Swiggy aims to kick off $1.35 billion IPO mid-next week

Food-delivery platform Swiggy Ltd. is seeking to sell shares for as much as 390 rupees ($4.64) each in an initial public offering that may raise $1.35 billion, as per a report by Bloomberg.

The price of its upcoming IPO at ₹390 at the upper end of the band would peg the Softbank-backed firm’s valuation at $11.3 billion, which is 25% lower than its initial goal of a $15 billion.

Swiggy plans to open its initial public offering for bids from November 6 to 8 and aims to raise $1.35 billion.

Amid Ola Electric scrutiny another EV OEM might get notice from govt: Sources

The Department of Consumer Affairs is currently conducting a thorough review of Ola Electric’s response to a show-cause notice from the Central Consumer Protection Authority (CCPA), according to sources cited by CNBC-TV18.

The notice was issued following over 10,000 consumer complaints logged with the National Consumer Helpline, most of which highlighted issues with Ola’s after-sales service.

Ola Electric claims to have resolved 99% of these complaints; however, this figure is now under scrutiny as the CCPA seeks to cross-reference consumer responses with the company’s records to verify the accuracy of its resolution rate.

According to sources, the CCPA is also investigating complaints directed at another electric vehicle (EV) manufacturer, which could lead to a similar show-cause notice if recurring issues are found.

udaan raises ₹300 crore in debt: EBITDA burn down 30% in 2024, says the B2B unicorn

B2B e-commerce unicorn udaan has raised close to ₹300 crore in debt funding from Lighthouse Canton, Stride Ventures, InnoVen Capital and Trifecta Capital.

This fresh round of debt funding follows a tough period of restructuring and consolidation, which led to over 600 jobs being cut at the company across three rounds in the 2022-2023 period.

Last December, the JioMart rival had cut 10% of its workforce days after raising a $340 million funding round and said that it was “fully funded and positioned to be IPO-ready in the next 12-18 months.”

The fresh capital infusion in the form of debt will help udaan strengthen its balance sheet and achieve profitability-on-priority by investing in initiatives that accelerate sustainable growth, the company said in a statement.

In the CY24 year-to-date (YTD) period, the company claims to have achieved a 30% reduction in absolute EBITDA burn, with a 60% revenue growth.

CarTrade Tech Q2 profit soars 509%

CarTrade Tech has reported robust Q2 results, with consolidated revenue from operations increasing by 28% year-on-year to ₹154.2 crore from ₹120.01 crore.

Sequentially, revenue grew over 9% from ₹141.17 crore in Q1FY25. For the first half of FY25, revenue surged over 43% to ₹295.38 crore, compared to ₹206.08 crore in the same period of the previous fiscal year.

The company’s consolidated profit after tax (PAT) soared by more than 509% to ₹30.72 crore in Q2FY25, up from ₹5.04 crore a year earlier. On a quarter-on-quarter basis, PAT increased by 34% from ₹22.89 crore in Q1FY25.

For H1FY25, PAT rose over 189% year-on-year to ₹53.62 crore, from ₹18.55 crore in the first six months of last fiscal.

E-commerce major Flipkart narrows loss to ₹4,248 crore in FY24

E-commerce major Flipkart has reported narrowing of consolidated net loss to ₹4,248.3 crore in 2023-24 helped by increase in its revenue, according to a regulatory filing report shared by Tofler.

The company posted a consolidated net loss of ₹4,897 crore in the financial year (FY) 2022-23.

The consolidated revenue of the Walmart Group firm increased by about 26% to ₹70,541.90 crore in FY24 from ₹55,823.9 crore in FY23.

Infra.Market’s profit after tax more than doubles in FY24

B2B marketplace unicorn Infra.Market has reported a 23% jump on revenue from operations to ₹14,530 crore in FY24 from ₹11,847 crore in FY23.

EBIDTA stood at ₹1,096 crore in FY24, up from ₹786 Crores in FY23 while EBITDA margins grew from 6.6% in FY23 to 7.5% in FY24.

Profit After Tax stood at ₹378 Crores in FY24 compared to ₹155 Crores in FY23. PAT Margins increased to 2.6% in FY24 from 1.3% in FY23.

Founded in 2016, Infra.Market is a one-stop solution for construction materials and supplies over 15 different product categories, including concrete, walling solutions, steel, aggregates, ceramics, wood, paints, plumbing, modular kitchens and hardware, electricals, and appliances, among others.

ElasticRun claims to have cut losses by half in FY24

B2B e-commerce unicorn ElasticRun has reduced losses by almost half to ₹350 crore with a strategic focus on profitability, driven by targeted initiatives and operational efficiencies, the company said in a statement.

ElasticRun said that its pivot to supporting high-margin regional brands has been a key driver behind improved financials. With this shift, the company claims to have seen over 90% of sales now coming from high-margin products. The enhanced product portfolio, coupled with a threefold increase in take rates compared to the previous year’s assortment, has significantly boosted ElasticRun’s gross margins, even as gross merchandise value (GMV) declined in FY24, according to the company.

ElasticRun’s private label business also saw strong growth, now contributing nearly 20% of the company’s total sales. The introduction of private label products has allowed the company to address assortment gaps in key markets, further boosting revenue and profitability.

ElasticRun is a B2B e-commerce platform, enabling businesses to reach small kirana stores in the deepest rural parts of India. With over 1 lakh stores and 150+ stations, the platform connects 150+ brands with stores in the remotest part of the country.

Atomberg scales 31% to suprass ₹800 crore-revenue mark in FY24

Consumer electronics startup Atomberg’s revenue from operations increased from ₹645 Cr in FY23 to ₹848 Cr in FY24, witnessing an increase of 31% year-on-year.

At the same time, the operational EBITDA loss improved from ₹49 crores to ₹22 crores. In percentage terms, the operational EBITDA improved by 500 bps from -8% to -3%. Net loss expanded from ₹138 crores in FY23 to ₹202 crore in FY24.

The significant difference between the operational EBITDA and reported PAT numbers in the last 2 years is on account of fresh ESOP grants, management bonus and fund raising costs, the company said.

Arya.ag secures $19.8 million in debt facility from DFC

Grain commerce platform Arya.ag has secured a $19.8 million commitment from the United States International Development Finance Corporation (DFC) to guarantee a debt facility for Arya.ag’s agri-commerce subsidiary Aryatech.

This financing round, following a $29 million equity raise last quarter, will expand Arya.ag’s ability to connect farmers and FPOs with buyers nationally by ensuring payment security, transaction transparency, and improved access.

With a growth of 77% over the last year, the platform reported a profit before tax of ₹22 crore in FY24.

slice and North East Small Finance Bank announce completion of merger

Consumer payments and lending unicorn slice has announced its successful merger with North East Small Finance Bank (NESFB), effective from 27th October 2024, following the receipt of all requisite shareholder and regulatory approvals.

This merger unifies the operations, assets, and brand identities of both entities into a single, integrated banking institution.

“The merged entity is committed to deepening NESFB’s already strong presence in the Northeast region. The integration reinforces NESFB’s dedication to its core markets, ensuring not only the continuation of services but also a strategic expansion across the region,” the company said in a statement.

BharatPe forays into investments with ‘Invest BharatPe’, launches digital gold offerings

Fintech unicorn BharatPe announced the launch of its new investment platform ‘Invest BharatPe’, with digital gold as its first offering ahead of the festive season.

The digital gold offering provides consumers the option to buy 100% pure, 24K digital gold for as low as Rs. 100, making it accessible for all consumers irrespective of their budgets.

The company said consumers can also avail 1.1% free gold on every purchase this festive season.

“We will be adding more investment products on our Invest BharatPe platform in the coming weeks. Our objective is to give consumers the option to choose from a range of investment options in line with their preferences,” said Nalin Negi, CEO, BharatPe.

Ed-a-Mamma opens its first-ever store in Mumbai

Actor Alia Bhatt-founded babycare startup Ed-a-Mamma has opened its first flagship store at Jio World Drive, Mumbai.

“Ed-a-Mamma’s first offline store marks a significant milestone for our brand and a dream come true for me! We began as a small, homegrown business, and with the partnership of Reliance Brands Limited, we’ve expanded our offerings to include clothing, books, and toys—all available in our store,” said Bhatt.

In line with its dedication to sustainability, Ed-a-Mamma has expanded beyond clothing with the exciting launch of its first toys, bedding and accessories range.

Reliance Retail acquired a 51% stake in the children’s and maternity wear brand in September, 2023.

COOX raises $125,000 in seed funding led by Inflection Point Ventures

COOX, an on-demand home services and event hosting solutions startup, has raised $125,000 in seed funding round led by Inflection Point Ventures.

The startup aims to deploy the funds for city expansion, doubling its footprint from 20 to 40 cities, while increasing marketing activities and integrating AI to fortify its technology and streamline operations.

OOX offers a range of over 10 on-demand home services and event hosting solutions, from professional chefs and hospitality staff to rentals and live entertainment. It also provides domestic cooks on a monthly subscription basis, catering to all home cooking needs.

Since 2019, it has served over 5 lakh customers, offering a range of 15+ cuisines and 500+ dishes from Indian to Continental. With 3,000+ trained professionals, COOX aims to modernise home services via technology and create jobs for gig workers in the hospitality and events sector.