Top Stories This Week
Aadit Palicha (left) and Kaivalya Vohra, co-founders, Zepto
Tiger Global eyes action in Zepto amid fast commercial speed: New York-based investment firm Tiger Global is conducting due diligence on Bengaluru-based major Zepto’s dark shops, indicating strong interest in the startup, which is now valued at $5 billion, three people said aware of this problem.
WeWork’s India exit deal falters amid sector revival: WeWork Inc. Plan to sell the 27 percent it owns in its India unit and exit the collapsed country, according to three people familiar with the matter. “The transaction did not go ahead due to a valuation mismatch even after receiving regulatory approval from the Indian antitrust body,” one of the people was quoted as saying.
Lion’s share of Swiggy’s IPO proceeds to boost Instamart dark stores: The updated prospectus filed by Swiggy on Thursday for its IPO sheds light on the Bengaluru-based company’s plans to continue investing heavily in its fast commerce vertical Instamart. A large chunk of the fresh equity proceeds from the IPO – Rs 982 crore – is expected to be deployed for expanding Instamart’s dark store footprint.
Read also | Swiggy IPO: Prosus could pocket $500 million; founders get $36 million through secondaries
Foxconn plans $1 billion display assembly facility in Tamil Nadu: Foxconn is evaluating an investment of around $1 billion to set up an assembly facility for smartphone display modules in Tamil Nadu, according to people familiar with the development.
Fiewin betting app in ED crosshairs; ActiveE attached including cryptocurrency in Binance: In a major crackdown on illegal online applications linked to Chinese nationals, the Enforcement Directorate (ED) has attached assets, including those parked in the wallets of cryptocurrency major Binance, sources in the know told ET.
ET Startup Awards 2024
ET Startup Awards @10: A Decade of Startup Success Stories | As The Economic Times Startup Awards (ETSA) prepares to celebrate its 10th edition, we look back at how the awards have recognized the best of entrepreneurship over the past decade and chronicled the ebb and flow of the industry.
ETSA’s journey has mirrored the growth of India’s startup ecosystem in various cycles. This year’s elite jury consisted of previous ETSA winners – Albinder Dhindsa of Blinkit, Ritesh Arora of BrowserStack and Nikhil Kamath of Zerodha, highlighting how the awardees have scaled the heights over the years.
Fintech corner
Discount brokers fall into the business of margin financing with revenue channels under lenses: Discount brokers are increasingly getting into margin trade finance as they look to diversify revenue channels at a time when their core revenue-generating business, futures and options (F&O) trading, has come under scrutiny regulations.
Banking tech companies cash in as fintech rewiring businesses: As the financial services ecosystem undertakes a major digitization drive, opportunities are opening up for startups like Zeta and M2P Fintech, which provide banking technology to banks and financial service providers.
Wealthtech Sector Uses AI Models to Reconnect Businesses | Rapid development around large linguistic models (LLM) and artificial intelligence is finding early adoption in India’s fast-growing wealthtech sector.
Decoding PB Fintech Roller Coaster Stocks | The wild run in PB Fintech’s share price followed investors spooked by news of the insurance and credit market operator considering entering the highly competitive healthcare business with its own hospital chain.
Zerodha posts profits of Rs 4,700 crore for FY24; sees new F&O rules slashing revenue by 30-50%: Nithin Kamath | In a blog post, Kamath said Sebi’s regulatory changes will have a negative impact on the company’s top line. Sebi’s ‘each tag’ circular will result in a 10% drop in revenue and its new rules on index derivatives will create a 30% to 50% drop in the company’s revenue.
IT Updates
IT companies post strong gains in Q2 after a long hiatus | Indian IT majors are signing more deals this quarter than last, indicating a good pick-up in demand momentum after a deep hiatus, and many more strong gains are on the cards with the US Federal Reserve cutting interest rates.
IT employment is showing signs of revival with demand increasing by 10-12% per semester: India’s information technology (IT) hiring, which started picking up in the first half of the current financial year after a weak fiscal 2024, is set to grow faster year-on-year (YoY) in the next six months.
Hiring for operational technology roles on the rise as India embraces Industry 4.0, local manufacturing: Amid India’s growing focus on Industry 4.0 and local manufacturing, operational technology roles are on the rise, driven by sectors such as manufacturing, energy and infrastructure.
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