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Swiggy To Merge With Zomato?

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Food delivery platform, Swiggy, is reportedly in talks for a stock based merger with restaurant discovery and food delivery rival Zomato. According to sources, the management of the two companies met recently to discuss a potential merger. However, the talks failed to progress any further due to differences in business alignment and expected valuations.

A news daily reported, Zomato offered a 1:4 share swap ratio to Swiggy. But, Swiggy is looking for a $ 500 million valuation. The food delivery platform recently raised close to $ 80 million in a Series E funding round from Naspers. Post this investment, Swiggy’s valuation increased to $ 400 million. On the other hand, Zomato wants to strike the deal valuing itself at more than $1 billion. The restaurant discovery platform is also currently in talks with Alibaba’s investment arm Ant Financial to close a $ 200 million investment. The company was valued at $ 1.4 billion by the equity research firm Nomura Financial Advisory and Securities (India) Pvt., Ltd.

After the failed merger talks between Flipkart and Snapdeal, Zomato and Swiggy’s merger will be among the most significant moves made towards consolidating a lucrative sector. While Zomato could have continued with its search and restaurant discovery business while continuing as a shareholder in Swiggy, the company was interested in an outright merger. A source close to the development said, “Swiggy was more interested in exploring the merger at existing valuation, but Zomato’s proposed swap ratio would have valued it at $225 million.” 

 Both the companies dominate the food tech business in India. According to reports, Swiggy completes around 4- 4.5 million orders a month. Zomato, which completes close to 3- 3.2 million online orders, has an upper hand in the restaurant discovery business. Speaking about the speculations, an Alipay spokesperson said, “We don’t comment on market speculation.” 

In an emailed statement, Swiggy replied to the allegations stating, “Swiggy has a razor-sharp focus in delivering a superior customer experience as we continue to grow as India’s largest food ordering and delivery company. We would not like to comment on baseless speculations such as this.” 

The online food delivery market in India grew exponentially in 2016 with an estimated gross merchandise value (GMV) of $300 million. Recently, global players like UberEATS and Google also entered the Indian online food delivery industry. 

 

Note – This article has been updated after we received an official response from Swiggy. 

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OYO Achieves Record Profitability in FY25 with Deferred Tax Boost and New Corporate Identity

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OYO

OYO, India’s leading hospitality startup, has retained strong profitability in FY25, driven by a significant deferred tax gain and a bold corporate identity overhaul. The company’s net profit surged to ₹623 crore, marking a 172% year-on-year growth, with adjusted EBITDA reaching ₹1,132 crore a 27% increase from the previous fiscal. Total revenue rose by 20% to ₹6,463 crore, propelled by strategic expansion in premium segments and the integration of G6 Hospitality into OYO’s growing portfolio.

The deferred tax gain of ₹765.6 crore played a crucial role in OYO’s profitability for FY25, helping overcome challenges from operational losses and global expansion costs. Meanwhile, OYO launched a campaign to rename its parent company, Oravel Stays Ltd, aiming for a tech-first, globally resonant brand identity as the business prepares for its IPO. This rebranding signals OYO’s shift toward broader urban living solutions, with the “OYO Hotels” brand remaining unchanged for consumers while the corporate entity targets premium and tech-driven markets worldwide.

OYO’s premiumization strategy and aggressive international growth have led to record results for the fourth quarter of FY25, with gross booking value surging 54% to ₹16,436 crore and revenue hitting new highs. These achievements highlight OYO’s disciplined financial management and commitment to innovation, setting a benchmark for Indian startups navigating global expansion and sustained profitability in the hospitality technology sector.

 

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MPL to Lay Off 60% of India Workforce Following Online Gaming Ban

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Mobile Premier League (MPL), one of India’s top online gaming platforms, is set to lay off about 60% of its India workforce following the government’s ban on paid online games. The move, confirmed by MPL CEO Sai Srinivas through an internal email, will impact around 300 employees across multiple departments including marketing, finance, operations, engineering, and legal. This decision comes as a direct result of the Promotion and Regulation of Online Gaming Bill, 2025, which restricts paid online games involving monetary stakes to address concerns over financial risks and addiction among young users.

India contributed nearly half of MPL’s revenues, estimated at around $100 million in the 2024-25 fiscal year. With the ban on paid gaming, MPL’s primary revenue source in India has been effectively cut off, prompting the company to shift focus towards free-to-play games and expand its presence in overseas markets such as the United States and Brazil. Despite the layoffs, MPL has pledged to support the affected employees through the transition period. CEO Sai Srinivas expressed regret over the downsizing but highlighted the company’s commitment to developing new business models for the Indian market amid the regulatory changes.

This development significantly disrupts the Indian online gaming industry, which was on track to grow into a $3.6 billion sector by 2029 before the introduction of the ban. While competitors like Dream11 have adapted by discontinuing paid games and avoiding layoffs, the ban has forced many gaming startups in India to rethink their operations. The government’s regulation targets all games involving real money stakes, including fantasy sports and popular card games like rummy and poker, reshaping the future landscape for the country’s gaming ecosystem and its workforce.

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NCLT Approves Amalgamaxtion of Info Edge Subsidiary Makesense with PB Fintech

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Info Edge - PB

The National Company Law Tribunal (NCLT) has granted approval for the amalgamation of Info Edge’s subsidiary, Makesense Technologies, with PB Fintech as of August 29, 2025, in a significant move for India’s fintech sector. This strategic merger aligns with Info Edge’s ongoing focus on streamlining its corporate structure and supports PB Fintech’s growth trajectory as the operator of leading platforms such as Policybazaar and Paisabazaar. The amalgamation, cleared by NCLT’s Chandigarh bench, took place without winding up either company, enabling a seamless blending of assets and expertise for greater operational efficiency.

In the specifics of this deal, Makesense Technologies—holding a 13.04% stake in PB Fintech as of June 2025—will see its shareholders allotted 59,750 equity shares and 60,030 compulsorily convertible preference shares from PB Fintech, with no change to Info Edge’s underlying economic interest. The consolidation is expected to cut compliance and administrative costs, simplify the equity structure, and enable both companies to focus on core business strengths without duplication of resources. This move is designed to strengthen PB Fintech’s position in India’s fast-evolving fintech and insurance market, while keeping Info Edge’s investment objectives intact.

The NCLT-approved merger highlights a broader trend of consolidation within India’s tech-driven industries, as major players seek to boost competitiveness and achieve sustainable growth through mergers and amalgamations. Stakeholders—including shareholders and employees—are set to benefit from the new, streamlined structure, increased transparency, and the promise of enhanced value creation going forward. The unification of Makesense Technologies and PB Fintech is expected to make a positive impact on the broader fintech ecosystem, reinforcing both companies’ leadership and innovation agendas.

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