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. 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. Food Inc eyes quicker commerce on match day
With India battling South Africa in the T20 World Cup final this Saturday, quick commerce, food delivery services, restaurants, and brands are bracing for a massive order spike. As fans cheer on the Men in Blue, bars and restaurants screening the match anticipate packed houses and a jump of 20% to 50% in online sales. India vs South Africa T20 World Cup Final: Food Inc eyes quicker commerce on match day
As the national men's cricket team aims to end the drought for an ICC trophy, bars and restaurants that plan to screen the match for fans back home expect to host a full-house and also cater to an increase of 20% to 50% in their online sales. 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. 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. 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. 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. 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. 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. 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. 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. 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
How quick commerce is rewriting the rules of retail in India
How quick commerce is rewriting the rules of retail in IndiaQuick 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
India Inc nudges Delhiites to brave the heat and vote in sixth phase of Lok Sabha pollsElectric 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
Google invests $350 million in Flipkart as part of nearly $1 billion funding round
Delhi prepared for Lok Sabha elections with special initiatives, free rides and discounts
Swiggy, Meesho investor Prosus and parent Naspers name Fabricio Bloisi as CEO
Swiggy, Meesho investor Prosus and parent Naspers name Fabricio Bloisi as CEOFabricio 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
Quick commerce 2.0, and other top tech & startup stories this week
Swiggy shoe theft saga: Sonu Sood's remarks on delivery executive sparks social media backlash; here's what he said
Swiggy confidentially files draft IPO papers for $1.25 billion public listing
ETtech In-depth: Quick commerce is diversifying fast. It won’t be easy
ETtech In-depth: Quick commerce is diversifying fast. It won’t be easyAs 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. Will there be a move away from Zomato when Swiggy lists? Rahul Jain explains
Swiggy delivery boy caught stealing shoes outside Gurugram flat; company reacts as video goes viral: Watch
Swiggy delivery boy caught stealing shoes outside Gurugram flat; company reacts as video goes viral: WatchA 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. Swiggy IPO: Food-delivery major secures shareholder nod for potential $1.25 billion public offering
What is in store for the next few quarters for Tata Motors? Devang Mehta answers
What is in store for the next few quarters for Tata Motors? Devang Mehta answersDevang 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
Ola Cabs brings back Ankush Aggarwal to its ride-hailing bizAmid 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
Restaurants, food aggregators see record business on Mothers' Day
Akshaya Tritiya buyers see the bright side; Q-comm coin deliveries see a hit
Akshaya Tritiya buyers see the bright side; Q-comm coin deliveries see a hitIndustry 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
Speedy rise and rise of quick commerceQuick 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
Uber’s India driver count tops 1 millionRide-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 expands definition of parenthood to include pet parents
Agritech startup Superplum raises $15 million from investors to expand fresh fruits business
Swiggy converts to public limited company ahead of IPO
Influencer's father loses Rs 3 lakh in ‘Swiggy customer service scam’. How it happened
As mercury begins to soar, India Inc steps up to keep workers sun-safe
As mercury begins to soar, India Inc steps up to keep workers sun-safeAs 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 becomes Swiggy delivery agent, social media post goes viralBengaluru 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
Invesco marks Swiggy valuation at $12.7 billion, up 18% from last fundraise
Swiggy merges InsanelyGood with Instamart
Swiggy merges InsanelyGood with InstamartInsanelyGood 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
FirstCry to refile IPO papers; Lyskraft’s mega seed funding
FirstCry to refile IPO papers; Lyskraft’s mega seed fundingHappy 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
Swiggy records $200 million loss, document shows, as it plans IPO
Exclusive: Flipkart-Zepto deal talks drop out of cart
Baron Capital raises Swiggy’s valuation to $12.1 billion; new digital competition law
D2C brands cough up 30-45% commission for a spot on quick-commerce platforms
Zepto improves quick-commerce market share; Instamart loses ground: HSBC report
Paytm Payments Bank CEO quits; Invesco hikes Swiggy’s valuation
Ad isn’t created by us or any affiliate: Swiggy on viral post taking dig on Zomato pure veg fleet
India consumer firms gear up to cash in on a sizzling summer
India consumer firms gear up to cash in on a sizzling summerIndia 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
Ola, Uber roll out subscription-based plans for auto drivers
IRCTC partners with Swiggy for food delivery at railway stations
Baron Capital marks Swiggy valuation at $12.1 billion, up 13% from last fundraise
Swiggy changes company’s registered name to reflect ‘core brand’ ahead of planned IPO
Top banks' co-branded credit cards: Cashback offers, fuel surcharge waiver, discounts, freebies, annual fee
Quick-commerce firms Zepto, Swiggy Instamart bring home the colour in a record Holi-day
Swiggy’s FY23 revenue grows 45% to Rs 8,265 crore; net loss expands 15%