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Spotify to Swiggy: Do you know the people behind your favourite apps?

<ul><li>FMCG giant HUL’s shares reported a decline of over 6% on Thursday.</li><li>This comes a day after the company reported a 2.33% decline in consolidated net profit in Q2.</li><li>The stock tanked 6.59% to ₹2,483.95 on the NSE.</li></ul>Shares of FMCG major <keyword id="20002610" type="General" weightage="20" keywordseo="Hindustan-Unilever" source="keywords">Hindustan Unilever</keyword> Ltd (HUL) on Thursday tumbled over 6% after the firm reported a 2.33% decline in consolidated net profit for the second quarter ended in September. The stock tanked 6.59% to ₹2,483.95 on the NSE. The stock emerged as the biggest laggard among the Sensex and Nifty firms during the morning trade. Hindustan Unilever Ltd on Wednesday reported a 2.33% decline in consolidated net profit at ₹2,595 crore for the second quarter ended in September 2024, impacted by moderation in demand from the urban market. The company had logged a net profit of ₹2,657 crore in the July-September quarter a year ago, HUL said in a regulatory filing. However, revenue from product sales was up 2.36% at ₹15,703 crore in the September quarter, from ₹15,340 crore in the year-ago period, HUL which owns power brands such as Surf, Rin, Lux, Pond's, Lifebuoy, Lakme, Brooke Bond, Lipton and Horlicks said. "In the September quarter, <keyword id="21419477" type="General" weightage="20" keywordseo="FMCG-demand" source="keywords">FMCG demand</keyword> witnessed moderating growth in urban markets, while rural continued to recover gradually. In this context, we delivered a competitive and profitable performance," HUL CEO and Managing Director Rohit Jawa said. HUL reported an underlying sales growth of 2% and underlying volume growth of 3%. Total expenses were at ₹12,581 crore in the September quarter, up 3.03% year-on-year. HUL's total income, which includes other income, was up 2.14% to ₹16,145 crore in the September quarter of FY25. Addressing an earnings call, HUL CFO Ritesh Tiwari said, "Two thirds of our business we do in urban areas, and one-third we do in rural areas … we are seeing growth in the urban market moderating. We are seeing rural growth recovery is gradual … it impacts all the categories that we have." On the outlook, he said, "In the near term, we expect demand trends to be stable with no further acceleration in pace of growth." In this context, Tiwari said, "Our focus remains on driving competitive volume-led growth, while continuing investments behind our brands and strategy priorities … If commodity prices remain where they are, we expect a low single digit price growth in the near-term." With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms">Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Hindustan Unilever shares tumble over 6% post Q2 results

The IPO-Afcons Infrastructure Ltd, a <keyword id="20474756" type="General" weightage="20" keywordseo="Shapoorji-Pallonji" source="keywords">Shapoorji Pallonji</keyword> group firm, has announced a price band of Rs 440-463 per share for its issue worth Rs 5,430 crore. The issue, which is set to open on October 25, 2024, will continue till October 29, 2024. Notably, the <keyword id="23453516" type="General" weightage="100" keywordseo="Afcons-IPO" source="keywords">Afcons IPO</keyword> will be a mix of a fresh issue worth Rs 1,250 crore and an OFS (offer for sale) worth Rs 4,180 crore. Investors can bid for a minimum of 1 lot, which consists of 32 shares, meaning investors will be required to invest at least Rs 14,816. Last week, in a pre-IPO placement, Afcons Infrastructure raised Rs 2,967 crore from the company’s management and various institutional investors, like GIC Singapore, Enam Holdings (Akash Bhanshali), Synergy Capital, 360 One, White Oak, and more. Afcons will reportedly use around Rs 80 crore from IPO proceeds to fund <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> and purchase construction equipment, another Rs 320 crore to support long-term working capital requirements, and Rs 600 crore for prepaying portions of certain outstanding loans. The company operates across five major infrastructure business verticals, namely marine and industrial, surface transport, urban infrastructure, hydro and underground, as well as oil and gas. As of September 30, 2024, the company boasted of an <keyword id="20162999" type="General" weightage="20" keywordseo="order-book" source="keywords">order book</keyword> worth over Rs 40,000 crore. Stock analyst Dilip Dawda recommends subscribing to the IPO. The company is the flagship infrastructure, engineering, and construction company of the Shapoorji Pallonji Group. It is a well-diversified <keyword id="21485219" type="General" weightage="20" keywordseo="infrastructure-company" source="keywords">infrastructure company</keyword>, having an average 30% export revenue. The company posted steady growth in its top and bottom lines for the reported periods. Based on FY25 annualized earnings and FY24 earnings, the issue appears fully priced. Investors may park funds for the medium to long term in this dividend-paying company," he continues. As of October 21, 2024, the company's <keyword id="19931032" type="General" weightage="20" keywordseo="GMP" source="keywords">GMP</keyword> (grey market premium) was trading at Rs 88, taking its estimated listing price to Rs 551. This means an expected listing gain of 19.01% per share. The company has reported a steady rise in its revenue from operations over the past 2 years, from Rs 1,10,189.66 million in FY22 to Rs 1,26,373.82 million in FY23 and Rs 1,32,674.95 for FY24. As of June 30th, 2024, the company's operational income stood at Rs 31,543.60 million. Correspondingly, there has also been a rise in its PAT (profit after taxes), from Rs 3,576.05 million in FY22 to Rs 4,497.38 million in FY24. The company's PAT was Rs915.86 as of June 30th, 2024. However, it must be noted that Afcons relies heavily on projects they contract through the government. As of June 30, 2024, projects awarded by the central or state government and government-owned enterprises made up around 69.80% of the Afcons order book. Multilateral projects, i.e., projects funded by the Indian government in other countries, constituted another 20.07%, while private projects contributed around 10.13% to its order book. Also, the company depends heavily on its top 10 customers, with the total order book value attributable to them as of June 30, 2024, standing at Rs 2,03,379.45 million, or around 64.06%.

Afcons Infra fixes IPO price at Rs 440-Rs 463 per share, issue to open on October 25

The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords">Reserve Bank of India</keyword> has imposed <keyword id="21834852" type="General" weightage="20" keywordseo="monetary-penalties" source="keywords">monetary penalties</keyword> on three Non-Banking Financial Companies for <keyword id="20170050" type="General" weightage="20" keywordseo="non-compliance" source="keywords">non-compliance</keyword> with directions of <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> on <keyword id="20200326" type="General" weightage="100" keywordseo="housing-finance-companies" source="keywords">housing finance companies</keyword>. As per the official statement from RBI on Friday, it has imposed a monetary <keyword id="19899183" type="General" weightage="20" keywordseo="penalty" source="keywords">penalty</keyword> of Rs 5 lakh on <keyword id="23068625" type="General" weightage="20" keywordseo="Godrej-Housing-Finance" source="keywords">Godrej Housing Finance</keyword> Limited, Rs 5 lakh on <keyword id="20389260" type="General" weightage="20" keywordseo="Aadhar-Housing-Finance" source="keywords">Aadhar Housing Finance</keyword> Limited, and Rs 3.5 lakh on Housing and Urban Development Corporation Limited. These penalties by the regulator have been imposed in the exercise of powers conferred on RBI under the provisions of Section 52A of the <keyword id="20200606" type="General" weightage="20" keywordseo="National-Housing-Bank" source="keywords">National Housing Bank</keyword> Act, 1987. As per RBI, the statutory inspection of these companies was conducted by the National Housing Bank (NHB) with reference to their financial positions as of March 31, 2022. The RBI stated that based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the companies advising them to show cause as to why a penalty should not be imposed on them for their failure to comply with the RBI directions. After considering the companies' replies to the notice, oral submissions during the personal hearing, and additional submissions made by them, the RBI found that Godrej Housing Finance Limited failed to obtain two independent valuation reports before sanctioning certain loans of Rs 75 lakh and above. For Aadhar Housing Finance Limited, the RBI stated that the company charged interest on loans for a period prior to the date of the actual disbursement of the loan/issuance of the check to certain borrowers, in contravention of RBI directions on the 'Fair Practices Code.' The penalty on Housing and Urban Development Corporation Limited has been imposed because the company failed to undertake risk categorization of its customers during the financial year 2021-22, did not put in place a system for periodic review of risk categorization of accounts, and did not create a floating charge on the assets invested by it in terms of Section 29B of the NHB Act, in favor of its depositors, and register the same with the Registrar of Companies.

RBI imposes penalties on three housing finance companies for non-compliance with directions

<keyword id="20021345" type="General" weightage="20" keywordseo="TVS-Motor-Company" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motor Company" meta.hostid="153" meta.entityid="TVS Motor Company">TVS Motor Company</keyword> expects to grow faster than the competition across domestic and <keyword id="20108266" type="General" weightage="20" keywordseo="international-markets" source="keywords">international markets</keyword> this fiscal, riding on the back of new <keyword id="22697277" type="General" weightage="20" keywordseo="product-launches" source="keywords">product launches</keyword> and strengthening of operations across key regions, according to CEO KN Radhakrishnan. He noted that in the <keyword id="20046426" type="General" weightage="20" keywordseo="domestic-market" source="keywords">domestic market</keyword>, the company expects growth momentum to continue with normal monsoons likely to add strength to the <keyword id="19929089" type="General" weightage="20" keywordseo="rural-markets" source="keywords">rural markets</keyword>. In international markets, Radhakrishnan exuded hope to perform better in key markets like Africa this year while expanding operations in other regions like the Middle East and Latin America. "Our strong product portfolio; our unwavering focus on the consumers, quality, new products and attractive quality and technology, we are confident that we will outperform the industry both in the domestic and international markets," Radhakrishnan said in an analyst call. He noted that the growth momentum is likely to be maintained with the budget focusing on employment generation, continued higher commitment to infrastructure and rural economy. "We are expecting rural markets to recover. With the expected normal monsoon, we could witness robust growth in Q2," Radhakrishnan stated. He noted that for the first time the company is witnessing that the rural areas were doing slightly better than the urban markets. The improving road infrastructure and economic environment will drive the demand for two-wheeler mobility, he added. The <keyword id="21048623" type="General" weightage="20" keywordseo="two-wheeler-segment" source="keywords">two-wheeler segment</keyword> has got a huge opportunity in the medium and the long term given the challenges in mobility as well as also investments from the government on the infrastructure and road development, he said. The company, which has earmarked over Rs 1,000 crore capex this year, is gearing up to introduce one product each in the electric and internal combustion engine segments in the ongoing quarter. A significant proportion of the earmarked capital is expected to go towards the design and development of new products, Radhakrishnan stated. "I want to highlight that the company will be launching one product in ICE and one product in EV in this quarter and that will further strengthen our range of product portfolio," he said. Commenting on international business, Radhakrishnan said that the Red Sea issue has led to challenges in terms of enhanced transit periods for overseas dispatches. He noted that <keyword id="62356" type="General" weightage="100" keywordseo="TVS" source="Orion">TVS</keyword> has taken enough countermeasures to mitigate these challenges and the situation is likely to improve in the ongoing quarter. Certain select African markets are facing challenges due to currency devaluation and persistent inflation, he said. "However, considering the base effect in our assessment, the possibility of further decline in Africa is low. We feel that we will be doing better in Africa this year," he added. He further said: "Besides, Latin America gives us a huge opportunity. We have started exporting to LATAM. In Asia, we are seeing some challenges in Bangladesh, but we are hopeful that things will settle down soon." The Middle East is also a huge opportunity for TVS and the company is strengthening its operations in the region, he stated. For the April-June quarter this fiscal, <keyword id="46156" type="General" weightage="20" keywordseo="TVS-Motor" source="Orion">TVS Motor</keyword> Company reported a 6 per cent year-on-year increase in consolidated net profit at Rs 461 crore. Total income rose to Rs 10,448 crore for the period under review as compared to Rs 9,142 crore in the year-ago period.

TVS confident of outperforming industry in domestic, global markets following new product launches, ops strengthening

From the moment Wende Zomnir answers my call, it's like I can feel rays of California sun beaming through the phone.While I'm settled in a New Jersey suburb, she's enjoying Newport Beach, California. It's where the beauty mogul runs her latest cosmetics venture out of a Zomnir-described "surf shack" that sits in front of the ocean.Natural light filters through every window, and a mix of beauty products, succulents, and driftwood decorates seafoam-green shelves beyond the rainbow-painted entryway."I was just lifting in my garage gym before this interview," she told me. "You can see the beach from here."<div type="image" title="Wende Zomnir using a Caliray lip gloss." height="3000" width="2001" msid="111713106" hostid="261" sizebytes="305274"></div>If you're unfamiliar with Zomnir's name, you're certainly acquainted with her work. She cofounded Urban Decay in 1996 and created the brand's most iconic products. Remember the beloved <a target="_blank" href="https://www.businessinsider.com/urban-decay-naked-palette-discontinued-sale-2018-8">Naked eyeshadow palette</a>? Yeah, it was her idea.She led the brand to reach $1 billion in annual sales and sold the company to <a target="_blank" href="https://www.businessinsider.com/meet-richest-woman-world-francoise-bettencourt-meyers-loreal-2023-9">L'Oréal</a> in 2012. Less than a decade later, Zomnir launched a sustainability-focused beauty venture called Caliray.But she's not starting over. Zomnir is simply expanding on something she's been doing for years."I tried making eyeshadow compacts out of corn plastic 15 years ago. And Urban Decay was the first brand to have all recycled paper cartons," she told BI. "So it's not like Caliray's wellness and sustainability is a 180 departure from Urban Decay. It wasn't part of the brand's messaging, but it was always part of my personal vision."<h2 id="1045af10-9a97-4402-95e7-5a9d6aa71f63">'Makeup is in my blood'</h2>Zomnir grew up in Texas, where blush was bold, and hair was sky-high.Her beauty memories start early. She recalls sneaking into her mom's bathroom, the smell of her makeup drawer, and the eyeshadow brush that seemed like the "biggest, fluffiest in the world."Zomnir has also never forgotten the massive Calvin Klein makeup kit her mom gifted her around age 13."It was probably the best Christmas gift I've ever gotten, other than this giant diamond ring my husband bought me a few years ago," she added with a laugh.Despite her innate love for makeup — and a college job selling Elizabeth Arden skincare at a department store — Zomnir didn't envision a career in beauty."My customers were all in their 70s and 80s, and the women I worked with were in their 50s and 60s," she said. "They were amazing, like moms to me, but that had been their career. They'd talk to me about progressing mine, and I would think: 'Oh no no, I'm not doing this.'"Zomnir went into advertising, working an internship at Leo Burnett Worldwide that turned into a job working on cosmetic advertising accounts. Her career took her to California in the mid-'90s, where her life changed forever.Zomnir's friend was engaged to a man who worked as an asset manager for Sandy Lerner, the cofounder of Cisco Systems. When Lerner told him she'd set her sights on makeup and wanted to create a brand, he called Zomnir and asked if she'd like to meet with the tech entrepreneur."I was thinking, 'How can we possibly break this giant beauty industry?' She looked at me and said: 'Well, I broke tech. Why can't we break beauty?'" Zomnir recalled. "So I quit my job and jumped in. Sandy and I started Urban Decay." <h2 id="8cfd8094-66ee-4e6e-a8a4-a84a608cac56">No regrets; just makeup</h2>Urban Decay is famously known as one of the first indie beauty brands to make it big. At its peak, Zomnir said the company was selling at least one Naked palette every few seconds and had gone global, largely thanks to help from L'Oréal.<div type="image" title="Wende Zomnir at an Urban Decay party in 2018." height="2000" width="3000" msid="111713103" hostid="261" sizebytes="515674"></div>Zomnir left in 2022, a decision she made when she felt Urban Decay needed a "fresh perspective," she told <a target="_blank" href="https://www.beautyindependent.com/caliray-founder-wende-zomnir-urban-decay-today-clean-beauty-shoppers/">Beauty Independent,</a> and a chance to fully acclimate to L'Oréal's branding. The founder told BI she's at peace with the brand now being out of her control."Are you ever going to completely align with someone else's creative vision for your brand? Nope. You're not," she said, pointing to the brand's Moon Dust eyeshadows as an example."I don't love the new package they put them in, but it's the same formula," Zomnir said of the powder products, now encased in see-through acrylic squares rather than small, silver spheres."But I get a lot of satisfaction from the fact that many of the things I created are still the top sellers and top of the industry," she added. "Moon Dust shadows, the Naked palettes, the 24/7 pencils — all of those are things I cooked up."She's still close with many people who brought the brand to the top with her. Zomnir said she attended a "mini-reunion" with ex-Urban Decay employees at the Caliray office the night before our call. Attendees included L'Oréal group president Carol Hamilton, beauty veteran Tara Simon, and, in true Urban Decay fashion, lots of pets."This is very emotional and top of mind for me," Zomnir said, reflecting on her past role. "While I was there, I'd look around and see a couple hundred people spread across a few buildings, all working toward a really unique and amazing mission."<div type="image" title="Wende Zomnir." height="1620" width="1080" msid="111713101" hostid="261" sizebytes="67356"></div><h2 id="079e9c71-3d92-4a1b-b006-e6b5aab60763">Starting fresh with Caliray</h2>Conceptualizing a new makeup brand with a California aesthetic was a no-brainer for Zomnir.While on the road promoting Urban Decay, she noticed that people asked her the same questions: What's California like? Does she surf and do yoga? Does she eat kale for breakfast, lunch, and dinner?Then Zomnir took a surfing trip with her family and noticed a surplus of plastic trash across the island.Sustainability was always important to her. She introduced a biodynamic garden to the Urban Decay office so that employees could harvest their meals and ensured that eco-friendly materials like cork and bamboo were used throughout its office furniture and supplies.But she knew she could make even bigger changes."I thought about all the Naked palettes that are probably in landfills right now, and I was like, 'We have to do a better job,'" she said.So, she officially launched Caliray in 2021. Its makeup, made with skin-friendly ingredients, is meant to be effortlessly applied. Its packaging, however, utilizes recycled plastic, sugarcane barrels, algae and vegetable ink, and other eco-friendly components."What we're trying to do is get the most recycled plastic we can into everything," Zomnir said. "We're trying to use glass and not coat it with materials that render it unrecyclable."Those shiny, plastic lipstick tubes that look like metal? They're a no-go for Caliray."They're beautiful, but it takes a <a target="_blank" href="https://www.sciencedirect.com/science/article/pii/S0160412021002476">highly toxic process</a> that really pollutes the air environment to make them," she said. "We're trying to be cognizant, not only of the materials we use but how we treat those materials."A Caliray press representative cites the brand's <a target="_blank" href="https://caliraybeauty.com/shop/product/come-hell-or-high-water-clean-mascara">Come Hell or High Water mascara</a> as its most popular product. It's followed by its <a target="_blank" href="https://caliraybeauty.com/shop/product/so-blown?variant=42815579881661">So Blown primer</a>, which the brand says has sold out seven times at Sephora.Both products are also extremely popular on TikTok. Caliray's mascara first <a target="_blank" href="https://www.tiktok.com/@katie.org/video/7182695170972863786?is_from_webapp=1&amp;sender_device=pc&amp;web_id=7381479116761663022">went viral in 2022</a> and is still regularly discussed <a target="_blank" href="https://www.tiktok.com/discover/mascara-caliray">on the platform</a> today.The representative also said Caliray is expected to reach $18 million in sales this year and was named one of the most innovative brands by <a target="_blank" href="https://www.fastcompany.com/91034298/caliray-most-innovative-companies-2024">Fast Company</a> in March. BI couldn't independently confirm that estimate. <h2 id="1567da92-d2d7-4f46-8dcb-3cfc99fb3f4e">Doing things the Zomnir way</h2>Zomnir's Caliray surf shack doesn't run like a typical office.<div type="image" title="Inside the Caliray surf shack." height="4032" width="3024" msid="111713105" hostid="261" sizebytes="729420"></div>"Deliveries come, and we all basically get up out of our chairs and haul boxes into the product closet," Zomnir said. "It's scrappy, but it's fun. I love having my hands dirty and understanding every little aspect of the business."Starting a new venture is difficult, even for a beauty veteran. The days of beauty consumers being loyal to one specific brand are long gone."There's not even loyalty to favorite products anymore, which is OK. That's the customer's choice," Zomnir said. "But as a brand, it's your job to make products so good, and the packaging and the branding so compelling, that even if they stray, they do come back to you."That's why she's stuck with her tried-and-true business method: starting from the bottom and naturally working her way up."You can throw $20 million at something, get it launched, drive the awareness, and make it successful," she said. "But I do think there's something to be said for starting really, really granular. I started with almost no employees."And in doing so, Zomnir can finally take a step back and enjoy everything she's created — so far, of course."I just graduated my youngest child from high school, so I really want to take the time he's out of the house to experience more and spend some more time with friends. And to be super honest, to keep myself from crying every day," she said.She's also booked a ticket for a vacation with friends and is slowly but surely passing on some of her workload to Caliray colleagues."Hopefully, I can be an even better visionary for them now that I'm able to take my hands off the reins," she said.

Wende Zomnir revolutionized makeup with Urban Decay. She's not done building her empire.

<keyword id="19896956" type="General" weightage="100" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword>’s stock market debut has been awaited for a long time and recent reports suggest that the Bengaluru-based company is expected to raise more than USD 1 billion through its IPO. Reports also suggest that the company might soon file its draft red herring prospectus (DRHP) with the <keyword id="19901204" type="General" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (Sebi), potentially launching its IPO as early as this week. Meanwhile, Swiggy has been busy implementing several notable changes across its operations, probably to gear up for its IPO. From changing leadership to expanding Instamart’s reach, let us take a look some changes implemented by Swiggy in the last few months. <h2>Leadership overhaul </h2> One of the most significant shifts has been at <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords">Swiggy Instamart</keyword>, the company's quick commerce arm. Swiggy appointed <keyword id="22954620" type="General" weightage="20" keywordseo="Amitesh-Jha" source="keywords">Amitesh Jha</keyword>, a seasoned executive from Flipkart, as the new CEO of Instamart last month. This move marks the third leadership change for Instamart in just 18 months. As part of this transition, Phani Kishan, the outgoing head of Instamart, was announced to take on a broader role within Swiggy, overseeing the Central Growth unit and working closely with co-founder Sriharsha Majety on new initiatives. <h2>Expanding Instamart’s reach </h2> Swiggy Instamart has also been on an expansion spree, recently launching in 11 new cities across India, including Rajkot, Thrissur, and Kanpur. This expansion marks a strategic push into Tier 2 and 3 cities, broadening its customer base beyond metropolitan areas. The platform, which offers delivery of daily essentials in just 10 minutes, also said in a press release that it has seen encouraging results in these new locations. In Mangalore, for example, a new store achieved 1,000 orders in a single day faster than many larger cities. This localised approach, featuring partnerships with regional vendors, has enhanced Instamart’s appeal and efficiency in serving diverse customer needs. "Users across India already recognise the convenience Swiggy provides," Amitesh Jha said in a press release and added, "The enthusiastic demand from smaller towns and cities has been incredibly encouraging. Our expansion into these new locations marks a significant milestone, allowing even more people to experience the ease of having thousands of products—from everyday essentials to electronics and toys—delivered in just 10 minutes from both national and local brands." <h2>Changes in management </h2> Swiggy has also made notable changes in its management team recently. Himavant Srikrishna Kurnala, previously with Reliance Retail’s JioMart, was appointed as the head of product for Instamart earlier this year. His appointment is part of a broader strategy to strengthen the team ahead of the IPO. Other key hires include Mayank Rajvaidya, who has been named vice president of fruits and vegetables, and Manu Sasidharan, who joined as associate vice president of the FMCG category. These additions come in the wake of several high-profile departures from the company, signalling a recalibration of Swiggy’s leadership structure. <h2>Policy changes for restaurant partners </h2> Swiggy’s founder recently revealed that the decade-old startup partners with over 3 lakh restaurants today. And thus, when a policy change decision was announced that impacted restaurant partners directly, it made headlines. In a move to standardise its service fees, Swiggy extended its gross value service fee policy to restaurants in non-metro areas. This change, effective from August 14, involves charging a service fee on the gross value of orders, including GST and packaging fees. This adjustment was expected to lead to an increased commission for restaurant partners in smaller towns and cities. The policy shift aligns with the fees already applicable to restaurants in larger urban areas and reflects Swiggy’s efforts to streamline its revenue model. <h2>Converting into a public limited company </h2> To facilitate its upcoming IPO, Swiggy also transitioned from a private limited company to a public limited company. Earlier this year, Swiggy updated its name to <keyword id="23191546" type="General" weightage="20" keywordseo="swiggy-limited" source="keywords">Swiggy Limited</keyword>, removing the term 'Private' to better align with its public offering aspirations. This strategic move was intended to prepare the company for public investment and enhance its market presence. As Swiggy readies itself for its IPO, these changes underscore the company's commitment to growth, innovation, and adaptability. The upcoming listing marks a significant milestone in Swiggy’s journey, reflecting its ongoing evolution and strategic realignment in the competitive food delivery landscape.

Swiggy is preparing for its IPO soon: A look at some recent changes in the company

<ul class="summary-list"><li>Urban Revivo has been touted as a rival to Zara in Asia and is looking to expand to the West.</li><li>I tried on clothes at both shops, but my shopping experience at Urban Revivo was better.</li></ul>Urban Revivo is quickly emerging as a <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-06-24/chinese-zara-rival-urban-revivo-is-said-to-weigh-hong-kong-ipo">rival to Zara</a> in the Asian fashion market, with competitive prices, similar store aesthetics, and a large selection of clothing items.The fast-fashion brand, founded in 2006, has <a target="_blank" class="" href="https://urbanrevivo.sg/pages/about-us#:~:text=The%20brand%20has%20more%20than,United%20States%2C%20Europe%20and%20more">more than 300 outlets</a> in mainland China and Southeast Asia.But it now plans to expand its business to <a target="_blank" class="" href="https://www.businessinsider.com/urban-revivo-us-uk-expand-fast-fashion-nyc-london-fmg-2024-7">cities like New York and London.</a>Meanwhile, Urban Revivo's competition — the Spanish fast-fashion powerhouse Zara — is <a target="_blank" class="" href="https://www.theguardian.com/fashion/2023/dec/12/zara-pulls-uk-ad-campaign-images-gaza">weighed down</a> by <a target="_blank" class="" href="https://www.newsweek.com/zara-boycott-controversial-ad-bodies-sheets-israel-hamas-1851186">boycotts over the Israel-Gaza war</a>, impacting its reputation.I checked out the two brands' outlets in Singapore's Jewel Changi Airport and put together basic outfits in each store. Here's my review.<h2 id="baca7690-c343-4a6f-8321-42ad80b9f1ee">Urban Revivo's fits felt way better than Zara's</h2><div type="image" title="(Composite image) The author trying out basics from Zara and Urban Revivo." height="768" width="1024" msid="112163879" hostid="261" sizebytes="54848"></div>I wear US size 6, but I found it difficult to find pieces that fit me properly in Zara.I tried on four basic white tops, but some were too loose around the armholes, while others were too tight around the waist.I tried on a couple of pairs of jeans, too, but was again faced with the same issue.<div type="image" title="The outfit that the author picked out at Zara, consisting of a pair of jeans, a white tank, a beige cardigan and a handbag." height="960" width="1280" msid="112163870" hostid="261" sizebytes="163576"></div>I finally settled on a no-frills white tank ($18.50), a beige knit cardigan ($49), and the straight-leg jeans ($45.90). I added a basic white handbag ($56.60), bringing the total to $170.In contrast, the first thing I noticed about Urban Revivo's offerings was the quality of the pieces. They felt sturdier than the clothes at Zara. The first tank top I put on fit me like a glove, as did the first pair of jeans I tried.<div type="image" title="The outfit that the author picked out at Urban Revivo, consisting of a pair of jeans, a white tank, a black cardigan and a handbag." height="1280" width="960" msid="112163873" hostid="261" sizebytes="75446"></div>My picks included a black-outlined white tank top ($10), a cropped black cardigan ($41.60), a pair of dark wash jeans ($41.60), and a sparkly black handbag ($57.90), for a total of $151.10.However, one drawback for Urban Revivo was the range of sizes available in the store. The largest jeans size I saw was a US size 8, whereas, in Zara, the range went up to size 14.As the name suggests, Urban Revivo's pieces were more street-style than Zara's. Most pieces had a neutral color scheme compared to Zara's more colorful offerings.<h2 id="373b5067-cb9a-40b6-a406-858acacfd69c">The Urban Revivo store experience rivals Zara</h2>The two stores have similar aesthetics, with clean white interiors.Zara's store was largely open concept — a rectangular-shaped floor plan with most products hugging the walls.<div type="image" title="(Composite image) Zara's storefront in Singapore's Jewel, and a picture of its interior." height="768" width="1024" msid="112163880" hostid="261" sizebytes="62830"></div>It was also very brightly lit. The store design worked fine, but it wasn't anything spectacular.In contrast, Urban Revivo felt like it had intentionally curated its space with a flow in mind. The products were displayed in aisles, prompting shoppers to follow a proposed pathway.The store also had arches, adding visual interest to the outlet's design. <div type="image" title="Urban Revivo's interior." height="813" width="1083" msid="112163865" hostid="261" sizebytes="126878"></div>Unlike Zara's bright lights, Urban Revivo was lit more dimly, creating a more relaxed environment.Mário Braz de Matos, the cofounder of Flying Fish Lab, a branding consultancy agency in Singapore, told BI that Urban Revivo invests "far more than any other fast fashion brand in the shopping experience," something other brands like Zara, H&amp;M and Uniqlo are focusing less on.<h2 id="e4618bb1-1337-41b5-8074-989376f78d2a">But Zara doesn't have to worry just yet, experts say</h2>While I thought that Urban Revivo was a strong alternative to Zara, experts told BI it doesn't pose a major threat yet. For one, they say the two brands cater to different target demographics."The UR (Urban Revivo) styles are mostly cute and youthful, while Zara offers more sophisticated clothing, most likely for working," said Marcie Cooperman, a professor from the fashion marketing department of Parsons School of Design.Gregory Angel, an assistant professor of fashion at Parsons, echoed Cooperman's sentiments."Urban Revivo has a variety of products, but there is a 'sophomoric' feel to it," Angel said.And while one might think the Gaza boycott would have people searching for a Zara alternative, the experts are skeptical that political activism will have a lasting impact on the Spanish brand's business."Customers do not have the courage of their convictions for very long," Cooperman said."If they even have a conviction to boycott a brand, they will forget about it as soon as they see something cute on its website," she added.They also say that it's too early to determine if Urban Revivo will be a true threat to Zara."Fighting the incumbents is always an uphill battle," Braz de Matos of Flying Fish Lab said."For now, Urban Revivo is too small outside China to be felt as a threat to Zara. They can compete with Zara in every market where they are present but may not be seen as a menace," he added.Angel said: "Will it be a competitor or a little sister? The market has yet to find out."Richard Tang, CEO of international business at Fashion Momentum Group, Urban Revivo's parent company, said that his firm did identify Zara as a primary competitor. Tang added that while both companies have a broad consumer base, Urban Revivo is gunning for customers who are "quality-driven elites, white-collar professionals, and the new generation of fashion pioneers.""Urban Revivo has evolved, particularly with its global expansion, into its own distinct market position, despite price and product range similarities to Zara," Tang told Business Insider."This strategy is not only about competing with Zara but also about creating a distinct brand image and influence in the foreign market," Tang said. Representatives for Zara did not respond to a request for comment from BI.

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