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Economic Times
7 hours ago
- Business
- Economic Times
Nykaa block deal; VC funding report
One of Nykaa 's early investors is offloading a part of his stake through a $150-million block deal. This and more in today's ETtech Top 5. Also in the letter: ■ Restaurants vs Swiggy , Zomato■ Surge allowance for cab aggregators ■ All about Figma IPO Early Nykaa investor to offload $150-million stake via block deal Harindarpal Singh Banga, founder of Hong Kong-based Caravel Group and an early investor in Nykaa, plans to sell a 2–2.5% stake in the company through a block deal worth $150 million (approximately Rs 1,200–1,300 crore), sources told ET. The numbers: Banga's holding has come down from 8.7% pre-IPO to nearly 5% today. The shares will be sold at a 4% discount to Wednesday's close of Rs 211.80 on BSE. Foreign institutional investors (FIIs) are expected to lap up the offer. Promoters stay put: The Nayar family, which founded Nykaa, still holds 52% and hasn't sold a single share since the company listed in November 2021. Business performance: Nykaa's parent, FSN E-Commerce, reported a Rs 19 crore net profit for the March quarter, nearly double the figure from a year ago. Revenue rose 24% to Rs 2,017 crore, courtesy of strong customer additions and deeper brand tie-ups. On quick commerce: Cofounder Adwaita Nayar told ET in June that Nykaa is testing its quick delivery service, Nykaa Now, in a limited set of pin codes, as it takes a cautious approach to the space.. Venture capital funding inches up to $4.9 billion in H1 2025 Venture capital funding in Indian startups showed early signs of a rebound in the first half of 2025, with total deal value inching up to $4.95 billion across 410 deals, according to data analytics platform Venture Intelligence . Sectors attracting capital: That's a modest improvement on the same period last year, when startups raised around $4.54 billion from 418 deals. Ecommerce led the charge this year, pulling in $1.3 billion, followed by fintech with $1 billion. Enterprise software, deep tech, and health tech also attracted strong investor interest. Big ticket investments: Innovaccer: $275 million Meesho: $270 million Groww: $200 million Porter: $200 million Unicorns in 2025: In the first six months of 2025, India saw five unicorns—Netradyne, Porter, Drools, BlueStone, and Jumbotail—compared to only six in the entire last year. IPOs in line: The public markets are beginning to beckon again. Several startups have filed their draft red herring prospectuses (DRHPs) this year, lining up for new listings in the coming months. Expect to see Shadowfax, PhysicsWallah, Boat, Urban Company, Shiprocket, Groww, Pine Labs , Capillary Tech, Wakefit, and Curefoods on that list. Also Read: IPO watch: Which Indian startups are next to hit the stock market? Namakkal restaurants cut ties with Swiggy, Zomato over commission dispute Numerous restaurants in Tamil Nadu's Namakkal have pulled the plug on food delivery platforms like Swiggy and Zomato, cancelling even existing customer orders in protest. The move comes amid increasing frustration among local businesses over what they see as unfair charges and delayed payments. What's happening: On June 23, the Town and Taluk Hotels and Bakery Owners Association held an emergency meeting to address rising tensions with the delivery giants. Members expressed concerns about indirect (and hidden) costs, like advertising fees, which reduce their earnings and profits. The association's secretary, Arulkumaran, pointed out that Swiggy and Zomato apply inconsistent commission rates across restaurants. He added that restaurants are required to wait a whole week after each transaction to receive their payments, resulting in significant cash flow issues for many. The scale of it: In Namakkal taluk alone, 85 eateries are involved in online food sales, generating transactions worth Rs 10 lakh every day. Yes, and: According to Arulkumaran, talks with platforms have failed to yield any meaningful solution, prompting the decision to halt services entirely. Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees. 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: Interested? Reach out to us at spotlightpartner@ to explore sponsorship opportunities. Govt allows Uber, Ola, Rapido to charge 2x of base fare during peak hours Surge pricing just got a lift. The ministry of road transport and highways has updated ride-hailing rules, allowing platforms like Uber, Ola, Rapido, and inDrive to charge up to 2x the base fare during peak hours, up from the earlier 1.5 times cap. States have three months to implement the change, TOI reported. The details: During non-peak hours, fares must be at least 50% of the base rate. States will establish fixed base fares for taxis, autos, and bike taxis. If a state has not set a base fare, the platforms must determine and disclose one. Both drivers and passengers cancelling without reason will face a 10% penalty, capped at Rs 100. Drivers must now have a health cover of Rs 5 lakh and term insurance of Rs 10 lakh. What this means for you: Expect to pay more during peak times—mornings, evenings, weekends, or any high-demand window. While fares increase, driver incomes could also rise, especially in cities with high traffic or high cancellation rates. Safety and quality measures: Platforms must install tracking devices in vehicles, linked to state control centres. Annual refresher training is mandatory for all drivers. Those in the bottom 5% of ratings must attend quarterly sessions or face deactivation. The bigger picture: The government is pushing for a tighter balance between higher driver earnings and better rider experience, with stricter oversight on cancellations, safety, and service. Also Read: Govt issues advisory allowing use of personal two-wheelers as bike taxis; states to take final call Figma's much-anticipated IPO: All you need to know Figma cofounder Dylan Field Cloud-based collaborative design platform Figma is set to list on the New York Stock Exchange ( NYSE ) in one of the most anticipated tech IPOs of 2025, particularly after its $20 billion acquisition by Adobe fell through two years ago. Details: The IPO price range is yet to be announced, but Figma's most recent valuation stood at $12.5 billion. It plans to use the proceeds to fuel its next phase of growth, with a particular focus on expanding its AI capabilities and repaying existing debt. Figma currently serves 13 million monthly active users. Morgan Stanley, Goldman Sachs, Allen & Company, and J.P. Morgan are the lead bankers of the offering. Financials: In the first quarter of 2025, it reported revenue of $228.2 million, representing a 46% increase from the same period last year. Net income for the quarter nearly tripled to $44.9 million. In 2024, the company generated $749 million in revenue, marking a 48% jump from 2023. Also Read: It's a myth that you can't monetise India promise: Figma's Dylan Field
Time of India
9 hours ago
- Business
- Time of India
Nykaa's early investor to exit; VC funding rebounds in 2025
Nykaa's early investor to exit; VC funding rebounds in 2025 Also in the letter: Early Nykaa investor to offload $150-million stake via block deal The numbers: Promoters stay put: Business performance: On quick commerce: Venture capital funding inches up to $4.9 billion in H1 2025 Sectors attracting capital: Startups raising funds: IPOs in line: Namakkal restaurants cut ties with Swiggy, Zomato over commission dispute What's happening: Members expressed concerns about indirect (and hidden) costs, like advertising fees, which reduce their earnings and profits. The association's secretary, Arulkumaran, pointed out that Swiggy and Zomato apply inconsistent commission rates across restaurants. He added that restaurants are required to wait a whole week after each transaction to receive their payments, resulting in significant cash flow issues for many. The scale of it: Yes, and: 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: Govt allows Uber, Ola, Rapido to charge 2x of base fare during peak hours The details: During non-peak hours, fares must be at least 50% of the base rate. States will establish fixed base fares for taxis, autos, and bike taxis. If a state has not set a base fare, the platforms must determine and disclose one. Both drivers and passengers cancelling without reason will face a 10% penalty, capped at Rs 100. Drivers must now have a health cover of Rs 5 lakh and term insurance of Rs 10 lakh. What this means for you: Safety and quality measures: The bigger picture: Figma's much-anticipated IPO: All you need to know Details: The IPO price range is yet to be announced, but Figma's most recent valuation stood at $12.5 billion. It plans to use the proceeds to fuel its next phase of growth, with a particular focus on expanding its AI capabilities and repaying existing debt. Figma currently serves 13 million monthly active users. Morgan Stanley, Goldman Sachs, Allen & Company, and J.P. Morgan are the lead bankers of the offering. Financials: In the first quarter of 2025, it reported revenue of $228.2 million, representing a 46% increase from the same period last year. Net income for the quarter nearly tripled to $44.9 million. In 2024, the company generated $749 million in revenue, marking a 48% jump from 2023. Also Read: An early investor of Nykaa is looking to exit through a block deal worth $150 million. This and more in today's ETtech Top 5.■ Swiggy, Zomato's commission dispute■ 2x surge charge allowed for cabs■ All about Figma IPOHarindarpal Singh Banga, founder of Hong Kong-based Caravel Group and an early investor in Nykaa, plans to sell a 2–2.5% stake in the company through a block deal worth $150 million (approximately Rs 1,200–1,300 crore), sources told holding has come down from 8.7% pre-IPO to nearly 5% today. The shares will be sold at a 4% discount to Wednesday's close of Rs 211.80 on BSE. Foreign institutional investors (FIIs) are expected to lap up the Nayar family, which founded Nykaa, still holds 52% and hasn't sold a single share since the company listed in November parent, FSN E-Commerce, reported a Rs 19 crore net profit for the March quarter, nearly double the figure from a year ago. Revenue rose 24% to Rs 2,017 crore, courtesy of strong customer additions and deeper brand tie-ups. Cofounder Adwaita Nayar told ET in June that Nykaa is testing its quick delivery service, Nykaa Now, in a limited set of pin codes, as it takes a cautious approach to the capital funding in Indian startups showed early signs of a rebound in the first half of 2025, with total deal value inching up to $4.95 billion across 410 deals, according to data analytics platform Venture a modest improvement on the same period last year, when startups raised around $4.54 billion from 418 deals. Ecommerce led the charge this year, pulling in $1.3 billion, followed by fintech with $1 billion. Enterprise software, deep tech, and health tech also attracted strong investor the big-ticket fundraisers was ecommerce player Meesho, which secured around $270 million in fresh capital. New investors, including Tiger Global, Think Investments, and Mars Growth Capital, joined the round, backing the company's growth public markets are beginning to beckon again. Several startups have filed their draft red herring prospectuses (DRHPs) this year, lining up for new listings in the coming months. Expect to see Shadowfax, PhysicsWallah, Boat, Urban Company, Shiprocket, Groww, Pine Labs, Capillary Tech, Wakefit, and Curefoods on that restaurants in Tamil Nadu's Namakkal have pulled the plug on food delivery platforms like Swiggy and Zomato, cancelling even existing customer orders in protest. The move comes amid increasing frustration among local businesses over what they see as unfair charges and delayed June 23, the Town and Taluk Hotels and Bakery Owners Association held an emergency meeting to address rising tensions with the delivery Namakkal taluk alone, 85 eateries are involved in online food sales, generating transactions worth Rs 10 lakh every to Arulkumaran, talks with platforms have failed to yield any meaningful solution, prompting the decision to halt services 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 pricing just got a lift. The ministry of road transport and highways has updated ride-hailing rules , allowing platforms like Uber, Ola, Rapido, and inDrive to charge up to 2x the base fare during peak hours, up from the earlier 1.5 times cap. States have three months to implement the change, TOI to pay more during peak times—mornings, evenings, weekends, or any high-demand window. While fares increase, driver incomes could also rise, especially in cities with high traffic or high cancellation must install tracking devices in vehicles, linked to state control centres. Annual refresher training is mandatory for all drivers. Those in the bottom 5% of ratings must attend quarterly sessions or face government is pushing for a tighter balance between higher driver earnings and better rider experience, with stricter oversight on cancellations, safety, and collaborative design platform Figma is set to list on the New York Stock Exchange (NYSE) in one of the most anticipated tech IPOs of 2025, particularly after its $20 billion acquisition by Adobe fell through two years ago.
Entrepreneur
10 hours ago
- Business
- Entrepreneur
MongoDB Doubles Down on India's Database Boom
"Our focus remains on startups, late-stage digital-native businesses and enterprises. We'll continue working closely with customers to solve their data challenges," says Sachin Chawla, Vice President, India and ASEAN, MongoDB Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. "India is very important for us as a market. We have almost 700 employees here. We also have an engineering team now in India, which is part of the overall MongoDB strategy," says Sachin Chawla, Vice President, India and ASEAN, MongoDB. MongoDB's customer base in India spans early-stage startups such as RFPIO, high-growth unicorns like Zepto and Zomato, large financial institutions such as Canara HSBC Life Insurance, digital platforms like SonyLIV, and Indian ISVs including and Darwinbox. According to Grand View Research, the Indian database management system (DBMS) market generated USD 2.5 billion in revenue in 2024 and is expected to reach USD 7.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 19.8 per cent. Interestingly, China's DBMS market stood at USD 8.7 billion in 2024 and is projected to reach USD 19.8 billion by 2030, growing at a CAGR of 14.6 per cent from 2025 to 2030. Moving beyond legacy systems Chawla says MongoDB is helping Indian enterprises move beyond legacy systems through two distinct approaches. "The first one is when customers decide to build a completely new modern application, gradually sunsetting the old legacy application," he explains. "We work closely with them to build these modern systems." He gives the example of Tata Neu, a loyalty app that integrates over 40 Tata brands, including Taj Hotels and Tata Croma, into a single digital platform. "That entire application is built on MongoDB," he says. "The second approach is application modernisation," Chawla adds. "Here, companies want to retain their existing application but upgrade it. Over the last two years, we've developed a methodology using AI tools and our expertise to modernise the full stack, not just the database." Tackling myths around modern databases Despite this fast-paced growth, Chawla points out several lingering myths in India. "A lot of customers still haven't realised that if you want to build a modern application especially one that's AI-driven you can't build it on a relational structure," he explains. "Most of the data today is unstructured and messy. So you need a database that can scale, can handle different types of data, and support modern workloads." Another misconception Chawla observes is the belief that each use case requires a purpose-built database: one for time-series data, another for geospatial queries, and so on. "The problem with that approach is if you have four or five different use cases, you end up managing five different databases. It becomes a nightmare in terms of management, scalability, and integration," he says. Even those trying to move away from traditional databases often fall into the trap of viewing PostgreSQL as a modern alternative. "PostgreSQL is still relational in nature. It has the same row-and-column limitations and scalability issues." He also adds that if companies want to build a future-proof application especially one that infuses AI capabilities they need something that can handle all data types and offers native support for features like full-text search, hybrid search, and vector search. Other NoSQL players such as Redis and Apache Cassandra also have significant traction in India. Redis sees over 12 million daily downloads and reportedly earns 60 per cent of its revenue from national database projects. Apache Cassandra holds a 14.95 per cent presence in India, with enterprise users including Infosys, Fujitsu, and Panasonic. Amazon's DynamoDB commands around 9.5 per cent of the market. What's next for India? MongoDB operates from Bengaluru and Gurugram and plans to deepen its presence across India. "Our focus remains on startups, late-stage digital-native businesses (DNBs), ISVs, and enterprises. We'll continue working closely with customers to solve their data challenges," Chawla affirms.
New Indian Express
18 hours ago
- Business
- New Indian Express
High commissions, platform fee: Namakkal hotel owners stop deliveries via food aggregators
NAMAKKAL: The Namakkal City and Taluk Hotel Owners' Association has stopped all food delivery services through Swiggy and Zomato from July 1, causing a major disruption in the region's food delivery sector. This decision was made due to increasing dissatisfaction among local hotel owners over high and inconsistent commission charges, hidden fees and unilateral discount policies set by these platforms. After negotiations with Swiggy and Zomato failed, services have been halted as per a resolution adopted at a recent meeting led by association president M Ramkumar. Ramkumar explained that commissions can reach up to 33% for some restaurants, making it impossible to keep prices affordable for customers. For example, a dish priced at Rs 150 in a restaurant is listed for around Rs 230 on these platforms due to high commissions. This leads customers to believe restaurants are overcharging, when in reality, the platforms take the excess. The association demanded a standard commission cap at 18%, transparent breakdowns of all charges and the removal of hidden fees. However, as these demands were not met, the association proceeded with the service halt.
Time of India
20 hours ago
- Business
- Time of India
Namakkal restaurants cut ties with Swiggy, Zomato over commission dispute
Academy Empower your mind, elevate your skills Restaurants in Namakkal, Tamil Nadu, have stopped accepting food orders through online delivery platforms like Swiggy and Zomato from Tuesday, following a dispute over commission charges, according to the Times of move came after restaurant owners announced on July 1 that they would stop supplying food to the platforms, citing unfair pricing practices In addition to halting online food orders, restaurants also cancelled deliveries for customers who had already placed them June 23, an emergency meeting was held by the Town and Taluk Hotels and Bakery Owners Association, led by President M Ramkumar. During the meeting, members raised concerns about hidden costs added by food aggregators , such as advertising fees, which reduce restaurant profits, Times of India secretary Arulkumaran told reporters that platforms like Swiggy and Zomato charge different commission rates to different restaurants. "In Namakkal taluk alone, 85 eateries are involved in online sales, resulting in daily online food transactions worth Rs 10 lakh," he added that talks with the platforms failed to produce any agreement, leading to an indefinite halt in online orders. He also pointed out that restaurants are paid only after a week for each sale, which is putting financial pressure on business owners.
