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Zomato turned profitable in FY24 – the foodtech giant’s PAT stood at INR 351 Cr as against a loss of INR 971 Cr in FY23. Let’s break down how Zomato spent & earned money in FY24 👇💸

🔸 Q4 was the fourth consecutive profitable quarter for Zomato and in tandem with the increasing profits – Zomato’s operating revenue jumped 67% to INR 12,114 Cr from INR 7,079 Cr in the previous fiscal year. 

🔸The uptick in Zomato’s financials can be attributed to improving GOVs across B2C businesses. Combined GOVs of Zomato’s flagship food delivery business, quick commerce arm Blinkit, and Going-out businesses increased 51% YoY and 5% QoQ to INR 13,536 Cr.

🔸 While Blinkit’s revenue for the full FY24 was over INR 2,300 Cr, its GOV soared 97% YoY to INR 4,027 Cr in the quarter ended March 2024.

🔸 More importantly, Blinkit turned adjusted EBITDA positive in March 2024, right as it exited FY24.

🔸 Even though Blinkit is a small part of Zomato’s large empire, contributing just under 20% to the total revenue in FY24, this share has grown from 11% in FY23.

🔸 Plus, in terms of standalone revenue, its growth outpaced food delivery on a YoY basis as well — 186% YoY growth for Blinkit vs around 40% for the food delivery platform.

Deepinder Goyal #zomato #blinkit #fy24

Zomato CEO Deepinder Goyal unveiled a weather infrastructure called Weather Union, a proprietary network of 650+ on-ground weather stations, developed in collaboration with Centre For Atmospheric Sciences - Indian Institute of Technology, Delhi 👇

Posting on X, Goyal claimed that this is the first such crowd-sourced weather infrastructure of India.

The food delivery and quick commerce giant is open sourcing this data so that other companies and institutions can benefit from the weather data and leverage it for their needs.

The company has opened up free access to this project for all institutions and companies in the country. Goyal is of the view that multiple companies and public institutions should use real-time weather data, to boost the productivity of our economy.

To read more in detail, click here: https://lnkd.in/gnJZnTjz

#zomato #collaboration #iitdelhi

As many as 25 Indian celebrities & sports stars invested in over 31 startups in 2023 – let’s take a look👇

As the Indian startup ecosystem experienced steady growth, it seems that the entertainment industry found it to be a lucrative space for investment.

Interestingly, several Bollywood celebrities have not only embraced the role of investors but have also ventured into entrepreneurship as startup founders. Some notable names in this category include:

🔸  Kareena Kapoor – who has taken on the role of cofounder at Quench Botanics, a Korean skincare brand associated with SUGAR Cosmetics’ founders Vineeta Singh and Kaushik Mukherjee.

She also made an investment in Pluckk, a D2C fruits and vegetables brand.

🔸 Akshay Kumar – who signed a JV with The Good Glamm Group to enter the men’s personal care segment through the launch of a new brand. Per the terms of the deal, both sides will invest capital and work together to scale the business.

Kumar along with cricketer Virender Sehwag and some unspecified investors, also invested in Two Brothers Organic Farms®, an agritech startup.

🔸 Alia Bhatt – who solidified her baby and mom care portfolio by investing in SuperBottoms, joining the company’s cap table and becoming the brand ambassador.

For context, Bhatt also launched a kidswear and maternity wear brand, Ed-a-Mamma, in 2020, which was acquired for about INR 300 Cr by Reliance Retail in September.

🔸 Deepika Padukone – who infused an undisclosed amount in Blue Tokai Coffee Roasters’ Series B funding round through her investment entity, Ka Enterprises.

Last year, the Indian actress also launched 82°E, a personal care brand with skincare, in partnership with Jigar Shah.

#startup #fundraising #investment #IndianStartupFunding2023

Global digital payments startup Stripe is looking to foray into the Indian payments ecosystem through a partnership with State Bank of India’s (SBI) payments subsidiary, SBI Payments Limited 👇

The US fintech giant is seeking to enter a joint venture with State Bank of India, aiming to acquire a significant stake in SBI Payments Ltd.

Currently, SBI Payments is a joint venture between State Bank of India and Hitachi Payments Services Private Limited, with SBI holding a 74% stake and the remaining held by Hitachi. Stripe is keen on acquiring a 30%-40% stake held by SBI.

The deal is anticipated to be carried out through Stripe’s Indian subsidiary, Stripe India Private Limited, which obtained an RBI license to operate as an online payment aggregator in January 2024.

To read more in detail, click here: https://lnkd.in/g7FMXPgW

#payments #SBI #India

The country’s petcare industry is going through a transformation — and investors are taking notice. Startups in this space have raised millions to solve everything from pet food and grooming to healthcare and accessories 🐾

🏆 Leading the pack:
🔸 Drools has fetched a whopping $59.7 Mn and became a unicorn
🔸 Heads Up For Tails isn’t far behind with $50M
🔸 Supertails is tailing strong at $28.4 Mn

And players like Dogsee, Wiggles, and JustDogs are building trusted brands loved by pet parents across the country.

Whether it’s D2C nutrition, AI-powered vet services, or grooming innovations — these startups are riding the wave of a rapidly growing pet population and a new generation of mindful pet owners.

🐕‍🦺 India's pet economy isn’t just growing — it’s thriving.
See who’s leading the petcare revolution 👇

Note: Arpita Ganesh, founder of Pawfectly, left in 2023. The company has been acquired by Licious.

#Petcare #Startup #India #petindustry #funding #D2C #Pet #Tech #Inc42

Zomato’s quick commerce vertical Blinkit continued to scale up and was contribution positive for the second consecutive quarter in the three-month period that ended December 31, 2023 👇

Blinkit clocked a revenue of INR 644 Cr in Q3 FY24 as against INR 301 Cr in the year-ago quarter and INR 505 Cr in Q2 FY24.

On the back of festive growth, Blinkit’s operational and financial metrics saw a major spurt. While GOV soared 103% year-on-year (YoY) to INR 3,542 in the quarter ended December 2023, average order value (AOV) jumped 14% YoY to INR 635 in Q3 FY24.

To read more in detail, click here: https://lnkd.in/gigZcrv2

Deepinder Goyal Albinder Dhindsa #blinkit #zomato #revenue

NASDAQ-listed Indian SaaS unicorn Freshworks narrowed its net loss by 49% in the fourth quarter (Q4) of 2023 to $28.1 Mn from $55.5 Mn in Q4 of 2022 👇

The company has posted a revenue of $160.1 Mn for the quarter, 20% higher than $133.2 Mn in the same period last year.

Freshworks also saw 20% year-on-year revenue growth for the full year of 2023 to $596.4 Mn, as compared to $498 Mn in 2022.

To read more in detail, click here: https://lnkd.in/gfjPX37W

Girish Mathrubootham #revenue #unicorn #growth

Car reselling marketplace CARS24 said its operating revenue jumped 25% to INR 6,917.1 Cr in the financial year 2023-24 (FY24) from INR 5,529.6 Cr in the previous year on the back of an increase in unit sales and average selling price per car👇

Cars24 cofounder and CFO Ruchit Agarwal told Inc42 that the startup’s core car selling business raked in INR 6,400 Cr of revenue, while the remaining INR 500 Cr came from financial and ancillary services.

Founded in 2015 by Agarwal, Vikram Chopra, Gajendra Jangid, and Mehul Agrawal, Cars24 offers a platform for car owners to sell their used cars while also allowing users to purchase used cars from its site and its company’s branches.

Meanwhile, Cars24 also saw an increase in its net loss during the year. Its loss jumped 7% to INR 498.4 Cr in FY24 from INR 467.7 Cr in the previous year, which it said was due to investments in technology, data science, and customer experience enhancements for future growth.

🔗To read the in-depth article, click here: https://4-2.co/4eMQQjN

#news #revenue #startup #Cars24 #business

Fintech unicorn Oxyzo Financial Services saw its consolidated net profit surge 47% to INR 290 Cr in the financial year 2023-24 (FY24) from INR 197.5 Cr in the previous fiscal year👇

The fintech arm of unicorn OfBusiness saw its operating revenue jump 59% to INR 903.3 Cr during the year under review from INR 569.9 Cr in FY23, as per the financial statements of the startup available on its website.

Including other income, the startup’s total revenue rose 58.5% to INR 904.1 Cr in FY24 from INR 570.4 Cr in the previous year.

Founded in 2016 by OfBusiness founders Ruchi Kalra and Asish Mohapatra, Oxyzo provides loans to SMEs in the manufacturing and contracting sectors.

🔗 To read more in detail, click here: https://lnkd.in/gkg3kMUr

#fintech #unicorn #revenue

Vijay Shekhar Sharma is once again taking charge of Paytm in a big way amid a major restructuring move at the fintech giant. The founder and CEO is expected to work directly with new leadership being put in place for key verticals as existing business heads and vertical heads are stepping away 👇

The changes come as Paytm faces an unprecedented attrition of top leadership. Adding to the recent spate of exits, Inc42 has learnt that chief business officers for three different verticals were asked to exit the company and resign from their positions over the past week.

Sources claim that Ajay Vikram Singh (CBO of user growth and UPI), Bipin Kaul (CBO of the offline payments business) and Sandeepan Kashyap (chief business officer of the consumer payments vertical) have all quit their positions.

To read more in detail, click here: https://lnkd.in/g4YeDYxu

#paytm #fintech #leadership