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Zomato Continues to Lead with 58% Share in India’s Food Delivery Market: Report

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Zomato Continues to Lead with 58% Share in India’s Food Delivery Market: Report

A fresh report published by Motilal Oswal reveals that Zomato continues to dominate India’s food delivery space with a 58% market share in the first quarter FY25. 

On the other hand, its arch rival Swiggy lags behind at 42%. 

Zomato Continues to Dominate Market Share

On the quick commerce space, Zomato’s Blinkit commands a 46% market share, while Zepto and Swiggy’s Instamart trail behind at 29% and 25% respectively in Q1FY25. The report read: “Zomato has continued to gain market share from Swiggy from FY22 to 1QFY25, aided by its stronger execution. According to reported gross order value (GOV), Zomato’s market share grew from 54 per cent in FY22 to 58 per cent in 1QFY25,” 

Continue Exploring: Thrive Consumer App Shuts Down: Cofounder Dhruv Dewan Reflects on the Journey

Zomato & Swiggy Boast Impressive Financials 

Swiggy’s food delivery business recorded a Gross Order Value (GOV) of Rs 6,808 crore for the April-June period, while Zomato’s GOV reached Rs 9,264 crore. During Q1FY25, Swiggy had an average of 14.03 million monthly transacting customers, compared to Zomato’s 20.3 million.

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In related news, Motilal Oswal Asset Management is reportedly in discussions to invest in Zepto. Raamdeo Agrawal, chairman and co-founder of Motilal Oswal Financial Services, has personally invested in both Swiggy and Zepto.

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CityKart in Talks to Raise $35-40 Million Amid Rising Competition

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CityKart in Talks to Raise $35-40 Million Amid Rising Competition

Popular chain of retail stores dealing in value apparel CityKart is reportedly in talks with A91 Partners and TPG NewQuest to raise around $35-40 million. 

Investment Talks for CityKart are Heating Up

This comes amidst rising competition from rivals like Vishal Mega Mart. Speaking on the investment talks a source told Moneycontrol: “The talks are in progress and due diligence between the parties is ongoing,”

Continue Exploring: Thrive Consumer App Shuts Down: Cofounder Dhruv Dewan Reflects on the Journey

The source continued: “Out of the total fundraise, secondary share sales will amount to around $25 million (Rs 210 crore) and the remaining $10-15 million (Rs 85-130 crore) will be the primary capital that will go into the company’s coffers.”

CityKart Going Through a Period of Change 

Another source explained: “Citykart’s early backers like Investcorp and India SME Investments will dilute some stake and sell shares to TPG NewQuest.” The deal is still in the negotiation stage and details might change.

Continue Exploring: Infosys Invests Nearly $1 Million in Healthtech Startup 4baseCare to Advance Precision Oncology

Citykart is currently valued between $160-180 million (Rs 1,350-1,500 crore), driven by annual sales of approximately $80-90 million (Rs 765 crore), reflecting a 2X revenue multiple, according to sources. This multiple is notably lower than the 4-5X multiple expected for Vishal Mega Mart in the public markets. 

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Reliance Brands to Exit Partnership with G-Star RAW and Replay Amid Falling Demand

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Reliance Brands to Exit Partnership with G-Star RAW and Replay Amid Falling Demand

Reliance Brands is exiting its partnership with Italian denim brand Replay and the Dutch clothing brand G-Star Raw. 

The Reliance Industries subsidiary cited falling demand for discretionary products as the main reason. 

Most Stores Have Already Shut Down 

Most G-Star RAW stores in India have already shut their doors, though the brand continues to be available through online platforms. Similarly, Replay stores are set to close soon, as Reliance, the brand’s local partner, has determined that G-Star RAW has limited appeal among Indian consumers. As a result, G-Star RAW may explore alternative distribution methods in the Indian market.

Continue Exploring: Thrive Consumer App Shuts Down: Cofounder Dhruv Dewan Reflects on the Journey

India presents a promising opportunity for global fashion brands, but the market has become increasingly competitive with the entry of major international players like Zara, H&M, Uniqlo, and Gap.

The Increasingly Competitive Fashion Market of India

Sources close to the matter have confirmed that most G-Star RAW stores in India have already closed, though the brand remains accessible through online platforms. Reliance is also planning to shut down the Replay stores, as they believe both brands are struggling to maintain relevance in the Indian market. G-Star RAW may explore the possibility of partnering with another retailer to continue distributing its products in India.

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The Netherlands-based fashion brand G-Star RAW entered India about a decade ago through a partnership with Genesis Luxury, and later became part of Reliance’s portfolio when the company acquired Genesis in 2017.

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Founder of Mango, Isak Andic, Dies in Hiking Accident Near Barcelona

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Founder of Mango, Isak Andic, Dies in Hiking Accident Near Barcelona

In a tragic development the founder of popular Spanish clothing brand Mango Isak Andic passed away after an accident. 

Founder of International Fashion Brand Mango Isak Andic Passes Away in Tragic Accident 

The 71 year old entrepreneur fell from a cliff while hiking with friends in the Montserrat caves near Barcelona on Saturday. 

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CEO of the esteemed brand Toni Ruiz made a statement which read: “It is with deep regret that we announce the unexpected death of Isak Andic, our non-executive chairman and founder of Mango”. He continued: “Isak has been an example for all of us. He dedicated his life to Mango, leaving an indelible mark thanks to his strategic vision, his inspiring leadership and his unwavering commitment to values that he himself imbued in our company”.

Isak Andic was an Entrepreneur Par Excellence 

Andic was born in Turkiye’s Istanbul and moved with his family to Spain in the 1960’s. His net worth stood at a whopping $4.5 billion according to Forbes. 

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The company has solidified its standing as one of the top international fashion groups, boasting a strong presence in over 120 markets and employing 15,500 people globally, as per its website. In 2023, it achieved a turnover of 3.1 billion euros (approximately $3.26 billion).

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Sanjay Dutt and Maanayata Dutt Launch Food Brand “Dutt’s Franktea” with a Unique Twist

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Sanjay Dutt and Maanayata Dutt Launch Food Brand “Dutt’s Franktea” with a Unique Twist

Popular Bollywood superstar Sanjay Dutt is apparently teaming up with his wife Maanayata Dutt to launch a food service brand titled Dutt’s Franktea. 

Sanjay Dutt Partners with Wife Maanayata Dutt to launch a Food Brand

The teaser for this news was dropped on Maanayata Dutt’s Instagram page, where she shared a fascinating video of Dutt cooking a delicious looking roll. The visuals showed Dutt preparing a lip smacking roll which is sure to leave a delightful impression on fans.

Continue Exploring: BuzzFeed Sells Hot Ones Brand First We Feast in $82.5 Million Sale

She posted an elaborate caption alongside the video, it reads: “Bringing to you, our favourite in-house recipes…curated tastefully… blended with international flavours and desi love….Creating a universal experience for all the food lovers. Easy on the go…rolls…..that will…. rock , along with a choice of Kadak, energising, refreshing tea”

Service Would Start in the UAE

This service/ business would apparently be available in the UAE through established food delivery service Talabat UAE. The same was announced via the IG caption, “Ready to roll in dubai only on @talabatuae”. 

Continue Exploring: Infosys Invests Nearly $1 Million in Healthtech Startup 4baseCare to Advance Precision Oncology

Not much information has yet been revealed about the said initiative and this Instagram post was preceded by a couple of teaser videos on her page. More information about this initiative would probably follow in the coming days and weeks. 

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Infosys Invests Nearly $1 Million in Healthtech Startup 4baseCare to Advance Precision Oncology

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Infosys Invests Nearly $1 Million in Healthtech Startup 4baseCare to Advance Precision Oncology

IT giant Infosys is reportedly investing nearly $1 million to acquire a minority stake in healthtech startup 4baseCare.

Infosys Shares Details of this Investment 

In a recent filing, Infosys announced that the investment will be carried out through its venture capital division, the Infosys Innovation Fund. In return for the funding, the Fund will obtain an undisclosed quantity of Series A compulsory convertible preference shares (CCPS) in the startup.

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In the said filing the following statement was made: “Infosys Innovation Fund seeks to partner with AI and deeptech startups such as 4baseCare to complement its capabilities and jointly co-create next-generation solutions bringing the power of innovation to help Infosys’ clients navigate their business transformation,”

The Far Reaching Significance of this Investment 

The statement provided crucial information about the investment, it continued: “4baseCare provides unique precision oncology solutions leveraging diverse genomic and clinical data.” “The population specific datasets generated by them powered by tech-driven AI and Analytics solutions has immense potential to improve cancer diagnosis, treatment, drug discovery and development across Healthcare and Life Sciences ecosystem, improving lives.”

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4baseCare is focused on developing innovative precision oncology solutions that leverage advanced genomics and next-generation digital health technologies to tailor cancer treatment to individual patients.

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BuzzFeed Sells Hot Ones Brand First We Feast in $82.5 Million Sale

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BuzzFeed Sells Hot Ones Brand First We Feast in $82.5 Million Sale

The popular food-centered brand First We Feast behind the YouTube interview show Hot Ones has been sold by BuzzFeed for $82.5 million to a group of investors. 

According to a statement released on Thursday, the buyers consist of an affiliate of Soros Fund Management, the progressive podcast platform Crooked Media, and Mythical Entertainment, the media company founded by YouTube stars Rhett and Link.

The Future of the Brand Behind ‘Hot Ones’ 

The company behind the viral show would reportedly retain its senior executive team & founder Chris Schonberger will become chief executive officer. 

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The new CEO said: “What began as a humble food blog has evolved into a powerhouse multi-platform brand,” “With new investment, we’re poised to expand into exciting new areas — including new platforms, live events, and talent acquisition — cementing First We Feast as the ultimate destination for pop-culture-obsessed audiences.”

BuzzFeed’s Concerning Financials

BuzzFeed is reportedly under a huge debt, somewhere around the tune of $120 million, and this deal promises to shave away a big chunk of it. BuzzFeed’s market value has plummeted to $163 million, down from a peak of over $1 billion, following years of financial losses. 

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Earlier this year, former presidential candidate Vivek Ramaswamy acquired an 8.9% stake in the company and has since urged it to bring on new board members and recruit high-profile media figures, such as Tucker Carlson and Charles Barkley.

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Amazon Founder Jeff Bezos Enjoys Culinary Experience at Vikas Khanna’s New York Restaurant

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Amazon Founder Jeff Bezos Enjoys Culinary Experience at Vikas Khanna’s New York Restaurant

Amazon founder Jeff Bezos & his partner Lauren Sanchez recently visited celebrated chef Vikas Khanna’s popular New York restaurant ‘Bungalow’. 

Khanna took to X to post their picture and wrote a heartfelt note on their visit. 

Amazon’s Jeff Bezos Visits Chef Vikas Khanna’s Restaurant 

Chef Vikas Khanna wrote: “When @JeffBezos said the visit to Bungalow was like a pilgrimage, it filled my heart with pure joy & pride.” He further highlighted the cultural gravitas of the moment by adding hashtags like #PowerOfAuthenticity and #SoftPowerOfIndia”

Continue Exploring: Worthy Cart Launches with Big Ambitions: Aiming for INR 20 Crore Revenue by 2025

Khanna had prepared a stellar assortment of celebrated Indian dishes including Bengali Kasundi Tandoori Avocado, Bihari Sattu Roti, and Udipi’s Annanas Menaskai, along with Gujarati Tindora Pickle and Nagaland’s Black Rice Pudding. Also included were Indore-inspired Dahi Kebab, Jewish-Indian Chicken Chitranee, and a dessert finale of Gulab Jamun Ice Cream with Millet-Chocolate Cake.

Chef Vikas Khanna’s Popular New York Restaurant Bungalow 

Bungalow, which launched in March 2024, has quickly established itself as a sought-after spot for Indian cuisine lovers in New York. Recently, the restaurant earned the prestigious Michelin 2024 Bib Gourmand Award. 

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Celebrating the achievement on Instagram, Khanna shared, “260 days of Bungalow, and today we received the Michelin 2024 Bib Gourmand Award.”

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Thrive Consumer App Shuts Down: Cofounder Dhruv Dewan Reflects on the Journey

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Thrive Consumer App Shuts Down: Cofounder Dhruv Dewan Reflects on the Journey

The popular Thrive consumer application is shutting down operations. Cofounder Dhruv Devan made the announcement on LinkedIn on Friday, 13th December. 

The service which was live in Mumbai, created a lot of buzz in a short time. 

Cofounder Dhruv Devan Announces the Decision to Shut Down the Business 

Cofounder Dhruv Dewan announced that they are now in the process of transitioning Thrive ONDC, Thrive Direct, and the Thrive Marketing Suite to a suitable industry partner. Taking to LinkedIn he said: “Our immediate priority is to help our talented team find new opportunities. They’ve been the heart and soul of Thrive, building a product that launched industry-first innovations in delivery and social-led restaurant & food discovery.”

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Highlighting the stellar achievements of their initiative the top executive wrote: “In a short time, they built a brand and business that competed with industry benchmarks, all at a fraction of the cost compared to the incumbents.”

The Reasons Behind This Abrupt End

Explaining the difficult decision to end operations, the cofounder’s statement read: “A bit more context for our decision: Over the years, we’ve fought hard to create a more equitable approach to food delivery and discovery—lower commissions, fairer pricing, social-led discovery, and a human-centered connection between restaurants and their customers.”

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Nevertheless, they had to shut down the business, and the rationale behind the same was: “However, scaling that vision required resources we couldn’t secure. While we saw glimpses of promise, it never quite came together as we imagined. The reality is that the current marketplace remains dominated by a few well-funded giants, making it extraordinarily challenging for smaller, mission-driven platforms like ours to flourish at the scale restaurants deserve”. 

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Zepto CEO Aadit Palicha Celebrates Key Milestone with Public Release of FY24 Financial Statement

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Zepto CEO Aadit Palicha Celebrates Key Milestone with Public Release of FY24 Financial Statement

Cofounder & CEO of Zepto Aadit Palicha recently took to LinkedIn to share an important milestone in the journey of his young startup. 

The FY24 audited financial statement of Zepto is now available publicly and it has several interesting developments. 

Zepto CEO Proudly Presents the latest Audited Financial Statement of the Startup 

Palicha pointed out the key takeaways from the statement which paint an impressive picture of the company’s financials. He said: “Despite being only 3 years old, we were able to successfully close a full statutory audit by a Big 4 firm with no financial qualifications and a clean CARO. This rare achievement for a young startup is the outcome of a governance-focused culture at Zepto and early decision-making that prioritized controllership excellence (like SAP FICO integration, automated revenue-to-cash reconciliation, set up of an H2H payment system etc).” 

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Further, he also took the opportunity to praise and acknowledge key executives of the firm that he believes were absolutely essential for the company’s success, “More importantly, this was only possible because of our excellent finance team led by our CFO Ramesh Bafna and our Chief Controller Sandip Khetawat, both of whom I have been privileged to learn from :)”

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Zepto Boasts Impressive Financials

The celebrated CEO also presented key highlights about the young company’s financials. He wrote:” Our accounting revenue has grown 120% year-on-year from INR 2,025 Crores in FY23 to INR 4,454 Crores in FY24. Even with 120% growth, our absolute losses came down year-on-year with PAT as a % of revenue improving from -63% in FY23 to -28% in FY24. We expect to continue this growth momentum with a clear path to PAT profitability in the near term.” 

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