Top startup and tech stories this week

Prime Tales This Week

Aadit Palicha (left) and Kaivalya Vohra, cofounders, Zepto

Zepto set to boost $300 million to spice up home shareholding amid fast commerce battle: Zepto is ready to raise $300 million in fresh funding, which incorporates investments from prime Indian household workplaces in addition to celebrities resembling actor Amitabh Bachchan and cricketer Sachin Tendulkar, a number of individuals within the know mentioned.

Boat units sail for $300-500 million IPO with bankers on board: Homegrown wearable and audio merchandise model Boat has finalised ICICI Securities, Goldman Sachs and Nomura as bankers for a $300-500 million IPO next year, sources conscious of the matter mentioned, becoming a member of the queue of new-age corporations seeking to go public.

What’s cooking at Swiggy, Zomato? New enterprise recipes: Swiggy and Zomato are each assessing a number of new companies because the meals and grocery supply majors diversify beyond their core businesses, individuals within the know advised ET.

Earlier this week, an investigation by India’s antitrust physique discovered that each meals supply corporations had breached competition laws, with their enterprise practices favouring choose eating places listed on their platforms.

Magnificence corporations in boring part discover fast repair to glow up: A slew of magnificence and private care manufacturers are turning to the buzzing quick commerce channel in a bid to revive the development of declining progress up to now 12 months, a number of business executives mentioned.

SC ruling on LMV licences to ease means for app cabs: The Supreme Court docket verdict that particular person’s with gentle motorcar (LMV) driving licence don’t want some other authorisation to operate transport vehicles, together with industrial passenger autos, is a lift for cab aggregators and fleet operators, business executives mentioned.

Rajeev Misra set to depart SoftBank; group clocks earnings from profitable Indian IPOs: Rajeev Misra, the highest dealmaker at SoftBank, is stepping down from his leadership roles on the Japanese fund’s flagship funding autos. The announcement marks the tip of Misra’s influential tenure, throughout which he steered the $100 billion Imaginative and prescient Fund via its crest and troughs.

Swiggy’s Mega IPO

Sriharsha Majety, CEO, Swiggy and Nationwide Inventory Change MD & CEO Ashish Chauhan

Swiggy delivers greatest main itemizing of over Rs 10,000 crore in a decade: Meals and grocery supply agency Swiggy on Wednesday listed at a 5.6% premium to its initial public offer (IPO) worth of Rs 390, making it the primary firm with a difficulty measurement of over Rs 10,000 crore up to now decade to have listed above its provide worth.

Early buyers clock large good points as Swiggy makes Dalal Avenue debut: Swiggy’s $1.3-billion IPO and its better-than-expected inventory market debut have emerged as one of the largest liquidity events for danger buyers in India, with early backers like Prosus, Accel, Elevation Capital and SoftBank reaping vital good points.

Swiggy’s IPO to unlock Rs 9,000 crore in Esop wealth for five,000 staff: The meals and grocery supply platform’s itemizing is poised to unlock Rs 9,000 crore worth of employee stock option plans and catapult practically 5 hundred staff on the meals supply firm into the ‘crorepati’ league, individuals conscious of the small print advised ET.

Swiggy’s market debut: how new-age corporations fared on Day 1: Swiggy is the newest amongst new age corporations to hit the general public markets up to now three years. These embrace Ola Electrical, FirstCry, and Awfis. Learn in regards to the notable new-age market debuts and Day 1 gains here.

Earnings Particular

Falguni Nayar, CEO, Nykaa

Nykaa’s Q2 internet revenue climbs 66% to Rs 13 crore; income up 24%: FSN Ecommerce, the mum or dad firm of style and wonder retailer Nykaa, on Tuesday reported a 24% year-on-year increase in working income for the second quarter at Rs 1,875 crore.

Delhivery swings to revenue, income up 13% at Rs 2,190 crore: Gurugram-based Delhivery posted a consolidated net profit of Rs 10 crore for the quarter ended September 30, 2024, towards a lack of Rs 103 crore within the year-ago interval. Nonetheless, revenue was down 81% from Rs 54 crore reported within the previous quarter.

Additionally Learn: Quick commerce denting kirana sales, not affecting large ecommerce as much: Delhivery CEO

FirstCry mum or dad Q2 internet loss narrows to Rs 63 crore: Brainbees Options, the mum or dad firm of mom and child care merchandise retailer FirstCry saw its net loss during the July-September quarter slim 47% year-on-year (YoY) to Rs 62.8 crore.

Honasa Client slips into Rs 19 crore loss on restructuring; working income takes a success too: Honasa Client, the mum or dad firm of magnificence and private care model Mamaearth, reported a decline in its operating revenue for the September quarter whereas additionally slipping into losses, on account of a major hit from its offline distribution restructuring train.

Additionally Learn | Impact of distribution changes higher than expected; taking steps to bring growth back to Mamaearth: CEO Varun Alagh

Rapido narrows losses in FY24 as scale grows: Swiggy-backed ridesharing platform Rapido posted a 46% rise in working income within the final fiscal 12 months at Rs 648 crore backed by its entry into new companies and elevated buyer bookings.

Noise slips into losses in FY24; income progress flat amid hunch in sector: Wearables maker Noise posted a net loss in FY24 from a internet revenue a 12 months earlier than, weighed down by larger prices and muted income progress.

Additionally Learn: Alarm bells at wearables companies as slump extends to this fiscal

Fintech Nook

Banking on tech: Lenders maintain an eagle ‘AI’ on mule accounts: Banks are tightening their recreation relating to fraud checks and fraud detection. A bunch of tech startups are serving to them maintain tempo with fraudsters and keep forward of the sport.

ID verification firm Equal baggage $10 million in first institutional increase: Hyderabad-based id verification startup Equal has secured $10 million (about Rs 84 crore) in its first institutional fundraising, led by Prosus Ventures, Tomales Bay Capital and its founder Keshav Reddy.

Different Prime Tales By Our Reporters

Freshers should crack AI-written code to land a job at IT corporations: With IT corporations and staff more and more using AI tools to write codes, hiring assessments for entry stage and junior engineers are getting modified. From being requested to write down easy codes, candidates are being requested to optimise and restructure present AI written codes, to enhance high quality, say analysts engaged on AI and cyber safety.

Expertise-hungry GCCs fish for professionals at tech swimming pools of IT corporations: World functionality centres (GCCs) of international corporations increasing their base in India are increasingly tapping India’s IT services corporations for expertise, with such hirings climbing as much as 10 proportion factors in two years.

Centre might ask {hardware} corporations to chop their complete import payments by 5%: The federal government is prone to think about asking all electronics corporations to reduce the overall import of laptops, tablets, all-in-one private computer systems, ultra-small kind issue computer systems, and servers by 5% of their complete import invoice, sources advised ET.

Small corporations play an enormous position in facilitating GPU entry in India: Small corporations are taking part in a crucial role in facilitating graphic processing unit (GPU) entry in India, significantly within the realm of cloud computing and synthetic intelligence (AI) infrastructure, in line with business executives and specialists.