Connect with us

Funding

Swiggy Acqui-Hires 48East And Team

Published

on

Swiggy Acqui-Hires 48East And Team,Startup Stories,2017 Business Latest Updates,Swiggy AcquiHires 48East Team,Asian Food Startup 48East,Swiggy Business News 2017,Swiggy Acquired Gourmet Food Startup 48East,Swiggy CEO Sriharsha Majety,Foodtech Startup Swiggy,Swiggy Latest Updates

Swiggy, the fastest growing online food ordering platform, has acquired the gourmet food startup 48East. In order to broaden its senior leadership, the company also brought on board the management of 48East. Swiggy, based in Bengaluru, is looking to serve its consumers more efficiently and consequently grow in the market.

Founded by Joseph Cherian and Nabhojit Ghosh in August 2016, 48East provides Asian gourmet food at an affordable price to consumers. Both the founders will be joining Swiggy’s board while Cherian will be the new chief operating officer for Swiggy Access launched last month. Meanwhile, Reckitt Benckiser’s Vishal Bhatia will head the food delivery startup’s new supply business. Currently, 48East operates two kitchens in Bengaluru, in Indiranagar and Marathahalli processing over 100 orders per day.

48East managed to raise $ 250,000 angel funding in August 2016 from Agra based ACPL exports. Recently, the company also raised $ 500,000 in a pre Series A funding round, from the Al Dhaheri family based in the UAE.

Speaking about the acquisition, the Chief Executive Officer of Swiggy, Sriharsha Majety said, “With their deep understanding of the food space and an impressive track record of delivering a great consumer experience, the 48East team will equip Swiggy with additional capabilities. We are excited to work with them towards our vision of changing the way India eats.

In the last three years, Swiggy acquired a delivery fleet of over 20,000 people. In November this year reports also suggested Japanese conglomerate SoftBank was reportedly in talks with the foodtech startup to invest $ 200 million to $ 250 million in exchange for minority shares. The company, according to sources, would be valued between $ 600 million to $ 650 million before the investment. In the last fiscal year, Swiggy reported a massive 6 fold leap in revenue from $ 3.6 million (Rs. 23.6 crores) in the financial year 2016 to $ 20.6 million (Rs. 133 crores.) At present, along with Swiggy, foodtech startups such as Zomato and UberEats are competing for the lucrative restaurant discovery and food delivery industry.

Continue Reading
Advertisement
62 Comments

62 Comments

  1. 日 新 火災 海上 保険 評判

    January 21, 2025 at 3:39 am

    Graduate scholar travel health insurance permit international college students to guard themselves from large medical bills at the event of emergency or illnesses throughout their research overseas.

  2. スケスケ ブラ

    January 21, 2025 at 6:20 am

    Jobs in financial sector are varied and challenging.

  3. 雇用保険 遅延理由書

    January 21, 2025 at 11:00 am

    What is revenue replacement?

  4. スタバ オフィス向け

    January 21, 2025 at 11:24 am

    A gussied-up two-door sedan, the Fairlane 5UU Sports Coupe joined the group somewhat later.

  5. enfj アニメキャラ

    January 21, 2025 at 2:55 pm

    First, an important clarification: Credit monitoring is not the same as credit reporting.

  6. His place as beginning goalkeeper in France’s 2006 World Cup campaign, within the face of a substantial public campaign in support of Grégory Coupet, was shocking to many, even more so given Coupet’s flawless efficiency in the remainder of the World Cup qualifying campaign after Barthez’s suspension.

  7. 西松屋 株価 pts

    January 21, 2025 at 11:14 pm

    I’ve been using this site since i started my Plumbing course this 12 months.

  8. 500 株価

    January 22, 2025 at 6:29 am

    Arizona IDA presentation on Lighting points (PowerPoint) Archived July 6, 2010, on the Wayback Machine.

  9. 医から始まる熟語

    January 22, 2025 at 10:48 am

    So if a year of college costs $30,000, but you receive $20,000 in tax-free scholarships, Pell grants, veteran’s grants or employer-provided educational assistance, then your total educational expenses for the year are reduced to $10,000.

  10. 安田学園高校 掲示板

    January 22, 2025 at 1:52 pm

    Along the way in which, gamers get to find out about numerous aspects of Japanese tradition like origami and tea ceremonies.

  11. もうしばらくとは

    January 22, 2025 at 2:28 pm

    Digital marketers have found loyalty campaigns working best in incentivizing existing customers.

  12. 新宿から南大沢

    January 22, 2025 at 7:32 pm

    This amount varies with every stadium.

  13. いなげや 株価 優待

    January 22, 2025 at 8:45 pm

    Virtually 18 of the Fortune 500 companies have no less than one founder who is an immigrant.

  14. 分散投資規制とは

    January 22, 2025 at 9:53 pm

    Specialized places of examine which might be offered through on-line training will likely be centered within the selected occupation and level of training.

  15. 過度な 英語

    January 22, 2025 at 11:12 pm

    Next, we’ll take a look at how REITs function.

  16. jica横浜 レストラン

    January 22, 2025 at 11:18 pm

    Take a second to admire our inventory and you’ll discover breathtaking works by Hamilton, Elgin, Bulova, Gruen, Waltham and Illinois watch companies in addition to creations by lesser identified – but equally succesful – manufacturers.

  17. トット チャンネル nhk

    January 23, 2025 at 1:31 am

    The vary of NFL caliber kickers makes it attainable for a group with a weak offense to get close enough (within 50 yards) to the goalposts and kick a subject goal.

  18. エヌビディア 株 掲示板

    January 23, 2025 at 1:48 am

    One-wall layouts are often used where the simplest solution is to cut off the “end” of a long room and dedicate it to bath fixtures.

  19. ディズニーシー 天気

    January 23, 2025 at 4:01 am

    The considerable thing about this extraordinary issue is that there are no confinements regarding who can exchange.

  20. 国債 今買うべきか

    January 23, 2025 at 5:10 am

    Most tour operators offer applications designed to protect the rain forests of our planet, thus preserving nature and its secrets and techniques for future generations.

  21. 竹島 の 位置

    January 23, 2025 at 6:16 am

    It takes into consideration the specific challenges that Black individuals face and allows them to think about futures of their own making.

  22. 整形 しま した

    January 23, 2025 at 6:50 am

    The Grand Inquisitor – The person who would turn into identified because the Grand Inquisitor was originally a Pau’an Jedi Temple Guard in the course of the Clone Wars.

  23. システム設計資格

    January 23, 2025 at 7:38 am

    The trailing stop order is similar to the stop loss order, but you use it to protect a profit, as opposed to protect against losses.

  24. きどりで 例文

    January 23, 2025 at 9:28 am

    It is a basic game that has been around for centuries.

  25. パン屋残業

    January 23, 2025 at 9:48 am

    Be taught spanish online class you can see out more spanish programs online.

  26. 自転車 保険 家族 型

    January 23, 2025 at 9:52 am

    When snap is constant, the jerk modifications linearly, allowing for a easy enhance in radial acceleration, and when, as is most well-liked, the snap is zero, the change in radial acceleration is linear.

  27. 商品が持つブランド価値とは

    January 23, 2025 at 10:42 am

    The Hugh Lane Gallery.

  28. ハローワーク 保険

    January 23, 2025 at 11:09 am

    The utmost velocity allowed in regular traffic is 200 km/h (125 mph) for safety causes – the signalling system (and methods just like the catenary) are usually not constructed for greater speeds, and it shares the observe with regular trains (like in most international locations); also, a lot of the lines it makes use of had been built within the mid-to-late nineteenth century.

  29. 東邦ガス 株価 下落 理由

    January 23, 2025 at 8:19 pm

    All CPOs are subject to the CFTC’s antifraud authority and general market oversight.

  30. 玩がつく熟語

    January 24, 2025 at 12:04 am

    Harriet Sherwood (26 August 2012).

  31. 一文 ひとぶん

    January 24, 2025 at 1:23 pm

    Areas touching Bordentown Metropolis, MapIt.

  32. One can think about how much risk one is ready to take and where can they invest like equities, real estate.

  33. ドイツウクライナ戦車

    January 24, 2025 at 5:09 pm

    Evans, Simon (eleven September 2006).

  34. 配当 金 分離 課税

    January 25, 2025 at 2:14 am

    In 1997, the Italian economist Giorgio Nebbia noticed that the detrimental response to the LTG study came from no less than four sources: those that saw the book as a menace to their enterprise or trade; professional economists, who saw LTG as an uncredentialed encroachment on their professional perquisites; the Catholic church, which bridled at the suggestion that overpopulation was considered one of mankind’s main problems; lastly, the political left, which saw the LTG study as a scam by the elites designed to trick employees into believing that a proletarian paradise was a pipe dream.

  35. 東北 方言 ランキング

    January 25, 2025 at 5:04 am

    Such advancements, however, still require a great deal of effort, which means they require significant financial support.

  36. 食べていただけて嬉しい

    January 25, 2025 at 5:37 am

    The Devils Punchbowl waterfall is situated near the northern finish of Arthur′s Cross Village.

  37. モンスト 掲示板 早く 入る 方法

    January 25, 2025 at 2:22 pm

    Overall, the Intel ARC GPU’s high performance and specialized hardware units make it an ideal solution for a wide range of everyday applications, from gaming and video editing to scientific research and machine learning.

  38. 奥二重癖付け

    January 25, 2025 at 8:01 pm

    It will not hurt them as a “poisonous ” or “toxic” food.

  39. バイク ローン 月 5000円

    January 25, 2025 at 10:46 pm

    Picture portions. It’s onerous to manage your food intake if you don’t have a clue what a 1/2 cup serving of pasta appears like or what a 6-ounce glass of juice is.

  40. fc杉野 強い

    January 25, 2025 at 11:22 pm

    Joe Martin (February 9, 2012).

  41. うつほ物語 現代語訳 全文

    January 26, 2025 at 2:59 am

    Business opportunities and strategic recommendations for instrument and reagent suppliers Table of Contents Worldwide Market and Technology Overview A. Major Routine and Special Coagulation Tests 1. Introduction 2. Activated Partial Thromboplastin Time (APTT) 3. Alpha-2 Antiplasmin 4. Antithrombin III 5. Bleeding Time 6. D-Dimer 7. Ethanol Flocculation Test 8. Euglobulin Lysis 9. Factor Assays a.

  42. smbc日興証券 特定口座開設

    January 26, 2025 at 4:39 am

    Albanesius, Chloe (May 27, 2010).

  43. 懼れる 恐れる 違い

    January 26, 2025 at 5:55 am

    Listed here are some other findings from the Pew Analysis Heart report on millennials: 83 have slept with their cellphone; 20 p.c have posted a video of themselves on-line; 38 have a tattoo, though 70 percent of these keep it hidden behind clothes.

  44. 四季報 配当

    January 26, 2025 at 7:36 am

    Regardless that N-kind silicon by itself is a conductor, and P-kind silicon by itself can also be a conductor, the mix proven within the diagram does not conduct any electricity.

  45. トイストーリー ネクタイ

    January 26, 2025 at 7:39 am

    Rojas, Rick; Fausset, Richard (December 13, 2021).

  46. 疎かにしない 言い換え

    January 26, 2025 at 8:35 am

    Simply put, if you’re working with Kip Meadows and the Nottingham team, you’re going to be working with experts in the field who don’t just know how to invest, but also know how valuable honesty and accessibility are to their clients.

  47. 間宮 補給 艦

    January 26, 2025 at 9:37 pm

    John Elting and William Foote were the main authorities on American colonial military history.

  48. 台風で壊れた 保険

    January 26, 2025 at 11:20 pm

    European Info Structure (EuroIA).

  49. アニメイベント 2023

    January 26, 2025 at 11:59 pm

    Once i state the amount which may be misplaced is recognized away from the outset I merely imply in contrast to unfold bets and futures you can not lose any a lot far more that the quantity agreed at the start of your trade.

  50. フェイスブック 会社名

    January 27, 2025 at 2:13 am

    Meaning, it should snatch every little thing belonging to us without any warning and the shocks related to it’s going to final for a long time.

  51. 大学合格発表 掲示板

    January 27, 2025 at 4:27 am

    As this opening move is rarely played, it is considered an irregular opening, and thus it’s classified under the A00 code within the Encyclopaedia of Chess Openings.

  52. ジョージ6

    January 27, 2025 at 4:46 am

    Most studies looking into the relationship have concentrated on homicides – since homicides are almost identically defined across all nations and jurisdictions.

  53. 投資の達人 無料

    January 27, 2025 at 5:44 am

    As an Investment Property you will also have to make sure that it appeals to a broad array of renters.

  54. 手をグーにする 心理

    January 27, 2025 at 7:24 pm

    Primarily, employee coaching is a course of whereby the employees of an organization are required to gain information related to sure skills and ideas.

  55. 北朝鮮ミサイル値段

    January 27, 2025 at 10:51 pm

    Firms face recessions resulting from security issues.

  56. 代表する

    January 27, 2025 at 10:57 pm

    Police entered by un unlocked again door and kicked in the bedroom door.

  57. 題がつく四字熟語

    January 28, 2025 at 1:20 am

    Most lenders will assist you to finance your closing fees; just ensure you may afford the upper month-to-month fee that goes along with borrowing more cash.

  58. 3.11 株価

    January 28, 2025 at 2:13 am

    As soon as you’ve nailed down the perfect shows to attend, you want to figure out what you’re going to be standing in front of.

  59. あつ森 株価 金曜日に上がる

    January 28, 2025 at 2:45 am

    These days, Singapore is witnessing great elation in its startup ecosystem owing to the entry of large number of global venture capitalists in the city-state who are eagerly waiting for potential startups to come up with lucrative investment options for them.

  60. 豊田大輔 合気道

    January 28, 2025 at 2:57 am

    Do you want to study varied cultures whereas serving to others?

  61. 40歳の顔 男

    January 28, 2025 at 7:36 am

    Cryptocurrency is growing steadily from strength to strength.

  62. driving lessons

    January 29, 2025 at 4:06 pm

    Instructors are becoming disillusioned with the DVSA who
    now seem to care more about teaching people to pass a test than teaching people to drive.

Leave a Reply

Your email address will not be published. Required fields are marked *

Funding

Greenikk’s Closure: A Cautionary Tale in the Agritech Sector!

Published

on

Greenikk's Closure: A Cautionary Tale in the Agritech Sector!,Startup Stories,Startup Stories India,Inspirational Stories 2024,Latest Technology News and Updates,2024 Technology News,Tech News,Agritech Greenikk shuts down,Agritech startup Greenikk shuts down due to loan defaults,Greenikk Closure Reasons for Shutdown,Greenikk closure,Agritech sector challenges,Lessons learned agritech industry,Startup failure reasons,Agricultural technology trends,Agritech startup closure,Market challenges agriculture,Sustainable agriculture innovation,Agricultural technology investments,Agritech industry insights,Agritech Sector

Agritech startup Greenikk has announced its closure, attributing the decision to funding challenges and adverse market conditions. Founded in 2020 by Fariq Naushad and Previn Jacob Varghese, Greenikk aimed to create a digital ecosystem for banana cultivation, addressing issues throughout the value chain from farmers to bulk buyers. Despite raising around $1 million from investors, including 100Unicorns and IIM A Ventures, the company struggled to secure additional funding, particularly for a planned $5 million Series A round.

Reasons for Shutdown

Several factors contributed to Greenikk’s decision to wind down operations:

  • Funding Challenges: Initially thriving during a period of low-interest capital availability in 2022, the startup faced difficulties as market dynamics shifted. Naushad admitted that the company pursued “the wrong metrics” for growth during its early success, ultimately leading to unsustainable practices.
  • Loan Defaults: Greenikk extended loans totaling ₹6 crore but encountered significant defaults from borrowers. Naushad reported spending six months attempting to recover about 80% of these receivables, highlighting ongoing challenges within the agritech sector regarding loan recoveries.
  • Lack of Product-Market Fit: Cofounder Jacob Varghese noted that despite developing a comprehensive app and ecosystem, Greenikk struggled to establish itself beyond being seen as a vendor for working capital. This failure to find a sustainable product-market fit hindered its scalability and revenue generation.

Investor Impact

In light of its closure, Greenikk plans to return 50% of the capital to investors. The funds recovered from liquidation will primarily be used to repay its lead investor, 100Unicorns. The founders have also committed to using their own resources to pay back angel investors, reflecting an effort to maintain transparency amid the shutdown.

Employee Welfare

Greenikk has pledged support for its employees during this transition by providing two months’ severance pay and job placement assistance for nearly 25 affected staff members. At its peak, the company employed around 30 individuals but had been reducing its workforce in response to ongoing financial difficulties.

Broader Agritech Landscape

The challenges faced by Greenikk are indicative of broader trends within the agritech sector, which has seen a significant decline in venture capital interest. In 2024 alone, agritech startups raised only about $150 million across more than 30 deals—a stark contrast to the $772 million raised in 2022. This downturn underscores the increasing difficulties startups face in securing funding as market conditions evolve.

As Naushad and Varghese look toward their next entrepreneurial ventures, Greenikk’s story serves as a cautionary tale for other startups navigating the complexities of agritech investment and operational sustainability.

Continue Reading

Funding

Mobikwik Secures SEBI Approval for ₹700 Crore IPO: A Major Step in India’s Fintech Landscape!

Published

on

Mobikwik Secures SEBI Approval for ₹700 Crore IPO: A Major Step in India's Fintech Landscape!,Startup Stories,Startup Stories India,Inspirational Stories 2024,Latest Technology News and Updates,2024 Technology News,Tech News,MobiKwik Gets SEBI Nod,Mobikwik Secures SEBI Approval,Fintech firm MobiKwik gets Sebi approval,Mobikwik IPO 2024,Mobikwik IPO,SEBI approval IPO 2024,India fintech IPO news,Mobikwik IPO latest updates,Mobikwik IPO details,Fintech companies IPO India,Investment in Mobikwik IPO,SEBI approval for Mobikwik IPO,Mobikwik IPO launch date,IPO Overview,Mobikwik,SEBI,IPO

Mobikwik, a leading digital payment platform in India, has recently received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO), targeting a substantial ₹700 crore. This marks a pivotal moment for the Gurugram-based fintech company, which has been navigating the complexities of the IPO process since its initial attempt in July 2021.

IPO Overview

The upcoming IPO will consist entirely of a fresh issue of equity shares, with no component for an offer for sale (OFS). According to the Draft Red Herring Prospectus (DRHP), the shares will have a face value of ₹2 each. The allocation strategy for the shares is designed to cater to various investor categories: 75% will be reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 10% for retail individual investors. This structure aims to ensure broad participation in the offering.

Fund Utilization Plans

Mobikwik has outlined specific plans for how it intends to utilize the funds raised through this IPO:

  • ₹250 crore will be directed towards expanding its financial services business.
  • ₹135 crore is earmarked for enhancing its payment services.
  • Additional investments will support growth initiatives in data and artificial intelligence.
  • Over ₹70 crore will be allocated for capital expenditures.

These allocations reflect Mobikwik’s strategic focus on strengthening its market position and enhancing its service offerings within the competitive fintech landscape.

Market Context and Timing

The approval from SEBI comes at a time when there is growing investor interest in technology and fintech sectors in India. Mobikwik’s strategic emphasis on digital payments and financial services places it favorably within this rapidly evolving market. The company had previously filed its DRHP with SEBI but withdrew it due to challenging market conditions before refiling in January 2024.

Industry experts speculate that Mobikwik may launch its IPO before Diwali, which falls on November 4 this year, taking advantage of favorable market conditions. The book-running lead managers for this IPO are SBI Capital Markets Limited and DAM Capital Advisors Limited, while Link Intime India Private Limited will serve as the registrar.

Competitive Landscape

Founded in 2009 by Bipin Preet Singh and Upasana Taku, Mobikwik initially started as a digital wallet but has since evolved into a comprehensive fintech platform offering services such as credit, insurance, and gold loans. The company has garnered significant backing from prominent investors including Sequoia Capital India, Bajaj Finance, American Express, Cisco Systems, and Abu Dhabi Investment Authority.

Mobikwik faces competition from other fintech giants like Paytm, which is also preparing for an IPO. Paytm’s parent company, One97 Communications, has filed its own DRHP aiming to raise ₹16,600 crore through a combination of fresh issues and an OFS.

Future Outlook

While specific details regarding the price band and lot size of Mobikwik’s IPO remain to be finalized, the approval from SEBI is a crucial milestone in the company’s journey toward becoming a publicly traded entity. With a last reported valuation of approximately $700 million following a funding round earlier this year, Mobikwik is eyeing a valuation that could exceed $1 billion upon its public listing.

This IPO represents not only an opportunity for Mobikwik to enhance its market presence but also reflects broader trends within India’s burgeoning digital economy as consumer preferences increasingly shift towards online transactions and financial services. As Mobikwik prepares for this significant transition, it aims to solidify its position as a key player in India’s fintech ecosystem.

Continue Reading

Entrepreneur Stories

Inside T-Hub: India’s Launchpad for Innovation and Entrepreneurship

Published

on

By

Aerial view of T Hub Hyderabad

Imagine a building that’s not just a structure but a buzzing ecosystem. A space where startups, corporations, universities, and investors come together to create the future. This isn’t science fiction; it’s T-Hub, India’s largest innovation hub, and it’s rewriting the rules of entrepreneurship.

T-Hub isn’t just about workspaces. It’s a launchpad for ambitious dreams. They’ve empowered over 2,000 startups, turning ideas into thriving businesses. Think funding woes? T-Hub’s got your back, connecting entrepreneurs with angel investors and government grants. Need a mentor to guide you through the rough patches? T-Hub boasts a network of 2,000 mentors ready to share their wisdom.

T-Hub’s vision extends beyond startups. Here’s a glimpse into what makes T-Hub special:

  • From Seed to Scale: Whether you’re a budding entrepreneur with a bright idea or a scaling startup ready to take on the world, T-Hub has programs to support you. From the “seed-accelerator stage” Lab32 program to the “early-stage technology startups” RubriX program, T-Hub provides the tools and guidance needed to thrive.
  • Corporate Muscle: Innovation isn’t just for startups. T-Hub bridges the gap between startups and established corporations like Facebook, Uber, and Boeing. This collaboration allows startups to tap into corporate expertise and resources, while corporations benefit from the agility and fresh perspectives that startups bring.
  • Funding Powerhouse: T-Hub is more than just an idea incubator; it is also a reality maker. Through initiatives like T-Angel and the Digital India Scaleup Program, T-Hub connects startups with high-net-worth individuals, angel investors, and government funding sources.
  • Global Ambitions: Thinking Beyond Borders? T-Hub has you covered. With partnerships across the globe, from the UK government to La Trobe University, T-Hub helps Indian startups access international markets and provides foreign startups with a foothold in India.

And it doesn’t stop there. T-Hub 2.0, their new colossal campus, is a testament to their ambition. This behemoth is not just the world’s largest technology incubator; it’s a microcosm of innovation itself. Universities find a home here, churning out future tech leaders. Foreign partnerships open doors to international markets for Indian startups. It’s a melting pot of ideas, cultures, and expertise, all focused on creating a brighter tomorrow.

T-Hub’s story is far from over. They’re aiming to empower a staggering 20,000 startups in the next five years. With their focus on internationalization and capacity building, they’re poised to become a global hub for innovation. So, if you’re an entrepreneur with a dream, T-Hub might just be the launchpad that takes you to the stars.

Continue Reading
Advertisement

Recent Posts

Advertisement