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Swiggy Partners with PharmEasy to Launch 10-Minute Medicine Delivery

By
Ashutosh Dubey
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Swiggy has partnered with PharmEasy to deliver medicines in 10 minutes, as it aims to expand into the pharmacy sector.

According to Moneycontrol, sources say the initial pilot for this service is being run in Bengaluru. Customers can order pain relievers, fever medications, and other prescription drugs.

Continue Exploring: Zomato now allows users to schedule orders up to ‘Two Days’ in advance

Swiggy aims to expand in epharmacy

Notably, Swiggy’s Instamart already delivers basic OTC medicines like pain relief sprays and AYUSH products from FMCG brands. This new partnership aims to expand Swiggy’s role in the epharmacy market by offering a wider range of medications, including prescription drugs.

This move is part of quick commerce companies expanding their offerings to boost average order values (AOVs) and order volumes. Swiggy is behind Blinkit in AOV, with Blinkit leading the segment at INR 625 for the quarter ending June.

Continue Exploring: Swiggy lowers IPO valuation to $13.5 Bn amid market volatility

Swiggy reduces IPO valuation to $13.5 Bn

Meanwhile, the development comes a day after Swiggy reduced its IPO valuation target to $12.5-13.5 Bn. Earlier this week, it raised its platform fee to INR 10 from INR 7 per order on its food delivery service.

Launched in 2014 by Sriharsha Majety, Nandan Reddy, Phani Kishan Addepalli, and Rahul Jaimini, Swiggy began as a food delivery service and eventually expanded into the quick commerce market with Instamart.

Financially, Swiggy reduced its loss by 44% to INR 2,350 Cr in FY24, compared to INR 4,179.3 Cr in FY23. Meanwhile, its operating revenue jumped 36% to INR 11,247.3 Cr in FY24 from INR 8,264.5 Cr last year, due to the growth of Swiggy Instamart.

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Zomato now allows users to schedule orders up to ‘Two Days’ in advance

By
Ashutosh Dubey
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0

Zomato has introduced a new feature called ‘order scheduling’, enabling customers to book their deliveries a minimum of two hours to a maximum of two days in the future.

Zomato introduces features in 30 cities

On Friday, October 25, food tech giant announced in a blog post, “This feature is now available at more than 35,000 restaurants across 30 cities – Delhi, Bengaluru, Mumbai, Pune, Raipur, Ahmedabad, and others.”

Continue Exploring: Brown Living secures $300,000 funding, targets $50 bn sustainable goods market by 2030

This comes shortly after Zomato raised its fee to INR 10 for the fourth time this year, ahead of the festive season. Swiggy, Zomato’s rival, already offers a similar service called ‘Swiggy Scheduled,’ launched in 2018.

Zomato receives board nod to raise INR 8,500 Cr

Meanwhile, the company got board approval to raise INR 8,500 Cr (about $1 Bn) through a qualified institutional placement (QIP). However, after five straight quarters of profit growth, they reported a 30% drop in net profit, falling to INR 176 Cr this quarter from INR 253 Cr last June.

Continue Exploring: Swiggy rolls out ‘international login’ for overseas food orders

Furthermore, the quarter-on-quarter (QoQ) decline was due to rising expenses. However, year-on-year (YoY), profits surged 389% from INR 36 Cr in Q2 FY24. Despite the profit drop, Zomato’s offline business grew quickly this quarter, due to its recent acquisition of Paytm Insider.

In the quick commerce space, Zomato is competing with Swiggy Instamart, Zepto, Tata’s BigBasket, and new players like Reliance’s JioMart and Flipkart’s Minutes.

Reportedly, Zomato’s Blinkit recently saw its market share in Delhi NCR fall from 47% to 42%.

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Brown Living secures $300,000 funding, targets $50 bn sustainable goods market by 2030

By
Ashutosh Dubey
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0

Brown Living, a leading platform in India promoting sustainable and plastic-free living, secured pre-seed funding to boost its growth. The funding, led by Blink Digital, totaled USD 300,000 and included investments from Sanjay Nayar of Sorin Investments and Bharat Iyer.

Brown Living experiences 500% YoY growth

Since 2019, Brown Living has grown significantly. Bollywood producer and environmentalist Pragya Kapoor joined as a partner and investor, with her investment growing by over 350 percent. The brand has seen incredible 500 percent year-on-year growth since its first funding round in June 2021.

Continue Exploring: Tata Tea plans price hikes to boost profit margins in upcoming months

With 650 sellers and over 1,800 artisans, this new funding will help Brown Living grow its operations and reach more artisans and suppliers. According to Indian Retailer, Chaitsi Ahuja, Founder & CEO of Brown Living, said, “This funding will enable us to scale our efforts to reach our next million customers and expand our Artisan-to-Consumer (A2C) model. Our platform empowers consumers to choose eco-friendly products while supporting small businesses.”

Brown Living receives support from Google For Startups, Stanford Program

Furthermore, Dooj Ramchandani, Co-founder of Blink Digital, highlighted the unique aspects of Brown Living’s model, focusing on its direct connection with India’s artisans and SMEs. Sanjay Nayar agreed, saying that Brown Living can make a big impact across India with its mission-driven approach and strong technology.

Continue Exploring: Blinkit introduces EMI for purchases over INR 2,999

Moving forward, with 67% of consumers willing to pay more for eco-friendly products, Brown Living is set to lead the sustainable goods market, expected to top $50 billion by 2030. Recent funding, supported by Google For Startups and the Stanford Seed Spark Program, will help them continue promoting sustainability.

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Big Hello opens 5th ‘Experience Store’ in Hyderabad, expands plus-size fashion

By
Ashutosh Dubey
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0

Big Hello, a fashion brand for plus-sized individuals, opened its fifth store in Kompally, Hyderabad. The new store offers stylish, high-quality clothes and accessories for plus-sized men and women, aiming to improve the shopping experience for this underserved market.

Big Hello becomes first in India to offer customer lounge

Offering a vibrant ‘Experience Store’ in Hyderabad, Big Hello features lively interiors, a dancing mannequin, and friendly customer service. It also stands out as the first Indian brand with a dedicated customer lounge, providing a cosy space for shoppers to relax and enjoy the retail experience.

Continue Exploring: Nykaa issues 3.08 Lakh equity shares to employees under ESOP scheme

With this new store, Big Hello is now in 19 locations, including Chennai, Bangalore, Hyderabad, Vijayawada, and Guntur. Besides its physical stores, the brand has an e-commerce platform and plans to open more stores in Hyderabad soon. Big Hello is owned by Absolute Brands and Retail Private Limited (ABRPL), led by founder Vishnu Prasad.

According to Indian Retailer, Modita Tripathi, Brand Head of Absolute Brands, shared regarding the inauguration of the new outlet, said, “We are happy to announce Big Hello’s inclusive and trendsetting collection of clothing and accessories to Hyderabad’s fashion-forward crowd. Our store offers locals convenient access to Big Hello’s perfectly tailored, stylish, and thoughtfully curated pieces, enabling them to embrace their individuality and make bold fashion statements with ease.”

Big Hello eyes to launch 50 stores in 2024

Furthermore, Big Hello offers a wide range of Western and Indian ethnic wear for all body types, occasions, and moods. Their collection includes shirts, t-shirts, trousers, jeans, and blazers, as well as traditional kurtas, bandh galas, and various ethnic bottomwear. They also have accessories like belts, tummy tuckers, scarves, ties, pocket squares, and suspenders, giving customers a complete fashion package.

Continue Exploring: OYO targets to secure $200 million for US expansion

Meanwhile, the brand plans to open 50 new stores this financial year, focusing on states like Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, and Kerala. Vishnu Prasad, Founder and CEO of Absolute Brands & Retail, said, “We are establishing Big Hello to be the go-to destination for plus-size fashion across India. The brand offers stylish, high-quality garments that are exquisitely crafted to fit the unique curves and contours of plus-sized bodies.”

Notably, India’s plus-size fashion market is worth Rs. 88,000 crore, making up 12% of the overall fashion market. About 33% or Rs. 29,000 crore of this is in the organised sector. The market is expected to grow by 25% annually over the next five years, highlighting the increasing demand for plus-size fashion.

Looking ahead, with this expansion, Big Hello strengthens its position as a leader in India’s plus-size fashion industry, catering to more consumers looking for trendy and well-fitting clothes.

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The Souled Store strengthens ties with Cricketer Hardik Pandya, targets retail growth

By
Ashutosh Dubey
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0

The Souled Store, a big lifestyle brand in India, has deepened its ties with cricket player Hardik Pandya, who is now an investor. This partnership is a significant move for The Souled Store as it aims to grow in the Indian fashion retail market.

Hardik Pandya joins The Souled Store as brand ambassador since 2022

Since 2022, Hardik Pandya has been a brand ambassador for The Souled Store. He’s now keen to support the brand’s vision of becoming the top choice for trendy, high-quality products for young people.

Continue Exploring: Blinkit Introduces EMI for Purchases Over INR 2,999

According to Indian Retailer, regarding the partnership, Pandya released a statement, saying, “My journey with The Souled Store has been a special one. What started as a partnership has grown into something much bigger. I have always admired their passion for creating something fun, relatable, and exciting for the youth of India. I’m thrilled to be a part of this very loved homegrown brand’s next chapter and look forward to contributing to its continued success and growth.”

Further he stated, “I’m excited to strengthen my partnership with The Souled Store, a brand that resonates with both the youth of the country and me. As an Indian athlete, I believe in the potential of homegrown brands, and this journey is about supporting innovation and creativity to help shoppers look and feel their best. I look forward to being part of this exciting partnership and fueling growth & love for the brand.”

Meanwhile, Vedang Patel, Co-Founder of The Souled Store said “Hardik embodies everything that The Souled Store stands for, representing a true ‘Made in India’ success story. We are thrilled to welcome him into the family. His passion for fashion and deep understanding of the Indian youth will bring immense value to our brand. Together, we aim to innovate and create products of high quality that resonate with the youth while celebrating their individuality and interests.”

Continue Exploring: Swiggy introduces ‘Seal’ programme to enhance restaurants hygiene standards

The Souled Store reports 55% annual growth rate

Notably, The Souled Store has grown significantly with a 55% annual growth rate, since 2022. They expanded from 8 to over 30 stores in more than 15 cities and plan to add 5 more by the end of this month. Their user base has more than doubled, showing the positive impact of their strategic leadership and market expansion.

In the past two years, The Souled Store and Hardik Pandya have both gained from their partnership. As a brand ambassador, Hardik has enhanced The Souled Store’s visibility in a competitive fashion market and linked the brand to youthful energy, appealing to his fans. This collaboration has led to growth for both Hardik and The Souled Store, forming a community of fans and customers who value quality clothing and want to keep up with fashion trends.

With this new investment, The Souled Store plans to speed up product development, expand its online and offline presence, and pursue new creative partnerships.

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Nykaa not focusing on Q-commerce, aims to build own network – CEO Falguni Nayar

By
Ashutosh Dubey
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0

Nykaa‘s founder and CEO, Falguni Nayar, stated that quick commerce won’t be the only focus for the company. They will target consumer demand for delivery once the sector grows to a certain size and scale.

Q-commerce one of the small channels, but not only – Nayar

While talking to The Economic Times ahead of Nykaa’s annual event ‘Nykaaland,’ Nayar said, “The reality for us is that we will not get into additional categories for the sake of quick commerce and what we will do well is in our category where we have long-term interest and a long-term position to play.”

Continue Exploring: Swiggy introduces ‘Seal’ programme to enhance restaurants hygiene standards

She mentioned that the company’s focus is on building a wide network across the country, not just in a few cities. “…Our vision is to build the beauty and fashion lifestyle in the country and that’s what we are doing; and quick commerce could be one of the small channels, but it cannot be the only,” Nayar added, “…it does not have a major impact on our mission.”

Nykaa introduces 10-min delivery pilot in Mumbai

This update follows Nykaa’s recent launch of a 10-minute delivery pilot in parts of Mumbai, covering 5% of its products.

Meanwhile, Nayar’s comment comes as retail formats, including e-commerce, are affected by the rapid rise of platforms like Blinkit, Zepto, Swiggy Instamart, and new entrants like Flipkart Minutes, which offer 10-minute deliveries.

Notably, Nykaa offers same-day delivery for orders placed before 12 pm and next-day delivery for those placed after 12 pm in four metro cities. Around 85-90% of orders get delivered the next day, while 10-15% are delivered the same day.

Continue Exploring: D2C footwear brand Yoho secures INR 27 Cr in Pre-Series B funding for expansion

“Most companies start with a vision they want to fulfil, and our vision is to build the beauty and fashion lifestyle in the country and that’s what we are doing; and quick commerce could be one of the small channels, but it cannot be the only…it does not have a major impact on our mission,” Nayar explained.

“In the top 110 cities, 60-70% of our orders are delivered by the next day. The speed of delivery on our entire delivery network has improved by 45% over the last year. We are improving our network and are now setting up warehouses in top 30 cities to further enhance our speed,” Nayar emphasised the importance of faster delivery across India. She mentioned that 25 million customers buy beauty products from Nykaa and the platform services all 19,000 zip codes in India.

Moving forward, Nykaa’s offline stores are still boosting sales. It has about 200 outlets and plans to increase to 350 stores.

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Swiggy rolls out ‘international login’ for overseas food orders

By
Ashutosh Dubey
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0

Swiggy has introduced ‘international login’ allowing people abroad to order food and groceries for their families and loved ones in India.

Swiggy’s ‘international login’ available in 27 countries

The feature will be available in 27 countries, such as the US, Canada, Germany, the UK, Australia, and the UAE. This launch, timed for the festive season, aims to serve international customers who have used the app before.

Continue Exploring: Amazon India records 25% surge in sales of home, kitchen, and outdoor items in Assam 

“Food and gifts are essential to family gatherings, especially during festivals,” said Phani Kishan, co-founder and CGO of Swiggy. This news comes a day after Swiggy reportedly lowered the valuation target for its upcoming IPO to $12.5-13.5 Bn.

Previously in October, Swiggy got shareholder approval to increase the fresh issue size in its IPO to INR 5,000 Cr from INR 3,750 Cr. The IPO will include an offer-for-sale of up to 18.53 Cr shares.

Swiggy’s DRHP net loss rises to INR 611 cr

Additionally, Swiggy’s DRHP shows its consolidated net loss grew over 8% to INR 611 Cr in Q1 FY25 from INR 564.08 Cr last year due to higher operating costs. Recently, the Bengaluru company raised its platform fee to INR 10 from INR 7 per order, a 43% increase.

Continue Exploring: Coca-Cola sees Q3 volume drop amid heavy monsoons in India

Prosus-backed Swiggy reduced its loss by 44% to INR 2,350 Cr in FY24, compared to INR 4,179.3 Cr in FY23. Meanwhile, its operating revenue jumped 36% to INR 11,247.3 Cr in FY24 from INR 8,264.5 Cr last year, driven by the growth of Swiggy Instamart.

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Godrej Consumer registers 13.5% growth in net profit to INR 491.31 cr in Q2

By
Ashutosh Dubey
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0

Godrej Consumer Products Ltd reported a 13.52% increase in consolidated net profit to INR 491.31 crore in the September quarter, thanks to volume growth in the domestic market and Indonesia. Last year, they posted a net profit of INR 432.77 crore in the same quarter, according to a Godrej Consumer Products Ltd (GCPL) filing.

Godrej Consumers’ revenue reaches INR 3,647.11 cr

According to ET Retail, GCPL, the FMCG division of Godrej Industries Group, saw its product sales revenue rise by 2.2% to INR 3,647.11 crore in the September quarter. This is up from INR 3,568.36 crore in the same period last year. Their total expenses in this quarter slightly increased to INR 3,039.88 crore.

Continue Exploring: PepsiCo, Coca-Cola plan cheaper soft drinks to counter Reliance’s Campa

Meanwhile, GCPL, which owns brands like Good Knight, Cinthol, and HIT, saw total revenue rise by 2.3% to INR 3,752.32 crore in the September quarter. Domestic market revenue increased by 6.1% to INR 2,300.65 crore, up from INR 2,168.21 crore a year ago.

“GCPL has had a steady quarter given the headwinds of oil costs and tough consumer demand in India. Our standalone business grew by 7 per cent in both volume and value and flat reported EBITDA,” Managing Director and CEO Sudhir Sitapati said.

Godrej EBITDA margin suffers due to palm oil inflation

Additionally, GCPL’s standalone earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin of 24.3% is lower than their target due to high palm oil inflation and import duties. “We think this is a short-term hit and we will recover the margins through judicious price increase and stabilising of costs,” he commented.

Continue Exploring: Tata Tea plans price hikes to boost profit margins in upcoming months

Likewise, GCPL’s revenue from its second-largest market, Indonesia, grew by 8.63% to Rs 513.81 crore from Rs 472.96 crore last year. Sitapati said Indonesia showed “steady performance” with a 7% rise in volume and 17% EBITDA growth. However, revenue from Africa, including Strength of Nature, dropped by 21% to Rs 644.56 crore in the September quarter.

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Swiggy lowers IPO valuation to $13.5 Bn amid market volatility

By
Ashutosh Dubey
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0

Swiggy has reportedly lowered the valuation target for its upcoming initial public offering IPO to between $12.5 Bn and $13.5 Bn.

Originally aimed for a $15 Bn valuation, Swiggy reduced it to $12.5-13.5 Bn for its $1.4 Bn IPO because of market volatility and corrections in the Indian equities market, Reuters reported. The company wants to ensure that “a lot of value is left on the table” for investors who bid for the public issue, one source commented.

Zomato’s valuation stands strong at $26.7 Bn

Meanwhile, Swiggy’s rival Zomato was valued at around $26.7 Bn by the end of trading on Thursday, October 24. The report says Swiggy aims to list on the stock market on November 13, with its public issue opening the week before.

Previously in this month, Swiggy got shareholder approval to increase the fresh issue size in its IPO to INR 5,000 Cr from INR 3,750 Cr. The IPO will include an offer-for-sale of up to 18.53 Cr shares. According to Swiggy’s DRHP, its net loss grew over 8% to INR 611 Cr in Q1 FY25 from INR 564.08 Cr a year ago due to rising operating costs.

Swiggy raises platform fee to INR 10

In recent days, Swiggy raised its platform fee to INR 10 from INR 7 per order, a 43% increase. Ahead of its IPO, the company has been launching new services to grow its user base and revenue. Earlier this month, Swiggy launched Swiggy Bolt, delivering quick-to-prepare dishes in 10 minutes, now operating in six cities: Bengaluru, Hyderabad, Mumbai, Chennai, Delhi, and Pune.

Additionally, the food tech giant is testing a high-priced concierge membership called Rare Club. It gives subscribers access to exclusive high-end experiences and events. The yearly membership fee starts at INR 50,000.

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OYO posts 19.6% net profit rise to INR 158 Cr in Q2 FY25

By
Ashutosh Dubey
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0

OYO‘s parent company, Oravel Stays Ltd, has announced a net profit of INR 158 crore (approximately $19.5 million USD) for the July-September quarter. This is a 19.6% increase from the previous quarter’s profit of INR 132 crore.

OYO’s H1 FY25 net profit hits INR 291 Cr

According to INC42, OYO’s CEO Ritesh Aggarwal shared the numbers during a town hall today. This brings the total net profit for the first half of FY25 to INR 291 Cr, a big recovery from the net loss of INR 91 Cr in the same period last year. This improvement is due to OYO’s focus on premiumisation with new company-serviced hotels under the Townhouse, Collection O, Palette, and Sunday brands.

Continue Exploring: Swiggy introduces ‘Seal’ programme to enhance restaurants hygiene standards

Meanwhile, the company’s revenue climbed to INR 1,578 Cr in Q2 FY25, a 12% increase from INR 1,413 Cr in Q1 FY25. Additionally, OYO’s EBITDA reached INR 266 Cr in Q2, a 27.4% rise from INR 174 Cr in the previous quarter (Q1 FY25).

OYO GBV rises to INR 3,242 Cr in Q2 FY25

Furthermore, OYO’s Gross Booking Value rose to INR 3,242 Cr in Q2 FY25 from INR 3,048 Cr in Q1 FY25, a 17% increase from the INR 2,767 Cr in the same quarter last year. A source close to the company said, “In a sense, OYO’s quest of profitability has been similar to some of the new age platform companies with Zomato delivering Q2 FY25 PAT of INR 176 Cr, Makemytrip reported PAT Q1FY25 of INR 174 Cr ($21 Mn).”

Continue Exploring: Blinkit introduces Seller Hub for streamlined brand sales management

With these Q2 results, OYO will report eight straight quarters of positive Adjusted EBITDA. In August, the company said it had its first profitable fiscal year in FY24 with a profit after tax (PAT) of INR 229.57 Cr. In the previous month, OYO announced it bought G6 Hospitality, the parent company of Motel 6 and Studio 6 brands, from Blackstone Real Estate for $525 Mn (around INR 4,382.72 Cr) in an all-cash deal.

Due to recent acquisitions, sources say OYO expects to surpass INR 2,000 Cr in EBITDA in FY26, boosting its topline. This acquisition marks OYO’s expansion in the US since launching there in 2019. The company also aims to strengthen its presence in Europe, where it earns more due to larger ticket sizes.

Looking ahead, OYO is getting ready to go public again after delaying its IPO plans twice. The company plans to refile its DRHP with SEBI after refinancing its $660 Mn Term Loan B.

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