ZOMATO QUICK SERVICE
Food delivery startup Swish raises Rs 122 crore from investors led by Hara Global and Accel
The funds will be used for expanding operations across Bengaluru, with plans to roll out the quick food delivery model to more pincodes in the upcoming months.
Spurring food delivery growth, keeping discipline intact for Blinkit key: Zomato CEO Deepinder Goyal
In an exclusive interview, Goyal said India’s food delivery sector is facing multiple systemic issues that need to be fixed amid the larger slowdown in the industry. Goyal said the quick commerce industry's quarterly cash burn is trending at Rs 5,000 crore but Blinkit is contributing merely 2-3%.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Home advantage: Domestic recruiters score big at IIMs
Domestic companies, including startups and manufacturing firms, have significantly increased hiring during final placements at several IIMs, surpassing foreign multinationals. The hiring surge is attributed to rapid economic growth, increased demand in various sectors, and government initiatives, leading to a substantial rise in job offers and competitive salary packages.
Blinkit’s commission shift; Semicon Mission 2.0
Zomato’s Blinkit has overhauled the way it charges commissions to brands and sellers. This and more in today’s ETtech Top 5.
ET Awards for Corporate Excellence 2024: Meet the leaders driving innovation and impact
Celebrating 25 years of excellence, The Economic Times Awards for Corporate Excellence honours leaders and organizations transforming India's business landscape. This year's notable winners include Ashwini Vaishnaw, Kumar Mangalam Birla, Vishakha Mulye, Venu Srinivasan, Fareed Zakaria, Peyush Bansal, and entities like Mahindra & Mahindra, Zomato, and Grasim Industries.
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Gensol Engineering shares plunge 28% in 2 days after CARE Ratings downgrade
Gensol Engineering shares plunged 10% to a 52-week low of Rs 372.60 on the BSE, extending a 28% fall over two sessions. The drop followed CARE Ratings' downgrade due to loan servicing delays. The stock has declined 63% from its peak, with technical indicators signaling continued weakness amid liquidity concerns and bearish momentum.
ETtech Q&A | Zomato CEO Deepinder Goyal on food delivery slowdown, quick commerce burn and more
Even as competition in the quick commerce segment heats up, the food delivery major is continuing to invest in new businesses. Goyal said the company does not operate on budgets or quarter-to-quarter thinking but does what's right for the different businesses under its roof.
Apollo Hospitals shares in focus after announcement of Rs 250 crore proton therapy expansion plan
Apollo Hospitals' shares are in focus after announcing a partnership with Ion Beam Applications to introduce the Proteus One proton therapy system in India. The company will invest Rs 250 crore over three years to expand its oncology services. This move is expected to increase treatment capacity by 350 patients annually, reinforcing Apollo's leadership in proton therapy across South Asia and the Middle East.
Lenskart’s Peyush Bansal on global expansion; Easebuzz hits home run
Happy Wednesday! Lenskart CEO Peyush Bansal spoke to ET about building a global brand, IPO plans and more. This and other top stories in today’s ETtech Morning Dispatch.
The Zomato vs Zepto burn war; M2P Fintech eyes Vue AI
Deepinder Goyal told ET that even as rivals like Zepto haemorrhage cash, Blinkit is walking away with a minimal burn. This and more in today’s ETtech Top 5.
IT minister Priyank Kharge asks ecommerce, quick commerce to get their act together
The minister said he has been getting complaints about AI chatbots trapping customers in a cycle of uncertainty. In a post of X, Kharge named Swiggy and Zomato.
Gensol Engineering shares crash 20% after CARE Ratings downgrade
Gensol Engineering shares hit the lower circuit, plunging 20% to Rs 413.95 after CARE Ratings downgraded its bank facilities due to loan servicing delays. The stock is down 63% from its peak, trading below key moving averages. CARE flagged liquidity concerns, citing poor debt servicing. Technical indicators signal continued weakness.
Zomato’s 10-minute food delivery offering contributing 8% to platform’s volumes: CEO Deepinder Goyal
The service, named Quick, aggregates restaurants and eateries from where it makes rapid delivery of a limited set of food items. Quick’s rival Bolt from Swiggy, last month clocked a 9% contribution to its food delivery volumes.
The Deepinder Goyal interview; Trump boosts Indian crypto
Happy Tuesday! In an exclusive interview with ETtech, Zomato’s CEO Deepinder Goyal spoke about the challenges of food delivery, cash burn in quick commerce, and more. This and other stories in today’s ETtech Morning Dispatch.
Is the soya chap and biryani effect over? 4 QSR stocks with an upside potential of more than 36%
Till a few years back, there were only two quick service restaurant (QSR) stocks listed on the market. One selling pizzas and the other selling burgers. Then came a slew of IPOs. All of them received good responses and did well for some time. Then the phenomenon called Zomato hit all these companies because it transformed every “soya chap seller” and biryani maker into QSRs capable of reaching customers everywhere. While the business hit these companies suffered was considerable, the hit on valuations was higher. FPIs, which were bullish on the pizza seller, have reduced their holdings in the last two years. But there is a limit to any up or downside. Have these businesses stabilized? Does sentiment need to change?
Jio Financial Services shares drop 4% to hit fresh 52-week low
Jio Financial Services share price: Shares of Jio Financial Services Ltd fell 4.3% to Rs 198.6, reaching a new 52-week low amid ongoing selling pressure. The stock has declined 42% in the past six months. Despite recent financial struggles, Jio Financial is set to join the Nifty 50 index by March's end, potentially driving passive fund inflows.
Coffee Day shares surge 20% as NCLAT sets aside insolvency proceedings
Shares of Coffee Day Enterprises Ltd (CDEL) surged by 20% after the National Company Law Appellate Tribunal overturned an earlier insolvency ruling. The decision brings significant relief to the company, which had seen substantial financial challenges, including a recent quarter loss despite a year-on-year revenue increase.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Indian grocery giant BigBasket eyes IPO in 2 years as business booms
India's BigBasket is planning to go public in the next 18 to 24 months, its CEO said, as the Tata Group-backed grocery giant seeks to tap surging demand for quick online deliveries of everything from fruits to Apple iPhones.
Stocks to buy today: Jefferies sees 48% upside in Jubilant FoodWorks; Morgan Stanley remains overweight on Titagarh
Jefferies has maintained a 'Buy' rating on Jubilant FoodWorks, expecting strong growth fueled by industry trends in the Quick Service Restaurant (QSR) sector and strategic efforts to revitalize its dining business.
Listed startups get a delivery of reality: It's hot on the Street
The tide is expected to turn for some of the companies including Swiggy and Mobkwik over the next few quarters. ETIG offers a snapshot of key takeaways from the recently concluded results season for each of these startups.
Can Zomato shares hit Rs 310? Bernstein sees 35% upside despite quick commerce losses
Zomato's shares could rise by 35% to Rs 310, according to Bernstein, due to its dominance in India's quick commerce space, expansion through Blinkit, and geographical growth with Instamart. Despite near-term losses, Bernstein sees long-term value. Zomato is also set to join the Nifty 50 index on March 28, 2025. Shares have surged 37.61% in the past year.
Market slump spooks startups; Blinkit gets a Rs 1,500-crore top-up
Happy Tuesday! The recent stock market downturn has sounded an alarm for IPO-bound new-age companies. This and more in today’s ETtech Morning Dispatch.
Q-Commerce vs retail: Milind Karmarkar weighs in on Zomato, Swiggy vs D-Mart, V-Mart
Quick commerce continues to gain traction in India's urban centers, while traditional big-box retail remains strong in smaller towns. Fund manager Milind Karmarkar suggests a balanced investment approach, seeing potential growth and challenges for both segments over the next five years.
Beyond financials: Dinshaw Irani sees growth in quick-commerce
Dinshaw Irani of Helios Capital emphasizes sticking with strong stocks rather than chasing new themes, particularly in the quick-commerce sector. He acknowledges the sector's market leader for its strategic resilience and backend improvements, while expressing caution towards competitors with significant losses.
Lightspeed’s Bejul Somaia on the India opportunity; Q-comm’s EV ride
Happy Monday! India holds an important place for Lightspeed despite the global reset in the tech sector, top official Bejul Somaia told us. This and more in today’s ETtech Morning Dispatch.
Battery-swapping companies cash in on quick commerce’s EV turn
The increasing adoption of electric vehicles for last-mile deliveries in quick commerce is driving business for startups focused on charging infrastructure and battery-swapping services. Platforms like Blinkit, Zepto, Swiggy Instamart, and Flipkart’s Minutes, which compete in the fast-growing but highly competitive quick commerce market, are turning to EVs to cut delivery costs.
Zepto Cafe crosses 100,000 orders per day mark, says CEO Aadit Palicha
According to Palicha’s post on X, this order rate indicates a $100 million annualised GMV run rate at a near-50% gross margin for the quick commerce platform's 10-minute food delivery service.
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