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Shares of food delivery and quick-commerce major Swiggy listed with a premium of nearly 8% against their issue price of Rs 390 on Wednesday. Swiggy's stock made its initial listing at Rs 412, reflecting a jump of 5.64% from the issue price on the BSE. At the NSE, shares of the firm made their market debut at Rs 420, rising by 7.69% The stock had spectacular first day on the bourses as well, closing 10% up at Rs 464 on the NSE, and inching up a significant 16.91% to close at Rs 455.95 on the BSE. The company's last traded GMP had slipped to Rs 1, denoting potentially weak listing day gains for shareholders. Gaurav Garg, Research Analyst at Lemonn Markets Desk, noted that Swiggy debuted at Rs 420, marking a listing gain of 7.6%, which was far ahead of its grey market premium (GMP) estimate of just 0.26%. "Retail investors showed modest interest, subscribing only 1.14 times, indicating low confidence. Current market conditions have kept many investors on the sidelines, especially as numerous high-quality companies remain 15-20% below their all-time highs.". "However, for those with a higher risk appetite, Swiggy could be an opportunity to capitalize on the valuation gap between Zomato and Swiggy, with potential gains hinging on Swiggy’s ability to enhance operational efficiency over time," he added. At close of trade today, Swiggy's total market cap stood at Rs 1,03,863.96 crore on NSE. The Rs 11,327 crore initial public offer of Swiggy got fully subscribed on the final day of the share sale on Friday, ending with a 3.59 times subscription. The initial share sale had a price range of Rs 371-390 a share. The company's IPO (Initial Public Offering) had a fresh issue of shares worth Rs 4,499 crore, along with an Offer-For-Sale (OFS) of Rs 6,828 crore. QIBs (qualified institutional buyers) made a beeline for the issue, subscribing 6.02x to it. Retail investors subscribed 1.14x to the total offer, while employees seemed far more enthusiastic, with a 1.65x subscription. Going by Swiggy's draft papers, the company plans to utilise proceeds from the fresh issue for investing in its technology and cloud infrastructure; brand marketing and business promotion; and debt payment. Some funds will also be allocated for inorganic growth and general corporate purposes. Thanks to this IPO, around 500 current and former employees of the food and grocery delivery behemoth have turned crorepatis. The issue had a reservation of up to 7,50,000 shares for employees, offered at a discount of Rs 25 to the issue price. Per media reports, this has unlocked Rs 9,000 crore worth of ESOPs (employee stock options) for around 5,000 of Swiggy's previous and present employees Earlier during the day, rival company Zomato's CEO Deepinder Goyal took to social media to welcome Swiggy on the Indian stock exchanges, with a picture showcasing two men, symbolic of Zomato and Swiggy, standing beside each other and facing the Bombay Stock Exchange (BSE) building with the words 'Now Listed...Swiggy'. Goyal further congratulated Swiggy, while highlighting that there is no better company Zomato could find to work towards serving India with.

Swiggy makes a grand debut, stock surges 10% on first day of listing

<ul><li>India’s biggest yet, the ₹21,000 crore <keyword id="7922409" type="General" weightage="20" keywordseo="lic-ipo" source="Orion">LIC IPO</keyword> is now open for subscription.</li><li>Prior to opening it to the public, the LIC anchor book raised ₹5,627 crore from several mutual funds and foreign institutional investors, with over 123 anchor investors taking part.</li><li>However, domestic mutual funds bought a majority of the shares set aside for anchor investors ahead of the LIC IPO while not many FIIs participated.</li></ul>State-owned insurance behemoth Life Insurance Corporation of India (LIC) mopped up ₹5,627 crore at the upper price band of ₹949 per share. LIC’s anchor book witnessed strong demand from 123 anchor investors including the majority of domestic mutual funds (over 90 mutual fund schemes) and few global marquee investors. Domestic mutual funds bought 71% of the anchor shares set aside for anchor investors. Domestic mutual funds bought a majority of the shares set aside for anchor investors ahead of the LIC IPO while not many FIIs participated. Most marquee foreign investors skipped the LIC IPO despite the government <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/lic-ipo-centre-wooing-sovereign-pension-funds/articleshow/90870857.cms">reportedly </a>reaching out to the sovereign wealth and pension funds to be anchor investors. According to a report by the <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/lic-ipo-centre-wooing-sovereign-pension-funds/articleshow/90870857.cms">Economic Times</a>, India had approached the Abu Dhabi Investment Authority, Singapore-based GIC, three Canadian pension funds and the Qatar Investment Authority among other sovereign wealth funds and pension funds to be anchor investors in the IPO. Anchor investors are marquee institutional investors who are allotted shares in an IPO before the issue opens. As the name suggests, they ‘anchor’ the IPO issue by agreeing to subscribe to shares at a fixed price and thereby indicate a healthy demand for the soon-to-be listed shares. Top 10 <keyword id="13201658" type="General" weightage="20" keywordseo="lic-ipo-anchor-investors" source="Orion">LIC IPO anchor investors</keyword> Here are the top 10 investors that bought the majority of anchor book offerings. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Anchor investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount invested </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Equity Hybrid Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹518 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BNP Investments LLC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹449 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Government Pension Fund Global (Norwegian fund) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹224 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential Value Discovery Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹219 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Balanced Advantage Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹204 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Trustee Company, HDFC Balanced Advantage Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹200 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Blue Chip Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹190 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Government of Singapore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹151 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential Bluechip Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹120 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential Balanced Advantage Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹120 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>To give some perspective, analysts are concerned about LIC's growth prospects as it is losing market share to private players like HDFC Life, ICICI Prudential Life etc. Also, <a href="https://www.businessinsider.in/stock-market/news/analysts-recommend-subscribing-to-lic-ipo-due-to-cheap-valuation/articleshow/91258839.cms">analysts feel if LIC </a>is unable to retain agents, who bring huge business to the firm, the insurer could face challenges going forward. “LIC has lower new policy growth rate as they continue losing market share to private insurance players, especially in urban areas. Individual agents procure most of LIC’s individual new business premiums (close to 97%). If LIC is unable to retain and recruit individual agents on a timely basis and at reasonable cost, there could be a material adverse effect on their results of operations,” said analysts at Investmentz, an online investment platform. LIC has the largest individual agent network of 8.96 lakh, which dropped from 10.86 lakh as of March 31, 2021. Individual agents bring 96% of new business premiums to the life insurer. After anchor investment ahead of the IPO, the issue size has slashed to ₹15,372 crore. The IPO opened today and will close on May 9. Meanwhile, the premium on the LIC IPO in the grey market has fallen to ₹65 per share from ₹85 earlier. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/flipkart-swiggy-paytm-startups-that-have-raised-the-biggest-funding-rounds-in-the-last-two-year/slidelist/91305363.cms">Indian startups raised close to $60 billion in last two years — Flipkart, Swiggy, Paytm contributing the most</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/heatwave-in-india-what-is-wet-bulb-temperature-why-is-it-important-and-how-to-measure-it/articleshow/91306156.cms">Heatwave in India: What is wet bulb temperature, why is it important and how to measure it</a>

LIC IPO anchor book — domestic mutual funds step up as most marquee  foreign investors skip India’s biggest IPO yet

<ul><li><keyword id="2645087" type="General" weightage="20" keywordseo="rategain" source="Orion">RateGain</keyword> intends to raise ₹1,335 crore through this IPO.</li><li>The company is seeking a valuation of ₹4,537 crore.</li><li>The company has over 1,434 customers spread across 110 countries.</li></ul>The initial public offering (IPO) of RateGain Travel Technologies will open for subscription today, December 7, at 10:00 a.m. RateGain has set the price brand at ₹405-₹425 and the lot size has been fixed at 35 shares. A retail investor will have to shell out ₹14,175 to buy a lot at a lower end price of ₹405. The software-as-a-service (SaaS) platform, which solely focuses on the travel and hospitality segment, intends to raise ₹1,335 crore at a valuation of ₹4,537 crore (about $600 million) with this public issue. RateGain’s grey market premium (GMP) — premium at which investors are comfortable buying the shares before it gets listed on a stock exchange — was at ₹85 on December 6. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Event </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Date </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO Opening Date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 7 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO Closing Date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 9 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO Price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹405 to ₹425 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market Lot </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35 shares </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Basis of Allotment Date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 14 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Initiation of Refunds </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 15 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Credit of Shares to Demat Account </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 16 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO Listing Date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 17 </td></tr></tbody><tbody></tbody></table>Source: BSE Founded in 2004 by Bhanu Chopra, RateGain offers travel and hospitality software solutions. It’s softwares covers an entire set of data points including pricing, rating, ranking, availability, room description, cancellation policy, discounting and packages, among other things. The company has over 1,434 customers — across the hotel, hospitality and online travel agency (OTA) segment — spread across 110 countries. It’s clientele includes Lemon Tree, InterContinental Hotels Group, Kessler Collection, GroupOn and Sabre GLBL. It has set up its subsidiaries in the United Kingdom, United States and Spain to serve its customers better. SEE ALSO <a href="https://www.businessinsider.in/business/news/saas-firm-rategains-ipo-opens-tomorrow-should-you-invest/articleshow/88125982.cms" data-type="tilCustomLink">SaaS firm RateGain’s IPO opens tomorrow — should you invest?</a> <a href="https://www.businessinsider.in/business/news/byjus-swiggy-and-dream11-the-top-10-startup-deals-of-2021-that-raised-7-7-billion-overall/slidelist/88121451.cms" data-type="tilCustomLink">Byju’s, Swiggy and Dream11 — the top 10 startup deals of 2021 that raised $7.7 billion overall</a> <a href="https://www.businessinsider.in/business/news/route-mobile-is-eyeing-the-latin-america-market-to-bump-up-its-global-presence/articleshow/88089608.cms">Route Mobile CEO explains how he is picking the next market for acquisitions</a>

RateGain’s IPO opens today, grey market premium at ₹85

<ul><li><keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> will open its IPO between July 14-16, at a price band of ₹72-76.</li><li>The company will have a cash reserve of ₹15,000 crore post issue.</li><li>However, a few analysts believe that it’s not the right call for retail investors.</li></ul>Investor or not, people across the spectrum have been keeping an eye out for Zomato’s initial public offering (IPO) for quite a while and the time has finally come. Zomato will open its IPO on Wednesday, July 14, at a price band of ₹72-76 and it is definitely something to keep a track of. This is the biggest public issue in the Indian startup ecosystem to date, well at least till the time payments firm Paytm hits the public market with its $3 billion issue. The Gurugram-based startup, which was founded in 2008 by Deepinder Goyal and Pankaj Chhadah (exited in 2018), plans to use this capital raise for organic growth, inorganic growth and general corporate purposes. The inorganic growth will include mergers and acquisitions (M&amp;A) as well as investment in tech and customer acquisition. Zomato will have a cash level of ₹15,000 crore or close to $2 billion post-issue, the company’s chief financial officer Akshant Goyal and co-founder Gaurav Gupta said in a press conference held on July 8, 2021. Stock broking firm Ventura Securities believes that this cash pile should easily help the company sustain burn-rates for a good 7-9 years. The company’s valuation may seem optically demanding at the upper price band of ₹76, Venture Securities says. However, it has recommended subscribing to the public issue due to several reasons — evolving nature of the business, duopoly market (market with only two players), immense potential to penetrate into market, humongous untapped online opportunity in other vertices such groceries, food delivery and more, and scarcity of premium to use services. However, there have been many mixed reviews from the stockbroking firms. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Analysts </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Recommendations </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Investor with high risk appetite can subscribe </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Choice Broking </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe with caution </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ventura Securities </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Alchemy Capital Management </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe, but allocate very small amount </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Securities </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis Securities </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">JST Investments </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr></tbody></table> Motilal Oswal says that Zomato is placed at a sweet spot as the online food delivery market is at the cusp of evolution, but predicting the growth trajectory at this juncture is a little tricky for the next few years. Valuing such early-stage businesses on a plain vanilla financial matrix might not give the right picture and may look distorted, the brokerage adds. Deven Choksey, promoter of KRChoksey Group and MD of KRChoksey Shares and Securities, tells Business Insider that this business has a particular level of being scaled up to a larger level. “They started with the food aggregator business, then they started getting into the restaurants, then into the loyalty programme [Zomato Pro], and now they are getting into the grocery business. One after another areas [sic], which they can manage, they are getting into it. This is the beauty of this particular business. Its success is largely because they keep on reinventing themselves,” he adds. Meanwhile, Hiren Ved of Alchemy Capital Management, says, “These businesses, being in their early growth stage, keep pivoting their business models often. So valuing these businesses during and immediately after the IPO is a big challenge. Ved is the cofounder, director and CEO of Alchemy Capital Management. Apprehension and risks in <keyword id="9029084" type="UNKNOWN" weightage="20" keywordseo="zomato-IPO">Zomato IPO</keyword>, according to analysts <div type="image" title="Zomato IPO opens tomorrow — and even analysts are confused" msid="84369290" hostid="261"></div> <ol><li>Zomato has a history of net losses and anticipates increased expenses in the future.</li><li>It may not be able to sustain historical growth rates going forward.</li><li>The COVID-19 pandemic, or a similar public health threat, has had an impact and could further impact the business, cash flows, and financial condition of the company.</li><li>Failing to retain existing restaurant partners, customers or delivery partners or failing to add new restaurant partners, delivery partners or customers, may have an adverse impact on the business.</li><li>It is difficult for an average investor to understand the company’s valuation in the traditional sense.</li></ol>“There would be an argument about the valuation and about the losses, but this is a new age business. It is obvious that you have to live with these kinds of arguments and you have to allow them to prosper,” Choksey notes. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/softbank-swiggy-deals-gets-cci-approval-two-days-before-zomato-ipo/articleshow/84347306.cms" data-type="tilCustomLink">SoftBank-Swiggy deal gets CCI approval, two days before Zomato IPO</a> <a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms" data-type="tilCustomLink">Payments firm MobiKwik files for ₹1,900 crore IPO, reportedly to seek $1 billion valuation</a><a href="https://www.businessinsider.in/business/startups/news/softbank-swiggy-deals-gets-cci-approval-two-days-before-zomato-ipo/articleshow/84347306.cms" data-type="tilCustomLink"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-adds-nine-times-more-subscribers-than-airtel-in-april-2021/articleshow/84367596.cms" data-type="tilCustomLink">Reliance Jio picks up serious pace, adds nine times more subscribers than Airtel in April – Vodafone Idea continues its downward spiral</a>

Zomato IPO opens tomorrow — and even analysts are confused

<ul><li>The Indian <keyword id="3105315" type="PERSON" weightage="20" keywordseo="Foodtech">foodtech</keyword> war has intensified after <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> acquired <keyword id="2960214" type="PERSON" weightage="20" keywordseo="ubereats">UberEats</keyword>. </li><li><keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> has a smart strategy to win the race - staying away from excessive discounts to focus only on growth.</li><li>While the recent Zomato-Ubereats deal claims to have given Zomato a 55% market share, Swiggy has 60% revenue share with almost 45 million monthly transactions, sources told Business Insider. </li></ul>If you thought that the Indian foodtech war has ended with the<a href="https://www.businessinsider.in/business/startups/news/uber-couldnt-do-what-ola-did-instead-sells-ubereats-to-zomato-to-leave-behind-swiggy/articleshow/73468841.cms?src=hp_toon"> Zomato-UberEats acquisition</a>, think again. It has intensified the race to become India’s largest food delivery startup. This time around though, players might stay away from the price game. Swiggy in fact has a strategy - to stay away from excessive discounts and focus on growth. Recently, <a href="https://www.businessinsider.in/business/startups/news/swiggy-admits-that-online-prices-of-food-on-its-platform-are-higher-than-at-a-restaurant/articleshow/73509436.cms">Swiggy </a>made an unlikely admission on Twitter after a user asked if the menu prices were higher on the platform. The foodtech unicorn <a href="https://twitter.com/SwiggyCares/status/1219150220811894784?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1219150220811894784&amp;ref_url=https%3A%2F%2Fwww.livemint.com%2Fnews%2Findia%2Fswiggy-explains-why-its-online-food-price-might-be-higher-than-restaurant-rates-11579583470706.html">replied, </a>“The prices might be different online and offline as it is the sole discretion of the restaurant without any added input from our end.” It shows that Swiggy is not shy of charging for its services. “Our growth comes from having created the category and the trust the ecosystem has in what we’re offering. Discounts are a tactical lever and are something we’ve never relied on for growth,” Srivats TS, VP marketing of Swiggy, told Business Insider. Srivats added that the company’s focus has been on building different categories for consumers. Today, they have multiple offerings like – Swiggy Pop, affordable single serve offerings, Swiggy Access, the cloud kitchen service, Swiggy Stores and Swiggy Go. These categories traverse across food and grocery delivery. “As a result of all of this, we’ve become the most loved food delivery brand in the country and continue to strengthen our strong leadership position,” he said. Market share versus revenue market share The recent Zomato-Ubereats deal claims to have given Swiggy’s closest competitor - Zomato - <a href="https://www.businessinsider.in/business/startups/news/uber-couldnt-do-what-ola-did-instead-sells-ubereats-to-zomato-to-leave-behind-swiggy/articleshow/73468841.cms">a 55% market share</a>. But sources told Business Insider that Swiggy still holds 60% revenue share with almost 45 million monthly transactions. “With respect to the user base and the partner restaurant base, there is a significant overlap between players. When the Zomato-Ubereats deal happened, the users from the order could have gone to Zomato or Swiggy. The fact that Zomato has access to the database of the users or that they are being redirected from the UberEats platform, does give Zomato an edge. Swiggy has a lead right now in terms of revenue share,” said Rohan Agarwal, Director, RedSeer. Zomato might still be discounting, but in a phased manner. In order to retain customers migrating out of UberEats, Zomato is also offering three months of Gold subscription – a feature which was in the <a href="https://www.businessinsider.in/zomato-gold-founder-deepinder-goyal-attacks-nrai-chief-beer-cafes-rahul-singh/articleshow/70787792.cms">middle of all controversies in 2019.</a> In the second half of 2019, food aggregators like Zomato, Swiggy, EazyDiner found themselves in the middle of a turmoil with the National Restaurants Association of India calling them out for their discounts. The NRAI had then launched a logout movement against Zomato over its Gold offering and discounts. Emotional affinity over discounts Swiggy however insists that even with its branding and communication, it has never driven home the message of discounts but has instead focussed on emotional affinity, resonance with consumers, and occasions. “Utilizing our high consumer engagement which is the best across ecommerce platforms in the country, higher revenue share within restaurants, increased penetration in Tier II and III markets, high repeat rates and capabilities to deliver convenience across the board puts us in a strategically advantageous position to become the convenience app of choice for consumers, making high growth rates for the company possible and sustainable,” said Srivats. Analysts too believe that the real race has only begun now. Agarwal said that in the pecking order, the gap has just narrowed down. “It remains for us to see how it pans out in the next couple of months. The perspective of this event is that this is going to drive the industry towards profitability. It’s easier when there are fewer players, especially when the competitive intensity is lower,” he said. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/uber-couldnt-do-what-ola-did-instead-sells-ubereats-to-zomato-to-leave-behind-swiggy/articleshow/73468841.cms">Uber couldn’t do what Ola did – instead joins hands with Zomato to leave behind Swiggy</a>

Swiggy says it's the most loved brand and doesn’t need discounts

<ul><li>Vidyut Tech claims to make commercial EVs affordable and risk-free by offering low interest rates for owning electric vehicles. </li><li>It plans to use the funding to double headcount in its credit, engineering, and sales teams within the next year. </li><li>The funding round was co-led by <keyword id="14855839" type="General" weightage="80" keywordseo="force-ventures" source="Orion">Force Ventures</keyword>, <keyword id="14083005" type="General" weightage="80" keywordseo="veda-vc" source="Orion">Veda VC</keyword>, and a clutch of strategic angels in the clean energy space. </li></ul>Vidyut Tech (VT), an Indian startup for EV financing has raised $4 million in a mix of equity and debt in a round co-led by Force Ventures, Veda VC, and a clutch of strategic angels in the clean energy space. <keyword id="938941" type="General" weightage="80" keywordseo="sujeet-kumar" source="Orion">Sujeet Kumar</keyword> (<keyword id="6357316" type="General" weightage="80" keywordseo="udaan" source="Orion">Udaan</keyword>), Sahil Barua (Delhivery), Kunal Shah (CRED), <keyword id="254527" type="General" weightage="80" keywordseo="sriharsha-majety" source="Orion">Sriharsha Majety</keyword> (Swiggy), and <keyword id="1728983" type="General" weightage="80" keywordseo="rajat-verma" source="Orion">Rajat Verma</keyword> (Lohum) also participated in the round. Founded in 2021 by IIT graduates <keyword id="243051" type="General" weightage="80" keywordseo="gaurav-srivastava" source="Orion">Gaurav Srivastava</keyword> and <keyword id="2939254" type="General" weightage="80" keywordseo="xitij-kothi" source="Orion">Xitij Kothi</keyword>, Vidyut claims to make commercial EV ownership affordable and risk-free through its ownership plans. The startup helps customers to get an effective interest rate of as low as 7% for owning an electric vehicle. “The biggest consumer need to unlock commercial EV adoption is smart financing. While OEMs are pushing the frontiers of EV tech, the market has lagged in innovating on the financing front. The lifecycle and the ownership journey of an electric ride are very different from those of an ICE vehicle,” said Vidyut co-founder Xitij Kothi. The adoption of commercial electric vehicles in the retail market, which comprises individual drivers and small business operators, has been slow because of a litany of problems. This includes high upfront cost of EVs, uncertainty over battery life and a non-existent resale market, the company states. VT offers two ownership plans: a hybrid financing model of a vehicle loan with a battery subscription, which is estimated to bring down the upfront EV cost by 40-50%, and a traditional term loan plan. “To scale big in India, the power lies in unlocking the value from small fleet owners and consumers who will ultimately drive the adoption,” Udaan founder and angel investor Sujeet Kumar said. The company stated that it plans to use the funding to scale up the offering across original equipment manufacturers (<keyword id="176215" type="General" weightage="50" keywordseo="oem" source="Orion">OEM</keyword>) partners and geographies. It also aims to double the headcount of its credit, engineering, and sales teams. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/abans-holdings-to-open-ipo-next-week-from-dec-12-15-gmp-at-20-per-share/articleshow/96084679.cms">Abans Holdings to open IPO next week from Dec 12-15; GMP at ₹20 per share</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/samsung-invites-indian-startups-to-build-tech-around-upi-ondc-and-more/articleshow/96083797.cms">Samsung invites Indian startups to build tech around UPI, ONDC and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/rohit-sharma-to-bumrah-here-are-the-indian-cricketers-who-got-injured-in-2022/slidelist/96079299.cms">Rohit Sharma to Bumrah, here are the Indian cricketers who got injured in 2022</a>

Electric-vehicle financing startup Vidyut raises $4 million in first round of funding

<ul><li><keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword>’s promise to turn net profit positive in a year has cheered investors. </li><li>Margins in its core food delivery business has hit a multi-quarter high. </li><li>The worry? Monthly transacting users and gross order value has declined versus the previous reported quarter. </li><li>Nomura believes Zomato will find it difficult to achieve double-digit contributory margin with high growth in the long term </li></ul>Two years after it listed on the bourses, Zomato is on a recovery path. The stock which hit a high of over ₹150 per share fell sharply subsequently to below ₹50 a piece. However, the last quarter (Q1FY24) has seen a recovery from that level and it has now surpassed its listing price of ₹76. The stock has been rising steadily in the last three weeks, after its Q4 earnings report where it turned EBITDA positive in its core business, without including Blinkit, its quick commerce business. EBITDA is net income (earnings) with interest, taxes, depreciation, and amortisation. Moreover, the management also promised to turn positive not just at the consolidated adjusted EBITDA level but also at the profit after tax level in a year. Financial services company, JM Financial says this commitment is the ‘cherry on the cake’. “Tough macro posed growth headwinds but management showed urgency on profitability and that was despite the Gold programme launch,” said Jefferies. Zomato Gold is a subscription plan that offers free deliveries within a 10-kilometre radius for orders above ₹199. During the quarter, as many as 30% of the gross order value, from 1.8 million customers, came from Gold. The Gold plan could hurt its contributory margins (CM) because of its inability to charge every order. Yet, as of Q4, its CM in core food delivery business are comfortable after hitting a multi-quarter high. Contributory margins represent the incremental money generated for each unit sold after deducting the variable portion of the costs. “The core business milestone was achieved mainly on the back of solid expansion in the food delivery contribution margin to 5.8% in Q4 vs 5.1% in Q3. This was because profitability levers such as improvement in restaurant commissions and ad income, and lower discounts/variable cost offset the adverse impact of Gold launch,” said JM Financial. Ordering effects After the post-pandemic boom effects faded away, a lot of consumption patterns have changed, also evident in consumer spending on fast food — impacting growth in quick service restaurants. These headwinds have been impacting Zomato as well. The growth in Zomato’s food delivery business seems to have flatlined. Food gross order value declined 2% quarter-on-quarter, even as it grew 12% year-on-year. Moreover, its monthly transacting users (MTU) declined by 5% QoQ to 16.6 million, while growing at 6% YoY. Apart from the one-time impact of its decision to exit from 225 cities, the company attributes MTU decline to optimised marketing spend and withdrawal of the human support interface for abusive customer cohorts. “Also because of Zomato Gold, the MTUs have come down and not gone up because we do see an impact of clubbing some orders in the same households, which might have just a single membership,” Akshant Goyal, chief financial officer of Zomato said in an earnings concall. The management, however, remains confident about food delivery ordering going up in the first quarter of FY24. Analysts, on the other hand, are not too confident about their ability to sustain growth beyond the first quarter as summer holiday and IPL impact during April/May are one-off events. Its other businesses, however, continue to display good growth. Blinkit’s gross order value grew 17% QoQ, while order volume grew 24%. Revenues of Hyperpure, its business to supply ingredients to restaurants, grew 13.5% QoQ. Offsetting margins with growth While it’s on a path to profitability, Zomato is also caught between a rock and a hard place — of growth versus margins. To boost growth, it will have to go in for discounts – the lack of aggressive discounting by all players is already visible in the moderation in food ordered during the IPL season, generally a big occasion for online food platforms. This year, the IPL spike in food ordering was at a modest 7% for the industry as compared to the 2020 IPL when it was over 50%, as per Redseer. This time, there were no high <a href="https://www.businessinsider.in/business/news/ipl-2023-sees-tier-2-cities-order-more-on-swiggy-zomato/articleshow/100673879.cms">decibel ads along with deep discounts.</a> Like other players in the business, the company will also find it tough to keep up with the high margin trajectory, while also chasing growth. “Overall, we lower our growth assumptions for its food delivery’s gross order value growth, from around 20% to around 17%, but raise our FY24F contributory margin estimate from 5.8% to 6.5%. We continue to believe Zomato will find it difficult to achieve double-digit contributory margin, with high growth in the long term,” said Nomura. Restaurant commissions grow but may hit an ONDC wall In the last two years, the company was also able to improve take rates or the commissions it charges restaurants consistently. Its take rates are now close to 18%. “Broadly, with our take rates, the mission is to be competitive, and we are lower than what the competition is charging. So, as we continue to add more value to restaurant businesses, we expect some improvement in commission revenue going forward,” said Goyal. But competition is heating up in the sector. The Department for Promotion of Industry and Internal Trade’s Open Network for Digital Commerce (ONDC) has breached the territory that was hitherto dominated by Zomato along with Swiggy. On the face of it, it might seem like restaurants might be offered better terms on ONDC. While Zomato will be able to compete with ONDC on efficiency and also even overall costs – as third party deliveries might be costlier– HSBC Global Research believes that it might flatten growth. “Estimates for food delivery revenue in the long term remain largely unchanged. Our short-term estimates change slightly as we build in a marginally slower increase in take rate,” the research firm said. In spite of short-term and long-term challenges ahead, Zomato seems to have settled into its listed company status to deliver value to investors by chasing topline growth instead of customers, with discounts.

With Zomato rallying over 25% in the past month, street looks at the road ahead

<ul><li><keyword id="15908229" type="General" weightage="100" keywordseo="hoovu-fresh" source="Orion">Hoovu Fresh</keyword> featured on the premiere episode of <keyword id="11924074" type="General" weightage="20" keywordseo="Shark-Tank-India" source="Orion">Shark Tank India</keyword> S2 and received an offer from Sharks Peyush Bansal (co-founder Lenskart) and Aman Gupta (co-founder boAt). </li><li>The Bengaluru-based startup received pre-Series A funding of ₹6.45 crore in 2022, led by early-stage venture capital firm Sauce.VC. </li><li>Only three years old, Hoovu Fresh was started in 2019 by sisters Yeshoda and <keyword id="15963614" type="General" weightage="50" keywordseo="rhea-karuturi" source="Orion">Rhea Karuturi</keyword>. </li></ul>Shark Tank India - Season 2 started this week, and already the pitches (and the judges) are creating a storm on social media. And if there’s one business idea that stood out from the rest, it’s Hoovu Fresh - the floral startup supplying traditional puja flowers. The Hoovu Fresh sister duo of Yeshoda and Rhea Karuturi courted interest from all the Sharks but ultimately walked away with an investment worth ₹1 crore <a href="https://www.instagram.com/p/Cm7FFm9yliW/?hl=en">from Sharks </a>Peyush Bansal (co-founder Lenskart) and Aman Gupta (co-founder boAt). The Bengaluru-based startup Hoovu Fresh by Rose Bazaar started as a subscription-based flower delivery model in 2019. As per the <a href="https://www.youtube.com/watch?v=sbtD2ImUzN4&amp;ab_channel=SETIndia">pitch on the show</a>, in just three years, Hoovu Fresh has expanded to eight cities and completed over two million orders. It’s also associated with over 300 temples and 500 farmers, and is available via multiple delivery platforms, including BigBasket, Swiggy, and Zepto, among others. But it all <a href="https://hoovufresh.com/pages/about-us">started with a desire </a>by the cofounders, Rhea and Yeshoda, “to achieve something really simple: make flowers a way of life for millions of households across India.” <cmsannotation type="cmsannotation" annotationid="Revolutionising the traditional flower industry" comment="subhead2" text="Revolutionising the traditional flower industry">Revolutionising the traditional flower industry</cmsannotation> Although the Karuturi sisters started Hoovu – Kannada word for flower – in 2019, their love for the floral industry is not recent. By their own admission, the two grew up in floriculture farms, “hearing about harvest cycles, auction prices and freight rates.” In 1994– the same year when <keyword id="15949601" type="General" weightage="50" keywordseo="yeshoda-karuturi" source="Orion">Yeshoda Karuturi</keyword> was born–their father started Karuturi Global with a rose farm. Today, Karuturi is one of the <a href="https://economictimes.indiatimes.com/nri/working-abroad/ramakrishna-karuturi-man-behind-karuturi-global-worlds-largest-producer-of-cut-roses/articleshow/10973220.cms?from=mdr">world’s largest producers of cut roses</a>, spread across Ethiopia, Kenya and India. And with the growth of the family business, the sisters have directly observed the changing landscape of the flower industry in India. As they state <a href="https://hoovufresh.com/pages/about-us">on their website</a>, “we saw how the industry changed dramatically - from unorganised, fragmented markets to the setting up of the International Flower Auction Bangalore, the first exports of cut roses from Bangalore and the awe-inspiring Kenyan farm, which was the world’s largest rose farm.” However, while the supply chain in the cut-flower industry changed over the years to add value for both the producers and the end consumers, the supply chain in the ‘traditional flower’ industry remained the same - incredibly fragmented and unorganised, with high wastage. As per Hoovu Fresh, traditional or ‘puja’ flowers are the flowers an average Indian consumer uses almost daily - mostly for prayers or simple, everyday activities. “Most Indians interact with traditional flowers - jasmine, marigold, chrysanthemum, bud roses, etc - every single day. They use it in their morning prayer, to decorate their hair, to hang up in their auto, car, offices. Traditional flower usage is a ubiquitous need, just like the daily newspaper or milk,” states Hoovu Fresh. Combining their knowledge of agriculture with the untapped potential of the industry, the duo came up with a way to reduce the turnaround time from harvest to reaching the customers. Hoovu Fresh claims to have reduced the turnaround time to 12-24 hours from 36-48 hours. Furthermore, Hoovu Fresh also states that it uses innovative packaging to extend the shelf life of the flowers to 15 days from the usual 2 days. Apart from flowers, Hoovu Fresh’s product offerings <a href="https://hoovufresh.com/collections/agarbathi-and-dhoop">include </a>agarbathis, dhoop sticks and incense cones in five different flavours - Rose, Jasmine, Lavender, Sandalwood and Tulsi. They also <a href="https://citytoday.media/2022/12/07/hoovu-fresh-raises-790k-in-a-pre-series-a-round-led-by-sauce-vc/">partnered </a>with the ISKCON temple in Bangalore for flower decorations. <cmsannotation type="cmsannotation" annotationid="Pre-series A funding locked" comment="subhead2" text="Pre-series A funding locked">Pre-series A funding locked</cmsannotation> Yeshoda, 28 and Rhea, 25 aren’t just familiar with the flower industry, but also with the world of business, having worked with their father before starting Hoovu Fresh. Yeshoda, who has a Master's in Accounting and a Bachelor’s in Business Administration from Washington University in St Louis, worked as the executive director for Karuturi Global after graduation. In her role, she focused on the company’s overseas operations. Currently, she acts as the CEO of Hoovu Fresh. Rhea, who is the CTO at Hoovu Fresh, graduated from Stanford University with a Bachelor’s degree in Science, Technology and Society, with a concentration in Communication and Media. Prior to starting Hoovu Fresh with her sister, she worked with multiple publications like the Times of India, Deccan Herald, the Stanford Daily and the Bay City Beacon, among others. The Karuturi sisters are currently chasing the sweet smell of success, but Hoovu Fresh has been in the news long before Shark Tank India came knocking. Just a year after its inception, the sisters pitched Hoovu Fresh at the Techstars Bangalore Cohort in 2020. At the time, <a href="https://www.moneycontrol.com/news/business/this-bangalore-based-flower-delivery-start-up-is-enjoying-the-fragrance-of-success-5456931.html">Hoovu Fresh already had </a>25 employees and was doing 15,000 deliveries a month. The duo also went on to win the National FICCI Flo Incubator award for the most innovative startup. Two years later in December 2022, the startup received <a href="https://www.vccircle.com/saucevc-others-back-flower-delivery-startup-hoovu-fresh">pre-Series A funding</a> of ₹6.45 crore led by early-stage venture capital firm Sauce.VC. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/zomato-bharatpe-nykaa-and-more-the-revolving-door-for-top-execs-at-new-age-companies/articleshow/96728402.cms">Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-services-sector-growth-hits-6-month-high-in-december-on-strong-demand/articleshow/96729592.cms">India's services sector growth hits 6-month high in December on strong demand</a>

Shark Tank India judges Peyush Bansal and Aman Gupta invest in Hoovu Fresh - Here’s all about this floral startup

<ul><li><keyword id="3915307" type="General" weightage="20" keywordseo="stanplus" source="Orion">StanPlus</keyword> has raised $20 million to cut down its response time from 15 to eight minutes.</li><li>It has raised an additional $2 million from Grip Invest for leasing ambulances.</li><li>The company has a network of 3,000 ambulances, of which it owns 200.</li></ul>The ten-minute delivery service <a href="https://www.businessinsider.in/newsletter-23-december-2021/binewsletter/88440534.cms">made all the noise in the latter half of 2021</a> with Swiggy, Grofers (now Blinkit), BigBasket and Zepto jumping on the faster delivery spree. The segment did become wilder when big gun Reliance Industries decided to jump into this segment by <a href="https://www.businessinsider.in/business/startups/news/mukesh-ambani-led-reliance-retail-has-invested-200-million-in-google-backed-dunzo/articleshow/88734641.cms">acquiring </a>a quarter of Dunzo’s business. Critics, however, rightly questioned whether 10 minutes delivery service was the absolute need especially at the time when the country is going through the worst humanitarian crisis of all time. Well this may offer a solace to them that StanPlus — a healthtech company that offers 15 minutes <keyword id="109097" type="General" weightage="20" keywordseo="ambulance-service" source="Orion">ambulance service</keyword> — has raised $20 million to cut down its response time to eight minutes. The company also plans to use this capital to work with over 500 hospitals across 15 metro and Tier II regions of India — including Delhi, Mumbai, Chennai, Jaipur and Ahmedabad — in the next 18 months. It has raised an additional $2 million from Grip Invest for leasing ambulances. Founded by Prabhdeep Singh, Antoine Poirson and Jose Leon in 2016, StanPlus works with the hospitals to manage their emergency response and offers ambulance services as soon as possible. It offers software-as-a-service (SaaS) solutions to the hospital and helps a hospital manage all their emergency responses. It charges these hospitals a certain subscription cost. “The big question is why should hospitals run their own call centres or their own transport systems? They don’t have their best people doing that job. During COVID-19, an average hospital responded to about 30% of their emergency calls. Non-COVID they answer over 65%. Our answer rate is 97% in under two seconds,” StanPlus’s cofounder and chief executive (CEO) Singh told Business Insider. StanPlus also helps the callers get quick response by connecting them to the nearest possible ambulance. The company has a network of 3,000 ambulances, of which it owns 200. The company’s Series A is a mix of equity and debt led by Healthquad, Kalaari Capital, and HealthX Singapore, Pegasus (Hiranandani family office), Avaana Capital’s Sandeep Singhal and serial investor Prashant Malik. The debt funding was raised from N+1 capital and Caspian. Prior to this, the company had raised $2 million in its five years of operations. The delay in ambulance services continues to be a major pain point of the Indian healthcare system. The average ambulance response time in India is 45+ minutes and that leads to a greater risk for a patient's life, Singh said. “The reason for me doing this is because I live in Hyderabad and my parents live in Chandigarh. It really worries me sick that one day there is going to be an emergency and there won't be a response system available for them. So the reason we are building this and the reason we are scaling it so quickly, so that you know we can save all our parents as and when they have an emergency in the near future,” Singh added. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/corporates/news/fortune-oil-maker-adani-wilmar-to-open-its-3600-crore-ipo-on-january-27/articleshow/89033308.cms" style="">Fortune oil maker Adani Wilmar to open its ₹3,600 crore IPO on January 27</a> <a href="https://www.businessinsider.in/retail/news/hul-increased-price-of-wheel-detergent-rim-bar-lux-surf-excel-many-times-in-last-three-months/articleshow/89037315.cms" style="">You have been paying more for detergents, soaps over the last three months</a> <a href="https://www.businessinsider.in/investment/news/twitters-long-awaited-hexagonal-profile-pictures-that-give-bragging-rights-to-nft-holders-is-here-but-not-everyone-loves-it/articleshow/89042268.cms" style="">Twitter’s long-awaited hexagonal profile pictures that give bragging rights to NFT HOLDers is here — but not everyone loves it</a>

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