Latest news with #SriharshaMajety
Business Upturn
10-07-2025
- Business
- Business Upturn
Swiggy board to meet on July 31 to approve Q1 FY26 results
By Aditya Bhagchandani Published on July 10, 2025, 11:50 IST Swiggy Limited has informed the stock exchanges that its Board of Directors will meet on Thursday, July 31, 2025, to consider and approve the company's unaudited standalone and consolidated financial results for the quarter ended June 30, 2025 (Q1 FY26). In a regulatory filing dated July 10, 2025, the company said the meeting is being convened in compliance with Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Swiggy also reiterated that its trading window for dealing in securities remains closed since July 1, 2025, in line with its Code of Conduct to regulate, monitor, and report trading by insiders. The trading window will remain closed till Sunday, August 2, 2025, i.e., 48 hours after the financial results are declared to the stock exchanges. The notice was signed by Sriharsha Majety, Managing Director & Group CEO of Swiggy Limited. The company requested the exchanges to take the information on record. For more updates, stay tuned as Swiggy reports its Q1 earnings later this month. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Time of India
27-06-2025
- Business
- Time of India
Wakefit joins IPO queue; Pine Labs DRHP, decoded
Next Wakefit joins IPO queue; Pine Labs DRHP, decoded Want this newsletter delivered to your inbox? Also in the letter: Wakefit files for IPO to raise Rs 468 crore Catch up quick: Peak XV Partners: 25 million shares 25 million shares Verlinvest: 10.2 million shares 10.2 million shares Investcorp: 6.1 million shares 6.1 million shares Paramark Ventures: 3.1 million shares Also Read: Use of proceeds: Rs 227 crore has been earmarked to open 118 new retail outlets and upgrade existing ones. Rs 108 crore will go towards marketing and brand building. By the numbers: Revenue for the first nine months of FY25 stood at Rs 971 crore, with a net loss of Rs 8.8 crore. FY24 revenue came in at Rs 986 crore, with a net loss of Rs 15 crore. As of December 2024, the company had 98 offline stores across India. The backstory: Decoding Pine Labs' Rs 2,600 crore IPO play Who's selling? Harsh Jain (Dream11) Sriharsha Majety (Swiggy) Girish Mathrubootham (Freshworks) Gaurav Munjal (Unacademy) Alok Mittal (Indifi) Built by M&A: Qwikcilver (2019): Entered gift cards. Entered gift cards. Mosambee (2022): Tapped into SME merchants. Tapped into SME merchants. Fave (2020-21): Forayed into Southeast Asia and Indian UPI merchants. Forayed into Southeast Asia and Indian UPI merchants. It has also since expanded its gift card business to the US and Australia, while also entering online payments to take on Razorpay and Paytm. By the numbers: FY24 revenue: Rs 1,344 crore (vs Rs 933 crore in FY22). Rs 1,344 crore (vs Rs 933 crore in FY22). 9M FY25 profit: Rs 26 crore. Rs 26 crore. 9M FY24 net loss: Rs 151.6 crore. Rs 151.6 crore. Expenses: Up from Rs 1,402 crore (FY23) to Rs 1,622 crore (FY24). Future bets: Mid-market and UPI-first small merchants. International push across Southeast and West Asia. Inorganic growth while staying acquisitive. Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: AI at work: Job cuts and tech leader opinions CEOs' speak: Huang cautioned, 'You are not going to lose your job to AI, but you are going to lose your job to somebody who uses AI.' Amodei went further, predicting that nearly half of all entry-level white-collar roles could soon vanish. Zoho's Sridhar Vembu called it a 'sobering' reality, warning that the coming productivity boom in software could wipe out many developer jobs. Info Edge CEO Hitesh Oberoi offered a gentler take, urging workers to reskill and adapt as the nature of work evolves with AI at the heart of it. Yes, but: SoftBank goes all in on artificial super intelligence What he said: The vision: Acquired US chip design firm Ampere for $6.5 billion. Committed up to $40 billion to OpenAI, with $32 billion already invested. Son expects OpenAI to go public and declared, 'I'm all in on OpenAI.' Also Read: Why it matters: Also Read: Ex-OpenAI researcher confirms move to Meta, denies $100 million payout Driving the news: Beyer, alongside Alexander Kolesnikov and Xiaohua Zhai from OpenAI's Zurich office, was reportedly lured by Meta to join Mark Zuckerberg's newly formed 'superintelligence' team, according to The Wall Street Journal. OpenAI chief Sam Altman took a swipe at Meta's hiring tactics, claiming the company was using bloated pay packages to compensate for its supposed lack of innovation. Yes, but: Tell me more: Mattress and home furniture brand Wakefit is heading to the bourses. This and more in today's ETtech Top 5.■ How AI will reshape jobs■ SoftBank's ASI ambitions■ Meta CTO slams Sam Altman(L-R) Ankit Garg and Chaitanya Ramalingegowda, founders, WakefitBengaluru-based Wakefit has filed its draft red herring prospectus (DRHP) with Sebi, looking to raise Rs 468 crore through a fresh issue. The mattress and home furniture brand plans to use the funds to ramp up offline expansion and double down on IPO also includes an offer-for-sale (OFS) of 58.4 million shares by existing Elevation Capital has chosen not to participate in the in 2016 as a direct-to-consumer mattress startup, Wakefit has since grown into a broader home furniture player. It now competes with legacy brands like Sheela Foram (which owns Sleepwell and Kurl-On) as well as new-age rivals such as The Sleep Company and this move, Wakefit joins a growing list of startups headed to the public markets, alongside names like Groww Urban Company , and Meesho Amrish Rau, CEO, Pine LabsNoida-based merchant payments platform Pine Labs filed its draft red herring prospectus (DRHP) with Sebi, setting the stage to raise Rs 2,600 crore through fresh issue and offer for sale (OFS) of up to 147.8 million shares. The company is eyeing a valuation of $4-5 billion , per sources cited by ET on June XV Partners, once the dominant shareholder with nearly 90%, now holds around 20%. Other major backers exiting or paring stakes include Mastercard, PayPal, and Temasek. The cap table also includes well-known founders:From its origins as a point of sale (PoS) solutions provider for large retailers, Pine Labs has pivoted into a full-stack fintech platform, fueled largely by DRHP outlines a push into product development, payments infrastructure, and credit offerings. Pine Labs intends to double down on:It also wants to deepen credit-at-checkout and digitise bank-led merchant Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship April, the United Nations Conference on Trade and Development (UNCTAD) sounded the alarm: artificial intelligence could affect up to 40% of jobs globally . Several other reports echo this looming shift in the world of work Global tech leaders aren't mincing words either. Former Google CEO Eric Schmidt , Nvidia CEO Jensen Huang, and Anthropic CEO Dario Amodei have all weighed tech voices are equally candid:Not everyone's charging ahead just yet. Klarna CEO Sebastian Siemiatkowski said the firm scaled back AI in customer support after it hurt service Son, CEO, SoftBankSoftBank CEO Masayoshi Son has laid out an audacious plan to make the group the world's leading platform for artificial super intelligence (ASI) within the next decade.'We want to become the organiser of the industry in the artificial super intelligence era,' Son told shareholders, comparing his vision to the platform dominance of Microsoft, Amazon, and Google, which have all benefitted from 'winner takes all' defines ASI as intelligence that outperforms humans by a factor of 10, it up with capital:After misfires like WeWork , SoftBank is returning to high-stakes tech investing, this time placing AI and chip infrastructure at the heart of its battle for high-level AI talent is heating up. Lucas Beyer, one of three senior researchers who recently left OpenAI for Meta, has confirmed his move to the social media giant, but pushed back on reports that the trio received a $100 million signing bonus Meta's chief technology officer Andrew 'Boz' Bosworth hit back at an internal meeting on Thursday, telling staff that Altman's comments were inaccurate, The Verge reported. 'Sam is known to exaggerate,' Boz said, adding, 'And in this case, I know why he's doing it, which is because we are succeeding at getting talent from OpenAI.'Meta's AI ambitions have shifted to high gear in recent months. The company is pouring money into its efforts, including investing $14.3 billion into Scale AI for a 49% stake in the AI startup. It has also brought onboard Scale's 28-year-old founder Alexandr Wang to strengthen this aggressive push.
Time of India
25-06-2025
- Business
- Time of India
‘It's not easy…': Swiggy CEO Sriharsha Majety on Rapido's entry into food delivery
Speaking at an investor event organised by Prosus in London, Swiggy CEO Sriharsha Majety said it will be interesting to see if there is an alternate take to food delivery that can grow the category. Prosus is a common investor in Swiggy and Rapido. Also, Swiggy owns about a 15% stake in urban mobility firm Rapido. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads With Rapido looking to enter the food delivery market Swiggy founder and group CEO Sriharsha Majety said that the Bengaluru-based company remained 'agile and paranoid', ready to respond swiftly to any emerging to a question on Rapido's potential impact in the food delivery space, Majety said that while each company will chart its own course – past experience showed that surviving and scaling in the category was far from was speaking at an investor event organised by Prosus in London. Prosus is a common investor in Swiggy and Rapido. Also, Swiggy owns about a 15% stake in urban mobility firm Rapido.'There were a dozen players in food delivery in 2015. In 2017, Uber and Ola threw their hat into the ring. Then, in 2019, Amazon threw its hat into the ring. In 2021, there was the entry of ONDC,' Majety said, adding, 'Credit to us and Zomato for having seen I genuinely think we do a pretty good job of serving the consumer. It is not easy to get an opening that you can take a home run with.''I think it will be interesting to see if there is an alternate take to food delivery that can grow the category because we are waiting for some more growth as well,' he said. 'We are definitely super agile and paranoid. If we see a new opening, we are going to be all over it.'On June 9, ET reported that Rapido had finalised online food delivery partnership costs and terms with restaurants. The platform is charging a fixed fee of Rs 25 on orders below Rs 400 and Rs 50 on orders over Rs 400 as commissions from the restaurants. This translates to a range of 8-15% commissions from restaurants, compared to 16-30% charged by its rivals Zomato and Swiggy.'If there's an opening, we will be out there in weeks. We will be trying our own luck with the customer to grow the category. We are not going to wait and watch,' he added. Quick commerce consolidationTalking about the various players that have emerged in the 10-minute grocery delivery space, Majety said that the estimated size of the segment a few years from now might allow more than two companies but not five to six.'At this point, the quick commerce market is headed towards a $30-40 billion size in three to five years. That size can support more than two players, but it is unlikely that it can support five to six players,' Majety said, adding that the sector could see some level of consolidation going the top three players in quick commerce—Blinkit, Zepto, and Swiggy's Instamart—have around 85-90% of the market share, down from 90-95% around three to four months back, as per a report by brokerage firm BofA Global Research. The remaining share is held by Tata Digital-backed BigBasket, Flipkart Minutes, Amazon Now, and Reliance Retail's JioMart The research note, ET reported on Tuesday, also said that JioMart was unlikely to become one of the top two players in quick commerce.'We can expect some you look at the structure of the category, there are three major players and four fringe players. There would be some consolidation, but in some cases, there may not even be a need because the legacy ecommerce players may want to continue the offering in a bid to stay relevant for their may continue but won't really expand the pie as we're seeing already today,' Majety said.
NDTV
23-06-2025
- Business
- NDTV
Swiggy Launches New Travel And Lifestyle App 'Crew': What It Does And How It Works
From ordering food on the Swiggy app to getting groceries and daily essentials via Instamart, Swiggy is now expanding its services with a new app called Crew. The app is currently available for download but remains in beta mode, accessible only through invitations. So, what can users expect from this new platform? Crew aims to assist with everyday tasks across travel, food and lifestyle - like "landing an impossible dinner reservation, crafting the perfect anniversary surprise, or effortlessly organising your next vacation," according to its description. Crew features an interactive interface where users can assign and manage tasks. The app description adds, "Blending intuitive technology with genuine human care, Crew makes every interaction delightful and every task feel seamlessly taken care of." Screenshots on the app showcase examples of such tasks, including: " Plan a trip for me to Paris!", "Please book a table for 2 at Naru", and "Help me find a gift for Sonal's housewarming party." Another screenshot confirms that each of these tasks has been completed. Previously, in May, Instamart dropped parent Swiggy from its name, in a strategic move aimed at carving out a standalone brand identity. Quick commerce is becoming a significant driver for the firm beyond its food delivery businesses. Swiggy Group CEO Sriharsha Majety has spoken at multiple instances about how the company expects Instamart to surpass food delivery in terms of both penetration and scale.
Economic Times
05-06-2025
- Business
- Economic Times
Most listed new-age startups improve Q4 profitability; Swiggy, Ola lag behind
Out of the 17 new-age companies listed on Indian stock exchanges, 11 reported an improvement in profitability for the January-March quarter, either by expanded profits or narrower losses, in a sign of better operational performance. This group includes Nykaa, Delhivery, BlackBuck, Paytm, Policybazaar, Go Digit, Ather Energy and Ixigo. However, six others saw a deterioration in their bottom lines. These include food and grocery delivery firms Swiggy and Eternal, which ramped up cash burn amid intensifying competition in the fast-growing quick commerce sector. Losses also widened for FirstCry, Mobikwik and Ola Electric. For Ola Electric, the fourth-quarter loss more than doubled to Rs 870 crore even as its operating revenue plummeted 62%. Among the lot of these 17 companies, beauty and fashion retailer Nykaa and Policybazaar parent PB Fintech were the top performers, having posted 24% and 38% year-on-year growth in revenue for the fourth quarter, while also more than doubling their underscored the improvement in margins for these two companies, which went public in 2021, suggesting the momentum could continue. For PB Fintech, Citi Research highlighted a one-percentage-point expansion in contribution margins for the March quarter — which came after three quarters of contraction — in addition to reduced expenses on employee stock option plans as key drivers behind its strong profitability momentum. On Nykaa, brokerage firm JM Financial said strong working capital enhancement ensured that the company had its first year of positive cashflow since Covid, after adjusting for lease liabilities and capital expenditure. 'We believe core BPC (beauty and personal care) will benefit from repeat purchases from customers acquired this year, resulting in sharper margin improvement in the coming years. Nykaa's ability to deliver robust growth in a tepid demand environment along with margin enhancement demonstrates its differentiated market positioning,' the firm said. Beauty retailer Honasa Consumer, the parent of Mamaearth, meanwhile saw its profits falling 15% during the quarter on back of the company's offline restructuring exercise. The company's management indicated that it is now expected to see the positive impact of the rejig. Quick burn The fourth quarter saw increased cash burn for Gurgaon-based Zomato parent Eternal and Bengaluru-headquartered Swiggy in their quick commerce units, Blinkit and Instamart, respectively. This impacted their consolidated earnings, particularly at a time when their largest segment of food delivery is undergoing a slowdown. Going ahead, senior executives of the two companies laid out differing views on how they see profitability. Eternal said Blinkit will aggressively chase market share even if it comes at the cost of near-term profitability. On the other hand, Swiggy group CEO Sriharsha Majety said the operating losses for Instamart peaked by the end of the January-March quarter, and the company expects to 'progressively unwind losses' from here on. Eternal reported a 78% fall in its net profit to Rs 39 crore in the past quarter, while Swiggy's net loss nearly doubled to Rs 1,081 crore.A research note from HSBC Securities said Blinkit lost Rs 2 for every Rs 100 of gross order value (GOV), while Swiggy lost Rs 18. 'Cash burn for Swiggy was even higher than profit losses. In terms of competitive intensity, while the next few months are tactically favourable for Blinkit and Swiggy Instamart, competition may get intense again in the second half of this year and next year (2026),' it said. EV mixed bag For Ola Electric, the March quarter saw not only expanding losses but also a significant fall in revenue as the company went from being the leader in electric two wheeler segment to now falling behind legacy players such as TVS Motor and Bajaj Auto in terms of market at Kotak Institutional Equities, while downgrading their call on Ola Electric's stock to 'sell', said its future 'hinges on scaling up volumes' and a 'successful motorcycle foray', and that the company 'faces executive and credibility challenges'.According to the brokerage firm, the company's performance during the past couple of quarters has been marred by weaker scooter volumes and rising warranty provisions, which have weighed on its profitability. 'Volume trends have been impacted by increased competitive intensity and several quality issues faced by customers,' the analysts added. The company's operating revenue for the March quarter came in at Rs 611 crore – lower than its rival Ather Energy, which posted Rs 676 crore in top line. To be sure, Ather Energy, which went public in May, clocked less than half the scooter volumes compared with la Electric in fiscal 2025. Even though Ola Electric's losses expanded, Ather Energy saw its loss narrowing 17% during the March quarter. Logistics on firm ground New-age logistics firm Delhivery and truck aggregator platform BlackBuck both reported profits for the fourth quarter, compared to losses in the year-ago period. For Delhivery, the profitability in the March quarter meant it posted its first full year of net profit as its core transportation business continued to show improvement in operating efficiencies. BlackBuck, which went public last year, reported a net profit of Rs 280 crore, a major chunk of which was on account of a one-time tax credit. However, even on a pre-tax basis, BlackBuck turned profitable, reporting a Rs 41 crore profit, as it tightened expenses particularly under the heads of employee benefits and interest costs.
