No obvious threat, says Eternal CEO Goyal on new entrants in food delivery space
This follows ride-hailing platform Rapido getting ready to roll out the pilot of its food delivery app, Ownly, in Bengaluru in the next few days, starting with Koramangala, HSR, and Sarjapur localities. Rapido is charging 8-15% commission from restaurants, compared to 16-30% by rivals Zomato and Swiggy.
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Time of India
6 hours ago
- Time of India
Swiggy adds 2,000 employees in FY25 on back of Instamart blitz
Academy Empower your mind, elevate your skills Food and grocery delivery company Swiggy added about 2,000 employees in fiscal 2025, taking its total workforce to 7,431 as of March 31 this year, as per its annual report released on to sources, most of the hiring was driven by the expansion of Instamart, Swiggy's quick commerce business, which added around 100 cities to its network during fiscal 2025. The company's total headcount as of March 31, 2024, was 5,406, according to the data from Swiggy's draft red herring prospectus (DRHP).'Instamart continued its rapid expansion in FY 2024-25, reflecting strong consumer adoption and growing relevance across categories, geographies, and shopping missions. We expanded our footprint to 124 cities, increasing coverage nearly five-fold year-on-year. The network grew to 1,021 stores by year-end, including 498 new dark stores added during the year, of which 44 were larger-format megapods designed to support broader assortment and higher average order values,' the company said in its annual the growing headcount, the company's employee benefit expenses also increased by 26.6% during FY25 to Rs 2,548 revenue from operations stood at Rs 15,227 crore for FY25, a 35% increase from the Rs 11,247 crore reported in the previous year. Meanwhile, its net loss widened to Rs 3,117 crore from Rs 2,350 crore in share rose 1.61% on Tuesday to close at Rs 413.55 on the BSE. The Bengaluru-based company is expected to declare its Q1FY26 financials on July noted in its annual report that Instamart is seeing early profitability in several key markets. 'Instamart is gaining strong momentum across consumer segments, categories, and cities – with early profitability already visible in several key markets,' the company said.'With nearly half our dark stores less than a year old, we're now shifting gears — from rapid expansion to consolidation and leverage,' it outlook on Instamart's profitability comes at a time when the quick commerce space is reeling with heavy losses on account of dark store expansion "The groundwork is in place, and the road ahead is focussed on optimising utilisation, boosting efficiency, and unlocking deeper value through smarter infrastructure and sharper assortment,' Swiggy FY2025, Instamart received 285.5 million orders as against 175.5 million orders received the year before. Similarly, the average monthly transacting users also increased to 7.1 million in FY25 from 4.2 million in FY24.
Indian Express
11 hours ago
- Indian Express
Maharashtra govt to launch ride-hailing app to compete with Ola, Uber
The Maharashtra government will soon introduce an app-based autorickshaw, taxi, and e-bike service aimed at creating jobs for local youth, particularly those from the Marathi-speaking belt, Transport Minister Pratap Sarnaik said on Monday. The service that would be operated under the state transport department would offer a competition for the private players in the sector, which is currently dominated by private cab aggregator platforms such as Ola, Uber, and Rapido, according to Sarnik. The proposal has received an in-principle nod from Chief Minister Devendra Fadnavis and deputy chief ministers Eknath Shinde and Ajit Pawar, but the clearance from the Cabinet is expected soon, Sarnaik said. Sarnaik, who is also the chairman of Maharashtra State Road Transport Corporation (MSRTC), said the app-based aggregator platform for the state is almost complete, and the government is deliberating on names such as Jai Maharashtra, Maha-Ride, Maha-Yatri, or Maha-Go for the app. The app is being developed in collaboration with institutions such as the Maharashtra Institute for Transport Technology and Maharashtra Institution for Transformation (MITRA), with private players in consultation. 'This will not only offer comfortable travel for commuters but also generate employment for thousands of youngsters in Maharashtra,' Sarnaik said, adding that all terms in the Centre's aggregator policy guidelines are being adhered to. The government plans to check the monopoly and ensure transparency in fare levels and drivers' benefits, officials from the transport department said. The app will offer services by auto-rickshaws, taxis, and e-bikes in towns and cities. Officials indicated that the platform will also be made compatible with the Central Government's Motor Vehicle Aggregator Guidelines, 2020, which stipulate safety, accountability, and fare regulation standards for digital transport aggregators. 'The government has the technical knowledge, infrastructure, and manpower. This model, if well implemented, will serve the interests of both service providers and users,' he added.
Mint
14 hours ago
- Mint
Lenskart files draft papers with Sebi to raise ₹2,150 crore in fresh capital via IPO
Mumbai: Omnichannel eyewear retailer Lenskart has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India, paving the way for an initial public offering (IPO) later this year. The company plans to raise ₹ 2,150 crore in fresh capital, while existing investors will offload 132.28 million shares through an offer for sale (OFS), according to the filing. Prominent selling shareholders include founder Peyush Bansal, Neha Bansal, Amit Chaudhary, Sumeet Kapahi, SoftBank, Kedaara Capital, Alpha Wave Ventures, and MacRitchie Investments, among others. Lenskart, India's largest eyewear retailer, is reportedly seeking a valuation of $8-9 billion. It has appointed Kotak Mahindra Capital, Axis Capital, Citi, Morgan Stanley, and Avendus Capital as book-running lead managers for the issue. The company joins a growing list of Indian startups, including Pine Labs, Curefoods, Capillary Technologies, Shiprocket, Groww, and Urban Company, that have filed draft IPO papers in recent months. Others such as PhysicsWallah and Bluestone are also expected to go public soon. Lenskart plans to deploy the IPO proceeds towards capital expenditure for setting up new company-owned and company-operated (CoCo) stores in India, lease-related payments for CoCo locations, investments in technology and cloud infrastructure, brand marketing and business promotion, potential inorganic acquisitions, and general corporate purposes. Founded in 2010 by Peyush Bansal, along with Amit Chaudhary, Neha Bansal, and Sumeet Kapahi, Lenskart has raised $1.08 billion across 19 funding rounds, including $18.2 million in a Series I round in July 2023. Its backers include TPG and Chiratae Ventures. The company, which sells prescription eyewear, sunglasses, and contact lenses, has a presence in India, Singapore, and the United Arab Emirates. Over the past year, it has relocated a significant portion of its global manufacturing to India to cut costs and streamline its supply chain—shifting most of its frame production from Japan to its facility in Rajasthan. Lenskart has also ramped up its omnichannel strategy, operating over 2,500 retail outlets and forging quick-commerce partnerships with Blinkit, the Zomato-backed delivery platform.
