rs 91,000-crore project will be set up in Gujarat’s Dholera district in partnership with Taiwanese Powerchip Semiconductor Manufacturing Corp (PSMC), Union communications and IT minister Ashwini Vaishnaw told a press briefing on Thursday.
Zepto launches membership programme for all users
The membership, priced at between Rs 149 and Rs 299 per month for various users, will allow for free deliveries of orders above Rs 99.
Inside Flipkart’s top-deck churn; FM to meet fintechs
At least four senior vice-presidents (SVPs) at Flipkart including Ayyappan R, head of travel booking website Cleartrip; Amitesh Jha, who leads marketplace and categories; fintech and payments head Dheeraj A; and Bharath Ram, who spearheads growth and retention at the web retailer, are likely to be leaving the company, according to multiple people in the know.
Zepto experiments with membership programme for select users
Zepto Pass is a membership program offering unlimited deliveries on orders over Rs 99 with up to 20% discounts. Zepto has become the second quick-commerce firm after Swiggy Instamart to offer subscription benefits.
New-age firms ride market surge in buoyant week; and other top tech, startup stories this week
On Friday, the 30-stock benchmark index BSE Sensex ended at a fresh all-time high of 72,568 points. In the broader buoyancy of the stock markets, shares of new-age companies Zomato, Nykaa, Honasa Consumer, Paytm, Delhivery and PB Fintech also rose through the week.
Zomato hits pause on Blinkit integration to focus on building super brands
When Zomato acquired Blinkit for $570 million in an all-stock deal in 2022, analysts and investors were watching out for how the latter would get integrated with its food-delivery parent.
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.
Swiggy, Zomato operations hit as delivery workers strike in Mumbai
Food delivery workers went on strike in many parts of the city, pressing for a list of demands. The strikes were organised collectively by multiple organisations, including the Shiv Sena-affiliated Rashtriya Karmachari Sena and the Indian Federation of App-based Transport Workers (IFATW), among others.
The Economic Times Startup Awards 2023 Special
The Economic Times Startup Awards ceremony took place in Bengaluru, where the focus shifted to profitability and sustainable growth for Indian startups. The event featured panel discussions and speeches by Union Minister Piyush Goyal and Minister of State for IT Rajeev Chandrasekhar.
ETSA panel to discuss new order for Startup Inc; a QR code for your kid on social media?
At the Economic Times Startup Awards ceremony in Bengaluru on October 7, a high-powered panel comprising startup founders, CEOs and investors will discuss the way forward for the Indian startup and technology economy as it looks to come out of what has been one of its worst downturns. This and more in today’s ETtech Morning Dispatch.
Late-stage investing is stuck as Indian companies still at 2021 valuations: SoftBank Vision Fund’s Sumer Juneja
Juneja, managing partner, India & EMEA (Europe, Middle East and Africa) at SoftBank Investment Advisers, most of the top technology companies in India are well capitalised and have cut costs over the past year, leading to their unwillingness to opt for a down round.
India’s late-stage tech funding stuck due to high valuations: SoftBank’s Sumer Juneja
Happy Monday! We ended last week with Zepto’s $200-million funding, a rare large-sized round which made the quick-commerce company 2023’s first unicorn. We now turn our attention to late-stage startups that are refusing to accept cuts in their valuations, something that’s keeping SoftBank’s venture capital arm at bay. This and more in today’s ETtech Morning Dispatch.
Dunzo’s downfall: from startup star to sinking ship? and other top tech stories this week
This week was Dunzo’s worst ever since it pivoted to quick commerce with Dunzo Daily in 2021. At ETtech, we have been closely tracking the Reliance Retail and Google-backed firm. What has come to pass has been in the making for a while.
Nearly 60 YC-backed Indian startups have deposits stuck in Silicon Valley Bank
These particularly include startups backed by the famed Silicon Valley accelerator Y Combinator (YC). At least 40 YC-backed Indian startups have $250,000 to $1 million in deposits with SVB, while more than 20 of them have deposits of more than $1 million, according to people in the know.
Nexus Venture Partners closes its largest-ever fund at $700 million
Nexus Ventures VII will continue to back entrepreneurs in the US and India, across segments such as artificial intelligence, software-as-a-service (SaaS), fintech, and commerce, the firm said in a company blog.
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.
Domino's to deliver in 20 minutes, but not at the cost of safety: CEO Russell Weiner
Russell Weiner, chief executive officer of Domino's Pizza said inflation is one of the biggest concerns for the company globally as is the case with all consumer companies, but Domino's is holding on to entry level price points as far as possible in India, which is its biggest market outside the US in terms of store growth and number of stores.
Ola scales down food business, looks to integrate it with 10-minute grocery delivery
Ola’s cloud-kitchen business under Ola Foods has nixed its expansion plans as it looks to sell most of its kitchen equipment at up to 30-50% discount, people in the know said.
How shortage of gig workers is affecting services of food-delivery, quick commerce startups
Zomato, Swiggy and Zepto, among others, are seeing delivery timelines being stretched as workers battle rising fuel prices and inflation in the overall economy, with some even choosing to return to pre-pandemic jobs.
Load More
